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Release Date: September 11, 2008
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 11, 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
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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-Aug. 45021 44046 40193 4828 824439 701 19 255
Sep. 42668 41102 40934 1734 821968 1345 0 221
Oct. 42438 42184 40977 1462 824649 126 13 115
Nov. 42658 42293 40954 1704 825457 315 0 50
Dec. 42693 27263 40918 1775 823369 11613 3787 1 30
2008-Jan. 42139 -3520 40496 1643 821418 44516 1137 0 6
Feb. 42782 -17375 41054 1728 822509 60000 155 0 3
Mar. 44262 -50261 41269 2993 826997 75484 1617 0 6 16168 1249
Apr. 43534 -91876 41607 1927 824411 100000 9624 0 21 25764 0
May 44156 -111624 42050 2106 826461 127419 14076 0 47 14238 0
June 43411 -127867 41025 2386 832525 150000 14225 70 75 6908 0
July 43387 -122277 41403 1984 838176 150000 15204 107 98 255 0
Aug. p 44561 -123517 42574 1987 841771 150000 17980 1 97 0 0
Two weeks ending(8)
2008-July 16 43442 -120215 41642 1800 837330 150000 13386 168 100 5 0
30 43088 -123989 41071 2017 839161 150000 16917 62 99 2 0
Aug. 13 44346 -123289 42498 1848 841834 150000 17535 4 97 0 0
27 44031 -124059 41990 2041 841182 150000 17991 0 98 0 0
Sep. 10p 47114 -122367 44863 2251 843630 150000 19386 0 94 0 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-Aug. 44570 43595 39742 829676 10922 51043 33649 17395
Sep. 42237 40670 40503 826562 8754 49633 33483 16150
Oct. 41501 41247 40040 828375 8288 49755 33213 16542
Nov. 41882 41517 40178 833087 8539 48996 33343 15652
Dec. 42721 27290 40946 836453 8200 52161 34521 17640
2008-Jan. 44053 -1607 42410 831111 8724 53162 35329 17833
Feb. 42756 -17401 41027 828643 8159 53650 34597 19053
Mar. 42678 -51845 39685 832363 9759 50445 32919 17526
Apr. 43477 -91933 41550 830497 9257 49314 34220 15094
May 45133 -110647 43026 833974 9688 48579 35445 13134
June 43970 -127308 41584 839085 9180 49339 34790 14549
July 44162 -121501 42178 846493 9344 49230 34818 14412
Aug. p 44108 -123970 42121 847349 9431 50141 34678 15464
Two weeks ending(10)
2008-July 16 41481 -122177 39680 846818 8657 48979 32824 16155 325
30 46616 -120462 44599 846834 9945 49124 36671 12453 -7
Aug. 13 41983 -125652 40135 847666 9135 51141 32849 18292 206
27 46066 -122023 44025 846405 9705 49474 36362 13112 180
Sep. 10p 44165 -125315 41914 849625 9436 49230 34730 14500 144
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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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1
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-Aug. 44614 43639 39786 822994
Sep. 42289 40723 40556 819968
Oct. 41556 41302 40094 821846
Nov. 41936 41570 40232 826633
Dec. 42735 27305 40960 829864
2008-Jan. 44026 -1633 42383 824422
Feb. 42753 -17404 41024 821866
Mar. 42674 -51849 39681 825564
Apr. 43460 -91949 41533 823381
May 45102 -110678 42995 826882
June 43937 -127341 41551 831975
July 44116 -121548 42131 839252
Aug. p 44048 -124030 42061 840207
Two weeks ending(6)
2008-July 16 41447 -122211 39646 839601
30 46555 -120522 44538 839534
Aug. 13 41924 -125711 40076 840609
27 46005 -122085 43964 839181
Sep. 10p 44104 -125376 41853 842493
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.
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