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 July 2, 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) 2008-June 43363 -127915 41092 2271 832489 171278 July 43333 -122331 41360 1973 838059 165664 Aug. 44565 -123514 42571 1993 842813 168078 Sep. 102784 -187322 42726 60057 905168 290105 Oct. 315512 -332807 47606 267907 1130296 648319 Nov. 609962 -88824 50920 559042 1433503 698786 Dec. 821055 167489 53655 767400 1651278 653565 2009-Jan. 858418 294922 60173 798245 1703117 563496 Feb. 700967 118470 57459 643508 1557493 582497 Mar. 779955 167843 55321 724633 1643139 612111 Apr. 881555 323361 57175 824380 1749802 558194 May 901293 375845 57187 844106 1770208 525448 June p 809014 370291 57631 751382 1680159 438722 Two weeks ending(7) 2009-May 6 837702 329791 60246 777456 1705920 507911 20 932608 377829 55541 877067 1801666 554779 June 3 896124 398440 57615 838509 1765237 497684 17 848611 390371 56801 791810 1720104 458240 July 1p 746268 342171 58529 687739 1617508 404097 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 Term Other from the auction Primary Secondary Seasonal broker-dealer Money Market American Asset-Backed credit Federal credit credit Mutual Fund International Securities extensions Reserve (2) Liquidity Group, Inc. Loan Facility (3) Facility ------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(4) 2008-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 2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0 Feb. 582497 438822 65463 11 3 26250 13533 38414 0 Mar. 612111 477049 62513 9 3 20292 7857 43328 1061 0 Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0 May 525448 403970 40124 14 10 701 23347 44915 12367 0 June p 438722 316868 37302 21 32 0 18891 43057 22552 0 Two weeks ending(5) 2009-May 6 507911 403573 42865 23 3 3061 7016 44993 6379 0 20 554779 428835 39014 10 10 241 28451 45705 12513 0 June 3 497684 372541 40042 15 14 0 25758 43868 15447 0 17 458240 336566 36528 1 18 0 20284 43201 21643 0 July 1p 404097 282808 37503 44 51 0 15807 42715 25170 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) 2008-June 43923 -127355 41652 839083 9178 49303 34745 14558 July 44109 -121555 42136 846453 9336 49196 34773 14423 Aug. 44112 -123966 42119 847288 9416 50133 34696 15438 Sep. 102568 -187537 42511 908024 67176 50440 35392 15048 Oct. 314906 -333414 46999 1132510 278024 51729 36882 14847 Nov. 609532 -89254 50490 1441072 571088 53033 38444 14590 Dec. 821331 167766 53932 1663940 783645 53673 37686 15987 2009-Jan. 860688 297192 62443 1712082 820938 53881 39750 14131 Feb. 701245 118748 57737 1562253 662250 54353 38995 15358 Mar. 778124 166013 53490 1646931 741005 50719 37119 13600 Apr. 881834 323640 57454 1752746 844604 49361 37229 12131 May 902950 377502 58844 1774910 865443 48846 37507 11340 June p 809860 371138 58478 1683614 772073 49800 37787 12013 Two weeks ending(10) 2009-May 6 840239 332328 62783 1709329 802223 48935 38016 10919 1764 20 932992 378213 55925 1805589 896288 49225 36704 12521 2006 June 3 898921 401237 60412 1771637 860671 48317 38250 10066 1714 17 846862 388622 55052 1722759 810991 48765 35871 12893 1944 July 1p 749460 345363 61721 1621145 709716 51259 39745 11514 1779 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2008-June 43890 -127388 41619 831974 July 44063 -121601 42090 839213 Aug. 44052 -124026 42059 840146 Sep. 102507 -187598 42450 900643 Oct. 314830 -333489 46924 1125957 Nov. 609442 -89343 50400 1435240 Dec. 821240 167675 53841 1659327 2009-Jan. 860655 297159 62410 1707649 Feb. 701242 118745 57734 1557797 Mar. 778119 166008 53485 1642473 Apr. 881814 323619 57433 1748347 May 902914 377466 58809 1770584 June p 809823 371101 58441 1679381 Two weeks ending(6) 2009-May 6 840205 332294 62748 1704961 20 932957 378178 55890 1801221 June 3 898884 401201 60375 1767386 17 846826 388586 55016 1718516 July 1p 749421 345324 61682 1616927 ---------------------------------------------------------------------------------------------------------- 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