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Release Date: July 1, 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 July 1, 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-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 2109311 111227
Mar. 1186299 1094655 65701 1120599 2075404 91644
Apr. 1116838 1036613 66441 1050397 2010528 80225
May 1109491 1033865 64582 1044909 2007403 75626
June p 1099213 1029316 64164 1035049 1998655 69897
Two weeks ending(7)
2010-May 5 1074727 996639 65251 1009476 1970582 78088
19 1118568 1041859 63499 1055069 2017472 76709
June 2 1113386 1040050 65567 1047820 2010997 73336
16 1104836 1034169 63625 1041211 2004773 70668
30p 1091566 1022930 64503 1027063 1990773 68636
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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 Asset-Backed Credit Term
borrowings Term Commercial Paper extended to Asset-Backed Other
from the auction Primary Secondary Seasonal Money Market American Securities credit
Federal credit Mutual Fund International Loan extensions
Reserve Liquidity Group, Inc., Facility(3)
Facility net(2)
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Month(4)
2009-June 438722 316868 37302 21 32 18891 43057 22552 0
July 366961 255119 34366 66 80 6230 43108 27993 0
Aug. 331450 224490 32147 600 110 184 40021 33898 0
Sep. 306827 196731 29243 554 111 79 39074 41036 0
Oct. 265058 155396 25163 402 82 28 41222 42765 0
Nov. 217307 110049 20434 38 67 0 43222 43497 0
Dec. 169927 82014 19025 518 37 0 22023 46310 0
2010-Jan. 142142 54209 16407 965 5 0 23213 47342 0
Feb. 111227 23677 14258 873 1 0 25544 46874 0
Mar. 91644 7286 11136 658 7 0 25252 47306 0
Apr. 80225 796 6468 583 22 0 25739 46617 0
May 75626 0 4198 423 42 0 26397 44565 0
June p 69897 0 288 212 59 0 25937 43401 0
Two weeks ending(5)
2010-May 5 78088 0 5669 544 33 0 26437 45406 0
19 76709 0 5132 443 44 0 26492 44598 0
June 2 73336 0 2497 350 44 0 26270 44176 0
16 70668 0 105 290 50 0 26521 43704 0
30p 68636 0 157 115 71 0 25307 42989 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 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.
3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
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)
2009-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 53054 39037 14016
Nov. 1141516 924209 64228 2022198 1102297 52830 39219 13611
Dec. 1140469 970542 65059 2026252 1099826 55213 40643 14569
2010-Jan. 1112369 970227 66356 1994864 1070730 55808 41639 14169
Feb. 1225440 1114213 63363 2114531 1183766 56644 41674 14970
Mar. 1184477 1092833 63878 2079779 1143651 55622 40825 14797
Apr. 1117438 1037213 67041 2014653 1076482 53770 40956 12814
May 1111364 1035739 66455 2011300 1070842 52722 40522 12200
June p 1099198 1029301 64149 2001149 1058787 53039 40412 12628
Two weeks ending(10)
2010-May 5 1079117 1001030 69641 1975401 1037360 52864 41757 11107 2129
19 1117905 1041196 62835 2019343 1078525 53189 39380 13809 2296
June 2 1117171 1043835 69351 2016875 1075831 52119 41340 10778 2074
16 1101626 1030959 60415 2006490 1063271 52280 38355 13925 2386
30p 1094204 1025568 67141 1993562 1051868 53931 42336 11594 2023
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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-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 2111768
Mar. 1184437 1092793 63838 2077042
Apr. 1117375 1037150 66978 2011908
May 1111285 1035659 66375 2008588
June p 1099105 1029208 64056 1998565
Two weeks ending(6)
2010-May 5 1079043 1000956 69567 1972686
19 1117830 1041121 62761 2016627
June 2 1117082 1043746 69262 2014169
16 1101540 1030873 60329 2003883
30p 1094102 1025466 67039 1991018
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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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