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Release Date: January 8, 2009
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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 January 8, 2009
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
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Month(6)
2007-Dec. 42675 27244 40905 1770 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. 315523 -332797 47618 267905 1128479 648319
Nov. 609937 -88849 50886 559051 1433554 698786
Dec. p 820953 167388 53539 767415 1652555 653565
Two weeks ending(7)
2008-Nov. 5 415743 -259529 52104 363639 1235755 675272
19 652808 -72369 48061 604747 1476355 725177
Dec. 3 643644 -32241 53928 589715 1468989 675885
17 827674 153158 53235 774439 1658059 674517
31p 852227 224396 53759 798469 1686386 627832
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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
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Other borrowings from the Federal Reserve(1)
------------------------------------------------------------------------------------------------
Date Total Primary dealer Asset-backed Credit
borrowings Term and other commercial paper extended to Other
from the auction Primary Secondary Seasonal broker-dealer money market American credit
Federal credit credit mutual fund International extensions
Reserve (2) liquidity Group, Inc.
facility (3)
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Month(4)
2007-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 0
Oct. 648319 244778 94017 38 28 114953 117457 77047 0
Nov. 698786 393088 95839 117 8 60655 71009 78070 0
Dec. p 653565 438327 88245 52 3 47631 32102 47206 0
Two weeks ending(5)
2008-Nov. 5 675272 301363 110970 1 14 82207 95816 84903 0
19 725177 415302 93466 101 10 57552 75021 83726 0
Dec. 3 675885 406508 91981 192 5 54808 54627 67765 0
17 674517 447959 89284 41 2 51648 35050 50535 0
31p 627832 435513 86405 35 4 42078 24328 39471 0
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1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial
Paper Funding Facility 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 either the sole
or 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 through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Excludes credit extended to consolidated LLCs as described in footnote 1 above.
4. Prorated averages of biweekly averages.
5. 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-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. 314916 -333404 47011 1132548 278031 51720 36885 14835
Nov. 609506 -89279 50455 1441139 571064 53013 38442 14571
Dec. p 821238 167673 53824 1663989 783540 53671 37699 15973
Two weeks ending(10)
2008-Nov. 5 415538 -259735 51898 1239039 377285 50605 38253 12352 1151
19 650423 -74755 45675 1483369 613009 54300 37414 16886 1270
Dec. 3 645599 -30286 55883 1479257 605761 52470 39838 12632 1249
17 824051 149535 49612 1665190 788942 53763 35109 18653 1644
31p 856063 228232 57594 1702375 816233 53838 39830 14007 1521
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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-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. 314841 -333479 46936 1125995
Nov. 609417 -89369 50366 1435308
Dec. p 821147 167582 53732 1659376
Two weeks ending(6)
2008-Nov. 5 415449 -259823 51809 1232973
19 650335 -74842 45587 1476987
Dec. 3 645506 -30378 55791 1474232
17 823962 149445 49523 1660517
31p 855970 228138 57501 1697908
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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.
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