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: July 11, 2013

The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," includes data for the first time depicting (1) the penalty-free band around reserve balance requirements provided for in the final phase of the simplification of reserves administration, (2) interest rates paid on balances maintained to satisfy reserve balance requirements and balances maintained that exceed the top of the penalty-free band, and (3) a monetary base series calculated based on a simplified formula. At the same time, several series formerly published in the H.3 statistical release have been discontinued, including the break-adjusted, seasonally adjusted monetary base. Historical data for all discontinued series remain available through the Data Download Program. For supplemental information on the new H.3 statistical release, see: www.federalreserve.gov/releases/h3/h3_technical_qa.htm.

Table 1
Not seasonally adjusted. Millions of dollars unless otherwise noted.
Date Reserve balances required Reserve balances maintained Interest rates paid (in percent)
Reserve balance
requirements 1		 Top of penalty-
free band 2		 Bottom of penalty-
free band 3		 Total Balances
maintained to
satisfy reserve
balance
requirements 4		 Balances
maintained that
exceed the top of
the penalty-
free band 5		 Balances
maintained to
satisfy reserve
balance
requirements		 Balances
maintained that
exceed the top of
the penalty-
free band
Month 6
June 2012 50,121 1,507,596
July 2012 52,002 1,535,052
Aug. 2012 55,226 1,532,976
Sept. 2012 59,240 1,468,681
Oct. 2012 58,455 1,476,730
Nov. 2012 62,202 1,497,506
Dec. 2012 58,674 1,517,425
Jan. 2013 63,065 1,582,524
Feb. 2013 63,298 1,680,086
Mar. 2013 62,205 1,760,359
Apr. 2013 64,118 1,832,952
May 2013 67,377 1,930,723
June 2013 63,667 2,010,604
Two weeks ending 7
May 15, 2013 61,795 1,885,112
May 29, 2013 73,392 1,970,445
June 12, 2013 61,538 2,024,815
June 26, 2013 65,486 1,988,035
July 10, 2013 63,691 70,077 57,309 2,046,964 69,819 1,977,145 0.25 0.25

Footnotes

  1. Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
  2. Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
  3. Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
  4. Equals the sum of balances maintained up to the top of each institution's penalty-free band.
  5. Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
  6. Prorated averages of biweekly averages.
  7. Averages of daily figures.

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Table 2
Not seasonally adjusted. Millions of dollars.
Date Reserves Vault cash 2 Monetary base
Total 1 Required Total Used to satisfy
required
reserves 3		 Surplus 4 Total 5 Total balances
maintained		 Currency in
circulation
Month 6
June 2012 1,555,380 97,905 57,639 47,784 9,855 2,618,755 1,509,526 1,109,228
July 2012 1,583,770 100,721 58,292 48,718 9,574 2,647,752 1,534,190 1,113,561
Aug. 2012 1,582,193 104,443 58,396 49,217 9,179 2,650,750 1,532,976 1,117,773
Sept. 2012 1,517,507 108,066 58,102 48,826 9,276 2,594,909 1,468,681 1,126,228
Oct. 2012 1,525,583 107,309 59,280 48,854 10,426 2,611,775 1,476,730 1,135,045
Nov. 2012 1,546,110 110,806 59,187 48,604 10,583 2,646,809 1,497,506 1,149,303
Dec. 2012 1,570,383 111,632 63,893 52,958 10,936 2,675,945 1,517,425 1,158,520
Jan. 2013 1,636,934 117,475 64,220 54,410 9,810 2,741,743 1,582,524 1,159,218
Feb. 2013 1,733,393 116,605 63,995 53,308 10,687 2,845,244 1,680,086 1,165,158
Mar. 2013 1,811,300 113,146 61,223 50,941 10,282 2,935,024 1,760,359 1,174,666
Apr. 2013 1,884,689 115,855 61,812 51,737 10,076 3,011,731 1,832,952 1,178,779
May 2013 1,981,983 118,638 61,289 51,261 10,028 3,116,937 1,930,723 1,186,214
June 2013 2,062,906 115,969 62,088 52,302 9,786 3,201,482 2,010,604 1,190,878
Two weeks ending 7
May 15, 2013 1,935,157 111,840 61,544 50,045 11,499 3,069,218 1,885,112 1,184,106
May 29, 2013 2,022,990 125,937 61,093 52,545 8,549 3,158,716 1,970,445 1,188,271
June 12, 2013 2,074,592 111,315 60,582 49,777 10,805 3,214,698 2,024,815 1,189,884
June 26, 2013 2,041,848 119,299 62,859 53,813 9,046 3,177,558 1,988,035 1,189,524
July 10, 2013 2,101,552 118,279 63,909 54,588 9,321 3,245,568 2,046,964 1,198,604

Footnotes

  1. Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
  2. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements.
  3. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.
  4. Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
  5. Equals total balances maintained plus currency in circulation.
  6. Prorated averages of biweekly averages.
  7. Averages of daily figures.

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Table 3
Not seasonally adjusted. Millions of dollars.
Date Borrowings from the Federal Reserve Nonborrowed
reserves 2
Total Primary Secondary Seasonal Term Asset-Backed
Securities Loan
Facility 1		 Other credit
extensions
Month 3
June 2012 5,214 19 0 56 5,139 0 1,550,166
July 2012 4,258 26 0 97 4,135 0 1,579,512
Aug. 2012 3,271 39 0 138 3,094 0 1,578,923
Sept. 2012 1,965 62 0 123 1,781 0 1,515,542
Oct. 2012 1,466 17 0 66 1,383 0 1,524,118
Nov. 2012 1,051 9 0 37 1,006 0 1,545,059
Dec. 2012 795 12 0 23 760 0 1,569,587
Jan. 2013 565 11 0 7 548 0 1,636,369
Feb. 2013 465 10 0 1 454 0 1,732,928
Mar. 2013 394 8 0 0 386 0 1,810,906
Apr. 2013 401 9 0 11 380 0 1,884,288
May 2013 410 12 0 42 356 0 1,981,573
June 2013 351 19 0 65 267 0 2,062,555
Two weeks ending 4
May 15, 2013 422 8 0 37 377 0 1,934,735
May 29, 2013 410 17 0 49 345 0 2,022,580
June 12, 2013 331 12 0 49 271 0 2,074,261
June 26, 2013 363 25 0 72 267 0 2,041,485
July 10, 2013 373 25 0 91 257 0 2,101,179

Footnotes

  1. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
  2. Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
  3. Prorated averages of biweekly averages.
  4. Averages of daily figures.
Last update: July 11, 2013