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Release Date: November 18, 2010
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For release at
4:30 p.m. EST
November 18, 2010
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the annual
review of seasonal and break factors. Revisions to seasonal factors start in
January 1999, while revisions to break factors begin in January 2009. Break
factors remove discontinuities (or "breaks") associated with regulatory
changes in reserve requirements, such as the annual indexation of the low
reserve tranche and the reserve requirement exemption.1 The maximum revision
to total reserves, nonborrowed reserves, required reserves, and the monetary
base in any maintenance period was $1.1 billion; most revisions were less than
$600 million.
A more detailed description of the methods for constructing break factors and
seasonal factors is available under "Annual review of break and seasonal
factors" on the Federal Reserve's website
(http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated
each week, are available there as well.
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1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent
against the first $25 million in net transaction deposits (low reserve
tranche) at each depository institution. Since 1982, the low reserve tranche
has been indexed each January by 80 percent of the previous year's (June 30 to
June 30) growth rate of net transaction deposits at all depository
institutions. For all reserve maintenance periods ending in 2010, the low
reserve tranche is $55.2 million, rising to $58.8 million for maintenance
periods ending in 2011.
Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
million of reservable liabilities of each depository institution was exempted
from reserve requirements. Since 1983, this exemption amount has been indexed
each year by 80 percent of the rate of increase of the reservable liabilities
at all depository institutions over the preceding year (June 30 to June 30).
For all reserve maintenance periods ending in 2010, the reserve requirement
exemption is $10.7 million, and it remains at $10.7 million for maintenance
periods ending in 2011.
1
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 November 18, 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
------------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2009-Oct. 1056642 791584 62044 994598 1936686 265058
Nov. 1140795 923488 63653 1077143 2019194 217307
Dec. 1139002 969075 63668 1075335 2018027 169927
2010-Jan. 1108995 966852 63060 1045935 1986885 142142
Feb. 1224790 1113563 62792 1161998 2109173 111227
Mar. 1185964 1094320 65447 1120517 2074878 91644
Apr. 1116368 1036143 66029 1050339 2009933 80225
May 1109412 1033787 64505 1044908 2007201 75626
June 1099258 1029361 64227 1035031 1998986 69897
July 1087162 1021315 65449 1021714 1989991 65847
Aug. 1085607 1025524 66023 1019584 1994241 60083
Sep. 1048360 995839 67504 980855 1963303 52521
Oct. 1040253 991680 66749 973504 1963412 48573
Two weeks ending(7)
2010-Sep. 22 1042932 990290 67028 975904 1957460 52642
Oct. 6 1031408 981517 67896 963512 1950429 49892
20 1046876 998025 65910 980966 1969355 48852
Nov. 3 1036648 989149 67190 969457 1962931 47499
17p 1033099 986465 66885 966214 1963011 46634
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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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1
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-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
Sep. 52521 0 32 0 77 0 19791 32620 0
Oct. 48573 0 37 0 46 0 19478 29012 0
Two weeks ending(5)
2010-Sep. 22 52642 0 25 0 78 0 19917 32621 0
Oct. 6 49892 0 57 0 69 0 19403 30363 0
20 48852 0 24 0 50 0 19702 29077 0
Nov. 3 47499 0 44 0 28 0 19235 28194 0
17p 46634 0 19 1 20 0 19553 27043 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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1
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-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 1037214 67100 2014653 1076482 53782 40957 12825
May 1111363 1035737 66455 2011298 1070841 52726 40522 12204
June 1099199 1029302 64169 2001543 1058787 53044 40412 12632
July 1087696 1021849 65982 1994095 1046940 53943 40756 13187
Aug. 1085018 1024935 65434 1993690 1044124 53969 40894 13075
Sep. 1047826 995305 66970 1960398 1006741 53071 41084 11987
Oct. 1039637 991064 66133 1961360 998516 53642 41121 12521
Two weeks ending(10)
2010-Sep. 22 1041727 989086 65823 1954472 1001206 52974 40521 12453 2195
Oct. 6 1032487 982595 68975 1946862 990253 53772 42234 11538 2164
20 1043161 994309 62194 1967000 1002685 54663 40476 14186 2253
Nov. 3 1039052 991553 69595 1962092 997718 52273 41334 10939 2041
17p 1028545 981911 62330 1961034 988713 54127 39832 14295 2308
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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
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Reserves of depository institutions
----------------------------------------------------------------
Date Total Nonborrowed Required Monetary
(2) (3) base
(4)
----------------------------------------------------------------------------------------------------------
Month(5)
2009-Oct. 1055594 790536 60996 1931746
Nov. 1140311 923004 63168 2018296
Dec. 1139068 969141 63733 2022150
2010-Jan. 1112257 970114 66322 1991872
Feb. 1225432 1114205 63434 2111762
Mar. 1184415 1092771 63898 2077025
Apr. 1117322 1037097 66983 2011871
May 1111214 1035589 66307 2008539
June 1099025 1029127 63994 1998905
July 1087478 1021631 65764 1991476
Aug. 1084765 1024682 65181 1991061
Sep. 1047539 995018 66683 1957777
Oct. 1039331 990758 65827 1958753
Two weeks ending(6)
2010-Sep. 22 1041447 988805 65543 1951854
Oct. 6 1032178 982286 68666 1944240
20 1042880 994029 61914 1964415
Nov. 3 1038716 991217 69259 1959465
17p 1028224 981590 62010 1958457
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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).
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