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Release Date: April 16, 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 April 16, 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-Mar. 44297 -50227 41324 2973 825909 94523
Apr. 43562 -91847 41718 1845 824631 135410
May 44130 -111650 42119 2011 827171 155780
June 43363 -127915 41092 2271 832489 171278
July 43333 -122331 41360 1973 838059 165664
Aug. 44565 -123514 42571 1993 842813 168078
Sep. 102784 -187322 42726 60057 905168 290105
Oct. 315512 -332807 47606 267907 1130296 648319
Nov. 609962 -88824 50920 559042 1433503 698786
Dec. 821055 167489 53655 767400 1651279 653565
2009-Jan. 858418 294922 60173 798245 1700775 563496
Feb. 700968 118470 57459 643508 1554130 582497
Mar. p 779954 167843 55315 724639 1639738 612111
Two weeks ending(7)
2009-Feb. 11 673861 112529 62455 611406 1522799 561332
25 727040 138130 53606 673433 1582787 588910
Mar. 11 678689 48513 57123 621567 1535274 630177
25 824557 219708 53286 771271 1685564 604849
Apr. 8p 861535 265598 56736 804800 1724326 595938
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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)
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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-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
Mar. p 612111 477049 62513 9 3 20292 7857 43328 1061 0
Two weeks ending(5)
2009-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
25 604849 468589 64233 6 3 19882 8204 43597 337 0
Apr. 8p 595938 467278 54447 32 3 18544 5794 45142 4698 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-Mar. 42711 -51813 39738 832357 9753 50440 32958 17482
Apr. 43505 -91905 41660 830495 9255 49307 34251 15056
May 45108 -110672 43097 833974 9689 48564 35419 13145
June 43923 -127355 41652 839083 9178 49303 34745 14558
July 44109 -121555 42136 846453 9336 49196 34773 14423
Aug. 44112 -123966 42119 847288 9416 50133 34696 15438
Sep. 102568 -187537 42511 908024 67176 50440 35392 15048
Oct. 314906 -333414 46999 1132510 278024 51729 36882 14847
Nov. 609532 -89254 50490 1441072 571088 53033 38444 14590
Dec. 821331 167766 53932 1663940 783645 53673 37686 15987
2009-Jan. 860688 297192 62443 1709741 820938 53881 39750 14131
Feb. 701245 118748 57737 1558887 662250 54353 38996 15358
Mar. p 778124 166013 53484 1643525 741004 50719 37120 13599
Two weeks ending(10)
2009-Feb. 11 673210 111878 61804 1525627 632642 57174 40568 16606 2162
25 728716 139806 55283 1589277 690651 53042 38066 14976 1618
Mar. 11 675847 45670 54280 1539021 638275 50133 37572 12561 1590
25 823651 218803 52380 1689833 786778 51663 36874 14789 1489
Apr. 8p 859402 263465 54603 1727064 822536 49591 36867 12724 1173
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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)
2008-Mar. 42706 -51817 39734 825558
Apr. 43488 -91921 41644 823379
May 45077 -110703 43066 826882
June 43890 -127388 41619 831974
July 44063 -121601 42090 839213
Aug. 44052 -124026 42059 840146
Sep. 102507 -187598 42450 900643
Oct. 314830 -333489 46924 1125957
Nov. 609442 -89343 50400 1435240
Dec. 821240 167675 53841 1659327
2009-Jan. 860655 297159 62410 1705308
Feb. 701242 118745 57734 1554431
Mar. p 778119 166008 53479 1639066
Two weeks ending(6)
2009-Feb. 11 673207 111875 61801 1521197
25 728713 139803 55279 1584803
Mar. 11 675842 45666 54276 1534555
25 823646 218798 52375 1685368
Apr. 8p 859396 263458 54596 1722634
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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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