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Release Date: September 23, 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 September 23, 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-Aug. 828420 496970 62644 765776 1703410 331450
Sep. 922442 615616 62446 859996 1801039 306827
Oct. 1056301 791243 61703 994598 1936560 265058
Nov. 1140570 923263 63427 1077143 2018931 217307
Dec. 1138588 968661 63253 1075335 2017668 169927
2010-Jan. 1108875 966733 62941 1045935 1986802 142142
Feb. 1224521 1113294 62523 1161998 2109312 111227
Mar. 1186315 1094670 65797 1120517 2075411 91644
Apr. 1116840 1036615 66501 1050339 2010526 80225
May 1109490 1033864 64582 1044908 2007398 75626
June 1099215 1029318 64185 1035031 1999074 69897
July 1087099 1021252 65384 1021714 1990204 65847
Aug. 1085579 1025495 65993 1019585 1994399 60083
Two weeks ending(7)
2010-July 28 1079020 1013648 66953 1012067 1981925 65372
Aug. 11 1090838 1027707 65021 1025816 1997190 63131
25 1085829 1025935 65690 1020139 1995416 59894
Sep. 8 1075352 1020414 68483 1006869 1986907 54939
22p 1043007 990366 67101 975906 1956962 52642
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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-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 69897 0 288 212 59 0 25937 43401 0
July 65847 0 39 1 75 0 24185 41548 0
Aug. 60083 0 22 0 85 0 22064 37913 0
Two weeks ending(5)
2010-July 28 65372 0 18 1 78 0 23965 41311 0
Aug. 11 63131 0 25 1 81 0 23549 39476 0
25 59894 0 20 1 88 0 21801 37986 0
Sep. 8 54939 0 21 0 84 0 19959 34875 0
22p 52642 0 25 0 78 0 19917 32621 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, and Maiden Lane III 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 the 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-Aug. 828760 497310 62984 1706224 790778 51951 37982 13969
Sep. 922607 615781 62611 1800234 884220 52037 38388 13649
Oct. 1056728 791670 62130 1935901 1017784 52974 38944 14030
Nov. 1141608 924301 64466 2022323 1102468 52750 39141 13610
Dec. 1140463 970536 65129 2026233 1099855 55198 40609 14589
2010-Jan. 1112379 970236 66444 1994859 1070726 55828 41653 14174
Feb. 1225472 1114245 63474 2114536 1183771 56656 41701 14955
Mar. 1184489 1092845 63972 2079784 1143656 55644 40833 14811
Apr. 1117439 1037215 67101 2014653 1076482 53782 40957 12825
May 1111363 1035738 66456 2011298 1070841 52726 40522 12204
June 1099200 1029302 64169 2001543 1058787 53044 40412 12632
July 1087697 1021850 65982 1994095 1046940 53944 40756 13188
Aug. 1085025 1024941 65439 1993669 1044124 53970 40900 13070
Two weeks ending(10)
2010-July 28 1082857 1017485 70789 1986120 1040714 53104 42143 10961 2066
Aug. 11 1089563 1026432 63746 1997649 1048788 55427 40775 14653 2373
25 1086247 1026353 66107 1994562 1045262 53438 40985 12453 2100
Sep. 8 1073855 1018916 66985 1984287 1032920 52543 40935 11608 2202
22p 1041734 989093 65828 1953762 1001206 52975 40529 12446 2196
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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-Aug. 827679 496229 61903 1700725
Sep. 921373 614547 61377 1795538
Oct. 1055319 790261 60721 1931546
Nov. 1139997 922690 62855 2018071
Dec. 1138720 968793 63386 2021897
2010-Jan. 1112268 970125 66333 1991882
Feb. 1225450 1114223 63452 2111773
Mar. 1184449 1092805 63932 2077047
Apr. 1117376 1037151 67037 2011909
May 1111283 1035658 66376 2008586
June 1099106 1029209 64075 1998959
July 1087579 1021733 65865 1991544
Aug. 1084888 1024805 65303 1991120
Two weeks ending(6)
2010-July 28 1082726 1017354 70658 1983558
Aug. 11 1089434 1026303 63618 1995101
25 1086108 1026214 65969 1992007
Sep. 8 1073706 1018767 66837 1981749
22p 1041583 988941 65676 1951231
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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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