Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date: September 11, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 11, 2008
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     Other borrowings from the Federal Reserve, NSA(6)
Date Total
(2)
Non-
borrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Term
auction
credit,
NSA
Primary Secondary Seasonal Primary
dealer
credit
facility
Other
credit
extensions
Month(7)                                
 2007-Aug.               45021      44046      40193       4828      824439                   701         19        255                      
      Sep.               42668      41102      40934       1734      821968                  1345          0        221                      
                                                                                                                                             
      Oct.               42438      42184      40977       1462      824649                   126         13        115                      
      Nov.               42658      42293      40954       1704      825457                   315          0         50                      
      Dec.               42693      27263      40918       1775      823369      11613       3787          1         30                      
                                                                                                                                             
 2008-Jan.               42139      -3520      40496       1643      821418      44516       1137          0          6                      
      Feb.               42782     -17375      41054       1728      822509      60000        155          0          3                      
      Mar.               44262     -50261      41269       2993      826997      75484       1617          0          6      16168      1249 
                                                                                                                                             
      Apr.               43534     -91876      41607       1927      824411     100000       9624          0         21      25764         0 
      May                44156    -111624      42050       2106      826461     127419      14076          0         47      14238         0 
      June               43411    -127867      41025       2386      832525     150000      14225         70         75       6908         0 
                                                                                                                                             
      July               43387    -122277      41403       1984      838176     150000      15204        107         98        255         0 
      Aug. p             44561    -123517      42574       1987      841771     150000      17980          1         97          0         0 
                       
Two weeks ending(8)                      
 2008-July 16            43442    -120215      41642       1800      837330     150000      13386        168        100          5         0 
           30            43088    -123989      41071       2017      839161     150000      16917         62         99          2         0 
                                                                                                                                             
      Aug. 13            44346    -123289      42498       1848      841834     150000      17535          4         97          0         0 
           27            44031    -124059      41990       2041      841182     150000      17991          0         98          0         0 
                                                                                                                                             
      Sep. 10p           47114    -122367      44863       2251      843630     150000      19386          0         94          0         0 
 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve 
requirements. (For more information, refer to table 3.)
2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in table 3.)
6. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC, as discussed in the notes to the Board's
H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."
Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been consolidated with the assets and
liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the
extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
borrowed reserves.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.
p preliminary
 
 


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)  
Date Total
(2)
Non-
borrowed
Required Monetary
base
(3)
Reserve
balances
with F.R.
Banks
(4)
Total Used to
satisfy
required
reserves
(6)
Surplus
(7)
Net
carryover
of reserve
balances
(8)
Month(9)                                                                                                      
 2007-Aug.                  44570         43595          39742        829676        10922         51043         33649          17395              
      Sep.                  42237         40670          40503        826562         8754         49633         33483          16150              
                                                                                                                                                  
      Oct.                  41501         41247          40040        828375         8288         49755         33213          16542              
      Nov.                  41882         41517          40178        833087         8539         48996         33343          15652              
      Dec.                  42721         27290          40946        836453         8200         52161         34521          17640              
                                                                                                                                                  
 2008-Jan.                  44053         -1607          42410        831111         8724         53162         35329          17833              
      Feb.                  42756        -17401          41027        828643         8159         53650         34597          19053              
      Mar.                  42678        -51845          39685        832363         9759         50445         32919          17526              
                                                                                                                                                  
      Apr.                  43477        -91933          41550        830497         9257         49314         34220          15094              
      May                   45133       -110647          43026        833974         9688         48579         35445          13134              
      June                  43970       -127308          41584        839085         9180         49339         34790          14549              
                                                                                                                                                  
      July                  44162       -121501          42178        846493         9344         49230         34818          14412              
      Aug. p                44108       -123970          42121        847349         9431         50141         34678          15464              
                   
Two weeks ending(10)                  
 2008-July 16               41481       -122177          39680        846818         8657         48979         32824          16155           325
           30               46616       -120462          44599        846834         9945         49124         36671          12453            -7
                                                                                                                                                  
      Aug. 13               41983       -125652          40135        847666         9135         51141         32849          18292           206
           27               46066       -122023          44025        846405         9705         49474         36362          13112           180
                                                                                                                                                  
      Sep. 10p              44165       -125315          41914        849625         9436         49230         34730          14500           144
 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



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) Non-
borrowed
Required
(3)
Monetary
base(4)
Month(5)                   
 2007-Aug.                 44614         43639         39786           822994
      Sep.                 42289         40723         40556           819968
                                                                             
      Oct.                 41556         41302         40094           821846
      Nov.                 41936         41570         40232           826633
      Dec.                 42735         27305         40960           829864
                                                                             
 2008-Jan.                 44026         -1633         42383           824422
      Feb.                 42753        -17404         41024           821866
      Mar.                 42674        -51849         39681           825564
                                                                             
      Apr.                 43460        -91949         41533           823381
      May                  45102       -110678         42995           826882
      June                 43937       -127341         41551           831975
                                                                             
      July                 44116       -121548         42131           839252
      Aug. p               44048       -124030         42061           840207
         
Two weeks ending(6)        
 2008-July 16              41447       -122211         39646           839601
           30              46555       -120522         44538           839534
                                                                             
      Aug. 13              41924       -125711         40076           840609
           27              46005       -122085         43964           839181
                                                                             
      Sep. 10p             44104       -125376         41853           842493
 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 4).
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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