The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," reflects the closing of the American International Group, Inc. (AIG), recapitalization plan, which occurred on January 14, 2011. The recapitalization plan was designed to restructure and facilitate repayment of the financial support provided to AIG by the U.S. Department of the Treasury and the Federal Reserve. Upon closing of the recapitalization plan, the credit extended to AIG by the Federal Reserve Bank of New York under the revolving credit facility (AIG loan), including accrued interest and fees, was repaid in full. The AIG loan is reported in the "Credit extended to American International Group, Inc., net" category of total and other borrowings from the Federal Reserve, which is shown in table 1a of the H.3 statistical release.
The average value of "Credit extended to American International Group, Inc., net" for the two-week period ending January 26, 2011, reflects the closing of the AIG recapitalization plan. The average value for the two-week period ending January 26, 2011, is greater than zero because the AIG loan was repaid in full on January 14, the second day of this two-week period. Table 1a will continue to show historical values for "Credit extended to American International Group, Inc., net" to provide a complete disaggregation of total and other borrowings from the Federal Reserve for past periods.
|Date||Reserves of depository institutions||Monetary base5||Total borrowings from the Federal Reserve, NSA|
|Two weeks ending7|
|Dec 1, 2010||1045326||998764||66492||978833||1975252||46562|
|Dec 15, 2010||1097067||1051378||72223||1024844||2028739||45689|
|Dec 29, 2010||1060978||1015636||69778||991199||1990664||45342|
|Jan 12, 2011||1077051||1032476||67612||1009440||2008716||44575|
|Jan 26, 2011 p||1111707||1086606||70655||1041051||2046368||25101|
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.
|Date||Total borrowings from the Federal Reserve||Term auction credit||Other borrowings from the Federal Reserve1|
|Primary||Secondary||Seasonal||Credit extended to American International Group, Inc., net 2||Term Asset-Backed Securities Loan Facility 3||Other credit extensions|
|Two weeks ending5|
|Dec 1, 2010||46562||0||175||0||25||20456||25906||0|
|Dec 15, 2010||45689||0||30||0||28||20399||25234||0|
|Dec 29, 2010||45342||0||40||8||26||20452||24817||0|
|Jan 12, 2011||44575||0||62||0||13||19922||24580||0|
|Jan 26, 2011 p||25101||0||43||1||10||1452||23595||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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring, and it excluded 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.
|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|
|  Dec 2009||1140447||970520||65247||2026212||1099831||55196||40616||14580|
|  Jan 2010||1112375||970232||66574||1994817||1070701||55824||41674||14151|
|  Feb 2010||1225479||1114252||63627||2114507||1183755||56671||41725||14946|
|  Mar 2010||1184489||1092845||64118||2079752||1143627||55661||40862||14799|
|  Apr 2010||1117445||1037220||67218||2014622||1076456||53813||40989||12825|
|  May 2010||1111330||1035705||66543||2011260||1070761||52845||40569||12276|
|  Jun 2010||1099202||1029304||64273||2001536||1058765||53121||40436||12685|
|  Jul 2010||1087737||1021890||66088||1994088||1046927||53973||40810||13164|
|  Aug 2010||1085042||1024959||65476||1993682||1044113||53973||40929||13044|
|  Sep 2010||1047839||995318||66995||1960405||1006734||53073||41105||11969|
|  Oct 2010||1039619||991046||66077||1961343||998516||53634||41103||12531|
|  Nov 2010||1038555||991866||66536||1970687||997748||53368||40806||12562|
|  Dec 2010||1077903||1032414||70731||2016264||1035083||56105||42819||13286|
|Two weeks ending10|
|  Dec 1, 2010||1049306||1002745||70473||1982392||1007485||52835||41821||11014||2059|
|  Dec 15, 2010||1093061||1047372||68217||2030851||1052226||55687||40835||14852||2309|
|  Dec 29, 2010||1065041||1019700||73842||2003985||1020079||56667||44963||11704||2288|
|  Jan 12, 2011||1076128||1031553||66688||2017045||1033921||56734||42207||14527||2515|
|  Jan 26, 2011 p||1119326||1094225||78274||2052498||1074635||55156||44691||10465||2235|
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.
|Date||Reserves of depository institutions||Monetary base4|
|Two weeks ending6|
|Dec 15, 2010||1092712||1047023||67868||2028264|
|Dec 29, 2010||1064643||1019302||73444||2001367|
|Jan 12, 2011||1076072||1031497||66632||2014611|
|Jan 26, 2011 p||1119284||1094183||78232||2050100|
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.