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; October 28, 2010
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For release at 4:30 p.m. Eastern Time; October 28, 2010

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 
  Sep 2009     922442    615616    62446    859996    1801039    306827 
             
  Oct 2009     1056301    791243    61703    994598    1936560    265058 
  Nov 2009     1140570    923263    63427    1077143    2018931    217307 
  Dec 2009     1138588    968661    63253    1075335    2017668    169927 
             
  Jan 2010     1108875    966733    62941    1045935    1986802    142142 
  Feb 2010     1224521    1113294    62523    1161998    2109313    111227 
  Mar 2010     1186315    1094670    65797    1120517    2075412    91644 
             
  Apr 2010     1116840    1036615    66501    1050339    2010530    80225 
  May 2010     1109490    1033864    64582    1044908    2007402    75626 
  Jun 2010     1099215    1029318    64184    1035031    1999077    69897 
             
  Jul 2010     1087098    1021251    65384    1021714    1990204    65847 
  Aug 2010     1085572    1025489    65988    1019584    1994399    60083 
  Sep 2010     1048732    996212    67875    980857    1963789    52521 
Two weeks ending7  
  Aug 25, 2010     1085822    1025928    65684    1020138    1995419    59894 
             
  Sep 8, 2010     1075334    1020396    68470    1006864    1986901    54939 
  Sep 22, 2010     1043001    990360    67097    975904    1957622    52642 
             
  Oct 6, 2010     1032160    982268    68642    963518    1951470    49892 
  Oct 20, 2010 p     1046468    997616    65499    980968    1969519    48852 

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 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Sep 2009     306827    196731    29243    554    111    79    39074    41036    0 
                   
  Oct 2009     265058    155396    25163    402    82    28    41222    42765    0 
  Nov 2009     217307    110049    20434    38    67    0    43222    43497    0 
  Dec 2009     169927    82014    19025    518    37    0    22023    46310    0 
                   
  Jan 2010     142142    54209    16407    965    5    0    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    0    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    0    25252    47306    0 
                   
  Apr 2010     80225    796    6468    583    22    0    25739    46617    0 
  May 2010     75626    0    4198    423    42    0    26397    44565    0 
  Jun 2010     69897    0    288    212    59    0    25937    43401    0 
                   
  Jul 2010     65847    0    39    1    75    0    24185    41548    0 
  Aug 2010     60083    0    22    0    85    0    22064    37913    0 
  Sep 2010     52521    0    32    0    77    0    19791    32620    0 
Two weeks ending5
  Aug 25, 2010     59894    0    20    1    88    0    21801    37986    0 
                   
  Sep 8, 2010     54939    0    21    0    84    0    19959    34875    0 
  Sep 22, 2010     52642    0    25    0    78    0    19917    32621    0 
                   
  Oct 6, 2010     49892    0    57    0    69    0    19403    30363    0 
  Oct 20, 2010 p     48852    0    24    0    50    0    19702    29077    0 

1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III 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 the 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 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.

3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

4. Prorated averages of biweekly averages.

5. 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
  Sep 2009     922607    615781    62611    1800234    884220    52037    38388    13649   
                     
  Oct 2009     1056728    791670    62130    1935901    1017784    52974    38944    14030   
  Nov 2009     1141608    924301    64466    2022323    1102468    52750    39141    13610   
  Dec 2009     1140463    970536    65129    2026233    1099855    55198    40609    14589   
                     
  Jan 2010     1112379    970236    66444    1994859    1070726    55828    41653    14174   
  Feb 2010     1225472    1114245    63474    2114536    1183771    56656    41701    14955   
  Mar 2010     1184489    1092845    63972    2079784    1143656    55644    40833    14811   
                     
  Apr 2010     1117439    1037214    67100    2014653    1076482    53782    40957    12825   
  May 2010     1111363    1035737    66455    2011298    1070841    52726    40522    12204   
  Jun 2010     1099199    1029302    64169    2001543    1058787    53044    40412    12632   
                     
  Jul 2010     1087696    1021849    65982    1994094    1046940    53943    40756    13187   
  Aug 2010     1085018    1024935    65434    1993668    1044124    53969    40894    13075   
  Sep 2010     1047828    995307    66970    1960380    1006743    53071    41085    11987   
Two weeks ending10
  Aug 25, 2010     1086239    1026345    66101    1994562    1045263    53437    40977    12460    2100 
                     
  Sep 8, 2010     1073837    1018899    66973    1984284    1032918    52542    40920    11623    2202 
  Sep 22, 2010     1041728    989087    65824    1954454    1001206    52974    40522    12452    2195 
                     
  Oct 6, 2010     1032493    982601    68974    1946849    990258    53772    42235    11536    2164 
  Oct 20, 2010 p     1043163    994311    62194    1966980    1002686    54663    40477    14185    2253 

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 base4
Total2 Nonborrowed Required3
Month5
  Sep 2009     921373    614547    61377    1795538 
         
  Oct 2009     1055319    790261    60721    1931546 
  Nov 2009     1139997    922690    62855    2018071 
  Dec 2009     1138720    968793    63386    2021897 
         
  Jan 2010     1112268    970125    66333    1991882 
  Feb 2010     1225450    1114223    63452    2111773 
  Mar 2010     1184449    1092805    63932    2077047 
         
  Apr 2010     1117376    1037151    67037    2011909 
  May 2010     1111283    1035657    66375    2008586 
  Jun 2010     1099106    1029208    64075    1998959 
         
  Jul 2010     1087578    1021732    65865    1991543 
  Aug 2010     1084881    1024798    65298    1991119 
  Sep 2010     1047673    995152    66815    1957849 
Two weeks ending6
         
  Sep 8, 2010     1073688    1018750    66824    1981746 
  Sep 22, 2010     1041577    988935    65672    1951922 
         
  Oct 6, 2010     1032325    982434    68807    1944324 
  Oct 20, 2010 p     1043009    994158    62041    1964478 

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).

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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