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Release Date: January 12, 2012
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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 12, 2012
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-Dec. 1077351 1031863 70213 1007138 2008050 45488
2011-Jan. 1106539 1074293 69465 1037074 2041484 32246
Feb. 1262706 1240773 71410 1191296 2206251 21933
Mar. 1436134 1416253 73456 1362678 2389800 19882
Apr. 1526475 1508632 74354 1452121 2490858 17842
May 1587572 1572427 74871 1512702 2561972 15146
June 1666349 1653106 77541 1588808 2647108 13243
July 1696479 1684084 78292 1618187 2681832 12395
Aug. 1666963 1655129 83446 1583517 2658712 11834
Sep. 1642728 1631153 91698 1551031 2639176 11575
Oct. 1638621 1627411 93301 1545320 2637961 11210
Nov. 1591979 1581638 94061 1497918 2597329 10341
Dec. p 1597185 1587659 94864 1502321 2608480 9526
Two weeks ending(7)
2011-Nov. 16 1626487 1615917 94030 1532456 2629879 10570
30 1554577 1544559 93761 1460816 2562549 10019
Dec. 14 1623093 1613253 94515 1528579 2633555 9841
28 1566875 1557547 95413 1471462 2578198 9328
2012-Jan. 11p 1617729 1608745 93938 1523791 2632785 8985
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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-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. 11575 19 0 81 11474 0
Oct. 11210 19 0 50 11140 0
Nov. 10341 20 0 20 10301 0
Dec. p 9526 103 0 23 9400 0
Two weeks ending(5)
2011-Nov. 16 10570 7 0 22 10541 0
30 10019 34 0 16 9970 0
Dec. 14 9841 203 0 22 9615 0
28 9328 13 1 26 9289 0
2012-Jan. 11p 8985 56 0 14 8916 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-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 2683808 1652348 56052 44343 11708
Aug. 1666710 1654875 83193 2656923 1621212 56783 45497 11286
Sep. 1643602 1632027 92571 2637046 1597078 56920 46524 10396
Oct. 1639034 1627824 93714 2637439 1592558 57557 46476 11081
Nov. 1592523 1582182 94605 2602104 1546227 57413 46296 11117
Dec. p 1598833 1589307 96513 2618043 1550154 60587 48679 11908
Two weeks ending(10)
2011-Nov. 16 1621392 1610822 88935 2630601 1576215 57925 45177 12748 3690
30 1560168 1550149 99351 2571821 1512803 57080 47365 9715 3171
Dec. 14 1620885 1611044 92306 2637683 1574136 59933 46749 13183 3632
28 1572818 1563490 101356 2593421 1522187 61019 50631 10388 3311
2012-Jan. 11p 1617336 1608352 93545 2641295 1568758 61625 48579 13046 3681
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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-Dec. 1077624 1032136 70486 2013663
2011-Jan. 1110273 1078027 73199 2045422
Feb. 1263570 1241637 72274 2208453
Mar. 1434653 1414771 71975 2392149
Apr. 1527598 1509756 75477 2493691
May 1589294 1574148 76592 2563469
June 1665317 1652074 76509 2645019
July 1695931 1683536 77744 2680753
Aug. 1665787 1653953 82270 2653790
Sep. 1642554 1630979 91523 2633809
Oct. 1637832 1626621 92512 2634076
Nov. 1591130 1580790 93212 2598617
Dec. p 1597435 1587909 95114 2614562
Two weeks ending(6)
2011-Nov. 16 1620090 1609520 87633 2627182
30 1558681 1548663 97865 2568270
Dec. 14 1619448 1609607 90869 2634181
28 1571216 1561888 99755 2589806
2012-Jan. 11p 1617060 1608076 93269 2638535
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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.
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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