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For release at
4:30 P.M. EST
November 29, 2012
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the result of annual reviews of seasonal factors and break factors. Revisions to seasonal factors start in January 1999, while revisions to break factors begin in January 2011. Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual indexations of the low-reserve tranche and the reserve requirement exemption.1 The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base in any maintenance period was $956 million; most revisions were less than $500 million.
A more detailed description of the methods for constructing break factors and seasonal factors is available under "Annual review of break and seasonal factors" on the Federal Reserve's website (http://www.federalreserve.gov/releases/h3/annualreview.htm). Historical data, updated each week, are available from the Data Download Program website (http://www.federalreserve.gov/datadownload/default.htm).
--------------------------------------------------------------------------------------------1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. For all reserve maintenance periods ending in 2012, the low-reserve tranche is $71.0 million, rising to $79.5 million for maintenance periods ending in 2013.
Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). For all reserve maintenance periods ending in 2012, the reserve requirement exemption is $11.5 million, rising to $12.4 million for maintenance periods ending in 2013. 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 November 29, 2012 Adjusted for changes in reserve requirements(1) Seasonally adjusted unless noted otherwise Millions of dollars ----------------------------------------------------------------------------------------------------------------------------------------------- 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-Oct. 1638130 1626919 92993 1545136 2638479 11210 Nov. 1591703 1581362 93934 1497769 2598612 10341 Dec. 1597100 1587574 94894 1502206 2610726 9526 2012-Jan. 1614301 1605687 94850 1519451 2637395 8614 Feb. 1657931 1649998 97811 1560121 2691185 7933 Mar. 1607819 1600490 98226 1509593 2650084 7330 Apr. 1584770 1577905 98593 1486176 2633126 6865 May 1556689 1550503 99230 1457460 2609257 6187 June 1557175 1551961 99699 1457475 2615482 5214 July 1584049 1579791 101000 1483049 2648426 4258 Aug. 1582288 1579017 104538 1477750 2653352 3271 Sep. 1515888 1513923 106447 1409441 2596996 1965 Oct. 1525144 1523679 106870 1418274 2616179 1466 Two weeks ending(7) 2012-Oct. 3 1479191 1477530 107956 1371236 2564875 1662 17 1531240 1529714 107531 1423710 2621481 1527 31 1528896 1527533 105976 1422919 2621870 1363 Nov. 14 1549977 1548849 111198 1438778 2645038 1128 28p 1539549 1538559 111790 1427758 2634846 990 ------------------------------------------------------------------------------------------------------------------------------------------------ 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. p preliminary 1 H.3 (502) Table 1a AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not seasonally adjusted Millions of dollars -------------------------------------------------------------------------------------------------------------- Borrowings from the Federal Reserve(1) ------------------------------------------------------------------------------------ Date Term Asset-Backed Other Total Primary Secondary Seasonal Securities credit Loan extensions Facility(2) -------------------------------------------------------------------------------------------------------------- Month(3) 2011-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 Oct. 1466 17 0 66 1383 0 Two weeks ending(4) 2012-Oct. 3 1662 33 0 117 1513 0 17 1527 15 0 74 1439 0 31 1363 15 0 48 1300 0 Nov. 14 1128 11 0 46 1071 0 28p 990 8 0 30 953 0 --------------------------------------------------------------------------------------------------------------- 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. p preliminary 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2011-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 2648865 1535052 58744 48718 10026 Aug. 1582193 1578923 104443 2650395 1532976 58853 49217 9636 Sep. 1517507 1515542 108066 2593773 1468681 58472 48826 9646 Oct. 1525583 1524117 107308 2611529 1476730 59313 48853 10460 Two weeks ending(10) 2012-Oct. 3 1486679 1485017 115443 2564001 1435885 59307 50793 8514 3766 17 1524503 1522976 100793 2612796 1476330 60413 48173 12240 4271 31 1535000 1533637 112081 2620448 1485882 58215 49118 9096 3738 Nov. 14 1544030 1542902 105251 2639735 1496638 59649 47392 12257 4244 28p 1544203 1543213 116445 2639564 1494708 58300 49495 8805 3908 -------------------------------------------------------------------------------------------------------------------------------------------- 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. p preliminary 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 ---------------------------------------------------------------------------------------------------------- Reserves of depository institutions ---------------------------------------------------------------- Date Total Nonborrowed Required Monetary (2) (3) base (4) ---------------------------------------------------------------------------------------------------------- Month(5) 2011-Oct. 1637786 1626576 92650 2633986 Nov. 1591099 1580758 93330 2598521 Dec. 1597402 1587876 95196 2614495 2012-Jan. 1618994 1610380 99543 2638410 Feb. 1659832 1651898 99711 2692502 Mar. 1606183 1598853 96589 2652410 Apr. 1586434 1579569 100257 2637985 May 1558118 1551931 100658 2614113 June 1554929 1549715 97454 2615850 July 1583212 1578954 100163 2647786 Aug. 1581510 1578239 103760 2649885 Sep. 1516731 1514766 107290 2593196 Oct. 1524699 1523233 106425 2610863 Two weeks ending(6) 2012-Oct. 3 1485829 1484167 114593 2563359 17 1523702 1522175 99992 2612203 31 1534026 1532663 111106 2619702 Nov. 14 1543070 1541943 104292 2639016 28p 1543137 1542147 115378 2638782 ---------------------------------------------------------------------------------------------------------- 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