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<FONT SIZE=+1><I>Release Date: July 20, 2006</I></FONT><BR>

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<BR><PRE>FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 20, 2006
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements(1)                                                                                              
 Seasonally adjusted unless noted otherwise
 Millions of dollars
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                                  Reserves of depository institutions                          Borrowings of depository institutions from
                                                                                                        the Federal Reserve, NSA
                          --------------------------------------------------               --------------------------------------------------
                                                                                                                                          
      Date                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)  
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2005-June                     46424        46175        44651         1773       771186          249           85            0          164
                                                                                                                                             
       July                     46318        45893        44577         1741       773216          425          176           12          237
       Aug.                     45332        44970        43715         1616       775492          362           63            3          297
       Sep.                     46290        45958        44256         2035       778807          332           12            5          315
                                                                                                                                             
       Oct.                     45571        45287        43675         1896       780834          284           35           29          220
       Nov.                     45417        45291        43629         1788       784151          126           20            0          106
       Dec.                     45307        45138        43398         1909       787090          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44042        43932        42455         1587       791977          110           78            0           32
       Feb.                     44154        44102        42611         1543       796554           53           21            2           30
       Mar.                     43697        43528        42193         1504       799047          169          119            0           50
                                                                                                                                             
       Apr.                     44593        44345        42764         1828       801971          248          164            0           84
       May                      44993        44818        43193         1800       806488          175           24            0          151
       June                     45398        45145        43618         1779       805569          253           16            0          237
 2 weeks ending(7)
  2006-May  24                  43945        43774        42516         1429       806227          171           21            0          151
                                                                                                                                             
       June  7                  44394        44185        42395         1999       806851          209           19            0          191
            21                  45772        45523        44144         1629       805400          250           15            0          235
                                                                                                                                             
       July  5                  45596        45304        43753         1843       804836          292           16            0          277
            19p                 43080        42767        41485         1595       802448          314           14            0          301
---------------------------------------------------------------------------------------------------------------------------------------------  
 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve 
    requirements. (For more information, see Table 3).
 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess 
    reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.)
 3. Seasonally  adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
    borrowings of depository institutions from the Federal Reserve.
 4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3).
 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2)
    the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction 
    Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the 
    seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 
    (Also see footnote 3 on Table 2 and footnote 4 on Table 3.)
 6. Prorated averages of biweekly averages.
 7. Averages of daily figures.
 p  preliminary
1        
   
   
   
 H.3 (502)
 Table 2
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Not adjusted for changes in reserve requirements(1) 
 Not seasonally adjusted
 Millions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
  
                    Reserves of depository institutions                                          Vault cash(5)
                  --------------------------------------                            --------------------------------------
                                                                            Reserve                  used to                 Net carryover
      Date              total(2) nonborrowed     required     Monetary     balances       total      satisfy      surplus(7)  of reserve
                                                               base(3)     with F.R.                required                  balances(8)
                                                                            Banks(4)                reserves(6)
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2005-June                46096        45847        44323       779531        11222        46286        34874        11412
                                                                                                                           
       July                47001        46576        45260       783031        11388        47287        35612        11674
       Aug.                45508        45145        43891       783315        11002        48168        34506        13662
       Sep.                46198        45865        44163       786255        11735        47286        34462        12823
                                                                                                                           
       Oct.                44725        44442        42830       787150        10250        49514        34475        15039
       Nov.                44622        44496        42834       792942        10131        49198        34491        14707
       Dec.                45401        45233        43492       802303        10045        51306        35356        15950
                                                                                                                           
  2006-Jan.                47181        47071        45594       804293        10277        52068        36904        15164
       Feb.                44649        44597        43107       804419         9405        53287        35244        18043
       Mar.                42750        42581        41246       806164         9125        49603        33625        15978
                                                                                                                           
       Apr.                44721        44473        42893       808424        10283        48370        34438        13932
       May                 45396        45222        43596       811910        10655        48287        34742        13546
       June                45053        44800        43274       812269         9920        48979        35133        13845
 2 weeks ending(10)
  2006-May  24             45745        45574        44315       811954        10624        48881        35121        13760          269
                                                                                                                                        
       June  7             44325        44116        42326       814630        10397        47829        33928        13901          160
            21             44450        44201        42821       811107         9629        48536        34821        13715          181
                                                                                                                                        
       July  5             46558        46266        44715       812240        10001        50561        36557        14004          118
            19p            41364        41051        39769       811992         8402        49178        32962        16216          140
--------------------------------------------------------------------------------------------------------------------------------------------   
 1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with 
    regulatory changes in reserve requirements.
 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.
 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances
    and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all 
    quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose 
    vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve 
    requirements. Currency and vault cash figures are measured over computation periods ending on Mondays.
 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments.
 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt
    from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault 
    cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash 
    exceeds their required reserves) to satisfy current reserve requirements.
 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the
    amount used to satisfy reserve requirements.
 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) 
    or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown.
 9. Prorated averages of biweekly averages.
10. Averages of daily figures.
 p  preliminary
1
  
  
  
 H.3 (502)
 Table 3
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements(1)
 Not seasonally adjusted
 Millions of dollars
 ---------------------------------------------------------------------------------
  
                      Reserves of depository institutions
                    ---------------------------------------
      Date              total(2) nonborrowed    required(3)  Monetary base(4)
 ----------------------------------------------------------------------------------
 Month(5)
  2005-June                45968        45719        44195         770865
                                                                         
       July                46842        46418        45101         774179
       Aug.                45307        44944        43690         774279
       Sep.                45983        45651        43948         777532
                                                                         
       Oct.                44482        44199        42586         778259
       Nov.                44337        44211        42549         783946
       Dec.                45158        44989        43249         793375
                                                                         
  2006-Jan.                47109        46999        45522         795216
       Feb.                44662        44610        43120         796158
       Mar.                42772        42603        41268         798138
                                                                         
       Apr.                44746        44498        42918         800900
       May                 45420        45246        43620         804720
       June                45085        44832        43305         804949
 2 weeks ending(6)
  2006-May  24             45769        45598        44339         804597
                                                                         
       June  7             44353        44144        42353         807061
            21             44480        44230        42851         803801
                                                                         
       July  5             46595        46303        44752         805092
            19p            41399        41086        39804         804789
  
 1. Figures reflect adjustments for discontinuities, or "breaks", associated with 
    regulatory changes in reserve requirements.
 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, 
    column 3) plus excess reserves NSA (Table 1, column 5).
 3. To adjust required reserves for discontinuities due to regulatory changes in 
    in reserve requirements, a multiplicative procedure is used to estimate what 
    required reserves would have been in past periods had current reserve 
    requirements been in effect. Break-adjusted required reserves are equal to 
    break-adjusted required reserves against transactions deposits.
 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus 
    (2) the (unadjusted) currency component of the money stock plus (3), for all 
    quarterly reporters on the "Report of Transaction Accounts, Other Deposits and 
    Vault Cash" and for all those weekly reporters whose vault cash exceeds their 
    required reserves, the break-adjusted difference between current vault cash and 
    the amount applied to satisfy current reserve requirements.
 5. Prorated averages of biweekly averages.
 6. Averages of daily figures.
 p  preliminary		

 Note: Current and historical H.3 data are available each week on the Federal Reserve 
       Board's web site (http://www.federalreserve.gov/). Monthly data are available 
       back to January 1959, and weekly data are available back to January 1975 for most 
       series. For information about individual copies or subscriptions, contact 
       Publications Services at the Federal Reserve Board (phone 202-452-3245, 
       fax 202-728-5886). For paid electronic access to current and historical data, 
       call STAT-USA at 1-800-782-8872 or 202-482-1986. 
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