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 11, 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) 2011-Sep. 1642580 1631005 91604 1550976 2638450 11575 Oct. 1638497 1627286 93361 1545136 2639020 11210 Nov. 1591861 1581521 94093 1497768 2598845 10341 Dec. 1597064 1587537 94859 1502205 2610727 9526 2012-Jan. 1613898 1605284 94448 1519450 2637100 8614 Feb. 1658196 1650263 98076 1560120 2691617 7933 Mar. 1607855 1600526 98263 1509593 2650247 7330 Apr. 1584554 1577690 98379 1486176 2633124 6865 May 1556169 1549982 98709 1457459 2608950 6187 June 1556499 1551285 99025 1457475 2615000 5214 July 1583474 1579216 100425 1483049 2648066 4258 Aug. 1582278 1579007 104527 1477750 2653516 3271 Sep. p 1516272 1514307 106829 1409443 2597585 1965 Two weeks ending(7) 2012-Aug. 8 1605409 1601736 102781 1502627 2672365 3673 22 1586867 1583340 106019 1480847 2657217 3527 Sep. 5 1554578 1552062 103759 1450819 2631005 2516 19 1531128 1529121 106446 1424682 2610546 2007 Oct. 3p 1479952 1478291 108711 1371241 2565898 1662 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 Term Asset-Backed Other Total Primary Secondary Seasonal Securities credit Loan extensions Facility(2) -------------------------------------------------------------------------------------------------------------- Month(3) 2011-Sep. 11575 19 0 81 11474 0 Oct. 11210 19 0 50 11140 0 Nov. 10341 20 0 20 10301 0 Dec. 9526 103 0 23 9400 0 2012-Jan. 8614 27 0 7 8580 0 Feb. 7933 13 0 1 7920 0 Mar. 7330 12 0 4 7314 0 Apr. 6865 21 0 9 6834 0 May 6187 16 0 27 6143 0 June 5214 19 0 56 5139 0 July 4258 26 0 97 4135 0 Aug. 3271 39 0 138 3094 0 Sep. p 1965 62 0 123 1781 0 Two weeks ending(4) 2012-Aug. 8 3673 17 1 127 3528 0 22 3527 17 0 143 3366 0 Sep. 5 2516 92 0 140 2285 0 19 2007 74 0 122 1812 0 Oct. 3p 1662 33 0 117 1513 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 credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 3. Prorated averages of biweekly averages. 4. 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) 2011-Sep. 1643454 1631879 92478 2636911 1596944 56810 46510 10300 Oct. 1638918 1627708 93782 2637325 1592447 57229 46471 10757 Nov. 1592413 1582072 94644 2601982 1546124 57107 46289 10818 Dec. 1598716 1589189 96511 2617944 1550043 60295 48672 11622 2012-Jan. 1619192 1610578 99742 2640756 1568915 61180 50277 10903 Feb. 1659924 1651991 99804 2694530 1609775 61076 50149 10927 Mar. 1606345 1599016 96753 2654466 1557859 59125 48486 10639 Apr. 1586705 1579840 100529 2640107 1537808 59005 48896 10108 May 1558506 1552319 101047 2616307 1510119 58399 48387 10012 June 1555380 1550166 97905 2618073 1507596 58073 47784 10289 July 1583770 1579512 100721 2648871 1535052 58741 48718 10023 Aug. 1582194 1578923 104444 2650424 1532976 58850 49218 9633 Sep. p 1517508 1515543 108065 2593823 1468681 58469 48826 9642 Two weeks ending(10) 2012-Aug. 8 1607778 1604105 105150 2672094 1557509 59637 50269 9368 3822 22 1582359 1578833 101512 2650550 1533574 59211 48786 10425 3953 Sep. 5 1559197 1556681 108378 2630966 1510241 57591 48956 8635 3809 19 1526842 1524835 102160 2603949 1479607 58126 47235 10891 4109 Oct. 3p 1486679 1485017 115437 2564053 1435886 59304 50793 8510 3766 -------------------------------------------------------------------------------------------------------------------------------------------- 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. See note on simplification of reserve requirements. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. See note on simplification of reserve requirements. 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 Note on Simplification of Reserve Requirements On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of adjustments are zero beginning with the two weeks ending August 8, 2012. 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) 2011-Sep. 1642407 1630832 91431 2633674 Oct. 1637712 1626502 92576 2633958 Nov. 1591014 1580673 93245 2598489 Dec. 1597312 1587786 95107 2614458 2012-Jan. 1618988 1610374 99537 2638411 Feb. 1659772 1651839 99652 2692464 Mar. 1606078 1598748 96485 2652344 Apr. 1586266 1579401 100090 2637871 May 1557884 1551698 100425 2613949 June 1554655 1549441 97180 2615662 July 1582875 1578617 99826 2647558 Aug. 1581103 1577832 103353 2649626 Sep. p 1516266 1514301 106823 2592919 Two weeks ending(6) 2012-Aug. 8 1606736 1603064 104109 2671326 22 1581291 1577764 100443 2649770 Sep. 5 1558026 1555510 107207 2630115 19 1525665 1523658 100983 2603104 Oct. 3p 1485322 1483660 114081 2563049 ---------------------------------------------------------------------------------------------------------- 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