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; March 15, 2012
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For release at 4:30 p.m. Eastern Time; March 15, 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 
  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    2598952    10341 
  Dec 2011     1597182    1587656    94865    1502317    2610837    9526 
             
  Jan 2012     1614015    1605401    94458    1519557    2637203    8614 
  Feb 2012 p     1658316    1650382    98084    1560231    2691757    7933 
Two weeks ending7  
  Jan 11, 2012     1617706    1608721    93918    1523788    2636476    8985 
  Jan 25, 2012     1602857    1594340    93559    1509298    2627004    8517 
             
  Feb 8, 2012     1633282    1625119    97545    1535737    2662331    8163 
  Feb 22, 2012     1679218    1671227    98351    1580867    2712566    7992 
             
  Mar 7, 2012 p     1645120    1637566    98167    1546954    2683771    7554 

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 Term Asset-Backed Securities Loan Facility 2 Other credit extensions
Month3
  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 
             
  Jan 2012     8614    27    0    7    8580    0 
  Feb 2012 p     7933    13    0    1    7920    0 
Two weeks ending4
  Jan 11, 2012     8985    56    0    14    8916    0 
  Jan 25, 2012     8517    5    0    4    8508    0 
             
  Feb 8, 2012     8163    26    0    3    8134    0 
  Feb 22, 2012     7992    6    0    0    7987    0 
             
  Mar 7, 2012 p     7554    12    0    2    7541    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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

3. Prorated averages of biweekly averages.

4. 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
  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    11080   
  Nov 2011     1592522    1582181    94603    2602090    1546226    57412    46296    11116   
  Dec 2011     1598831    1589305    96514    2618061    1550155    60586    48676    11910   
                     
  Jan 2012     1619309    1610695    99752    2640869    1569024    61464    50285    11179   
  Feb 2012 p     1660042    1652109    99811    2694663    1609888    61361    50155    11206   
Two weeks ending10
  Jan 11, 2012     1617313    1608329    93525    2641838    1568759    61624    48555    13070    3682 
  Jan 25, 2012     1611496    1602980    102198    2630067    1561618    59782    49879    9903    3341 
                     
  Feb 8, 2012     1641200    1633037    105463    2664297    1586794    65099    54406    10692    3685 
  Feb 22, 2012     1677097    1669105    96230    2714548    1628009    61235    49088    12147    3765 
                     
  Mar 7, 2012 p     1647468    1639914    100515    2689598    1600038    57341    47431    9910    3467 

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
  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    2598604 
  Dec 2011     1597432    1587906    95115    2614580 
         
  Jan 2012     1619105    1610491    99548    2638523 
  Feb 2012 p     1659891    1651958    99660    2692598 
Two weeks ending6
  Jan 25, 2012     1611306    1602789    102008    2627916 
         
  Feb 8, 2012     1641094    1632931    105357    2662251 
  Feb 22, 2012     1676948    1668957    96081    2712484 
         
  Mar 7, 2012 p     1647260    1639706    100306    2687511 

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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