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 21, 2011 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) 2010-June 1099260 1029363 64333 1034927 1999810 69897 July 1087219 1021372 65573 1021646 1991580 65847 Aug. 1085642 1025559 66083 1019559 1994980 60083 Sep. 1048394 995873 67562 980831 1963269 52521 Oct. 1040286 991713 66764 973521 1962117 48573 Nov. 1038795 992106 66800 971995 1967316 46689 Dec. 1077904 1032415 70766 1007138 2008548 45488 2011-Jan. 1106601 1074355 69527 1037074 2041569 32246 Feb. 1262850 1240917 71555 1191296 2206432 21933 Mar. 1436408 1416526 73730 1362678 2390202 19882 Apr. 1526618 1508775 74497 1452121 2491143 17842 May 1587504 1572358 74802 1512702 2562122 15146 June p 1666386 1653143 77576 1588810 2647237 13243 Two weeks ending(7) 2011-May 18 1575376 1560003 73356 1502020 2550385 15373 June 1 1624968 1610608 76333 1548634 2600813 14360 15 1686389 1673005 76602 1609787 2665805 13384 29 1646126 1633059 78679 1567447 2628587 13067 July 13p 1711405 1698774 77016 1634389 2694812 12631 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------------------------------------------- Borrowings from the Federal Reserve(1) ----------------------------------------------------------------------------------------------------- Date Credit Term extended to Asset-Backed Other Total Primary Secondary Seasonal American Securities credit International Loan extensions Group, Inc., Facility(3) net(2) ------------------------------------------------------------------------------------------------------------------------------- Month(4) 2010-June 69897 288 212 59 25937 43401 0 July 65847 39 1 75 24185 41548 0 Aug. 60083 22 0 85 22064 37913 0 Sep. 52521 32 0 77 19791 32620 0 Oct. 48573 37 0 46 19478 29012 0 Nov. 46689 89 0 23 19912 26665 0 Dec. 45488 41 3 26 20394 25025 0 2011-Jan. 32246 51 0 10 8368 23818 0 Feb. 21933 28 0 3 21902 0 Mar. 19882 11 0 6 19864 0 Apr. 17842 14 0 8 17820 0 May 15146 10 1 20 15115 0 June p 13243 24 0 42 13178 0 Two weeks ending(5) 2011-May 18 15373 4 0 18 15352 0 June 1 14360 18 2 24 14316 0 15 13384 31 0 37 13317 0 29 13067 19 1 47 13001 0 July 13p 12631 10 0 60 12562 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. 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) 2010-June 1099201 1029304 64275 2001537 1058765 53124 40436 12688 July 1087751 1021904 66105 1994101 1046938 53974 40813 13161 Aug. 1085053 1024969 65494 1993693 1044121 53972 40931 13041 Sep. 1047860 995339 67028 1960414 1006743 53072 41117 11955 Oct. 1039673 991100 66151 1961337 998509 53648 41164 12485 Nov. 1038637 991948 66643 1970691 997744 53389 40893 12496 Dec. 1078000 1032511 70862 2016284 1035080 56127 42920 13207 2011-Jan. 1110353 1078106 73279 2047854 1066218 56093 44135 11958 Feb. 1263700 1241767 72404 2210870 1219258 56616 44442 12174 Mar. 1434880 1414998 72202 2394705 1391362 55363 43518 11845 Apr. 1527982 1510140 75861 2496500 1484154 55376 43828 11548 May 1589826 1574680 77124 2566404 1546515 54782 43311 11471 June p 1665943 1652700 77133 2648005 1622467 55291 43477 11815 Two weeks ending(10) 2011-May 18 1573971 1558599 71951 2551877 1532165 54771 41806 12965 2430 June 1 1630190 1615831 81556 2607319 1585692 54744 44499 10245 2449 15 1682160 1668776 72372 2665515 1640580 54677 41580 13097 2866 29 1649237 1636171 81790 2629870 1603943 55843 45294 10548 2485 July 13p 1708553 1695922 74164 2697446 1664990 56720 43563 13157 2893 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2010-June 1099026 1029129 64100 1998899 July 1087533 1021686 65887 1991481 Aug. 1084799 1024716 65240 1991063 Sep. 1047572 995052 66741 1957793 Oct. 1039368 990795 65846 1958731 Nov. 1038297 991608 66303 1968097 Dec. 1077646 1032158 70509 2013692 2011-Jan. 1110307 1078061 73233 2045447 Feb. 1263662 1241729 72366 2208513 Mar. 1434813 1414931 72135 2392253 Apr. 1527871 1510029 75750 2493885 May 1589674 1574528 76972 2563756 June p 1665763 1652520 76953 2645347 Two weeks ending(6) 2011-May 18 1573830 1558457 71810 2549235 June 1 1630022 1615662 81387 2604662 15 1681995 1668611 72207 2662865 29 1649042 1635976 81596 2627204 July 13p 1708359 1695728 73970 2694788 ---------------------------------------------------------------------------------------------------------- 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