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 25, 2012
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For release at 4:30 p.m. Eastern Time; October 25, 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     1642580    1631005    91604    1550977    2638451    11575 
             
  Oct 2011     1638497    1627287    93361    1545136    2639020    11210 
  Nov 2011     1591862    1581521    94093    1497769    2598845    10341 
  Dec 2011     1597064    1587538    94859    1502206    2610727    9526 
             
  Jan 2012     1613898    1605284    94448    1519451    2637101    8614 
  Feb 2012     1658197    1650264    98076    1560121    2691617    7933 
  Mar 2012     1607856    1600526    98263    1509593    2650248    7330 
             
  Apr 2012     1584555    1577690    98379    1486176    2633125    6865 
  May 2012     1556169    1549982    98709    1457460    2608951    6187 
  Jun 2012     1556500    1551286    99025    1457475    2615001    5214 
             
  Jul 2012     1583475    1579217    100425    1483049    2648065    4258 
  Aug 2012     1582278    1579007    104527    1477750    2653515    3271 
  Sep 2012     1516272    1514307    106831    1409441    2597584    1965 
Two weeks ending7  
  Aug 22, 2012     1586867    1583341    106019    1480848    2657219    3527 
             
  Sep 5, 2012     1554576    1552061    103758    1450819    2630999    2516 
  Sep 19, 2012     1531128    1529121    106446    1424682    2610556    2007 
             
  Oct 3, 2012     1479953    1478292    108717    1371236    2565885    1662 
  Oct 17, 2012 p     1530809    1529282    107101    1423708    2621708    1527 

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     1965    62    0    123    1781    0 
Two weeks ending4
  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     1662    33    0    117    1513    0 
  Oct 17, 2012 p     1527    15    0    74    1439    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     1643454    1631879    92478    2636911    1596944    56810    46510    10300   
                     
  Oct 2011     1638918    1627708    93782    2637325    1592447    57229    46471    10757   
  Nov 2011     1592413    1582072    94644    2601982    1546124    57107    46289    10818   
  Dec 2011     1598716    1589189    96510    2617944    1550043    60295    48672    11622   
                     
  Jan 2012     1619192    1610578    99741    2640756    1568915    61180    50277    10903   
  Feb 2012     1659924    1651991    99803    2694530    1609775    61076    50149    10927   
  Mar 2012     1606345    1599016    96752    2654466    1557859    59125    48486    10639   
                     
  Apr 2012     1586705    1579840    100528    2640107    1537808    59006    48896    10109   
  May 2012     1558506    1552319    101046    2616307    1510119    58402    48387    10015   
  Jun 2012     1555380    1550166    97905    2618073    1507596    58076    47784    10292   
                     
  Jul 2012     1583770    1579512    100721    2648871    1535052    58744    48718    10026   
  Aug 2012     1582193    1578923    104443    2650423    1532976    58852    49217    9635   
  Sep 2012     1517508    1515543    108067    2593824    1468681    58471    48826    9644   
Two weeks ending10
  Aug 22, 2012     1582359    1578833    101511    2650550    1533573    59213    48786    10427    3953 
                     
  Sep 5, 2012     1559195    1556679    108376    2630965    1510241    57593    48954    8639    3809 
  Sep 19, 2012     1526842    1524835    102160    2603949    1479607    58128    47235    10893    4109 
                     
  Oct 3, 2012     1486680    1485018    115444    2564054    1435885    59306    50794    8511    3766 
  Oct 17, 2012 p     1524508    1522981    100800    2612847    1476330    60412    48178    12234    4271 

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     1642407    1630832    91431    2633675 
         
  Oct 2011     1637713    1626503    92576    2633959 
  Nov 2011     1591014    1580673    93245    2598489 
  Dec 2011     1597312    1587786    95107    2614459 
         
  Jan 2012     1618988    1610374    99537    2638411 
  Feb 2012     1659772    1651839    99652    2692465 
  Mar 2012     1606078    1598748    96485    2652344 
         
  Apr 2012     1586267    1579402    100090    2637872 
  May 2012     1557885    1551698    100425    2613950 
  Jun 2012     1554655    1549441    97180    2615662 
         
  Jul 2012     1582875    1578617    99826    2647559 
  Aug 2012     1581103    1577832    103352    2649627 
  Sep 2012     1516266    1514301    106825    2592920 
Two weeks ending6
         
  Sep 5, 2012     1558024    1555509    107206    2630114 
  Sep 19, 2012     1525665    1523658    100983    2603104 
         
  Oct 3, 2012     1485323    1483662    114087    2563051 
  Oct 17, 2012 p     1523220    1521694    99512    2611913 

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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