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Release Date: November 28, 2008
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For release at 4:30 p.m. Eastern Time
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE November 28, 2008
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions
---------------------------------------------------------------------------------
Total borrowings
Date Total Nonborrowed Required Excess, Monetary from the
(2) (3) NSA base Federal Reserve,
(4) (5) NSA
------------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2007-Oct. 42436 42182 40977 1459 824647 254
Nov. 42623 42258 40927 1696 825422 366
Dec. 42674 27244 40905 1769 823348 15430
2008-Jan. 42149 -3510 40509 1640 821406 45660
Feb. 42804 -17353 41080 1724 822560 60157
Mar. 44292 -50232 41313 2978 826994 94523
Apr. 43563 -91847 41719 1844 824408 135410
May 44133 -111648 42122 2011 826461 155780
June 43373 -127905 41100 2272 832528 171278
July 43348 -122316 41371 1977 838142 165664
Aug. 44586 -123492 42599 1988 841709 168078
Sep. 102800 -187306 42749 60051 903524 290105
Oct. 315525 -332795 47619 267906 1128479 648319
Two weeks ending(7)
2008-Sep. 24 109519 -158342 40756 68762 911422 267861
Oct. 8 179935 -363114 43885 136050 984689 543050
22 328575 -362572 46867 281707 1141681 691147
Nov. 5 415749 -259523 52106 363643 1235756 675272
19p 652831 -72346 48093 604737 1476358 725177
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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. Prorated averages of biweekly averages.
7. Averages of daily figures.
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H.3 (502)
Table 1a
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not seasonally adjusted
Millions of dollars
------------------------------------------------------------------------------------------------------------------------------------------------
Other borrowings from the Federal Reserve(1)
-----------------------------------------------------------------------------------------
Date Total Primary dealer Asset-backed
borrowings Term and other commercial paper Other
from the auction Primary Secondary Seasonal broker-dealer money market credit
Federal credit credit mutual fund extensions
Reserve (2) liquidity
facility
------------------------------------------------------------------------------------------------------------------------------------------------
Month(3)
2007-Oct. 254 126 13 115
Nov. 366 315 0 50
Dec. 15430 11613 3787 1 30
2008-Jan. 45660 44516 1137 0 6
Feb. 60157 60000 155 0 3
Mar. 94523 75484 1617 0 6 16168 1249
Apr. 135410 100000 9624 0 21 25764 0
May 155780 127419 14076 0 47 14238 0
June 171278 150000 14225 70 75 6908 0
July 165664 150000 15204 107 98 255 0
Aug. 168078 150000 17980 1 97 0 0
Sep. 290105 149814 32632 35 87 53473 31877 22187
Oct. 648319 244778 94017 38 28 114953 117457 77047
Two weeks ending(4)
2008-Sep. 24 267861 150000 30478 14 96 54208 10880 22188
Oct. 8 543050 149072 59737 145 57 140879 133997 59164
22 691147 263092 102707 2 22 121190 121918 82217
Nov. 5 675272 301363 110970 1 14 82207 95816 84903
19p 725177 415302 93466 101 10 57552 75021 83726
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1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC and to Commercial Paper Funding Facility LLC (CPFF 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 both
Maiden Lane LLC and CPFF LLC have been consolidated with the assets and liabilities of the FRBNY because the FRBNY is the primary beneficiary
of the two LLCs. As a consequence of this consolidation, the extensions of credit from the FRBNY to both LLCs are eliminated from the
Federal Reserve's balance sheet, and, thus, the loans are not included in borrowed reserves.
2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Prorated averages of biweekly averages.
4. Averages of daily figures.
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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 Nonborrowed Required Monetary balances Total satisfy Surplus carryover
(2) base with F.R. required (7) of reserve
(3) Banks reserves balances
(4) (6) (8)
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Month(9)
2007-Oct. 41499 41245 40040 828373 8286 49755 33213 16542
Nov. 41847 41481 40150 833052 8503 48996 33343 15652
Dec. 42701 27271 40932 836432 8179 52161 34522 17639
2008-Jan. 44065 -1595 42424 831104 8715 53163 35349 17813
Feb. 42778 -17379 41053 828692 8147 53651 34631 19021
Mar. 42706 -51817 39728 832358 9754 50446 32952 17494
Apr. 43506 -91904 41661 830494 9254 49315 34252 15063
May 45111 -110669 43100 833974 9688 48576 35423 13153
June 43933 -127345 41660 839085 9181 49333 34752 14581
July 44124 -121539 42147 846462 9343 49225 34781 14444
Aug. 44134 -123944 42146 847302 9430 50142 34704 15438
Sep. 102584 -187521 42533 908025 67173 50443 35411 15032
Oct. 314918 -333401 47012 1132549 278031 51720 36887 14833
Two weeks ending(10)
2008-Sep. 24 111337 -156524 42575 915040 75753 50225 35584 14641 227
Oct. 8 179529 -363521 43479 988598 143396 52973 36133 16840 614
22 327596 -363551 45888 1146349 291159 51721 36437 15284 852
Nov. 5 415544 -259728 51901 1239041 377285 50605 38259 12346 1151
19p 650444 -74733 45707 1483369 613008 54300 37437 16863 1268
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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 Nonborrowed Required Monetary
(2) (3) base
(4)
----------------------------------------------------------------------------------------------------------
Month(5)
2007-Oct. 41554 41299 40094 821844
Nov. 41901 41535 40204 826597
Dec. 42716 27286 40947 829843
2008-Jan. 44038 -1622 42398 824416
Feb. 42775 -17382 41050 821916
Mar. 42702 -51822 39724 825559
Apr. 43489 -91921 41645 823378
May 45080 -110701 43069 826882
June 43900 -127378 41627 831976
July 44078 -121586 42101 839222
Aug. 44074 -124005 42086 840160
Sep. 102523 -187582 42472 900644
Oct. 314843 -333477 46937 1125995
Two weeks ending(6)
2008-Sep. 24 111276 -156585 42514 907634
Oct. 8 179467 -363583 43417 980859
22 327521 -363626 45814 1140158
Nov. 5 415455 -259817 51812 1232975
19p 650355 -74822 45618 1476986
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. 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.
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.
p preliminary
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