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Release Date: November 5, 2009
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For release at
4:30 p.m. EDT
November 5, 2009
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the result of annual
reviews of seasonal factors and break factors. Revisions to seasonal factors start in January
1999, while revisions to break factors begin in January 2008. Break factors remove
discontinuities (or "breaks") associated with regulatory changes in reserve requirements,
such as the annual indexations of the low reserve tranche and the reserve requirement
exemption.1 Revisions to both types of factors are unusually large this year due to
extraordinarily strong growth in net transaction accounts that did not follow the usual seasonal
pattern over the year ending June 30, 2009.
A more detailed description of the methods for constructing break factors and seasonal
factors is available under "Annual review of break and seasonal factors" on the Federal
Reserve's website (http://www.federalreserve.gov/releases/h3/hist/). Historical data,
updated each week, are available there as well. For paid electronic access to current and
historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
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1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first
$25 million in net transaction deposits (low-reserve tranche) at each depository institution.
Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous
year's (June 30 to June 30) growth rate of net transaction deposits at all depository
institutions. For all reserve maintenance periods ending in 2009, the low-reserve tranche is
$44.4 million, rising to $55.2 million for maintenance periods ending in 2010.
Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of
reservable liabilities of each depository institution was exempted from reserve requirements.
Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of
increase of the reservable liabilities at all depository institutions over the preceding year
(June 30 to June 30). For all reserve maintenance periods ending in 2009, the reserve
requirement exemption is $10.3 million, rising to $10.7 million for maintenance periods ending
in 2010.
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 November 5, 2009
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions
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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-Oct. 315531 -332789 47629 267902 1130376 648319
Nov. 609675 -89110 50639 559036 1433199 698786
Dec. 820732 167166 53334 767397 1650883 653565
2009-Jan. 857422 293925 59189 798233 1701886 563496
Feb. 700386 117889 56904 643482 1556513 582497
Mar. 779588 167476 54964 724623 1642732 612111
Apr. 881019 322825 56652 824367 1749274 558194
May 900866 375418 56790 844076 1769674 525448
June 809188 370465 57824 751364 1680624 438722
July 794987 428026 61991 732996 1665695 366961
Aug. 828456 497006 62599 765857 1704364 331450
Sep. 922466 615640 62393 860073 1801234 306827
Oct. p 1056393 791335 61659 994734 1936456 265058
Two weeks ending(7)
2009-Sep. 9 887847 567553 64663 823184 1762864 320295
23 915864 608564 61251 854612 1795771 307300
Oct. 7 980181 691617 61758 918424 1861492 288565
21 1047900 782671 61097 986803 1928687 265229
Nov. 4p 1121632 873268 62376 1059256 1999807 248364
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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., net Loan
Facility (3) Facility
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Month(4)
2008-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
June 438722 316868 37302 21 32 0 18891 43057 22552 0
July 366961 255119 34366 66 80 0 6230 43108 27993 0
Aug. 331450 224490 32147 600 110 0 184 40021 33898 0
Sep. 306827 196731 29243 554 111 0 79 39074 41036 0
Oct. p 265058 155396 25163 402 82 0 28 41222 42765 0
Two weeks ending(5)
2009-Sep. 9 320295 212110 31517 586 110 0 79 38849 37045 0
23 307300 196020 28434 569 117 0 79 39269 42813 0
Oct. 7 288565 178379 27938 482 102 0 79 38973 42614 0
21 265229 155442 25610 446 83 0 22 40578 43049 0
Nov. 4p 248364 139245 22594 286 67 0 0 43697 42475 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. 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-Oct. 314888 -333431 46986 1132506 278021 54243 36867 17375
Nov. 609503 -89282 50467 1441062 571079 55575 38424 17151
Dec. 821302 167736 53904 1663927 783635 56215 37667 18548
2009-Jan. 860670 297174 62437 1712076 820933 56361 39737 16624
Feb. 701261 118764 57779 1562247 662244 56797 39017 17780
Mar. 778125 166014 53502 1646927 740998 53157 37127 16030
Apr. 881836 323642 57469 1752736 844596 51850 37240 14610
May 902944 377496 58868 1774877 865427 51390 37517 13873
June 809853 371131 58489 1684029 772066 52343 37787 14556
July 796543 429581 63546 1673101 758883 51724 37660 14064
Aug. 828786 497336 62929 1706189 790765 51986 38021 13965
Sep. 922620 615794 62547 1800107 884159 52087 38461 13626
Oct. p 1056817 791760 62083 1935852 1017782 53057 39036 14021
Two weeks ending(10)
2009-Sep. 9 886635 566340 63450 1763203 848300 51365 38335 13030 2118
23 916573 609274 61961 1794811 878503 52143 38070 14073 1823
Oct. 7 980983 692419 62559 1858146 941578 52904 39405 13498 2021
21 1046556 781328 59753 1928142 1007849 54167 38708 15459 2024
Nov. 4p 1124268 875904 65012 2001040 1085031 51609 39237 12372 1970
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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)
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Month(5)
2008-Oct. 314703 -333617 46801 1125885
Nov. 609284 -89502 50248 1435147
Dec. 821071 167505 53673 1659224
2009-Jan. 860593 297097 62360 1707612
Feb. 701139 118641 57657 1557721
Mar. 777895 165784 53271 1642329
Apr. 881422 323228 57055 1748069
May 902370 376922 58294 1770180
June 809175 370453 57811 1679359
July 795667 428706 62671 1667802
Aug. 827715 496265 61858 1700700
Sep. 921398 614571 61325 1795423
Oct. p 1055411 790354 60677 1931500
Two weeks ending(6)
2009-Sep. 9 885455 565161 62271 1758289
23 915370 608070 60757 1790105
Oct. 7 979666 691102 61243 1853802
21 1045206 779978 58403 1923786
Nov. 4p 1122720 874356 63465 1996689
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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
Release dates |
Historical data |
Data Download Program (DDP) |
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Current release Other formats:
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PDF (17 KB)
Statistical releases