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; January 26, 2012
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For release at 4:30 p.m. Eastern Time; January 26, 2012

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 
  Dec 2010     1077351    1031863    70716    1006636    2010240    45488 
             
  Jan 2011     1106507    1074261    70040    1036467    2044170    32246 
  Feb 2011     1262697    1240764    72686    1190012    2207724    21933 
  Mar 2011     1436146    1416264    73985    1362161    2389892    19882 
             
  Apr 2011     1526480    1508637    74514    1451966    2489298    17842 
  May 2011     1587576    1572431    75072    1512505    2559321    15146 
  Jun 2011     1666349    1653106    77615    1588734    2644620    13243 
             
  Jul 2011     1696473    1684077    78344    1618129    2680642    12395 
  Aug 2011     1666949    1655115    83584    1583365    2657378    11834 
  Sep 2011     1642710    1631135    91718    1550992    2638581    11575 
             
  Oct 2011     1638605    1627394    93287    1545318    2639137    11210 
  Nov 2011     1591978    1581637    94059    1497919    2598949    10341 
  Dec 2011     1597185    1587659    94868    1502317    2610864    9526 
Two weeks ending7  
  Nov 30, 2011     1554578    1544560    93761    1460817    2563797    10019 
             
  Dec 14, 2011     1623092    1613252    94517    1528575    2635238    9841 
  Dec 28, 2011     1566875    1557547    95417    1471458    2580989    9328 
             
  Jan 11, 2012     1617729    1608745    93941    1523788    2636530    8985 
  Jan 25, 2012 p     1602878    1594362    93597    1509281    2624966    8517 

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
  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     11575    19    0    81      11474    0 
               
  Oct 2011     11210    19    0    50      11140    0 
  Nov 2011     10341    20    0    20      10301    0 
  Dec 2011     9526    103    0    23      9400    0 
Two weeks ending5
  Nov 30, 2011     10019    34    0    16      9970    0 
               
  Dec 14, 2011     9841    203    0    22      9615    0 
  Dec 28, 2011     9328    13    1    26      9289    0 
               
  Jan 11, 2012     8985    56    0    14      8916    0 
  Jan 25, 2012 p     8517    5    0    4      8508    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
  Dec 2010     1078001    1032513    71365    2016277    1035074    56130    42927    13203   
                     
  Jan 2011     1110350    1078104    73883    2047859    1066213    56098    44137    11961   
  Feb 2011     1263705    1241772    73693    2210871    1219258    56616    44446    12170   
  Mar 2011     1434887    1415006    72727    2394703    1391362    55365    43526    11839   
                     
  Apr 2011     1527990    1510148    76025    2496493    1484148    55376    43842    11534   
  May 2011     1589835    1574689    77330    2566392    1546511    54769    43324    11445   
  Jun 2011     1665944    1652700    77209    2647989    1622463    55273    43480    11793   
                     
  Jul 2011     1696685    1684289    78556    2683800    1652339    56029    44346    11683   
  Aug 2011     1666693    1654859    83328    2656915    1621202    56772    45491    11281   
  Sep 2011     1643584    1632009    92592    2637039    1597072    56907    46512    10395   
                     
  Oct 2011     1639017    1627806    93699    2637427    1592546    57550    46471    11079   
  Nov 2011     1592522    1582181    94603    2602088    1546226    57410    46296    11114   
  Dec 2011     1598833    1589307    96516    2618087    1550154    60584    48679    11905   
Two weeks ending10
  Nov 30, 2011     1560169    1550150    99351    2571806    1512803    57078    47366    9712    3171 
                     
  Dec 14, 2011     1620884    1611043    92308    2637668    1574136    59930    46748    13182    3632 
  Dec 28, 2011     1572819    1563491    101361    2593407    1522187    61016    50632    10384    3311 
                     
  Jan 11, 2012     1617336    1608352    93548    2641889    1568758    61622    48579    13043    3682 
  Jan 25, 2012 p     1611521    1603004    102239    2627962    1561617    60050    49904    10146    3342 

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
  Dec 2010     1077626    1032137    70990    2013656 
         
  Jan 2011     1110271    1078025    73804    2045427 
  Feb 2011     1263573    1241640    73561    2208453 
  Mar 2011     1434659    1414777    72498    2392145 
         
  Apr 2011     1527606    1509763    75640    2493684 
  May 2011     1589302    1574156    76798    2563466 
  Jun 2011     1665318    1652075    76584    2645014 
         
  Jul 2011     1695924    1683529    77795    2680745 
  Aug 2011     1665770    1653936    82405    2653782 
  Sep 2011     1642536    1630962    91544    2633802 
         
  Oct 2011     1637815    1626605    92497    2634065 
  Nov 2011     1591129    1580788    93210    2598602 
  Dec 2011     1597435    1587908    95117    2614606 
Two weeks ending6
         
  Dec 14, 2011     1619447    1609606    90871    2634166 
  Dec 28, 2011     1571217    1561889    99759    2589792 
         
  Jan 11, 2012     1617060    1608076    93272    2639128 
  Jan 25, 2012 p     1611331    1602814    102049    2625812 

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.

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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