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 22, 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-Sep. 102763 -187342 42710 60053 905162 290105 Oct. 315495 -332825 47593 267902 1130293 648319 Nov. 609933 -88853 50897 559036 1433491 698786 Dec. 821025 167460 53628 767397 1651264 653565 2009-Jan. 858400 294903 60166 798233 1703108 563496 Feb. 700983 118486 57501 643482 1557485 582497 Mar. 779957 167846 55333 724623 1643134 612111 Apr. 881556 323362 57189 824367 1749781 558194 May 901287 375839 57211 844076 1770159 525448 June 809007 370284 57643 751364 1680619 438722 July 795558 428597 62562 732996 1666239 366961 Aug. 829367 497917 63510 765857 1705406 331450 Sep. 922762 615935 62688 860074 1801734 306827 Two weeks ending(7) 2009-Aug. 26 856258 528611 61713 794545 1734129 327647 Sep. 9 890311 570017 67127 823184 1764195 320295 23 914620 607321 60009 854611 1795948 307300 Oct. 7 980767 692203 62339 918428 1861570 288565 21p 1048173 782945 61368 986805 1928382 265229 ------------------------------------------------------------------------------------------------------------------------------------------------ 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., net Loan Facility (3) Facility -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(4) 2008-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 438722 316868 37302 21 32 0 18891 43057 22552 0 July 366961 255119 34366 66 80 0 6230 43108 27993 0 Aug. 331450 224490 32147 600 110 0 184 40021 33898 0 Sep. 306827 196731 29243 554 111 0 79 39074 41036 0 Two weeks ending(5) 2009-Aug. 26 327647 221081 30346 667 121 0 111 39255 36067 0 Sep. 9 320295 212110 31517 586 110 0 79 38849 37045 0 23 307300 196020 28434 569 117 0 79 39269 42813 0 Oct. 7 288565 178379 27938 482 102 0 79 38973 42614 0 21p 265229 155442 25610 446 83 0 22 40578 43049 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. 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-Sep. 102548 -187557 42495 908017 67169 50453 35379 15074 Oct. 314888 -333431 46986 1132506 278021 51747 36867 14879 Nov. 609503 -89282 50467 1441062 571079 53052 38424 14628 Dec. 821302 167736 53904 1663927 783635 53692 37667 16025 2009-Jan. 860670 297174 62437 1712076 820933 53899 39737 14162 Feb. 701261 118764 57779 1562247 662244 54385 39017 15368 Mar. 778125 166014 53502 1646927 740998 50745 37127 13618 Apr. 881836 323642 57469 1752736 844596 50644 37240 13404 May 902944 377496 58868 1774877 865427 51390 37517 13873 June 809853 371131 58489 1684029 772066 52343 37787 14556 July 796543 429581 63546 1673102 758883 51723 37660 14064 Aug. 828786 497336 62929 1706211 790765 51985 38021 13964 Sep. 922620 615794 62547 1800156 884160 52086 38461 13625 Two weeks ending(10) 2009-Aug. 26 858688 531041 64143 1735087 820245 51895 38443 13453 1858 Sep. 9 886635 566340 63450 1763252 848300 51364 38335 13029 2118 23 916573 609274 61962 1794860 878503 52142 38070 14071 1823 Oct. 7 980983 692418 62554 1858198 941580 52903 39403 13499 2021 21p 1046552 781324 59747 1927481 1007849 54237 38704 15533 2024 -------------------------------------------------------------------------------------------------------------------------------------------- 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-Sep. 102487 -187618 42434 900637 Oct. 314813 -333507 46911 1125953 Nov. 609413 -89372 50377 1435231 Dec. 821211 167645 53813 1659314 2009-Jan. 860637 297141 62404 1707643 Feb. 701258 118761 57776 1557791 Mar. 778120 166009 53497 1642469 Apr. 881815 323621 57448 1748338 May 902909 377461 58833 1770551 June 809816 371094 58452 1679796 July 796488 429526 63491 1668374 Aug. 828714 497264 62856 1701430 Sep. 922547 615720 62473 1796282 Two weeks ending(6) 2009-Aug. 26 858615 530968 64070 1730414 Sep. 9 886559 566265 63375 1759117 23 916501 609201 61890 1790944 Oct. 7 980908 692343 62480 1854740 21p 1046463 781234 59658 1924017 ---------------------------------------------------------------------------------------------------------- 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