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Release Date: June 30, 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 June 30, 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)
2010-May 1109378 1033753 64592 1044787 2007137 75626
June 1099260 1029363 64331 1034929 1999809 69897
July 1087205 1021358 65555 1021649 1991566 65847
Aug. 1085632 1025548 66065 1019567 1994969 60083
Sep. 1048372 995852 67529 980843 1963261 52521
Oct. 1040229 991656 66689 973540 1962120 48573
Nov. 1038711 992022 66692 972019 1967309 46689
Dec. 1077808 1032319 70634 1007173 2008532 45488
2011-Jan. 1106500 1074254 69401 1037099 2041572 32246
Feb. 1262763 1240830 71463 1191300 2206439 21933
Mar. 1436327 1416445 73642 1362685 2390204 19882
Apr. 1526579 1508736 74454 1452125 2491151 17842
May 1587504 1572358 74802 1512701 2562132 15146
Two weeks ending(7)
2011-May 4 1508194 1491287 74889 1433305 2477479 16908
18 1575374 1560001 73355 1502019 2550388 15373
June 1 1624970 1610610 76335 1548635 2600827 14360
15 1686391 1673007 76550 1609841 2665798 13384
29p 1646121 1633055 78650 1567471 2627307 13067
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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
-------------------------------------------------------------------------------------------------------------------------------
Borrowings from the Federal Reserve(1)
-----------------------------------------------------------------------------------------------------
Date Credit Term
extended to Asset-Backed Other
Total Primary Secondary Seasonal American Securities credit
International Loan extensions
Group, Inc., Facility(3)
net(2)
-------------------------------------------------------------------------------------------------------------------------------
Month(4)
2010-May 75626 4198 423 42 26397 44565 0
June 69897 288 212 59 25937 43401 0
July 65847 39 1 75 24185 41548 0
Aug. 60083 22 0 85 22064 37913 0
Sep. 52521 32 0 77 19791 32620 0
Oct. 48573 37 0 46 19478 29012 0
Nov. 46689 89 0 23 19912 26665 0
Dec. 45488 41 3 26 20394 25025 0
2011-Jan. 32246 51 0 10 8368 23818 0
Feb. 21933 28 0 3 21902 0
Mar. 19882 11 0 6 19864 0
Apr. 17842 14 0 8 17820 0
May 15146 10 1 20 15115 0
Two weeks ending(5)
2011-May 4 16908 10 1 12 16885 0
18 15373 4 0 18 15352 0
June 1 14360 18 2 24 14316 0
15 13384 31 0 37 13317 0
29p 13067 19 1 47 13001 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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the
credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated.
Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized
interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring,
and it excluded 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)
2010-May 1111330 1035705 66543 2011260 1070761 52845 40569 12276
June 1099202 1029304 64273 2001536 1058765 53121 40436 12685
July 1087737 1021890 66088 1994088 1046927 53973 40810 13164
Aug. 1085042 1024959 65476 1993682 1044113 53973 40929 13044
Sep. 1047838 995317 66995 1960404 1006733 53073 41105 11969
Oct. 1039617 991044 66077 1961342 998514 53633 41103 12530
Nov. 1038554 991865 66535 1970686 997748 53366 40806 12560
Dec. 1077902 1032414 70729 2016270 1035084 56103 42818 13285
2011-Jan. 1110247 1078001 73148 2047861 1066223 56084 44025 12059
Feb. 1263612 1241679 72312 2210874 1219261 56610 44350 12260
Mar. 1434800 1414919 72115 2394707 1391365 55357 43435 11922
Apr. 1527943 1510101 75818 2496498 1484154 55370 43789 11581
May 1589826 1574680 77124 2566403 1546514 54777 43311 11465
Two weeks ending(10)
2011-May 4 1514132 1497225 80827 2484275 1469417 54932 44716 10216 2483
18 1573969 1558597 71950 2551875 1532164 54764 41806 12958 2430
June 1 1630193 1615833 81558 2607320 1585692 54744 44501 10242 2449
15 1682164 1668780 72323 2665519 1640583 54677 41581 13096 2866
29p 1649232 1636165 81761 2628696 1603942 55843 45290 10553 2483
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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)
2010-May 1111181 1035556 66395 2008502
June 1099027 1029130 64098 1998898
July 1087519 1021672 65869 1991468
Aug. 1084789 1024706 65222 1991053
Sep. 1047551 995030 66708 1957783
Oct. 1039313 990740 65772 1958736
Nov. 1038215 991526 66196 1968093
Dec. 1077550 1032062 70377 2013679
2011-Jan. 1110202 1077956 73103 2045454
Feb. 1263573 1241640 72273 2208517
Mar. 1434734 1414852 72049 2392255
Apr. 1527833 1509990 75708 2493884
May 1589674 1574528 76972 2563755
Two weeks ending(6)
2011-May 4 1513994 1497087 80689 2481634
18 1573828 1558455 71809 2549234
June 1 1630024 1615665 81389 2604663
15 1681999 1668615 72158 2662869
29p 1649037 1635971 81566 2626032
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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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