1 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 November 27, 2009 Adjusted for changes in reserve requirements(1) Seasonally adjusted unless noted otherwise Millions of dollars ----------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions --------------------------------------------------------------------------------- Total borrowings Date Total Nonborrowed Required Excess, Monetary from the (2) (3) NSA base Federal Reserve, (4) (5) NSA ------------------------------------------------------------------------------------------------------------------------------------------------ Month(6) 2008-Oct. 315531 -332789 47629 267902 1130376 648319 Nov. 609675 -89110 50639 559036 1433199 698786 Dec. 820732 167166 53334 767397 1650883 653565 2009-Jan. 857422 293925 59189 798233 1701886 563496 Feb. 700386 117889 56904 643482 1556513 582497 Mar. 779588 167476 54964 724623 1642732 612111 Apr. 881019 322825 56652 824367 1749274 558194 May 900866 375418 56790 844076 1769674 525448 June 809188 370465 57824 751364 1680624 438722 July 794987 428026 61991 732996 1665695 366961 Aug. 828456 497006 62599 765857 1704367 331450 Sep. 922466 615640 62393 860074 1801268 306827 Oct. 1056404 791346 61671 994733 1936508 265058 Two weeks ending(7) 2009-Sep. 23 915864 608564 61251 854612 1795810 307300 Oct. 7 980181 691617 61757 918424 1861538 288565 21 1047899 782671 61100 986799 1928750 265229 Nov. 4 1121667 873303 62409 1059258 1999848 248364 18p 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. p preliminary 1 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 Primary dealer Asset-Backed Credit Term borrowings Term and other Commercial Paper extended to Asset-Backed Other from the auction Primary Secondary Seasonal broker-dealer Money Market American Securities credit Federal credit credit Mutual Fund International Loan extensions Reserve (2) Liquidity Group, Inc., Facility, Facility net(3) net(4) -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(5) 2008-Oct. 648319 244778 94017 38 28 114953 117457 77047 0 Nov. 698786 393088 95839 117 8 60655 71009 78070 0 Dec. 653565 438327 88245 52 3 47631 32102 47206 0 2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0 Feb. 582497 438822 65463 11 3 26250 13533 38414 0 Mar. 612111 477049 62513 9 3 20292 7857 43328 1061 0 Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0 May 525448 403970 40124 14 10 701 23347 44915 12367 0 June 438722 316868 37302 21 32 0 18891 43057 22552 0 July 366961 255119 34366 66 80 0 6230 43108 27993 0 Aug. 331450 224490 32147 600 110 0 184 40021 33898 0 Sep. 306827 196731 29243 554 111 0 79 39074 41036 0 Oct. 265058 155396 25163 402 82 0 28 41222 42765 0 Two weeks ending(6) 2009-Sep. 23 307300 196020 28434 569 117 0 79 39269 42813 0 Oct. 7 288565 178379 27938 482 102 0 79 38973 42614 0 21 265229 155442 25610 446 83 0 22 40578 43049 0 Nov. 4 248364 139245 22594 286 67 0 0 43697 42475 0 18p 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. 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 Date Total Nonborrowed Required Monetary balances Total satisfy Surplus carryover (2) base with F.R. required (7) of reserve (3) Banks reserves balances (4) (6) (8) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2008-Oct. 314888 -333431 46986 1132506 278021 54243 36867 17375 Nov. 609503 -89282 50467 1441062 571079 55575 38424 17151 Dec. 821302 167736 53904 1663927 783635 56215 37667 18548 2009-Jan. 860670 297174 62437 1712076 820933 56361 39737 16624 Feb. 701261 118764 57779 1562247 662244 56797 39017 17780 Mar. 778125 166014 53502 1646927 740998 53157 37127 16030 Apr. 881836 323642 57469 1752736 844596 51850 37240 14610 May 902944 377496 58868 1774877 865427 51391 37517 13874 June 809853 371131 58489 1684029 772066 52344 37787 14557 July 796543 429581 63546 1673101 758883 51725 37660 14065 Aug. 828786 497336 62929 1706192 790765 51987 38021 13966 Sep. 922620 615794 62547 1800141 884159 52088 38461 13627 Oct. 1056819 791761 62086 1935894 1017783 53053 39036 14017 Two weeks ending(10) 2009-Sep. 23 916573 609274 61961 1794850 878503 52144 38070 14074 1823 Oct. 7 980983 692419 62559 1858192 941578 52905 39405 13500 2021 21 1046556 781327 59757 1928206 1007849 54168 38707 15461 2024 Nov. 4 1124273 875909 65015 2001050 1085034 51596 39239 12357 1969 18p 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. 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 Nonborrowed Required Monetary (2) (3) base (4) ---------------------------------------------------------------------------------------------------------- Month(5) 2008-Oct. 314703 -333617 46801 1125885 Nov. 609284 -89502 50248 1435147 Dec. 821071 167505 53673 1659224 2009-Jan. 860593 297097 62360 1707612 Feb. 701139 118641 57657 1557721 Mar. 777895 165784 53271 1642329 Apr. 881422 323228 57055 1748069 May 902370 376922 58294 1770180 June 809175 370453 57811 1679359 July 795667 428706 62671 1667802 Aug. 827715 496265 61858 1700703 Sep. 921398 614571 61324 1795457 Oct. 1055423 790365 60689 1931553 Two weeks ending(6) 2009-Sep. 23 915370 608070 60757 1790144 Oct. 7 979666 691102 61242 1853848 21 1045205 779977 58407 1923848 Nov. 4 1122756 874392 63498 1996732 18p 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. p preliminary