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Release Date: June 25, 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 June 25, 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-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 1651278 653565
2009-Jan. 858418 294922 60173 798245 1703117 563496
Feb. 700967 118470 57459 643508 1557493 582497
Mar. 779955 167843 55321 724633 1643139 612111
Apr. 881555 323361 57175 824380 1749802 558194
May 901293 375845 57192 844102 1770208 525448
Two weeks ending(7)
2009-Apr. 22 918052 352692 55662 862389 1787481 565360
May 6 837702 329791 60246 777456 1705920 507911
20 932610 377831 55542 877068 1801667 554779
June 3 896122 398439 57626 838497 1765236 497684
17p 848611 390371 56801 791810 1720104 458240
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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 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-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. 612111 477049 62513 9 3 20292 7857 43328 1061 0
Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0
May 525448 403970 40124 14 10 701 23347 44915 12367 0
Two weeks ending(5)
2009-Apr. 22 565360 455800 45801 64 2 11050 1823 45045 5777 0
May 6 507911 403573 42865 23 3 3061 7016 44993 6379 0
20 554779 428835 39014 10 10 241 28451 45705 12513 0
June 3 497684 372541 40042 15 14 0 25758 43868 15447 0
17p 458240 336566 36528 1 18 0 20284 43201 21643 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-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 1712082 820938 53881 39750 14131
Feb. 701245 118748 57737 1562253 662250 54353 38995 15358
Mar. 778124 166013 53490 1646931 741005 50719 37119 13600
Apr. 881834 323640 57454 1752746 844604 49361 37229 12131
May 902950 377502 58849 1774911 865443 48846 37507 11339
Two weeks ending(10)
2009-Apr. 22 918419 353059 56029 1790276 881430 49473 36989 12485 1627
May 6 840239 332328 62783 1709329 802223 48935 38016 10919 1764
20 932994 378215 55926 1805590 896288 49225 36706 12518 2006
June 3 898920 401236 60423 1771637 860671 48317 38249 10067 1714
17p 846862 388622 55052 1722759 810991 48765 35871 12893 1945
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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-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 1707649
Feb. 701242 118745 57734 1557797
Mar. 778119 166008 53485 1642473
Apr. 881814 323619 57433 1748347
May 902915 377467 58813 1770585
Two weeks ending(6)
2009-Apr. 22 918398 353039 56009 1785876
May 6 840205 332294 62748 1704961
20 932959 378180 55891 1801222
June 3 898883 401200 60386 1767386
17p 846826 388586 55016 1718517
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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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Statistical releases