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Release Date: January 6, 2011
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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 January 6, 2011
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-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 1994243 60083
Sep. 1048360 995839 67504 980855 1963317 52521
Oct. 1040217 991644 66668 973549 1963389 48573
Nov. 1038710 992021 66694 972017 1969477 46689
Two weeks ending(7)
2010-Nov. 3 1036654 989155 67233 969421 1962922 47499
17 1033010 986376 66763 966247 1963551 46634
Dec. 1 1045324 998762 66495 978829 1977371 46562
15 1097064 1051375 72220 1024844 2030220 45689
29p 1060974 1015632 69778 991195 1991128 45342
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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)
----------------------------------------------------------------------------------------------
Date Total Credit Term
borrowings Term extended to Asset-Backed Other
from the auction Primary Secondary Seasonal American Securities credit
Federal credit International Loan extensions
Reserve Group, Inc., Facility(3)
net(2)
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Month(4)
2009-Nov. 217307 110049 20434 38 67 43222 43497 0
Dec. 169927 82014 19025 518 37 22023 46310 0
2010-Jan. 142142 54209 16407 965 5 23213 47342 0
Feb. 111227 23677 14258 873 1 25544 46874 0
Mar. 91644 7286 11136 658 7 25252 47306 0
Apr. 80225 796 6468 583 22 25739 46617 0
May 75626 0 4198 423 42 26397 44565 0
June 69897 0 288 212 59 25937 43401 0
July 65847 0 39 1 75 24185 41548 0
Aug. 60083 0 22 0 85 22064 37913 0
Sep. 52521 0 32 0 77 19791 32620 0
Oct. 48573 0 37 0 46 19478 29012 0
Nov. 46689 0 89 0 23 19912 26665 0
Two weeks ending(5)
2010-Nov. 3 47499 0 44 0 28 19235 28194 0
17 46634 0 19 1 20 19553 27043 0
Dec. 1 46562 0 175 0 25 20456 25906 0
15 45689 0 30 0 28 20399 25234 0
29p 45342 0 40 8 26 20452 24817 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-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 1993692 1044124 53969 40894 13075
Sep. 1047826 995305 66970 1960412 1006741 53071 41084 11987
Oct. 1039606 991033 66057 1961343 998516 53642 41090 12552
Nov. 1038553 991864 66537 1970694 997747 53390 40807 12583
Two weeks ending(10)
2010-Nov. 3 1039060 991561 69639 1962085 997719 52273 41341 10932 2044
17 1028462 981828 62215 1961666 988714 54127 39749 14378 2309
Dec. 1 1049304 1002743 70475 1982404 1007481 52855 41823 11031 2059
15 1093058 1047369 68213 2030871 1052226 55708 40832 14875 2309
29p 1065037 1019696 73842 2004003 1020075 56689 44963 11726 2288
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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-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 1991063
Sep. 1047539 995018 66683 1957791
Oct. 1039301 990728 65752 1958738
Nov. 1038214 991525 66197 1968101
Two weeks ending(6)
2010-Nov. 3 1038724 991225 69303 1959458
17 1028144 981510 61896 1959090
Dec. 1 1048941 1002380 70113 1979800
15 1092710 1047021 67865 2028283
29p 1064640 1019298 73444 2001381
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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
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