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Release Date: July 19, 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 July 19, 2012
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions
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Total borrowings
Date Total Nonborrowed Required Excess, Monetary from the
(2) (3) NSA base Federal Reserve,
(4) (5) NSA
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Month(6)
2011-June 1666349 1653106 77615 1588734 2644620 13243
July 1696473 1684077 78344 1618129 2680642 12395
Aug. 1666949 1655115 83585 1583364 2657378 11834
Sep. 1642710 1631135 91718 1550992 2638581 11575
Oct. 1638605 1627395 93287 1545318 2639138 11210
Nov. 1591978 1581637 94060 1497919 2598948 10341
Dec. 1597183 1587657 94866 1502318 2610832 9526
2012-Jan. 1614015 1605401 94458 1519557 2637185 8614
Feb. 1658308 1650375 98083 1560226 2691730 7933
Mar. 1607992 1600663 98290 1509703 2650393 7330
Apr. 1584744 1577879 98482 1486262 2633319 6865
May 1556344 1550157 98873 1457471 2609138 6187
June p 1556501 1551287 99028 1457473 2615038 5214
Two weeks ending(7)
2012-May 16 1549746 1543291 99026 1450720 2601694 6456
30 1560539 1554631 98719 1461820 2614264 5908
June 13 1589446 1583992 98722 1490723 2645703 5454
27 1525492 1520372 99015 1426477 2585341 5120
July 11p 1558453 1553836 100416 1458038 2620741 4617
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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-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
Mar. 7330 12 0 4 7314 0
Apr. 6865 21 0 9 6834 0
May 6187 16 0 27 6143 0
June p 5214 19 0 56 5139 0
Two weeks ending(4)
2012-May 16 6456 12 0 27 6417 0
30 5908 16 0 29 5862 0
June 13 5454 12 0 41 5401 0
27 5120 27 0 67 5027 0
July 11p 4617 12 0 75 4530 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)
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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-June 1665944 1652700 77209 2647989 1622463 55273 43480 11793
July 1696685 1684289 78556 2683800 1652339 56029 44346 11683
Aug. 1666693 1654859 83329 2656915 1621202 56772 45492 11280
Sep. 1643584 1632009 92592 2637039 1597072 56907 46512 10395
Oct. 1639017 1627807 93699 2637427 1592546 57552 46471 11081
Nov. 1592522 1582181 94604 2602090 1546226 57416 46296 11120
Dec. 1598832 1589306 96514 2618061 1550155 60590 48677 11913
2012-Jan. 1619310 1610696 99752 2640859 1569024 61467 50286 11181
Feb. 1660035 1652102 99810 2694636 1609888 61361 50148 11213
Mar. 1606482 1599152 96779 2654611 1558004 59244 48478 10767
Apr. 1586897 1580032 100635 2640309 1538003 58992 48894 10099
May 1558684 1552498 101213 2616504 1510303 58388 48382 10006
June p 1555382 1550168 97909 2618113 1507596 58063 47786 10277
Two weeks ending(10)
2012-May 16 1546928 1540473 96208 2605487 1499543 58663 47385 11278 3657
30 1567586 1561679 105766 2625102 1518226 58188 49360 8828 3410
June 13 1584544 1579091 93821 2647713 1538651 57088 45894 11194 3701
27 1528211 1523091 101733 2589471 1478871 58632 49340 9292 3329
July 11p 1555814 1551197 97777 2623517 1507079 59632 48736 10896 3631
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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)
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Month(5)
2011-June 1665318 1652075 76584 2645014
July 1695924 1683529 77795 2680745
Aug. 1665771 1653937 82407 2653782
Sep. 1642536 1630961 91544 2633802
Oct. 1637816 1626605 92498 2634065
Nov. 1591130 1580789 93211 2598604
Dec. 1597433 1587907 95115 2614580
2012-Jan. 1619106 1610492 99548 2638513
Feb. 1659884 1651951 99658 2692571
Mar. 1606215 1598886 96513 2652491
Apr. 1586460 1579595 100198 2638074
May 1558063 1551876 100592 2614147
June p 1554656 1549442 97183 2615702
Two weeks ending(6)
2012-May 16 1546351 1539896 95631 2603158
30 1566915 1561008 105095 2622714
June 13 1583876 1578422 93153 2645342
27 1527446 1522326 100969 2587029
July 11p 1555020 1550403 96983 2621067
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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.
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