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: January 14, 2010
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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                                                   January 14, 2010
 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-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             1801270              306827
                                                                                                                                         
       Oct.                   1056403              791346               61670              994734             1936508              265058
       Nov.                   1140491              923184               63202             1077288             2016293              217307
       Dec. p                 1138633              968706               63184             1075449             2013294              169927

 Two weeks ending(7)                                                                                                                           
  2009-Nov. 18                1108910              891220               62702             1046208             1984804              217690
                                                                                                                                         
       Dec.  2                1183610              977102               64052             1119558             2058519              206509
            16                1152928              981471               63236             1089692             2027649              171457
            30                1123014              959490               63056             1059958             1997655              163525
                                                                                                                                         
  2010-Jan. 13p               1067204              902225               62518             1004686             1940828              164979
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
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 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-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  
       Nov.                 217307       110049        20434           38           67             0             0            43222          43497         0  
       Dec. p               169927        82014        19025          518           37             0             0            22023          46310         0  
                                                                                                                                                               
 Two weeks ending(6)                                                                                                                                           
  2009-Nov. 18              217690       109456        20296            0           75             0             0            44513          43351         0  
                                                                                                                                                              
       Dec.  2              206509       101009        19875            0           58             0             0            41558          44009         0  
            16              171457        85832        19222          122           34             0             0            20716          45533         0  
            30              163525        75918        18746          958           38             0             0            20528          47337         0  
                                                                                                                                                              
  2010-Jan. 13p             164979        75918        18477          960           11             0             0            22188          47426         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
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 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-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      1800143       884159        52088        38461         13627
                                                                                                                            
       Oct.             1056818       791760         62085      1935894      1017783        53054        39035         14019
       Nov.             1141520       924213         64231      2022212      1102298        52828        39222         13606
       Dec. p           1140504       970577         65056      2026281      1099825        55211        40679         14532

 Two weeks ending(10)                                                                                                                    
  2009-Nov. 18          1106280       888591         60072      1987977      1068299        53353        37981         15372         2134
                                                                                                                                         
       Dec.  2          1188382       981873         68823      2069215      1147718        52625        40664         11961         1844
            16          1150822       979365         61129      2035677      1111562        54752        39260         15492         2266
            30          1128647       965123         68689      2015988      1086472        55996        42175         13820         1858
                                                                                                                                         
  2010-Jan. 13p         1066317       901338         61631      1952977      1026673        55830        39644         16186         2234
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-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              1795459
                                                                                                         
       Oct.                        1055422               790364                60688              1931552
       Nov.                        1139924               922617                62636              2017976
       Dec. p                      1138766               968839                63317              2021949

 Two weeks ending(6)                                                       
  2009-Nov. 18                     1104774               887085                58566              1983780
                                                                                                         
       Dec.  2                     1186654               980146                67096              2064958
            16                     1149123               977666                59430              2031304
            30                     1126761               963236                66802              2011610
                                                                                                         
  2010-Jan. 13p                    1066067               901088                61381              1949705
 ----------------------------------------------------------------------------------------------------------
 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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