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; November 27, 2009
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For release at 4:30 p.m. Eastern Time; November 27, 2009

Table 1
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Seasonally adjusted unless noted otherwise
Millions of dollars
Date Reserves of depository institutions Monetary base5  Total borrowings  from the Federal Reserve, NSA
Total2  Nonborrowed Required Excess, NSA4
Month6 
  Oct 2008     315531    -332789    47629    267902    1130376    648319 
  Nov 2008     609675    -89110    50639    559036    1433199    698786 
  Dec 2008     820732    167166    53334    767397    1650883    653565 
             
  Jan 2009     857422    293925    59189    798233    1701886    563496 
  Feb 2009     700386    117889    56904    643482    1556513    582497 
  Mar 2009     779588    167476    54964    724623    1642732    612111 
             
  Apr 2009     881019    322825    56652    824367    1749274    558194 
  May 2009     900866    375418    56790    844076    1769674    525448 
  Jun 2009     809188    370465    57824    751364    1680624    438722 
             
  Jul 2009     794987    428026    61991    732996    1665695    366961 
  Aug 2009     828456    497006    62599    765857    1704367    331450 
  Sep 2009     922466    615640    62393    860074    1801268    306827 
             
  Oct 2009     1056404    791346    61671    994733    1936508    265058 
Two weeks ending7  
  Sep 23, 2009     915864    608564    61251    854612    1795810    307300 
             
  Oct 7, 2009     980181    691617    61757    918424    1861538    288565 
  Oct 21, 2009     1047899    782671    61100    986799    1928750    265229 
             
  Nov 4, 2009     1121667    873303    62409    1059258    1999848    248364 
  Nov 18, 2009 p     1108880    891190    62698    1046181    1984754    217690 

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.

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Table 1a
Aggregate Reserves of Depository Institutions and the Monetary Base
Not seasonally adjusted
Millions of dollars
Date Total borrowings from the Federal Reserve Term auction credit Other borrowings from the Federal Reserve1
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., net 3 Term Asset-Backed Securities Loan Facility, net 4 Other credit extensions
Month5
  Oct 2008     648319    244778    94017    38    28    114953    117457    77047      0 
  Nov 2008     698786    393088    95839    117    8    60655    71009    78070      0 
  Dec 2008     653565    438327    88245    52    3    47631    32102    47206      0 
                     
  Jan 2009     563496    403523    70436    39    1    33061    17745    38690      0 
  Feb 2009     582497    438822    65463    11    3    26250    13533    38414      0 
  Mar 2009     612111    477049    62513    9    3    20292    7857    43328    1061    0 
                     
  Apr 2009     558194    444933    47324    45    2    10918    4267    45057    5649    0 
  May 2009     525448    403970    40124    14    10    701    23347    44915    12367    0 
  Jun 2009     438722    316868    37302    21    32    0    18891    43057    22552    0 
                     
  Jul 2009     366961    255119    34366    66    80    0    6230    43108    27993    0 
  Aug 2009     331450    224490    32147    600    110    0    184    40021    33898    0 
  Sep 2009     306827    196731    29243    554    111    0    79    39074    41036    0 
                     
  Oct 2009     265058    155396    25163    402    82    0    28    41222    42765    0 
Two weeks ending6
  Sep 23, 2009     307300    196020    28434    569    117    0    79    39269    42813    0 
                     
  Oct 7, 2009     288565    178379    27938    482    102    0    79    38973    42614    0 
  Oct 21, 2009     265229    155442    25610    446    83    0    22    40578    43049    0 
                     
  Nov 4, 2009     248364    139245    22594    286    67    0    0    43697    42475    0 
  Nov 18, 2009 p     217690    109456    20296    0    75    0    0    44513    43351    0 

1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes credit extended to consolidated LLCs as described in footnote 1 above.

4. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees.

5. Prorated averages of biweekly averages.

6. Averages of daily figures.

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Table 2
Aggregate Reserves of Depository Institutions and the Monetary Base
Not adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base3 Reserve balances with F.R. Banks4 Vault cash5 Net carryover of reserve balances8
Total2 Nonborrowed Required Total Used to satisfy required reserves6 Surplus7
Month9
  Oct 2008     314888    -333431    46986    1132506    278021    54243    36867    17375   
  Nov 2008     609503    -89282    50467    1441062    571079    55575    38424    17151   
  Dec 2008     821302    167736    53904    1663927    783635    56215    37667    18548   
                     
  Jan 2009     860670    297174    62437    1712076    820933    56361    39737    16624   
  Feb 2009     701261    118764    57779    1562247    662244    56797    39017    17780   
  Mar 2009     778125    166014    53502    1646927    740998    53157    37127    16030   
                     
  Apr 2009     881836    323642    57469    1752736    844596    51850    37240    14610   
  May 2009     902944    377496    58868    1774877    865427    51391    37517    13874   
  Jun 2009     809853    371131    58489    1684029    772066    52344    37787    14557   
                     
  Jul 2009     796543    429581    63546    1673101    758883    51725    37660    14065   
  Aug 2009     828786    497336    62929    1706192    790765    51987    38021    13966   
  Sep 2009     922620    615794    62547    1800141    884159    52088    38461    13627   
                     
  Oct 2009     1056819    791761    62086    1935894    1017783    53053    39036    14017   
Two weeks ending10
  Sep 23, 2009     916573    609274    61961    1794850    878503    52144    38070    14074    1823 
                     
  Oct 7, 2009     980983    692419    62559    1858192    941578    52905    39405    13500    2021 
  Oct 21, 2009     1046556    781327    59757    1928206    1007849    54168    38707    15461    2024 
                     
  Nov 4, 2009     1124273    875909    65015    2001050    1085034    51596    39239    12357    1969 
  Nov 18, 2009 p     1106250    888561    60069    1987928    1068268    53351    37982    15368    2134 

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.

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Table 3
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base1
Total2 Nonborrowed Required3
Month5
  Oct 2008     314703    -333617    46801    1125885 
  Nov 2008     609284    -89502    50248    1435147 
  Dec 2008     821071    167505    53673    1659224 
         
  Jan 2009     860593    297097    62360    1707612 
  Feb 2009     701139    118641    57657    1557721 
  Mar 2009     777895    165784    53271    1642329 
         
  Apr 2009     881422    323228    57055    1748069 
  May 2009     902370    376922    58294    1770180 
  Jun 2009     809175    370453    57811    1679359 
         
  Jul 2009     795667    428706    62671    1667802 
  Aug 2009     827715    496265    61858    1700703 
  Sep 2009     921398    614571    61324    1795457 
         
  Oct 2009     1055423    790365    60689    1931553 
Two weeks ending6
         
  Oct 7, 2009     979666    691102    61242    1853848 
  Oct 21, 2009     1045205    779977    58407    1923848 
         
  Nov 4, 2009     1122756    874392    63498    1996732 
  Nov 18, 2009 p     1104745    887055    58563    1983730 

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.

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