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Release Date: March 19, 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 March 19, 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)
2008-Feb. 42826 -17331 41100 1726 821355 60157
Mar. 44299 -50224 41321 2978 825910 94523
Apr. 43561 -91848 41716 1846 824631 135410
May 44128 -111652 42115 2013 827170 155780
June 43364 -127914 41089 2275 832490 171278
July 43330 -122334 41353 1977 838062 165664
Aug. 44559 -123520 42568 1991 842815 168078
Sep. 102784 -187321 42733 60051 905174 290105
Oct. 315516 -332803 47612 267904 1130304 648319
Nov. 609937 -88849 50883 559053 1433490 698786
Dec. 820942 167376 53530 767412 1651175 653565
2009-Jan. 858416 294920 60168 798248 1700800 563496
Feb. p 700969 118472 57466 643504 1554121 582497
Two weeks ending(7)
2009-Jan. 14 903995 341637 60506 843489 1740528 562358
28 852384 287286 59339 793045 1699216 565099
Feb. 11 673863 112531 62456 611407 1522793 561332
25 727042 138132 53608 673434 1582774 588910
Mar. 11p 678689 48513 57171 621518 1535273 630177
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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)
2008-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. 653565 438327 88245 52 3 47631 32102 47206 0
2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0
Feb. p 582497 438822 65463 11 3 26250 13533 38414 0
Two weeks ending(5)
2009-Jan. 14 562358 389096 78518 29 1 34834 20818 39064 0
28 565099 415945 63304 54 1 32367 15038 38391 0
Feb. 11 561332 412883 66000 20 3 28035 16046 38345 0
25 588910 447563 65200 6 3 25810 12629 37701 0
Mar. 11p 630177 493145 64724 0 2 21766 8542 41998 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)
2008-Feb. 42799 -17358 41073 828694 8148 53645 34651 18994
Mar. 42714 -51810 39735 832358 9754 50439 32960 17479
Apr. 43504 -91906 41658 830495 9255 49306 34250 15057
May 45106 -110674 43093 833974 9689 48564 35417 13147
June 43923 -127355 41649 839084 9178 49302 34745 14557
July 44106 -121558 42129 846455 9338 49195 34768 14427
Aug. 44107 -123972 42116 847290 9419 50132 34688 15445
Sep. 102568 -187537 42517 908029 67178 50440 35390 15049
Oct. 314909 -333410 47005 1132519 278033 51722 36876 14846
Nov. 609506 -89280 50453 1441048 571066 53021 38440 14581
Dec. 821226 167661 53814 1663833 783537 53672 37689 15983
2009-Jan. 860686 297189 62437 1709744 820941 53882 39745 14136
Feb. p 701247 118750 57743 1558887 662250 54357 38997 15360
Two weeks ending(10)
2009-Jan. 14 900992 338634 57503 1751950 862899 53539 38093 15446 1734
28 860553 295454 67507 1706991 819332 53517 41221 12297 1860
Feb. 11 673212 111880 61805 1525628 632642 57184 40570 16614 2161
25 728718 139808 55284 1589278 690651 53041 38068 14973 1618
Mar. 11p 675844 45667 54326 1539016 638274 50132 37570 12562 1590
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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
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Reserves of depository institutions
----------------------------------------------------------------
Date Total Nonborrowed Required Monetary
(2) (3) base
(4)
----------------------------------------------------------------------------------------------------------
Month(5)
2008-Feb. 42796 -17361 41070 821917
Mar. 42709 -51814 39731 825559
Apr. 43487 -91922 41642 823379
May 45075 -110705 43062 826882
June 43890 -127388 41616 831974
July 44059 -121605 42083 839215
Aug. 44046 -124032 42055 840149
Sep. 102507 -187598 42456 900649
Oct. 314834 -333485 46930 1125965
Nov. 609416 -89369 50363 1435217
Dec. 821135 167570 53723 1659219
2009-Jan. 860653 297156 62404 1705311
Feb. p 701244 118747 57740 1554431
Two weeks ending(6)
2009-Jan. 14 900921 338563 57432 1747488
28 860551 295453 67506 1702587
Feb. 11 673209 111877 61803 1521198
25 728715 139805 55281 1584804
Mar. 11p 675840 45663 54322 1534550
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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.
p preliminary
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Historical data |
Data Download Program (DDP) |
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Current release Other formats:
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