Board of Governors of the Federal Reserve System

Aggregate Reserves of Depository Institutions and the Monetary Base - H.3

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Current Release (42 KB PDF)

Release Date: June 27, 2013
Table 1
Adjusted for changes in reserve requirements 1
Seasonally adjusted unless noted otherwise. Millions of dollars.
Date Reserves of depository institutions Monetary
base 5		 Total
borrowings
from the
Federal
Reserve,
NSA
Total 2 Nonborrowed 3 Required Excess,
NSA 4
Month 6
May 2012 1,556,689 1,550,503 99,230 1,457,460 2,609,131 6,187
June 2012 1,557,175 1,551,961 99,699 1,457,475 2,615,664 5,214
July 2012 1,584,049 1,579,791 101,000 1,483,049 2,649,396 4,258
Aug. 2012 1,582,288 1,579,017 104,538 1,477,750 2,654,458 3,271
Sep. 2012 1,515,888 1,513,923 106,447 1,409,441 2,597,251 1,965
Oct. 2012 1,525,145 1,523,679 106,870 1,418,275 2,615,620 1,466
Nov. 2012 1,546,809 1,545,758 111,505 1,435,304 2,643,297 1,051
Dec. 2012 1,569,017 1,568,221 110,266 1,458,751 2,672,578 795
Jan. 2013 1,630,872 1,630,307 111,413 1,519,460 2,740,902 565
Feb. 2013 1,731,409 1,730,944 114,621 1,616,788 2,843,658 465
Mar. 2013 1,813,069 1,812,675 114,915 1,698,154 2,929,464 394
Apr. 2013 1,882,385 1,881,984 113,551 1,768,834 3,004,480 401
May 2013 1,980,436 1,980,025 117,090 1,863,345 3,109,892 410
Two weeks ending 7
May 1, 2013 1,867,768 1,867,361 115,785 1,751,983 2,993,073 407
May 15, 2013 1,938,946 1,938,524 115,629 1,823,317 3,067,063 422
May 29, 2013 2,015,677 2,015,267 118,625 1,897,052 3,146,263 410
June 12, 2013 2,080,509 2,080,179 117,234 1,963,276 3,213,502 331
June 26, 2013 p 2,040,643 2,040,280 118,085 1,922,559 3,176,063 363

Footnotes

  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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Table 1a
Not seasonally adjusted. Millions of dollars.
Date Borrowings from the Federal Reserve 1
Total Primary Secondary Seasonal Term
Asset-Backed
Securities
Loan Facility 2		 Other
credit
extensions
Month 3
May 2012 6,187 16 0 27 6,143 0
June 2012 5,214 19 0 56 5,139 0
July 2012 4,258 26 0 97 4,135 0
Aug. 2012 3,271 39 0 138 3,094 0
Sep. 2012 1,965 62 0 123 1,781 0
Oct. 2012 1,466 17 0 66 1,383 0
Nov. 2012 1,051 9 0 37 1,006 0
Dec. 2012 795 12 0 23 760 0
Jan. 2013 565 11 0 7 548 0
Feb. 2013 465 10 0 1 454 0
Mar. 2013 394 8 0 0 386 0
Apr. 2013 401 9 0 11 380 0
May 2013 410 12 0 42 356 0
Two weeks ending 4
May 1, 2013 407 14 0 15 378 0
May 15, 2013 422 8 0 37 377 0
May 29, 2013 410 17 0 49 345 0
June 12, 2013 331 12 0 49 271 0
June 26, 2013 p 363 25 0 72 267 0

Footnotes

  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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Table 2
Not adjusted for changes in reserve requirements 1
Not seasonally adjusted. Millions of dollars.
Date Reserves of depository institutions Monetary
base 3		 Reserve
balances with
F.R. Banks 4		 Vault cash 5 Net
carryover
of reserve
balances 8
Total 2 Nonborrowed Required Total Used to satisfy
required
reserves 6		 Surplus 7
Month 9
May 2012 1,558,506 1,552,319 101,046 2,616,307 1,510,119 57,991 48,387 9,604
June 2012 1,555,380 1,550,166 97,905 2,618,073 1,507,596 57,639 47,784 9,855
July 2012 1,583,770 1,579,512 100,721 2,648,865 1,535,052 58,292 48,718 9,574
Aug. 2012 1,582,193 1,578,923 104,443 2,650,395 1,532,976 58,396 49,217 9,179
Sep. 2012 1,517,507 1,515,542 108,066 2,593,767 1,468,681 58,102 48,826 9,276
Oct. 2012 1,525,583 1,524,118 107,309 2,611,517 1,476,730 59,280 48,854 10,426
Nov. 2012 1,546,110 1,545,059 110,806 2,641,911 1,497,506 59,187 48,604 10,583
Dec. 2012 1,570,383 1,569,587 111,632 2,675,025 1,517,425 63,893 52,958 10,936
Jan. 2013 1,636,934 1,636,369 117,475 2,742,337 1,582,524 64,220 54,410 9,810
Feb. 2013 1,733,393 1,732,928 116,605 2,846,128 1,680,086 63,995 53,308 10,687
Mar. 2013 1,811,300 1,810,906 113,146 2,934,281 1,760,359 61,223 50,941 10,282
Apr. 2013 1,884,689 1,884,288 115,855 3,011,808 1,832,952 61,812 51,737 10,076
May 2013 1,981,983 1,981,573 118,638 3,115,564 1,930,723 61,289 51,261 10,028
Two weeks ending 10
May 1, 2013 1,878,250 1,877,843 126,267 3,004,534 1,824,982 61,874 53,269 8,605 3,892
May 15, 2013 1,935,157 1,934,735 111,840 3,069,102 1,885,112 61,544 50,045 11,499 4,582
May 29, 2013 2,022,990 2,022,580 125,938 3,156,133 1,970,445 61,093 52,545 8,549 4,050
June 12, 2013 2,074,592 2,074,261 111,316 3,212,323 2,024,815 60,582 49,777 10,805 4,676
June 26, 2013 p 2,041,846 2,041,483 119,288 3,176,606 1,988,035 62,859 53,812 9,047 4,087

Footnotes

  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.

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Table 3
Adjusted for changes in reserve requirements 1
Not seasonally adjusted. Millions of dollars.
Date Reserves of depository institutions Monetary
base 4
Total 2 Nonborrowed Required 3
Month 5
May 2012 1,558,118 1,551,931 100,658 2,614,113
June 2012 1,554,929 1,549,715 97,454 2,615,850
July 2012 1,583,212 1,578,954 100,163 2,647,786
Aug. 2012 1,581,510 1,578,239 103,760 2,649,885
Sep. 2012 1,516,731 1,514,766 107,290 2,593,190
Oct. 2012 1,524,700 1,523,234 106,425 2,610,851
Nov. 2012 1,545,094 1,544,043 109,790 2,641,159
Dec. 2012 1,569,431 1,568,636 110,680 2,674,312
Jan. 2013 1,636,785 1,636,220 117,325 2,742,199
Feb. 2013 1,733,277 1,732,813 116,490 2,846,047
Mar. 2013 1,811,105 1,810,711 112,951 2,934,144
Apr. 2013 1,884,364 1,883,964 115,530 3,011,567
May 2013 1,981,524 1,981,114 118,179 3,115,214
Two weeks ending 6
May 1, 2013 1,877,839 1,877,432 125,856 3,004,216
May 15, 2013 1,934,731 1,934,309 111,414 3,068,775
May 29, 2013 2,022,499 2,022,089 125,447 3,155,762
June 12, 2013 2,074,097 2,073,767 110,822 3,211,957
June 26, 2013 p 2,041,294 2,040,931 118,735 3,176,198

Footnotes

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

Last update: June 27, 2013