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Release Date: February 11, 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 February 11, 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)
2009-Jan. 856993 293496 58813 798180 1702465 563496
Feb. 699935 117438 56486 643449 1555039 582497
Mar. 779497 167385 54891 724605 1640732 612111
Apr. 881019 322825 56658 824362 1747298 558194
May 900866 375418 56797 844068 1768832 525448
June 809196 370473 57840 751355 1679687 438722
July 794995 428033 62015 732980 1666475 366961
Aug. 828466 497017 62639 765827 1703377 331450
Sep. 922473 615646 62408 860065 1800961 306827
Oct. 1056405 791347 61673 994732 1936564 265058
Nov. 1140488 923181 63200 1077288 2018813 217307
Dec. 1138597 968670 63188 1075410 2017685 169927
2010-Jan. p 1108866 966724 62852 1046014 1986760 142142
Two weeks ending(7)
2009-Dec. 16 1152928 981471 63239 1089689 2032602 171457
30 1122936 959412 63063 1059873 2001703 163525
2010-Jan. 13 1067206 902227 62503 1004703 1943676 164979
27 1126561 1001262 63160 1063401 2005367 125300
Feb. 10p 1182328 1055455 62905 1119423 2061660 126874
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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)
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. 169927 82014 19025 518 37 0 0 22023 46310 0
2010-Jan. p 142142 54209 16407 965 5 0 0 23213 47342 0
Two weeks ending(6)
2009-Dec. 16 171457 85832 19222 122 34 0 0 20716 45533 0
30 163525 75918 18746 958 38 0 0 20528 47337 0
2010-Jan. 13 164979 75918 18477 960 11 0 0 22188 47426 0
27 125300 38531 14984 979 0 0 0 23430 47376 0
Feb. 10p 126874 38531 14665 932 1 0 0 25788 46956 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)
2009-Jan. 860222 296726 62042 1711651 820658 56360 39564 16797
Feb. 700803 118306 57355 1561592 662039 56796 38764 18031
Mar. 778037 165926 53432 1646838 740909 53154 37128 16026
Apr. 881836 323642 57474 1752737 844595 51843 37241 14602
May 902944 377496 58876 1774878 865427 51384 37518 13866
June 809862 371139 58506 1684027 772065 52336 37796 14540
July 796552 429590 63572 1673096 758878 51721 37674 14047
Aug. 828798 497349 62971 1706184 790761 51986 38038 13948
Sep. 922627 615801 62562 1800143 884158 52094 38469 13625
Oct. 1056820 791762 62088 1935893 1017783 53053 39037 14016
Nov. 1141517 924210 64229 2022198 1102297 52829 39219 13610
Dec. 1140469 970542 65060 2026252 1099826 55212 40643 14568
2010-Jan. p 1112366 970224 66352 1994835 1070729 55806 41637 14169
Two weeks ending(10)
2009-Dec. 16 1150822 979365 61132 2035679 1111565 54752 39257 15495 2266
30 1128570 965046 68697 2015889 1086471 55997 42099 13898 1858
2010-Jan. 13 1066319 901340 61616 1953482 1026674 55829 39646 16183 2233
27 1134454 1009154 71053 2013010 1091737 54864 42717 12147 1961
Feb. 10p 1184712 1057839 65289 2065622 1140385 59027 44328 14699 2299
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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)
2009-Jan. 860146 296649 61966 1707187
Feb. 700681 118184 57232 1557066
Mar. 777806 165695 53201 1642239
Apr. 881422 323228 57061 1748069
May 902370 376922 58302 1770181
June 809183 370461 57828 1679356
July 795675 428713 62695 1667795
Aug. 827725 496276 61898 1700693
Sep. 921404 614578 61339 1795459
Oct. 1055423 790366 60692 1931552
Nov. 1139921 922614 62633 2017961
Dec. 1138730 968803 63320 2021919
2010-Jan. p 1112255 970113 66241 1991857
Two weeks ending(6)
2009-Dec. 16 1149122 977665 59433 2031306
30 1126683 963158 66809 2011510
2010-Jan. 13 1066069 901090 61366 1950211
27 1134445 1009145 71044 2010243
Feb. 10p 1184696 1057822 65273 2062858
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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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Statistical releases