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Release Date: January 14, 2010
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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 January 14, 2010
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-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 1704367 331450
Sep. 922466 615640 62393 860074 1801270 306827
Oct. 1056403 791346 61670 994734 1936508 265058
Nov. 1140491 923184 63202 1077288 2016293 217307
Dec. p 1138633 968706 63184 1075449 2013294 169927
Two weeks ending(7)
2009-Nov. 18 1108910 891220 62702 1046208 1984804 217690
Dec. 2 1183610 977102 64052 1119558 2058519 206509
16 1152928 981471 63236 1089692 2027649 171457
30 1123014 959490 63056 1059958 1997655 163525
2010-Jan. 13p 1067204 902225 62518 1004686 1940828 164979
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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 Term
borrowings Term and other Commercial Paper extended to Asset-Backed Other
from the auction Primary Secondary Seasonal broker-dealer Money Market American Securities credit
Federal credit credit Mutual Fund International Loan extensions
Reserve (2) Liquidity Group, Inc., Facility,
Facility net(3) net(4)
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Month(5)
2008-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. 265058 155396 25163 402 82 0 28 41222 42765 0
Nov. 217307 110049 20434 38 67 0 0 43222 43497 0
Dec. p 169927 82014 19025 518 37 0 0 22023 46310 0
Two weeks ending(6)
2009-Nov. 18 217690 109456 20296 0 75 0 0 44513 43351 0
Dec. 2 206509 101009 19875 0 58 0 0 41558 44009 0
16 171457 85832 19222 122 34 0 0 20716 45533 0
30 163525 75918 18746 958 38 0 0 20528 47337 0
2010-Jan. 13p 164979 75918 18477 960 11 0 0 22188 47426 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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility, net of
unamortized deferred administrative fees.
5. Prorated averages of biweekly averages.
6. 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-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 51391 37517 13874
June 809853 371131 58489 1684029 772066 52344 37787 14557
July 796543 429581 63546 1673101 758883 51725 37660 14065
Aug. 828786 497336 62929 1706192 790765 51987 38021 13966
Sep. 922620 615794 62547 1800143 884159 52088 38461 13627
Oct. 1056818 791760 62085 1935894 1017783 53054 39035 14019
Nov. 1141520 924213 64231 2022212 1102298 52828 39222 13606
Dec. p 1140504 970577 65056 2026281 1099825 55211 40679 14532
Two weeks ending(10)
2009-Nov. 18 1106280 888591 60072 1987977 1068299 53353 37981 15372 2134
Dec. 2 1188382 981873 68823 2069215 1147718 52625 40664 11961 1844
16 1150822 979365 61129 2035677 1111562 54752 39260 15492 2266
30 1128647 965123 68689 2015988 1086472 55996 42175 13820 1858
2010-Jan. 13p 1066317 901338 61631 1952977 1026673 55830 39644 16186 2234
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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-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 1700703
Sep. 921398 614571 61324 1795459
Oct. 1055422 790364 60688 1931552
Nov. 1139924 922617 62636 2017976
Dec. p 1138766 968839 63317 2021949
Two weeks ending(6)
2009-Nov. 18 1104774 887085 58566 1983780
Dec. 2 1186654 980146 67096 2064958
16 1149123 977666 59430 2031304
30 1126761 963236 66802 2011610
2010-Jan. 13p 1066067 901088 61381 1949705
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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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