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 5, 2012
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For release at 4:30 p.m. Eastern Time; January 5, 2012

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 
  Nov 2010     1038829    992140    66834    971995    1967156    46689 
  Dec 2010     1077351    1031863    70213    1007138    2008050    45488 
             
  Jan 2011     1106539    1074293    69465    1037074    2041484    32246 
  Feb 2011     1262706    1240773    71410    1191296    2206251    21933 
  Mar 2011     1436134    1416253    73456    1362678    2389800    19882 
             
  Apr 2011     1526475    1508632    74354    1452121    2490858    17842 
  May 2011     1587572    1572427    74871    1512702    2561972    15146 
  Jun 2011     1666349    1653106    77541    1588808    2647108    13243 
             
  Jul 2011     1696479    1684084    78292    1618187    2681832    12395 
  Aug 2011     1666963    1655129    83446    1583517    2658712    11834 
  Sep 2011     1642728    1631153    91698    1551031    2639176    11575 
             
  Oct 2011     1638621    1627411    93301    1545320    2637961    11210 
  Nov 2011     1591979    1581638    94061    1497918    2597329    10341 
Two weeks ending7  
  Nov 2, 2011     1612236    1601241    96374    1515862    2612941    10995 
  Nov 16, 2011     1626487    1615917    94030    1532456    2629878    10570 
  Nov 30, 2011     1554578    1544560    93761    1460817    2562550    10019 
             
  Dec 14, 2011     1623095    1613255    94515    1528581    2633555    9841 
  Dec 28, 2011 p     1566876    1557548    95413    1471463    2578200    9328 
             

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 Borrowings from the Federal Reserve1
Total Primary Secondary Seasonal Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Nov 2010     46689    89    0    23    19912    26665    0 
  Dec 2010     45488    41    3    26    20394    25025    0 
               
  Jan 2011     32246    51    0    10    8368    23818    0 
  Feb 2011     21933    28    0    3      21902    0 
  Mar 2011     19882    11    0    6      19864    0 
               
  Apr 2011     17842    14    0    8      17820    0 
  May 2011     15146    10    1    20      15115    0 
  Jun 2011     13243    24    0    42      13178    0 
               
  Jul 2011     12395    7    0    73      12315    0 
  Aug 2011     11834    5    0    92      11737    0 
  Sep 2011     11575    19    0    81      11474    0 
               
  Oct 2011     11210    19    0    50      11140    0 
  Nov 2011     10341    20    0    20      10301    0 
Two weeks ending5
  Nov 2, 2011     10995    14    0    35      10946    0 
  Nov 16, 2011     10570    7    0    22      10541    0 
  Nov 30, 2011     10019    34    0    16      9970    0 
               
  Dec 14, 2011     9841    203    0    22      9615    0 
  Dec 28, 2011 p     9328    13    1    26      9289    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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring, and it excluded 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
  Nov 2010     1038637    991948    66643    1970691    997744    53389    40893    12496   
  Dec 2010     1078000    1032511    70862    2016284    1035080    56127    42920    13207   
                     
  Jan 2011     1110353    1078106    73279    2047854    1066218    56093    44135    11959   
  Feb 2011     1263700    1241767    72404    2210870    1219258    56618    44442    12176   
  Mar 2011     1434880    1414998    72202    2394705    1391362    55365    43518    11847   
                     
  Apr 2011     1527982    1510140    75861    2496500    1484154    55378    43828    11550   
  May 2011     1589826    1574680    77124    2566394    1546515    54784    43311    11473   
  Jun 2011     1665942    1652699    77134    2647993    1622467    55293    43475    11818   
                     
  Jul 2011     1696691    1684296    78504    2683808    1652348    56052    44343    11708   
  Aug 2011     1666710    1654875    83193    2656923    1621212    56783    45497    11286   
  Sep 2011     1643602    1632027    92571    2637046    1597078    56920    46524    10396   
                     
  Oct 2011     1639034    1627824    93714    2637439    1592558    57562    46476    11086   
  Nov 2011     1592523    1582183    94605    2602104    1546227    57425    46296    11129   
Two weeks ending10
  Nov 2, 2011     1616932    1605937    101069    2614602    1570285    56176    46647    9529    3089 
  Nov 16, 2011     1621392    1610822    88935    2630601    1576215    57937    45177    12760    3690 
  Nov 30, 2011     1560169    1550150    99352    2571821    1512803    57092    47366    9726    3171 
                     
  Dec 14, 2011     1620887    1611046    92306    2637685    1574136    59945    46751    13193    3632 
  Dec 28, 2011 p     1572819    1563491    101356    2593422    1522187    61031    50632    10399    3311 
                     

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
  Nov 2010     1038275    991586    66281    1968068 
  Dec 2010     1077624    1032136    70486    2013663 
         
  Jan 2011     1110273    1078027    73199    2045422 
  Feb 2011     1263570    1241637    72274    2208453 
  Mar 2011     1434653    1414771    71975    2392149 
         
  Apr 2011     1527598    1509756    75477    2493691 
  May 2011     1589294    1574148    76592    2563469 
  Jun 2011     1665317    1652074    76509    2645019 
         
  Jul 2011     1695931    1683536    77744    2680753 
  Aug 2011     1665787    1653953    82270    2653790 
  Sep 2011     1642554    1630979    91523    2633809 
         
  Oct 2011     1637832    1626621    92512    2634076 
  Nov 2011     1591131    1580790    93213    2598618 
Two weeks ending6
  Nov 16, 2011     1620090    1609520    87633    2627182 
  Nov 30, 2011     1558682    1548664    97865    2568271 
         
  Dec 14, 2011     1619450    1609609    90869    2634183 
  Dec 28, 2011 p     1571217    1561889    99755    2589807 
         

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.

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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