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Release Date: October 25, 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 October 25, 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
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Month(6)
2011-Sep. 1642580 1631005 91604 1550977 2638451 11575
Oct. 1638497 1627287 93361 1545136 2639020 11210
Nov. 1591862 1581521 94093 1497769 2598845 10341
Dec. 1597064 1587538 94859 1502206 2610727 9526
2012-Jan. 1613898 1605284 94448 1519451 2637101 8614
Feb. 1658197 1650264 98076 1560121 2691617 7933
Mar. 1607856 1600526 98263 1509593 2650248 7330
Apr. 1584555 1577690 98379 1486176 2633125 6865
May 1556169 1549982 98709 1457460 2608951 6187
June 1556500 1551286 99025 1457475 2615001 5214
July 1583475 1579217 100425 1483049 2648065 4258
Aug. 1582278 1579007 104527 1477750 2653515 3271
Sep. 1516272 1514307 106831 1409441 2597584 1965
Two weeks ending(7)
2012-Aug. 22 1586867 1583341 106019 1480848 2657219 3527
Sep. 5 1554576 1552061 103758 1450819 2630999 2516
19 1531128 1529121 106446 1424682 2610556 2007
Oct. 3 1479953 1478292 108717 1371236 2565885 1662
17p 1530809 1529282 107101 1423708 2621708 1527
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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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1
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-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 5214 19 0 56 5139 0
July 4258 26 0 97 4135 0
Aug. 3271 39 0 138 3094 0
Sep. 1965 62 0 123 1781 0
Two weeks ending(4)
2012-Aug. 22 3527 17 0 143 3366 0
Sep. 5 2516 92 0 140 2285 0
19 2007 74 0 122 1812 0
Oct. 3 1662 33 0 117 1513 0
17p 1527 15 0 74 1439 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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1
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-Sep. 1643454 1631879 92478 2636911 1596944 56810 46510 10300
Oct. 1638918 1627708 93782 2637325 1592447 57229 46471 10757
Nov. 1592413 1582072 94644 2601982 1546124 57107 46289 10818
Dec. 1598716 1589189 96510 2617944 1550043 60295 48672 11622
2012-Jan. 1619192 1610578 99741 2640756 1568915 61180 50277 10903
Feb. 1659924 1651991 99803 2694530 1609775 61076 50149 10927
Mar. 1606345 1599016 96752 2654466 1557859 59125 48486 10639
Apr. 1586705 1579840 100528 2640107 1537808 59006 48896 10109
May 1558506 1552319 101046 2616307 1510119 58402 48387 10015
June 1555380 1550166 97905 2618073 1507596 58076 47784 10292
July 1583770 1579512 100721 2648871 1535052 58744 48718 10026
Aug. 1582193 1578923 104443 2650423 1532976 58852 49217 9635
Sep. 1517508 1515543 108067 2593824 1468681 58471 48826 9644
Two weeks ending(10)
2012-Aug. 22 1582359 1578833 101511 2650550 1533573 59213 48786 10427 3953
Sep. 5 1559195 1556679 108376 2630965 1510241 57593 48954 8639 3809
19 1526842 1524835 102160 2603949 1479607 58128 47235 10893 4109
Oct. 3 1486680 1485018 115444 2564054 1435885 59306 50794 8511 3766
17p 1524508 1522981 100800 2612847 1476330 60412 48178 12234 4271
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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. See note on simplification of
reserve requirements.
4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments.
See note on simplification of reserve requirements.
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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Note on Simplification of Reserve Requirements
On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required
clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of
adjustments are zero beginning with the two weeks ending August 8, 2012.
1
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-Sep. 1642407 1630832 91431 2633675
Oct. 1637713 1626503 92576 2633959
Nov. 1591014 1580673 93245 2598489
Dec. 1597312 1587786 95107 2614459
2012-Jan. 1618988 1610374 99537 2638411
Feb. 1659772 1651839 99652 2692465
Mar. 1606078 1598748 96485 2652344
Apr. 1586267 1579402 100090 2637872
May 1557885 1551698 100425 2613950
June 1554655 1549441 97180 2615662
July 1582875 1578617 99826 2647559
Aug. 1581103 1577832 103352 2649627
Sep. 1516266 1514301 106825 2592920
Two weeks ending(6)
2012-Aug. 22 1581291 1577765 100443 2649770
Sep. 5 1558024 1555509 107206 2630114
19 1525665 1523658 100983 2603104
Oct. 3 1485323 1483662 114087 2563051
17p 1523220 1521694 99512 2611913
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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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