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 4, 2012
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For release at 4:30 p.m. Eastern Time; October 4, 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 
  Sep 2011     1642710    1631135    91718    1550992    2638581    11575 
             
  Oct 2011     1638605    1627395    93287    1545318    2639138    11210 
  Nov 2011     1591978    1581637    94060    1497919    2598948    10341 
  Dec 2011     1597183    1587657    94866    1502318    2610832    9526 
             
  Jan 2012     1614015    1605401    94458    1519557    2637185    8614 
  Feb 2012     1658308    1650375    98083    1560226    2691730    7933 
  Mar 2012     1607992    1600663    98290    1509703    2650393    7330 
             
  Apr 2012     1584744    1577879    98482    1486262    2633314    6865 
  May 2012     1556344    1550157    98873    1457471    2609122    6187 
  Jun 2012     1556499    1551285    99024    1457475    2614997    5214 
             
  Jul 2012     1583475    1579216    100426    1483049    2648064    4258 
  Aug 2012     1582277    1579007    104527    1477751    2653372    3271 
  Sep 2012 p     1516461    1514496    106825    1409636    2597238    1965 
Two weeks ending7  
  Aug 8, 2012     1605409    1601737    102782    1502627    2672354    3673 
  Aug 22, 2012     1586866    1583339    106017    1480849    2657221    3527 
             
  Sep 5, 2012     1554578    1552063    103760    1450818    2630511    2516 
  Sep 19, 2012     1531547    1529540    106445    1425102    2610996    2007 
             
  Oct 3, 2012 p     1479934    1478273    108702    1371232    2564603    1662 

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
  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     7933    13    0    1    7920    0 
  Mar 2012     7330    12    0    4    7314    0 
             
  Apr 2012     6865    21    0    9    6834    0 
  May 2012     6187    16    0    27    6143    0 
  Jun 2012     5214    19    0    56    5139    0 
             
  Jul 2012     4258    26    0    97    4135    0 
  Aug 2012     3271    39    0    138    3094    0 
  Sep 2012 p     1965    62    0    123    1781    0 
Two weeks ending4
  Aug 8, 2012     3673    17    1    127    3528    0 
  Aug 22, 2012     3527    17    0    143    3366    0 
             
  Sep 5, 2012     2516    92    0    140    2285    0 
  Sep 19, 2012     2007    74    0    122    1812    0 
             
  Oct 3, 2012 p     1662    33    0    117    1513    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
  Sep 2011     1643584    1632009    92592    2637039    1597072    56907    46512    10395   
                     
  Oct 2011     1639017    1627807    93699    2637427    1592546    57552    46471    11081   
  Nov 2011     1592522    1582181    94604    2602090    1546226    57416    46296    11120   
  Dec 2011     1598832    1589306    96514    2618061    1550155    60590    48677    11913   
                     
  Jan 2012     1619310    1610696    99752    2640859    1569024    61467    50286    11181   
  Feb 2012     1660035    1652102    99810    2694636    1609888    61361    50148    11213   
  Mar 2012     1606482    1599152    96779    2654611    1558004    59244    48478    10767   
                     
  Apr 2012     1586897    1580032    100635    2640305    1538003    58992    48894    10099   
  May 2012     1558684    1552498    101213    2616488    1510303    58388    48381    10006   
  Jun 2012     1555380    1550166    97905    2618072    1507596    58063    47784    10279   
                     
  Jul 2012     1583770    1579512    100721    2648871    1535052    58739    48718    10021   
  Aug 2012     1582194    1578923    104443    2650289    1532976    58850    49217    9633   
  Sep 2012 p     1517696    1515731    108061    2593534    1468681    58559    49015    9544   
Two weeks ending10
  Aug 8, 2012     1607778    1604106    105151    2672094    1557509    59637    50269    9368    3822 
  Aug 22, 2012     1582358    1578832    101509    2650550    1533574    59211    48785    10426    3953 
                     
  Sep 5, 2012     1559197    1556682    108379    2630501    1510241    57591    48956    8634    3809 
  Sep 19, 2012     1527261    1525254    102159    2604378    1479607    58126    47654    10472    4109 
                     
  Oct 3, 2012 p     1486660    1484998    115427    2562929    1435886    59549    50774    8775    3810 

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. See note on simplification of reserve requirements.

4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. See note on simplification of reserve requirements.

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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Note on Simplification of Reserve Requirements
On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of adjustments are zero beginning with the two weeks ending August 8, 2012.





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 2011     1642536    1630961    91544    2633802 
         
  Oct 2011     1637816    1626605    92498    2634065 
  Nov 2011     1591130    1580789    93211    2598604 
  Dec 2011     1597433    1587907    95115    2614580 
         
  Jan 2012     1619106    1610492    99548    2638513 
  Feb 2012     1659884    1651951    99658    2692571 
  Mar 2012     1606215    1598886    96513    2652491 
         
  Apr 2012     1586460    1579595    100198    2638070 
  May 2012     1558063    1551876    100592    2614131 
  Jun 2012     1554654    1549441    97179    2615661 
         
  Jul 2012     1582875    1578617    99826    2647558 
  Aug 2012     1581103    1577832    103352    2649492 
  Sep 2012 p     1516455    1514490    106819    2592633 
Two weeks ending6
  Aug 22, 2012     1581290    1577763    100441    2649770 
         
  Sep 5, 2012     1558026    1555511    107208    2629653 
  Sep 19, 2012     1526084    1524077    100982    2603533 
         
  Oct 3, 2012 p     1485303    1483642    114071    2561934 

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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