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Release Date: July 3, 2008
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 3, 2008
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------
Reserves of depository institutions Other borrowings from the Federal Reserve, NSA(6)
------------------------------------------ Term ------------------------------------------------------
Date Total Non- Required Excess, Monetary auction Primary Secondary Seasonal Primary Other
(2) borrowed NSA base credit, dealer credit
(3) (4) (5) NSA credit extensions
facility
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Month(7)
2007-June 43369 43182 41618 1751 819825 43 0 145
July 41816 41554 40179 1637 821128 45 0 217
Aug. 45018 44043 40189 4828 824439 701 19 255
Sep. 42668 41101 40942 1726 821972 1345 0 221
Oct. 42443 42188 41008 1435 824655 126 13 115
Nov. 42672 42306 40976 1696 825471 315 0 50
Dec. 42704 27273 40952 1752 823268 11613 3787 1 30
2008-Jan. 42152 -3507 40519 1633 821416 44516 1137 0 6
Feb. 42856 -17301 41146 1709 822524 60000 155 0 3
Mar. 44259 -50264 41269 2990 826999 75484 1617 0 6 16168 1249
Apr. 43535 -91875 41607 1928 824420 100000 9624 0 21 25764 0
May 44156 -111624 42049 2107 826473 127419 14076 0 47 14238 0
June p 43405 -127873 41025 2380 832285 150000 14225 70 75 6908 0
Two weeks ending(8)
2008-May 7 43828 -85367 41845 1983 823664 100000 11622 0 31 17544 0
21 43404 -111014 41411 1993 825185 125000 13976 1 42 15401 0
June 4 45438 -130858 43086 2353 830243 150000 15936 1 66 10295 0
18 41805 -130140 40029 1776 830797 150000 13260 112 69 8505 0
July 2p 44593 -124234 41500 3093 834703 150000 14782 43 86 3917 0
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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. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane 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 the LLC have been consolidated with the assets and
liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the
extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
borrowed reserves.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.
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1
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)
-------------------------------------- ------------------------------------
Reserve Used to Net
Date Total Non- Required Monetary balances Total satisfy Surplus carryover
(2) borrowed base with F.R. required (7) of reserve
(3) Banks reserves balances
(4) (6) (8)
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Month(9)
2007-June 43653 43466 41902 826502 8734 49432 34919 14513
July 42594 42332 40957 828306 8276 50207 34319 15889
Aug. 44567 43592 39739 829677 10922 51043 33645 17398
Sep. 42236 40669 40510 826566 8757 49633 33479 16154
Oct. 41505 41251 40070 828380 8293 49755 33212 16543
Nov. 41895 41530 40199 833101 8553 48995 33342 15653
Dec. 42730 27300 40978 836350 8203 52162 34527 17635
2008-Jan. 44064 -1596 42430 831106 8738 53162 35325 17837
Feb. 42829 -17328 41120 828657 8172 53650 34657 18993
Mar. 42675 -51848 39685 832364 9760 50447 32915 17532
Apr. 43477 -91933 41550 830497 9257 49315 34220 15096
May 45133 -110647 43026 833974 9688 48579 35445 13134
June p 43964 -127314 41584 838856 9174 49339 34790 14548
Two weeks ending(10)
2008-May 7 45008 -84188 43025 829815 9629 48941 35379 13562 -42
21 43852 -110567 41859 832348 8990 48925 34862 14063 -35
June 4 47015 -129281 44662 839163 10707 47842 36308 11534 -17
18 40631 -131314 38855 837270 7996 48535 32636 15899 102
July 2p 46836 -121991 43743 840605 10037 50776 36799 13977 35
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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
-------------------------------------------------------------------------
Reserves of depository institutions
-------------- ------------------------
Date Total(2) Non- Required Monetary
borrowed (3) base(4)
-------------------------------------------------------------------------
Month(5)
2007-June 43693 43506 41942 819999
July 42638 42376 41001 821881
Aug. 44611 43636 39783 822994
Sep. 42289 40722 40563 819971
Oct. 41560 41306 40125 821851
Nov. 41949 41584 40253 826646
Dec. 42745 27314 40993 829761
2008-Jan. 44037 -1623 42404 824418
Feb. 42826 -17331 41117 821880
Mar. 42671 -51852 39681 825566
Apr. 43461 -91949 41533 823382
May 45102 -110678 42995 826882
June p 43931 -127347 41552 831747
Two weeks ending(6)
2008-May 7 44978 -84218 42995 822702
21 43821 -110597 41828 825281
June 4 46982 -129314 44629 832049
18 40599 -131346 38823 830133
July 2p 46801 -122026 43708 833528
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
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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Note: Current and historical H.3 data are available each week on the Federal Reserve
Board's web site (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). For paid electronic access to current and historical data,
call STAT-USA at 1-800-782-8872 or 202-482-1986.
Release dates |
Historical data |
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