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 October 28, 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) 2009-Sep. 922442 615616 62446 859996 1801039 306827 Oct. 1056301 791243 61703 994598 1936560 265058 Nov. 1140570 923263 63427 1077143 2018931 217307 Dec. 1138588 968661 63253 1075335 2017668 169927 2010-Jan. 1108875 966733 62941 1045935 1986802 142142 Feb. 1224521 1113294 62523 1161998 2109313 111227 Mar. 1186315 1094670 65797 1120517 2075412 91644 Apr. 1116840 1036615 66501 1050339 2010530 80225 May 1109490 1033864 64582 1044908 2007402 75626 June 1099215 1029318 64184 1035031 1999077 69897 July 1087098 1021251 65384 1021714 1990204 65847 Aug. 1085572 1025489 65988 1019584 1994399 60083 Sep. 1048732 996212 67875 980857 1963789 52521 Two weeks ending(7) 2010-Aug. 25 1085822 1025928 65684 1020138 1995419 59894 Sep. 8 1075334 1020396 68470 1006864 1986901 54939 22 1043001 990360 67097 975904 1957622 52642 Oct. 6 1032160 982268 68642 963518 1951470 49892 20p 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. 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 Asset-Backed Credit Term borrowings Term Commercial Paper extended to Asset-Backed Other from the auction Primary Secondary Seasonal Money Market American Securities credit Federal credit Mutual Fund International Loan extensions Reserve Liquidity Group, Inc., Facility(3) Facility net(2) ----------------------------------------------------------------------------------------------------------------------------------------------------- Month(4) 2009-Sep. 306827 196731 29243 554 111 79 39074 41036 0 Oct. 265058 155396 25163 402 82 28 41222 42765 0 Nov. 217307 110049 20434 38 67 0 43222 43497 0 Dec. 169927 82014 19025 518 37 0 22023 46310 0 2010-Jan. 142142 54209 16407 965 5 0 23213 47342 0 Feb. 111227 23677 14258 873 1 0 25544 46874 0 Mar. 91644 7286 11136 658 7 0 25252 47306 0 Apr. 80225 796 6468 583 22 0 25739 46617 0 May 75626 0 4198 423 42 0 26397 44565 0 June 69897 0 288 212 59 0 25937 43401 0 July 65847 0 39 1 75 0 24185 41548 0 Aug. 60083 0 22 0 85 0 22064 37913 0 Sep. 52521 0 32 0 77 0 19791 32620 0 Two weeks ending(5) 2010-Aug. 25 59894 0 20 1 88 0 21801 37986 0 Sep. 8 54939 0 21 0 84 0 19959 34875 0 22 52642 0 25 0 78 0 19917 32621 0 Oct. 6 49892 0 57 0 69 0 19403 30363 0 20p 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. 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) 2009-Sep. 922607 615781 62611 1800234 884220 52037 38388 13649 Oct. 1056728 791670 62130 1935901 1017784 52974 38944 14030 Nov. 1141608 924301 64466 2022323 1102468 52750 39141 13610 Dec. 1140463 970536 65129 2026233 1099855 55198 40609 14589 2010-Jan. 1112379 970236 66444 1994859 1070726 55828 41653 14174 Feb. 1225472 1114245 63474 2114536 1183771 56656 41701 14955 Mar. 1184489 1092845 63972 2079784 1143656 55644 40833 14811 Apr. 1117439 1037214 67100 2014653 1076482 53782 40957 12825 May 1111363 1035737 66455 2011298 1070841 52726 40522 12204 June 1099199 1029302 64169 2001543 1058787 53044 40412 12632 July 1087696 1021849 65982 1994094 1046940 53943 40756 13187 Aug. 1085018 1024935 65434 1993668 1044124 53969 40894 13075 Sep. 1047828 995307 66970 1960380 1006743 53071 41085 11987 Two weeks ending(10) 2010-Aug. 25 1086239 1026345 66101 1994562 1045263 53437 40977 12460 2100 Sep. 8 1073837 1018899 66973 1984284 1032918 52542 40920 11623 2202 22 1041728 989087 65824 1954454 1001206 52974 40522 12452 2195 Oct. 6 1032493 982601 68974 1946849 990258 53772 42235 11536 2164 20p 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. 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) 2009-Sep. 921373 614547 61377 1795538 Oct. 1055319 790261 60721 1931546 Nov. 1139997 922690 62855 2018071 Dec. 1138720 968793 63386 2021897 2010-Jan. 1112268 970125 66333 1991882 Feb. 1225450 1114223 63452 2111773 Mar. 1184449 1092805 63932 2077047 Apr. 1117376 1037151 67037 2011909 May 1111283 1035657 66375 2008586 June 1099106 1029208 64075 1998959 July 1087578 1021732 65865 1991543 Aug. 1084881 1024798 65298 1991119 Sep. 1047673 995152 66815 1957849 Two weeks ending(6) 2010-Aug. 25 1086101 1026207 65963 1992007 Sep. 8 1073688 1018750 66824 1981746 22 1041577 988935 65672 1951922 Oct. 6 1032325 982434 68807 1944324 20p 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