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Release Date: September 22, 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 September 22, 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-Aug. 1085642 1025559 66083 1019559 1994980 60083
Sep. 1048394 995873 67562 980831 1963269 52521
Oct. 1040286 991713 66764 973521 1962117 48573
Nov. 1038795 992106 66800 971995 1967316 46689
Dec. 1077904 1032415 70766 1007138 2008548 45488
2011-Jan. 1106601 1074355 69527 1037074 2041569 32246
Feb. 1262850 1240917 71555 1191296 2206432 21933
Mar. 1436408 1416526 73730 1362678 2390202 19882
Apr. 1526618 1508775 74497 1452121 2491143 17842
May 1587504 1572358 74802 1512702 2562113 15146
June 1666385 1653142 77577 1588808 2647225 13243
July 1696197 1683802 78010 1618187 2681465 12395
Aug. 1667368 1655534 83842 1583526 2658944 11834
Two weeks ending(7)
2011-July 27 1685762 1673455 77984 1607777 2671702 12307
Aug. 10 1683303 1671363 81310 1601993 2672353 11941
24 1659448 1647615 81644 1577804 2651654 11833
Sep. 7 1660444 1648759 91854 1568589 2654370 11685
21p 1641813 1630199 93010 1548803 2637130 11614
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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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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-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
June 13243 24 0 42 13178 0
July 12395 7 0 73 12315 0
Aug. 11834 5 0 92 11737 0
Two weeks ending(5)
2011-July 27 12307 4 0 82 12221 0
Aug. 10 11941 8 0 86 11846 0
24 11833 4 0 99 11731 0
Sep. 7 11685 5 0 87 11594 0
21p 11614 21 0 78 11515 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-Aug. 1085053 1024969 65494 1993693 1044121 53972 40931 13041
Sep. 1047860 995339 67028 1960414 1006743 53072 41117 11955
Oct. 1039673 991100 66151 1961337 998509 53648 41164 12485
Nov. 1038637 991948 66643 1970691 997744 53389 40893 12496
Dec. 1078000 1032511 70862 2016284 1035080 56127 42920 13207
2011-Jan. 1110353 1078106 73279 2047854 1066218 56093 44135 11959
Feb. 1263700 1241767 72404 2210870 1219258 56618 44442 12176
Mar. 1434880 1414998 72202 2394705 1391362 55365 43518 11847
Apr. 1527982 1510140 75861 2496500 1484154 55378 43828 11550
May 1589826 1574680 77124 2566394 1546515 54783 43311 11472
June 1665942 1652699 77134 2647993 1622467 55292 43475 11817
July 1696691 1684296 78504 2683810 1652348 56051 44343 11708
Aug. 1666707 1654873 83181 2656944 1621213 56784 45495 11289
Two weeks ending(10)
2011-July 27 1689740 1677434 81963 2674731 1644940 55060 44800 10260 2301
Aug. 10 1682477 1670537 80484 2671364 1637189 57348 45289 12059 2910
24 1658669 1646837 80865 2648831 1613530 56407 45140 11267 2586
Sep. 7 1660256 1648571 91666 2652570 1613757 56732 46499 10233 2844
21p 1638840 1627226 90037 2632240 1592879 56835 45962 10873 3294
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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-Aug. 1084799 1024716 65240 1991063
Sep. 1047572 995052 66741 1957793
Oct. 1039368 990795 65846 1958731
Nov. 1038297 991608 66303 1968097
Dec. 1077646 1032158 70509 2013692
2011-Jan. 1110307 1078061 73233 2045447
Feb. 1263662 1241729 72366 2208513
Mar. 1434813 1414931 72135 2392253
Apr. 1527871 1510029 75750 2493885
May 1589674 1574528 76972 2563746
June 1665762 1652519 76954 2645335
July 1696473 1684077 78285 2681140
Aug. 1666444 1654610 82918 2654284
Two weeks ending(6)
2011-July 27 1689508 1677201 81730 2672046
Aug. 10 1682228 1670288 80235 2668707
24 1658407 1646575 80604 2646173
Sep. 7 1659967 1648282 91378 2649902
21p 1638547 1626933 89745 2629532
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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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