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: December 11, 2008
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 FEDERAL RESERVE statistical release

H.3 (502)
Table 1 For release at 4:30 p.m. Eastern Time
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE December 11, 2008
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions    
Date Total
(2)
Nonborrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Total borrowings
from the
Federal Reserve,
NSA
Month(6)                             
 2007-Nov.                        42623              42258              40927               1696             825422                366     
      Dec.                        42675              27244              40905               1770             823348              15430     
                                                                                                                                           
 2008-Jan.                        42149              -3510              40509               1640             821406              45660     
      Feb.                        42804             -17353              41080               1724             822560              60157     
      Mar.                        44292             -50232              41313               2978             826994              94523     
                                                                                                                                           
      Apr.                        43563             -91847              41719               1844             824408             135410     
      May                         44133            -111648              42122               2011             826461             155780     
      June                        43373            -127905              41100               2272             832528             171278     
                                                                                                                                           
      July                        43348            -122316              41371               1977             838142             165664     
      Aug.                        44586            -123492              42599               1988             841709             168078     
      Sep.                       102800            -187306              42749              60051             903524             290105     
                                                                                                                                           
      Oct.                       315523            -332797              47618             267905            1128479             648319     
      Nov. p                     609944             -88841              50894             559050            1433555             698786     
             
Two weeks ending(7)                  
 2008-Oct.  8                    179935            -363114              43885             136050             984689             543050     
           22                    328574            -362573              46867             281707            1141680             691147     
                                                                                                                                           
      Nov.  5                    415744            -259528              52104             363640            1235756             675272     
           19                    652806             -72371              48057             604749            1476355             725177     
                                                                                                                                           
      Dec.  3p                   643666             -32219              53955             589711            1468993             675885     
 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. Prorated averages of biweekly averages.
7. Averages of daily figures.

p preliminary



H.3 (502)
Table 1a
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not seasonally adjusted
Millions of dollars
      Other borrowings from the Federal Reserve(1)
Date Total
borrowings
from the
Federal
Reserve
Term
auction
credit
Primary Secondary Seasonal Primary dealer
and other
broker-dealer
credit
(2)
Asset-backed
commercial paper
money market
mutual fund
liquidity
facility
Credit
extended to
American
International
Group, Inc.
(3)
Other
credit
extensions
Month(4)                                   
 2007-Nov.                         366                         315             0            50                                                         
      Dec.                       15430         11613          3787             1            30                                                         
                                                                                                                                                       
 2008-Jan.                       45660         44516          1137             0             6                                                         
      Feb.                       60157         60000           155             0             3                                                         
      Mar.                       94523         75484          1617             0             6         16168                                      1249 
                                                                                                                                                       
      Apr.                      135410        100000          9624             0            21         25764                                         0 
      May                       155780        127419         14076             0            47         14238                                         0 
      June                      171278        150000         14225            70            75          6908                                         0 
                                                                                                                                                       
      July                      165664        150000         15204           107            98           255                                         0 
      Aug.                      168078        150000         17980             1            97             0                                         0 
      Sep.                      290105        149814         32632            35            87         53473         31877         22187             0 
                                                                                                                                                       
      Oct.                      648319        244778         94017            38            28        114953        117457         77047             0 
      Nov. p                    698786        393088         95839           117             8         60655         71009         78070             0 
                   
Two weeks ending(5)                        
 2008-Oct.  8                   543050        149072         59737           145            57        140879        133997         59164             0 
           22                   691147        263092        102707             2            22        121190        121918         82217             0 
                                                                                                                                                       
      Nov.  5                   675272        301363        110970             1            14         82207         95816         84903             0 
           19                   725177        415302         93466           101            10         57552         75021         83726             0 
                                                                                                                                                       
      Dec.  3p                  675885        406508         91981           192             5         54808         54627         67765             0 
 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane III LLC, and Commercial Paper Funding
Facility 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 these LLCs have been consolidated with the assets and liabilities of the FRBNY because the FRBNY is either the sole or primary
beneficiary of the LLCs. As a consequence of this consolidation, the extensions of credit from the FRBNY to these LLCs are eliminated from
the Federal Reserve's balance sheet, and, thus, the loans are not included in borrowed reserves.
2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Excludes credit extended to consolidated LLCs as described in footnote 1 above.
4. Prorated averages of biweekly averages.
5. Averages of daily figures.
 

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)  
Date Total
(2)
Nonborrowed 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-Nov.                  41847         41481          40150        833052         8503         48996         33343          15652              
      Dec.                  42701         27271          40932        836432         8179         52161         34522          17639              
                                                                                                                                                  
 2008-Jan.                  44065         -1595          42424        831104         8715         53163         35349          17813              
      Feb.                  42778        -17379          41053        828692         8147         53651         34631          19021              
      Mar.                  42706        -51817          39728        832358         9754         50446         32952          17494              
                                                                                                                                                  
      Apr.                  43506        -91904          41661        830494         9254         49315         34252          15063              
      May                   45111       -110669          43100        833974         9688         48576         35423          13153              
      June                  43933       -127345          41660        839085         9181         49333         34752          14581              
                                                                                                                                                  
      July                  44124       -121539          42147        846462         9343         49225         34781          14444              
      Aug.                  44134       -123944          42146        847302         9430         50142         34704          15438              
      Sep.                 102584       -187521          42533        908025        67173         50443         35411          15032              
                                                                                                                                                  
      Oct.                 314916       -333403          47011       1132549       278031         51720         36885          14834              
      Nov. p               609514        -89271          50464       1441141       571066         53013         38448          14565              
                   
Two weeks ending(10)                  
 2008-Oct.  8              179529       -363521          43479        988598       143396         52973         36133          16840           614
           22              327595       -363553          45888       1146348       291159         51721         36436          15285           852
                                                                                                                                                  
      Nov.  5              415539       -259733          51899       1239040       377285         50605         38254          12351          1151
           19              650421        -74756          45672       1483369       613009         54300         37412          16888          1270
                                                                                                                                                  
      Dec.  3p             645622        -30262          55911       1479261       605766         52470         39856          12613          1249
 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)
Nonborrowed Required
(3)
Monetary
base
(4)
Month(5)                         
 2007-Nov.                       41901           41535           40204          826597   
      Dec.                       42716           27286           40947          829843   
                                                                                         
 2008-Jan.                       44038           -1622           42398          824416   
      Feb.                       42775          -17382           41050          821916   
      Mar.                       42702          -51822           39724          825559   
                                                                                         
      Apr.                       43489          -91921           41645          823378   
      May                        45080         -110701           43069          826882   
      June                       43900         -127378           41627          831976   
                                                                                         
      July                       44078         -121586           42101          839222   
      Aug.                       44074         -124005           42086          840160   
      Sep.                      102523         -187582           42472          900644   
                                                                                         
      Oct.                      314841         -333479           46936         1125995   
      Nov. p                    609424          -89361           50374         1435309   
         
Two weeks ending(6)              
 2008-Oct.  8                   179467         -363583           43417          980859   
           22                   327520         -363627           45813         1140157   
                                                                                         
      Nov.  5                   415450         -259822           51810         1232974   
           19                   650333          -74844           45584         1476988   
                                                                                         
      Dec.  3p                  645529          -30355           55818         1474235   
 Note: Current and historical H.3 data are available each week on the Federal Reserve Board's website
(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.
 

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 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
 


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