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Release Date: December 20, 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 December 20, 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-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 2596991 1965
Oct. 1525144 1523678 106870 1418274 2616165 1466
Nov. p 1546810 1545758 111506 1435304 2642172 1051
Two weeks ending(7)
2012-Oct. 17 1531240 1529714 107531 1423710 2621468 1527
31 1528895 1527532 105976 1422919 2621856 1363
Nov. 14 1549977 1548849 111198 1438778 2645022 1128
28 1539548 1538558 111799 1427749 2634751 990
Dec. 12p 1575472 1574526 111610 1463863 2674168 947
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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-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
Nov. p 1051 9 0 37 1006 0
Two weeks ending(4)
2012-Oct. 17 1527 15 0 74 1439 0
31 1363 15 0 48 1300 0
Nov. 14 1128 11 0 46 1071 0
28 990 8 0 30 953 0
Dec. 12p 947 7 0 22 918 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-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 2593767 1468681 58472 48826 9646
Oct. 1525582 1524117 107308 2611516 1476730 59313 48853 10460
Nov. p 1546111 1545060 110808 2641921 1497506 59204 48605 10599
Two weeks ending(10)
2012-Oct. 17 1524503 1522976 100793 2612783 1476330 60413 48173 12240 4271
31 1534999 1533636 112080 2620434 1485882 58215 49117 9098 3738
Nov. 14 1544030 1542902 105251 2639719 1496638 59649 47392 12257 4244
28 1544203 1543213 116454 2639461 1494708 58300 49495 8805 3908
Dec. 12p 1574041 1573094 110178 2674561 1523169 62420 50871 11549 4347
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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)
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Month(5)
2011-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 2593190
Oct. 1524699 1523233 106424 2610850
Nov. p 1545095 1544043 109791 2641168
Two weeks ending(6)
2012-Oct. 17 1523702 1522175 99992 2612190
31 1534025 1532662 111106 2619688
Nov. 14 1543070 1541943 104292 2639001
28 1543136 1542146 115387 2638678
Dec. 12p 1572976 1572029 109113 2673774
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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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