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Release Date: October 27, 2011
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For release at
4:30 P.M. EDT
October 27, 2011
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the result
of annual reviews of seasonal factors and break factors. Revisions to seasonal
factors start in January 1999, while revisions to break factors begin in January
2010. Break factors remove discontinuities (or "breaks") associated with regulatory
changes in reserve requirements, such as the annual indexations 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 $2.0 billion; most revisions were less than $700 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.
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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 2011, the low-reserve tranche is $58.8 million,
rising to $71.0 million for maintenance periods ending in 2012.
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 2011, the reserve requirement exemption is
$10.7 million, rising to $11.5 million for maintenance periods ending in 2012.
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 October 27, 2011
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions
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Total borrowings
Date Total Nonborrowed Required Excess, Monetary from the
(2) (3) NSA base Federal Reserve,
(4) (5) NSA
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Month(6)
2010-Sep. 1047965 995444 67134 980831 1963094 52521
Oct. 1040098 991525 66577 973521 1962024 48573
Nov. 1038829 992140 66834 971995 1967156 46689
Dec. 1077351 1031863 70213 1007138 2008050 45488
2011-Jan. 1106539 1074293 69465 1037074 2041484 32246
Feb. 1262706 1240773 71410 1191296 2206251 21933
Mar. 1436134 1416253 73456 1362678 2389800 19882
Apr. 1526475 1508632 74354 1452121 2490858 17842
May 1587572 1572427 74871 1512702 2561972 15146
June 1666349 1653106 77541 1588808 2647108 13243
July 1696479 1684084 78292 1618187 2681832 12395
Aug. 1666963 1655129 83446 1583517 2658711 11834
Sep. 1642728 1631153 91697 1551031 2639178 11575
Two weeks ending(7)
2011-Aug. 24 1659783 1647951 81982 1577801 2652031 11833
Sep. 7 1658435 1646750 89880 1568554 2652758 11685
21 1640436 1628822 92130 1548306 2637181 11614
Oct. 5 1634078 1622650 92438 1541640 2631723 11429
19p 1662854 1651537 90959 1571895 2661664 11317
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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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H.3 (502)
Table 1a
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not seasonally adjusted
Millions of dollars
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Borrowings from the Federal Reserve(1)
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Date Credit Term
extended to Asset-Backed Other
Total Primary Secondary Seasonal American Securities credit
International Loan extensions
Group, Inc., Facility(3)
net(2)
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Month(4)
2010-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 13243 24 0 42 13178 0
July 12395 7 0 73 12315 0
Aug. 11834 5 0 92 11737 0
Sep. 11575 19 0 81 11474 0
Two weeks ending(5)
2011-Aug. 24 11833 4 0 99 11731 0
Sep. 7 11685 5 0 87 11594 0
21 11614 21 0 78 11515 0
Oct. 5 11429 28 0 83 11318 0
19p 11317 21 1 52 11244 0
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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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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
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Reserves of depository institutions Vault cash(5)
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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)
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Month(9)
2010-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 11959
Feb. 1263700 1241767 72404 2210870 1219258 56618 44442 12176
Mar. 1434880 1414998 72202 2394705 1391362 55365 43518 11847
Apr. 1527982 1510140 75861 2496500 1484154 55378 43828 11550
May 1589826 1574680 77124 2566394 1546515 54784 43311 11473
June 1665942 1652699 77134 2647993 1622467 55293 43475 11818
July 1696691 1684296 78504 2683808 1652348 56052 44343 11708
Aug. 1666710 1654875 83193 2656922 1621212 56783 45497 11286
Sep. 1643602 1632027 92571 2637048 1597078 56920 46523 10397
Two weeks ending(10)
2011-Aug. 24 1658670 1646838 80869 2648808 1613530 56406 45141 11265 2586
Sep. 7 1660264 1648579 91709 2652539 1613756 56731 46508 10223 2844
21 1638849 1627235 90542 2633282 1592879 56834 45970 10864 3297
Oct. 5 1638037 1626609 96397 2630860 1590640 57202 47397 9804 3227
19p 1658331 1647014 86436 2659392 1612335 58879 45996 12883 3511
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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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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
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Reserves of depository institutions
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Date Total Nonborrowed Required Monetary
(2) (3) base
(4)
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Month(5)
2010-Sep. 1047558 995037 66727 1957773
Oct. 1039350 990777 65829 1958708
Nov. 1038275 991586 66281 1968068
Dec. 1077624 1032136 70486 2013663
2011-Jan. 1110273 1078027 73199 2045422
Feb. 1263570 1241637 72274 2208453
Mar. 1434653 1414771 71975 2392149
Apr. 1527598 1509756 75477 2493691
May 1589294 1574148 76592 2563469
June 1665317 1652074 76509 2645019
July 1695931 1683536 77744 2680753
Aug. 1665787 1653953 82270 2653789
Sep. 1642554 1630979 91523 2633811
Two weeks ending(6)
2011-Aug. 24 1657753 1645921 79952 2645680
Sep. 7 1659258 1647573 90704 2649356
21 1637829 1626215 89523 2630064
Oct. 5 1636911 1625483 95271 2627550
19p 1657245 1645928 85350 2656132
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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
Release dates |
Historical data |
Data Download Program (DDP) |
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Current release Other formats:
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PDF (17 KB)
Statistical releases