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Release Date: March 26, 2009
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For release at
4:30 p.m., EDT
March 26, 2009
The Board's H.3 statistical release, "Aggregate Reserves of Depository
Institutions and the Monetary Base," has been modified to include information
related to the Term Asset-Backed Securities Loan Facility (TALF). Credit was
extended under the TALF for the first time on March 25, 2009.
The TALF will help market participants meet the credit needs of households and
businesses of all sizes by supporting the issuance of asset-backed securities
(ABS) collateralized by loans of various types to consumers and businesses.
Under the TALF, the Federal Reserve Bank of New York finances the purchase of
eligible ABS by lending to holders of certain highly rated ABS backed by newly
and recently originated consumer and business loans. This lending will be
reported in "Term Asset-Backed Securities Loan Facility" in table 1a.
1
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 26, 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 60167 798248 1700800 563496
Feb. 700963 118466 57460 643503 1554120 582497
Two weeks ending(7)
2009-Jan. 28 852384 287286 59339 793045 1699216 565099
Feb. 11 673861 112529 62455 611406 1522792 561332
25 727031 138121 53598 673433 1582773 588910
Mar. 11 678690 48513 57172 621518 1535273 630177
25p 824555 219707 53362 771194 1684939 604849
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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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1
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)
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Date Total Primary dealer Asset-Backed Credit
borrowings Term and other Commercial Paper extended to Term Other
from the auction Primary Secondary Seasonal broker-dealer Money Market American Asset-Backed credit
Federal credit credit Mutual Fund International Securities extensions
Reserve (2) Liquidity Group, Inc. Loan
Facility (3) Facility
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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. 582497 438822 65463 11 3 26250 13533 38414 0
Two weeks ending(5)
2009-Jan. 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. 11 630177 493145 64724 0 2 21766 8542 41998 0
25p 604849 468589 64233 6 3 19882 8204 43597 337 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 14137
Feb. 701241 118743 57738 1558886 662248 54357 38993 15364
Two weeks ending(10)
2009-Jan. 28 860553 295454 67507 1706991 819332 53517 41221 12297 1860
Feb. 11 673210 111878 61804 1525627 632642 57184 40568 16617 2161
25 728707 139797 55274 1589276 690647 53041 38061 14980 1618
Mar. 11 675845 45668 54327 1539016 638274 50132 37571 12561 1590
25p 823648 218800 52455 1689244 786776 51662 36872 14790 1487
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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. 860652 297156 62404 1705311
Feb. 701238 118741 57735 1554430
Two weeks ending(6)
2009-Jan. 28 860551 295453 67506 1702587
Feb. 11 673207 111875 61801 1521197
25 728704 139794 55271 1584802
Mar. 11 675840 45664 54323 1534550
25p 823643 218795 52450 1684779
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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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Data Download Program (DDP) |
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PDF (17 KB)
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