Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date; November 18, 2010
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For release at 4:30 p.m. Eastern Time; November 18, 2010

SPECIAL NOTICE

    Data on reserves and the monetary base have been revised to reflect the annual
review of seasonal and break factors.  Revisions to seasonal factors start in
January 1999, while revisions to break factors begin in January 2009.  Break
factors remove discontinuities (or "breaks") associated with regulatory
changes in reserve requirements, such as the annual indexation of the low
reserve tranche and the reserve requirement exemption.1  The maximum revision
to total reserves, nonborrowed reserves, required reserves, and the monetary
base in any maintenance period was $1.1 billion; most revisions were less than
$600 million. 
    A more detailed description of the methods for constructing break factors and
seasonal factors is available under "Annual review of break and seasonal
factors" on the Federal Reserve's website
(http://www.federalreserve.gov/releases/h3/hist/).  Historical data, updated
each week, are available there as well. 

---------------------------------------------------------------------------------------
    1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent
against the first $25 million in net transaction deposits (low reserve
tranche) at each depository institution.  Since 1982, the low reserve tranche
has been indexed each January by 80 percent of the previous year's (June 30 to
June 30) growth rate of net transaction deposits at all depository
institutions.  For all reserve maintenance periods ending in 2010, the low
reserve tranche is $55.2 million, rising to $58.8 million for maintenance
periods ending in 2011.  
    Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
million of reservable liabilities of each depository institution was exempted
from reserve requirements.  Since 1983, this exemption amount has been indexed
each year by 80 percent of the rate of increase of the reservable liabilities
at all depository institutions over the preceding year (June 30 to June 30).
For all reserve maintenance periods ending in 2010, the reserve requirement
exemption is $10.7 million, and it remains at $10.7 million for maintenance
periods ending in 2011. 


Table 1
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Seasonally adjusted unless noted otherwise
Millions of dollars
Date Reserves of depository institutions Monetary base5  Total borrowings  from the Federal Reserve, NSA
Total2  Nonborrowed Required Excess, NSA4
Month6 
  Oct 2009     1056642    791584    62044    994598    1936686    265058 
  Nov 2009     1140795    923488    63653    1077143    2019194    217307 
  Dec 2009     1139002    969075    63668    1075335    2018027    169927 
             
  Jan 2010     1108995    966852    63060    1045935    1986885    142142 
  Feb 2010     1224790    1113563    62792    1161998    2109173    111227 
  Mar 2010     1185964    1094320    65447    1120517    2074878    91644 
             
  Apr 2010     1116368    1036143    66029    1050339    2009933    80225 
  May 2010     1109412    1033787    64505    1044908    2007201    75626 
  Jun 2010     1099258    1029361    64227    1035031    1998986    69897 
             
  Jul 2010     1087162    1021315    65449    1021714    1989991    65847 
  Aug 2010     1085607    1025524    66023    1019584    1994241    60083 
  Sep 2010     1048360    995839    67504    980855    1963303    52521 
             
  Oct 2010     1040253    991680    66749    973504    1963412    48573 
Two weeks ending7  
  Sep 22, 2010     1042932    990290    67028    975904    1957460    52642 
             
  Oct 6, 2010     1031408    981517    67896    963512    1950429    49892 
  Oct 20, 2010     1046876    998025    65910    980966    1969355    48852 
             
  Nov 3, 2010     1036648    989149    67190    969457    1962931    47499 
  Nov 17, 2010 p     1033099    986465    66885    966214    1963011    46634 

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.

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Table 1a
Aggregate Reserves of Depository Institutions and the Monetary Base
Not seasonally adjusted
Millions of dollars
Date Total borrowings from the Federal Reserve Term auction credit Other borrowings from the Federal Reserve1
Primary Secondary Seasonal Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Oct 2009     265058    155396    25163    402    82    28    41222    42765    0 
  Nov 2009     217307    110049    20434    38    67    0    43222    43497    0 
  Dec 2009     169927    82014    19025    518    37    0    22023    46310    0 
                   
  Jan 2010     142142    54209    16407    965    5    0    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    0    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    0    25252    47306    0 
                   
  Apr 2010     80225    796    6468    583    22    0    25739    46617    0 
  May 2010     75626    0    4198    423    42    0    26397    44565    0 
  Jun 2010     69897    0    288    212    59    0    25937    43401    0 
                   
  Jul 2010     65847    0    39    1    75    0    24185    41548    0 
  Aug 2010     60083    0    22    0    85    0    22064    37913    0 
  Sep 2010     52521    0    32    0    77    0    19791    32620    0 
                   
  Oct 2010     48573    0    37    0    46    0    19478    29012    0 
Two weeks ending5
  Sep 22, 2010     52642    0    25    0    78    0    19917    32621    0 
                   
  Oct 6, 2010     49892    0    57    0    69    0    19403    30363    0 
  Oct 20, 2010     48852    0    24    0    50    0    19702    29077    0 
                   
  Nov 3, 2010     47499    0    44    0    28    0    19235    28194    0 
  Nov 17, 2010 p     46634    0    19    1    20    0    19553    27043    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 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.

3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

4. Prorated averages of biweekly averages.

5. Averages of daily figures.

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Table 2
Aggregate Reserves of Depository Institutions and the Monetary Base
Not adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base3 Reserve balances with F.R. Banks4 Vault cash5 Net carryover of reserve balances8
Total2 Nonborrowed Required Total Used to satisfy required reserves6 Surplus7
Month9
  Oct 2009     1056728    791670    62130    1935901    1017784    52974    38944    14030   
  Nov 2009     1141608    924301    64466    2022323    1102468    52750    39141    13610   
  Dec 2009     1140463    970536    65129    2026233    1099855    55198    40609    14589   
                     
  Jan 2010     1112379    970236    66444    1994859    1070726    55828    41653    14174   
  Feb 2010     1225472    1114245    63474    2114536    1183771    56656    41701    14955   
  Mar 2010     1184489    1092845    63972    2079784    1143656    55644    40833    14811   
                     
  Apr 2010     1117439    1037214    67100    2014653    1076482    53782    40957    12825   
  May 2010     1111363    1035737    66455    2011298    1070841    52726    40522    12204   
  Jun 2010     1099199    1029302    64169    2001543    1058787    53044    40412    12632   
                     
  Jul 2010     1087696    1021849    65982    1994095    1046940    53943    40756    13187   
  Aug 2010     1085018    1024935    65434    1993690    1044124    53969    40894    13075   
  Sep 2010     1047826    995305    66970    1960398    1006741    53071    41084    11987   
                     
  Oct 2010     1039637    991064    66133    1961360    998516    53642    41121    12521   
Two weeks ending10
  Sep 22, 2010     1041727    989086    65823    1954472    1001206    52974    40521    12453    2195 
                     
  Oct 6, 2010     1032487    982595    68975    1946862    990253    53772    42234    11538    2164 
  Oct 20, 2010     1043161    994309    62194    1967000    1002685    54663    40476    14186    2253 
                     
  Nov 3, 2010     1039052    991553    69595    1962092    997718    52273    41334    10939    2041 
  Nov 17, 2010 p     1028545    981911    62330    1961034    988713    54127    39832    14295    2308 

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.

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Table 3
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base4
Total2 Nonborrowed Required3
Month5
  Oct 2009     1055594    790536    60996    1931746 
  Nov 2009     1140311    923004    63168    2018296 
  Dec 2009     1139068    969141    63733    2022150 
         
  Jan 2010     1112257    970114    66322    1991872 
  Feb 2010     1225432    1114205    63434    2111762 
  Mar 2010     1184415    1092771    63898    2077025 
         
  Apr 2010     1117322    1037097    66983    2011871 
  May 2010     1111214    1035589    66307    2008539 
  Jun 2010     1099025    1029127    63994    1998905 
         
  Jul 2010     1087478    1021631    65764    1991476 
  Aug 2010     1084765    1024682    65181    1991061 
  Sep 2010     1047539    995018    66683    1957777 
         
  Oct 2010     1039331    990758    65827    1958753 
Two weeks ending6
         
  Oct 6, 2010     1032178    982286    68666    1944240 
  Oct 20, 2010     1042880    994029    61914    1964415 
         
  Nov 3, 2010     1038716    991217    69259    1959465 
  Nov 17, 2010 p     1028224    981590    62010    1958457 

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).

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


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