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 May 6, 2010 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) 2009-Apr. 881019 322825 56657 824361 1747297 558194 May 900865 375417 56798 844067 1768831 525448 June 809196 370473 57841 751355 1679686 438722 July 794994 428033 62015 732979 1666475 366961 Aug. 828466 497017 62639 765827 1703378 331450 Sep. 922473 615646 62408 860065 1800960 306827 Oct. 1056405 791347 61673 994732 1936564 265058 Nov. 1140488 923181 63200 1077288 2018817 217307 Dec. 1138597 968670 63187 1075410 2017692 169927 2010-Jan. 1108869 966727 62856 1046013 1986809 142142 Feb. 1224492 1113265 62415 1162077 2109311 111227 Mar. 1186300 1094656 65700 1120600 2075381 91644 Apr. p 1116840 1036615 66444 1050396 2010064 80225 Two weeks ending(7) 2010-Mar. 10 1227671 1126397 64520 1163151 2116297 101275 24 1169886 1081561 66269 1103617 2058811 88326 Apr. 7 1160025 1075501 66250 1093775 2050068 84524 21 1122317 1042867 67301 1055016 2016115 79450 May 5p 1074730 996643 65261 1009470 1969537 78088 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 Term borrowings Term and other Commercial Paper extended to Asset-Backed Other from the auction Primary Secondary Seasonal broker-dealer Money Market American Securities credit Federal credit credit Mutual Fund International Loan extensions Reserve (2) Liquidity Group, Inc., Facility(4) Facility net(3) -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(5) 2009-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 Oct. 265058 155396 25163 402 82 0 28 41222 42765 0 Nov. 217307 110049 20434 38 67 0 0 43222 43497 0 Dec. 169927 82014 19025 518 37 0 0 22023 46310 0 2010-Jan. 142142 54209 16407 965 5 0 0 23213 47342 0 Feb. 111227 23677 14258 873 1 0 0 25544 46874 0 Mar. 91644 7286 11136 658 7 0 0 25252 47306 0 Apr. p 80225 796 6468 583 22 0 0 25739 46617 0 Two weeks ending(6) 2010-Mar. 10 101275 15425 13752 779 7 0 0 25093 46221 0 24 88326 3410 11120 600 8 0 0 25083 48106 0 Apr. 7 84524 3410 7435 600 8 0 0 25817 47255 0 21 79450 0 6499 600 23 0 0 25251 47077 0 May 5p 78088 0 5669 544 33 0 0 26437 45406 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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 5. Prorated averages of biweekly averages. 6. 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) 2009-Apr. 881835 323641 57474 1752736 844594 51843 37241 14602 May 902944 377496 58876 1774877 865426 51384 37518 13866 June 809862 371139 58507 1684026 772065 52336 37797 14540 July 796551 429590 63572 1673096 758878 51721 37673 14048 Aug. 828798 497349 62971 1706184 790761 51986 38038 13948 Sep. 922627 615801 62562 1800143 884158 52094 38469 13625 Oct. 1056820 791762 62088 1935893 1017783 53053 39037 14016 Nov. 1141516 924209 64228 2022198 1102297 52829 39219 13610 Dec. 1140469 970542 65059 2026252 1099826 55212 40643 14568 2010-Jan. 1112369 970227 66356 1994864 1070730 55807 41639 14168 Feb. 1225440 1114213 63363 2114531 1183766 56644 41674 14970 Mar. 1184477 1092833 63878 2079756 1143651 55622 40826 14797 Apr. p 1117440 1037215 67044 2014238 1076478 53770 40962 12808 Two weeks ending(10) 2010-Mar. 10 1226352 1125077 63200 2120545 1185881 53863 40471 13393 1994 24 1167476 1079151 63859 2062823 1126366 57334 41110 16224 1989 Apr. 7 1158660 1074136 64884 2055356 1117895 54713 40765 13947 2001 21 1121464 1042014 66448 2019213 1080924 53882 40540 13342 2053 May 5p 1079121 1001034 69652 1974520 1037350 52862 41772 11090 2130 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2009-Apr. 881422 323228 57061 1748069 May 902369 376921 58302 1770180 June 809183 370461 57828 1679356 July 795674 428713 62695 1667795 Aug. 827725 496276 61898 1700693 Sep. 921404 614578 61339 1795459 Oct. 1055423 790366 60691 1931552 Nov. 1139921 922614 62633 2017961 Dec. 1138730 968803 63320 2021919 2010-Jan. 1112258 970116 66245 1991886 Feb. 1225418 1114191 63341 2111768 Mar. 1184437 1092793 63838 2077019 Apr. p 1117376 1037151 66980 2011492 Two weeks ending(6) 2010-Mar. 10 1226320 1125045 63168 2117782 24 1167436 1079110 63818 2060103 Apr. 7 1158608 1074084 64833 2052617 21 1121400 1041951 66385 2016445 May 5p 1079047 1000960 69578 1971802 ---------------------------------------------------------------------------------------------------------- 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