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; October 13, 2011
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For release at 4:30 p.m. Eastern Time; October 13, 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 
  Sep 2010     1048394    995873    67562    980831    1963269    52521 
             
  Oct 2010     1040286    991713    66764    973521    1962117    48573 
  Nov 2010     1038795    992106    66800    971995    1967315    46689 
  Dec 2010     1077904    1032415    70766    1007138    2008548    45488 
             
  Jan 2011     1106601    1074355    69527    1037074    2041568    32246 
  Feb 2011     1262850    1240917    71555    1191296    2206432    21933 
  Mar 2011     1436408    1416526    73730    1362678    2390202    19882 
             
  Apr 2011     1526618    1508775    74497    1452121    2491143    17842 
  May 2011     1587504    1572358    74802    1512702    2562110    15146 
  Jun 2011     1666385    1653142    77577    1588808    2647223    13243 
             
  Jul 2011     1696197    1683802    78010    1618187    2681465    12395 
  Aug 2011     1667371    1655536    83853    1583517    2658943    11834 
  Sep 2011 p     1644320    1632745    93000    1551320    2640428    11575 
Two weeks ending7  
  Aug 10, 2011     1683303    1671363    81310    1601993    2672353    11941 
  Aug 24, 2011     1659449    1647616    81648    1577801    2651653    11833 
             
  Sep 7, 2011     1660453    1648768    91898    1568555    2654368    11685 
  Sep 21, 2011     1641819    1630205    93053    1548766    2638137    11614 
             
  Oct 5, 2011 p     1635661    1624232    93774    1541886    2633148    11429 

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 Borrowings from the Federal Reserve1
Total Primary Secondary Seasonal Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Sep 2010     52521    32    0    77    19791    32620    0 
               
  Oct 2010     48573    37    0    46    19478    29012    0 
  Nov 2010     46689    89    0    23    19912    26665    0 
  Dec 2010     45488    41    3    26    20394    25025    0 
               
  Jan 2011     32246    51    0    10    8368    23818    0 
  Feb 2011     21933    28    0    3      21902    0 
  Mar 2011     19882    11    0    6      19864    0 
               
  Apr 2011     17842    14    0    8      17820    0 
  May 2011     15146    10    1    20      15115    0 
  Jun 2011     13243    24    0    42      13178    0 
               
  Jul 2011     12395    7    0    73      12315    0 
  Aug 2011     11834    5    0    92      11737    0 
  Sep 2011 p     11575    19    0    81      11474    0 
Two weeks ending5
  Aug 10, 2011     11941    8    0    86      11846    0 
  Aug 24, 2011     11833    4    0    99      11731    0 
               
  Sep 7, 2011     11685    5    0    87      11594    0 
  Sep 21, 2011     11614    21    0    78      11515    0 
               
  Oct 5, 2011 p     11429    28    0    83      11318    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.

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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
  Sep 2010     1047860    995339    67028    1960414    1006743    53072    41117    11955   
                     
  Oct 2010     1039673    991100    66151    1961337    998509    53648    41164    12485   
  Nov 2010     1038637    991948    66643    1970691    997744    53389    40893    12496   
  Dec 2010     1078000    1032511    70862    2016284    1035080    56127    42920    13207   
                     
  Jan 2011     1110353    1078106    73279    2047854    1066218    56093    44135    11959   
  Feb 2011     1263700    1241767    72404    2210870    1219258    56618    44442    12176   
  Mar 2011     1434880    1414998    72202    2394705    1391362    55365    43518    11847   
                     
  Apr 2011     1527982    1510140    75861    2496500    1484154    55378    43828    11550   
  May 2011     1589826    1574680    77124    2566394    1546515    54784    43311    11473   
  Jun 2011     1665942    1652699    77134    2647993    1622467    55293    43475    11818   
                     
  Jul 2011     1696691    1684296    78504    2683810    1652348    56052    44343    11708   
  Aug 2011     1666710    1654876    83193    2656943    1621212    56783    45497    11285   
  Sep 2011 p     1643602    1632027    92282    2637079    1597079    56920    46523    10397   
Two weeks ending10
  Aug 10, 2011     1682477    1670537    80484    2671364    1637189    57347    45289    12058    2910 
  Aug 24, 2011     1658670    1646838    80869    2648830    1613530    56406    45141    11265    2586 
                     
  Sep 7, 2011     1660266    1648581    91710    2652570    1613756    56731    46510    10221    2844 
  Sep 21, 2011     1638846    1627232    90079    2633312    1592879    56834    45967    10867    3297 
                     
  Oct 5, 2011 p     1638039    1626611    96153    2630891    1590640    57202    47399    9802    3208 

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
  Sep 2010     1047572    995052    66741    1957793 
         
  Oct 2010     1039368    990795    65846    1958731 
  Nov 2010     1038297    991608    66303    1968097 
  Dec 2010     1077646    1032158    70509    2013692 
         
  Jan 2011     1110307    1078061    73233    2045447 
  Feb 2011     1263662    1241729    72366    2208513 
  Mar 2011     1434813    1414931    72135    2392253 
         
  Apr 2011     1527871    1510029    75750    2493885 
  May 2011     1589674    1574528    76972    2563746 
  Jun 2011     1665762    1652519    76954    2645335 
         
  Jul 2011     1696473    1684077    78285    2681140 
  Aug 2011     1666446    1654612    82929    2654284 
  Sep 2011 p     1643300    1631725    91980    2634371 
Two weeks ending6
  Aug 24, 2011     1658408    1646576    80607    2646172 
         
  Sep 7, 2011     1659976    1648291    91421    2649901 
  Sep 21, 2011     1638552    1626938    89786    2630601 
         
  Oct 5, 2011 p     1637714    1626286    95828    2628158 

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.

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