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 January 19, 2012 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) 2010-Dec. 1077351 1031863 70716 1006636 2010240 45488 2011-Jan. 1106507 1074261 70040 1036467 2044170 32246 Feb. 1262697 1240764 72686 1190012 2207724 21933 Mar. 1436146 1416264 73985 1362161 2389892 19882 Apr. 1526480 1508637 74514 1451966 2489298 17842 May 1587576 1572431 75072 1512505 2559321 15146 June 1666349 1653106 77615 1588734 2644620 13243 July 1696473 1684077 78344 1618129 2680642 12395 Aug. 1666949 1655115 83584 1583365 2657378 11834 Sep. 1642710 1631135 91718 1550992 2638581 11575 Oct. 1638605 1627394 93287 1545318 2639137 11210 Nov. 1591978 1581637 94059 1497919 2598949 10341 Dec. p 1597185 1587659 94867 1502318 2610863 9526 Two weeks ending(7) 2011-Nov. 16 1626487 1615917 94030 1532456 2631917 10570 30 1554578 1544560 93761 1460817 2563797 10019 Dec. 14 1623093 1613253 94518 1528576 2635237 9841 28 1566875 1557547 95416 1471460 2580990 9328 2012-Jan. 11p 1617729 1608745 93941 1523788 2636527 8985 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------------------------------------------- Borrowings from the Federal Reserve(1) ----------------------------------------------------------------------------------------------------- Date Credit Term extended to Asset-Backed Other Total Primary Secondary Seasonal American Securities credit International Loan extensions Group, Inc., Facility(3) net(2) ------------------------------------------------------------------------------------------------------------------------------- Month(4) 2010-Dec. 45488 41 3 26 20394 25025 0 2011-Jan. 32246 51 0 10 8368 23818 0 Feb. 21933 28 0 3 21902 0 Mar. 19882 11 0 6 19864 0 Apr. 17842 14 0 8 17820 0 May 15146 10 1 20 15115 0 June 13243 24 0 42 13178 0 July 12395 7 0 73 12315 0 Aug. 11834 5 0 92 11737 0 Sep. 11575 19 0 81 11474 0 Oct. 11210 19 0 50 11140 0 Nov. 10341 20 0 20 10301 0 Dec. p 9526 103 0 23 9400 0 Two weeks ending(5) 2011-Nov. 16 10570 7 0 22 10541 0 30 10019 34 0 16 9970 0 Dec. 14 9841 203 0 22 9615 0 28 9328 13 1 26 9289 0 2012-Jan. 11p 8985 56 0 14 8916 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. 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) 2010-Dec. 1078001 1032513 71365 2016277 1035074 56130 42927 13203 2011-Jan. 1110350 1078104 73883 2047859 1066213 56098 44137 11961 Feb. 1263705 1241772 73693 2210871 1219258 56616 44446 12170 Mar. 1434887 1415006 72727 2394703 1391362 55365 43526 11839 Apr. 1527990 1510148 76025 2496493 1484148 55376 43842 11534 May 1589835 1574689 77330 2566392 1546511 54769 43324 11445 June 1665944 1652700 77209 2647989 1622463 55273 43480 11793 July 1696685 1684289 78556 2683800 1652339 56029 44346 11683 Aug. 1666693 1654859 83328 2656915 1621202 56772 45491 11281 Sep. 1643584 1632009 92592 2637039 1597072 56907 46512 10395 Oct. 1639017 1627806 93699 2637427 1592546 57551 46471 11080 Nov. 1592522 1582181 94603 2602088 1546226 57413 46296 11117 Dec. p 1598834 1589308 96516 2618088 1550154 60587 48679 11908 Two weeks ending(10) 2011-Nov. 16 1621392 1610822 88935 2630587 1576215 57925 45177 12749 3690 30 1560169 1550150 99351 2571806 1512803 57081 47366 9715 3171 Dec. 14 1620885 1611044 92309 2637668 1574136 59933 46749 13183 3632 28 1572819 1563491 101359 2593407 1522187 61019 50632 10387 3311 2012-Jan. 11p 1617336 1608352 93548 2641889 1568758 61625 48579 13046 3682 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2010-Dec. 1077626 1032137 70990 2013656 2011-Jan. 1110271 1078025 73804 2045427 Feb. 1263573 1241640 73561 2208453 Mar. 1434659 1414777 72498 2392145 Apr. 1527606 1509763 75640 2493684 May 1589302 1574156 76798 2563466 June 1665318 1652075 76584 2645014 July 1695924 1683529 77795 2680745 Aug. 1665770 1653936 82405 2653782 Sep. 1642536 1630962 91544 2633802 Oct. 1637815 1626605 92497 2634065 Nov. 1591129 1580788 93210 2598602 Dec. p 1597435 1587909 95117 2614606 Two weeks ending(6) 2011-Nov. 16 1620090 1609520 87633 2627167 30 1558682 1548664 97865 2568255 Dec. 14 1619448 1609607 90872 2634166 28 1571217 1561889 99757 2589792 2012-Jan. 11p 1617061 1608076 93272 2639129 ---------------------------------------------------------------------------------------------------------- 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. p preliminary