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Release Date: October 13, 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 October 13, 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-Sep. 1048394 995873 67562 980831 1963269 52521
Oct. 1040286 991713 66764 973521 1962117 48573
Nov. 1038795 992106 66800 971995 1967315 46689
Dec. 1077904 1032415 70766 1007138 2008548 45488
2011-Jan. 1106601 1074355 69527 1037074 2041568 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 2562110 15146
June 1666385 1653142 77577 1588808 2647223 13243
July 1696197 1683802 78010 1618187 2681465 12395
Aug. 1667371 1655536 83853 1583517 2658943 11834
Sep. p 1644320 1632745 93000 1551320 2640428 11575
Two weeks ending(7)
2011-Aug. 10 1683303 1671363 81310 1601993 2672353 11941
24 1659449 1647616 81648 1577801 2651653 11833
Sep. 7 1660453 1648768 91898 1568555 2654368 11685
21 1641819 1630205 93053 1548766 2638137 11614
Oct. 5p 1635661 1624232 93774 1541886 2633148 11429
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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-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
Sep. p 11575 19 0 81 11474 0
Two weeks ending(5)
2011-Aug. 10 11941 8 0 86 11846 0
24 11833 4 0 99 11731 0
Sep. 7 11685 5 0 87 11594 0
21 11614 21 0 78 11515 0
Oct. 5p 11429 28 0 83 11318 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-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 54784 43311 11473
June 1665942 1652699 77134 2647993 1622467 55293 43475 11818
July 1696691 1684296 78504 2683810 1652348 56052 44343 11708
Aug. 1666710 1654876 83193 2656943 1621212 56783 45497 11285
Sep. p 1643602 1632027 92282 2637079 1597079 56920 46523 10397
Two weeks ending(10)
2011-Aug. 10 1682477 1670537 80484 2671364 1637189 57347 45289 12058 2910
24 1658670 1646838 80869 2648830 1613530 56406 45141 11265 2586
Sep. 7 1660266 1648581 91710 2652570 1613756 56731 46510 10221 2844
21 1638846 1627232 90079 2633312 1592879 56834 45967 10867 3297
Oct. 5p 1638039 1626611 96153 2630891 1590640 57202 47399 9802 3208
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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-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. 1666446 1654612 82929 2654284
Sep. p 1643300 1631725 91980 2634371
Two weeks ending(6)
2011-Aug. 10 1682228 1670288 80235 2668707
24 1658408 1646576 80607 2646172
Sep. 7 1659976 1648291 91421 2649901
21 1638552 1626938 89786 2630601
Oct. 5p 1637714 1626286 95828 2628158
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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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