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Release Date: March 29, 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 March 29, 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)
2011-Feb. 1262697 1240764 72686 1190012 2207724 21933
Mar. 1436146 1416264 73985 1362161 2389892 19882
Apr. 1526480 1508637 74514 1451966 2489298 17842
May 1587576 1572431 75072 1512505 2559321 15146
June 1666349 1653106 77615 1588734 2644620 13243
July 1696473 1684077 78344 1618129 2680642 12395
Aug. 1666949 1655115 83584 1583365 2657378 11834
Sep. 1642710 1631135 91718 1550992 2638581 11575
Oct. 1638605 1627394 93287 1545318 2639137 11210
Nov. 1591978 1581637 94059 1497919 2598951 10341
Dec. 1597182 1587656 94865 1502317 2610837 9526
2012-Jan. 1614014 1605400 94458 1519557 2637202 8614
Feb. 1658314 1650381 98083 1560231 2691757 7933
Two weeks ending(7)
2012-Jan. 25 1602857 1594340 93559 1509298 2627004 8517
Feb. 8 1633280 1625117 97544 1535736 2662330 8163
22 1679217 1671225 98349 1580868 2712566 7992
Mar. 7 1645120 1637566 98167 1546953 2683770 7554
21p 1604735 1597335 98825 1505910 2646502 7401
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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 Term
Asset-Backed Other
Total Primary Secondary Seasonal Securities credit
Loan extensions
Facility(2)
--------------------------------------------------------------------------------------------------------------
Month(3)
2011-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. 9526 103 0 23 9400 0
2012-Jan. 8614 27 0 7 8580 0
Feb. 7933 13 0 1 7920 0
Two weeks ending(4)
2012-Jan. 25 8517 5 0 4 8508 0
Feb. 8 8163 26 0 3 8134 0
22 7992 6 0 0 7987 0
Mar. 7 7554 12 0 2 7541 0
21p 7401 16 0 5 7381 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 credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term
Asset-Backed Securities Loan Facility.
3. Prorated averages of biweekly averages.
4. 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)
2011-Feb. 1263705 1241772 73693 2210871 1219258 56616 44446 12170
Mar. 1434887 1415006 72727 2394703 1391362 55365 43526 11839
Apr. 1527990 1510148 76025 2496493 1484148 55376 43842 11534
May 1589835 1574689 77330 2566392 1546511 54769 43324 11445
June 1665944 1652700 77209 2647989 1622463 55273 43480 11793
July 1696685 1684289 78556 2683800 1652339 56029 44346 11683
Aug. 1666693 1654859 83328 2656915 1621202 56772 45491 11281
Sep. 1643584 1632009 92592 2637039 1597072 56907 46512 10395
Oct. 1639017 1627806 93699 2637427 1592546 57552 46471 11081
Nov. 1592522 1582181 94603 2602090 1546226 57416 46296 11120
Dec. 1598831 1589305 96514 2618061 1550155 60590 48676 11914
2012-Jan. 1619309 1610695 99752 2640869 1569024 61468 50285 11183
Feb. 1660041 1652108 99810 2694663 1609888 61363 50153 11209
Two weeks ending(10)
2012-Jan. 25 1611496 1602980 102198 2630067 1561618 59785 49879 9906 3341
Feb. 8 1641198 1633035 105462 2664296 1586794 65101 54404 10697 3685
22 1677096 1669104 96228 2714549 1628010 61237 49086 12151 3765
Mar. 7 1647468 1639914 100515 2689598 1600037 57343 47431 9912 3468
21p 1599302 1591902 93392 2648635 1551484 59646 47819 11827 3565
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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
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Reserves of depository institutions
----------------------------------------------------------------
Date Total Nonborrowed Required Monetary
(2) (3) base
(4)
----------------------------------------------------------------------------------------------------------
Month(5)
2011-Feb. 1263573 1241640 73561 2208453
Mar. 1434659 1414777 72498 2392145
Apr. 1527606 1509763 75640 2493684
May 1589302 1574156 76798 2563466
June 1665318 1652075 76584 2645014
July 1695924 1683529 77795 2680745
Aug. 1665770 1653936 82405 2653782
Sep. 1642536 1630962 91544 2633802
Oct. 1637815 1626605 92497 2634065
Nov. 1591129 1580788 93210 2598604
Dec. 1597432 1587906 95115 2614580
2012-Jan. 1619105 1610491 99548 2638523
Feb. 1659890 1651957 99659 2692599
Two weeks ending(6)
2012-Jan. 25 1611306 1602789 102008 2627916
Feb. 8 1641092 1632929 105355 2662250
22 1676947 1668956 96079 2712485
Mar. 7 1647259 1639705 100306 2687510
21p 1599048 1591648 93138 2646518
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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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