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Release Date: April 29, 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 April 29, 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-Mar. 779496 167385 54891 724604 1640731 612111
Apr. 881019 322825 56657 824361 1747297 558194
May 900865 375417 56798 844067 1768831 525448
June 809196 370473 57841 751355 1679686 438722
July 794994 428033 62015 732979 1666475 366961
Aug. 828466 497017 62639 765827 1703378 331450
Sep. 922473 615646 62408 860065 1800960 306827
Oct. 1056405 791347 61673 994732 1936564 265058
Nov. 1140488 923181 63200 1077288 2018817 217307
Dec. 1138597 968670 63187 1075410 2017692 169927
2010-Jan. 1108869 966727 62856 1046013 1986809 142142
Feb. 1224492 1113265 62415 1162077 2109312 111227
Mar. 1186300 1094656 65701 1120599 2075408 91644
Two weeks ending(7)
2010-Feb. 24 1253688 1150794 61454 1192234 2141178 102895
Mar. 10 1227671 1126397 64520 1163151 2116302 101275
24 1169888 1081563 66270 1103618 2058843 88326
Apr. 7 1160023 1075499 66252 1093771 2050118 84524
21p 1122317 1042868 67301 1055016 2016169 79450
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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(4)
Facility net(3)
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Month(5)
2009-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. 142142 54209 16407 965 5 0 0 23213 47342 0
Feb. 111227 23677 14258 873 1 0 0 25544 46874 0
Mar. 91644 7286 11136 658 7 0 0 25252 47306 0
Two weeks ending(6)
2010-Feb. 24 102895 15426 14112 857 0 0 0 25499 47002 0
Mar. 10 101275 15425 13752 779 7 0 0 25093 46221 0
24 88326 3410 11120 600 8 0 0 25083 48106 0
Apr. 7 84524 3410 7435 600 8 0 0 25817 47255 0
21p 79450 0 6499 600 23 0 0 25251 47077 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.
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-Mar. 778036 165925 53432 1646837 740908 53154 37128 16026
Apr. 881835 323641 57474 1752736 844594 51843 37241 14602
May 902944 377496 58876 1774877 865426 51384 37518 13866
June 809862 371139 58507 1684026 772065 52336 37797 14540
July 796551 429590 63572 1673096 758878 51721 37673 14048
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. 1141516 924209 64228 2022198 1102297 52829 39219 13610
Dec. 1140469 970542 65059 2026252 1099826 55212 40643 14568
2010-Jan. 1112369 970227 66356 1994864 1070730 55807 41639 14168
Feb. 1225440 1114213 63363 2114532 1183766 56644 41674 14970
Mar. 1184478 1092834 63879 2079784 1143651 55622 40827 14795
Two weeks ending(10)
2010-Feb. 24 1254260 1151365 62025 2147617 1214148 55735 40112 15624 1926
Mar. 10 1226352 1125077 63200 2120550 1185881 53863 40471 13393 1994
24 1167478 1079153 63860 2062854 1126366 57334 41112 16222 1989
Apr. 7 1158658 1074134 64886 2055406 1117892 54713 40766 13946 2001
21p 1121464 1042014 66448 2019267 1080924 53882 40540 13342 2052
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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-Mar. 777805 165694 53201 1642238
Apr. 881422 323228 57061 1748069
May 902369 376921 58302 1770180
June 809183 370461 57828 1679356
July 795674 428713 62695 1667795
Aug. 827725 496276 61898 1700693
Sep. 921404 614578 61339 1795459
Oct. 1055423 790366 60691 1931552
Nov. 1139921 922614 62633 2017961
Dec. 1138730 968803 63320 2021919
2010-Jan. 1112258 970116 66245 1991886
Feb. 1225418 1114191 63341 2111769
Mar. 1184438 1092793 63839 2077046
Two weeks ending(6)
2010-Feb. 24 1254236 1151342 62002 2144855
Mar. 10 1226320 1125045 63168 2117787
24 1167438 1079112 63819 2060135
Apr. 7 1158606 1074082 64835 2052667
21p 1121401 1041951 66385 2016500
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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