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 29, 2009 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) 2007-Dec. 42674 27244 40905 1769 822357 15430 2008-Jan. 42150 -3510 40509 1640 820174 45660 Feb. 42826 -17331 41100 1726 821355 60157 Mar. 44299 -50224 41321 2978 825910 94523 Apr. 43561 -91848 41716 1846 824631 135410 May 44128 -111652 42115 2013 827170 155780 June 43364 -127914 41089 2275 832490 171278 July 43330 -122334 41353 1977 838062 165664 Aug. 44559 -123520 42568 1991 842815 168078 Sep. 102784 -187321 42733 60051 905174 290105 Oct. 315516 -332803 47612 267904 1130304 648319 Nov. 609937 -88849 50883 559053 1433490 698786 Dec. 820946 167380 53533 767412 1651203 653565 Two weeks ending(7) 2008-Dec. 3 643645 -32239 53924 589721 1468590 675885 17 827669 153152 53230 774439 1657731 674517 31 852215 224384 53754 798462 1683806 627832 2009-Jan. 14 904000 341642 60514 843486 1740587 562358 28p 852393 287295 59347 793046 1697962 565099 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 Primary dealer Asset-backed Credit borrowings Term and other commercial paper extended to Other from the auction Primary Secondary Seasonal broker-dealer money market American credit Federal credit credit mutual fund International extensions Reserve (2) liquidity Group, Inc. facility (3) ------------------------------------------------------------------------------------------------------------------------------------------------ Month(4) 2007-Dec. 15430 11613 3787 1 30 2008-Jan. 45660 44516 1137 0 6 Feb. 60157 60000 155 0 3 Mar. 94523 75484 1617 0 6 16168 1249 Apr. 135410 100000 9624 0 21 25764 0 May 155780 127419 14076 0 47 14238 0 June 171278 150000 14225 70 75 6908 0 July 165664 150000 15204 107 98 255 0 Aug. 168078 150000 17980 1 97 0 0 Sep. 290105 149814 32632 35 87 53473 31877 22187 0 Oct. 648319 244778 94017 38 28 114953 117457 77047 0 Nov. 698786 393088 95839 117 8 60655 71009 78070 0 Dec. 653565 438327 88245 52 3 47631 32102 47206 0 Two weeks ending(5) 2008-Dec. 3 675885 406508 91981 192 5 54808 54627 67765 0 17 674517 447959 89284 41 2 51648 35050 50535 0 31 627832 435513 86405 35 4 42078 24328 39471 0 2009-Jan. 14 562358 389096 78518 29 1 34834 20818 39064 0 28p 565099 415945 63304 54 1 32367 15038 38391 0 ------------------------------------------------------------------------------------------------------------------------------------------------- 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding Facility 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 either the sole or 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 through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers. 3. Excludes credit extended to consolidated LLCs as described in footnote 1 above. 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) 2007-Dec. 42701 27271 40932 836432 8179 52161 34522 17639 2008-Jan. 44065 -1595 42425 831104 8715 53163 35350 17813 Feb. 42799 -17358 41073 828694 8148 53645 34651 18994 Mar. 42714 -51810 39735 832358 9754 50439 32960 17479 Apr. 43504 -91906 41658 830495 9255 49306 34250 15057 May 45106 -110674 43093 833974 9689 48564 35417 13147 June 43923 -127355 41649 839084 9178 49302 34745 14557 July 44106 -121558 42129 846455 9338 49195 34768 14427 Aug. 44107 -123972 42116 847290 9419 50132 34688 15445 Sep. 102568 -187537 42517 908029 67178 50440 35390 15049 Oct. 314909 -333410 47005 1132519 278033 51722 36876 14846 Nov. 609506 -89280 50453 1441048 571066 53021 38440 14581 Dec. 821230 167665 53818 1663861 783537 53672 37693 15979 Two weeks ending(10) 2008-Dec. 3 645600 -30285 55879 1479146 605767 52478 39833 12645 1249 17 824046 149529 49607 1665056 788936 53763 35110 18653 1644 31 856050 228219 57588 1702248 816233 53838 39818 14020 1519 2009-Jan. 14 900997 338639 57510 1752006 862901 53539 38096 15442 1734 28p 860563 295464 67517 1705848 819337 53517 41226 12291 1860 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2007-Dec. 42716 27286 40947 829843 2008-Jan. 44038 -1621 42398 824416 Feb. 42796 -17361 41070 821917 Mar. 42709 -51814 39731 825559 Apr. 43487 -91922 41642 823379 May 45075 -110705 43062 826882 June 43890 -127388 41616 831974 July 44059 -121605 42083 839215 Aug. 44046 -124032 42055 840149 Sep. 102507 -187598 42456 900649 Oct. 314834 -333485 46930 1125965 Nov. 609416 -89369 50363 1435217 Dec. 821139 167574 53727 1659248 Two weeks ending(6) 2008-Dec. 3 645508 -30377 55786 1474121 17 823956 149440 49517 1660384 31 855957 228126 57495 1697781 2009-Jan. 14 900925 338567 57439 1747546 28p 860561 295463 67515 1701447 ---------------------------------------------------------------------------------------------------------- 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). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. 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