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: August 6, 2015

The interest rates paid on reserve balances published at a maintenance period frequency in table 1 of the Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," have been discontinued. As previously announced, effective July 23, 2015, the Federal Reserve Board changed the formula for calculating interest for depository institutions with excess balances to be based on the daily interest rate on excess reserves (IOER rate) and the daily balance maintained, rather than the maintenance period IOER rate and the average balance maintained over the maintenance period. The IOER and IORR rates effective for a given day are now published on the "Interest on Required Balances and Excess Balances" page on the Federal Reserve Board's public website and are available in the Policy Rates Data Download Program. Historical data for all discontinued series, including maintenance period interest rates, remain available through the H.3 Data Download Program. For more information on this change, see the H.3 Technical Q&As.

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Table 1
Not seasonally adjusted. Millions of dollars unless otherwise noted.
Date Reserve balances required Reserve balances maintained 4
Reserve balance
requirements 1		 Top of penalty-
free band 2		 Bottom of penalty-
free band 3		 Total Balances
maintained to
satisfy reserve
balance
requirements 5		 Balances
maintained that
exceed the top of
the penalty-
free band 6
Month 7
July 2014 84,590 93,064 76,117 2,704,004 92,840 2,611,164
Aug. 2014 86,899 95,605 78,196 2,786,867 95,348 2,691,520
Sept. 2014 81,892 90,096 73,690 2,759,284 89,839 2,669,445
Oct. 2014 85,026 93,544 76,511 2,705,668 93,260 2,612,408
Nov. 2014 86,424 95,081 77,769 2,519,578 94,838 2,424,740
Dec. 2014 82,770 91,061 74,481 2,606,700 90,852 2,515,848
Jan. 2015 90,522 99,589 81,458 2,683,709 99,273 2,584,437
Feb. 2015 89,118 98,045 80,193 2,496,868 97,853 2,399,015
Mar. 2015 91,495 100,660 82,333 2,675,202 100,477 2,574,726
Apr. 2015 92,469 101,729 83,209 2,698,960 101,495 2,597,465
May 2015 92,358 101,607 83,111 2,584,359 101,248 2,483,111
June 2015 87,882 96,684 79,082 2,553,138 96,362 2,456,776
July 2015 91,834 101,030 82,638 2,590,841 100,727 2,490,114
             
Two weeks ending 8
June 10, 2015 88,366 97,216 79,518 2,549,523 96,768 2,452,755
June 24, 2015 87,441 96,199 78,685 2,575,814 95,918 2,479,896
July 8, 2015 88,106 96,929 79,282 2,506,253 96,723 2,409,530
July 22, 2015 88,758 97,647 79,871 2,625,840 97,271 2,528,569
Aug. 5, 2015 99,932 109,939 89,927 2,611,588 109,661 2,501,927

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. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release. Interest rates on reserve balances are reported on the "Interest on Required Balances and Excess Balances" page on the Federal Reserve Board's public website.
  5. Equals the sum of balances maintained up to the top of each institution's penalty-free band.
  6. Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
  7. Prorated averages of biweekly averages.
  8. 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 6		 Currency in
circulation
Month 7
July 2014 2,759,023 139,609 64,041 55,019 9,022 3,989,083 2,704,004 1,285,079
Aug. 2014 2,842,040 142,072 64,598 55,173 9,426 4,075,039 2,786,867 1,288,172
Sept. 2014 2,814,487 137,095 64,831 55,203 9,628 4,049,189 2,759,284 1,289,905
Oct. 2014 2,760,317 139,675 64,834 54,648 10,186 4,001,451 2,705,668 1,295,783
Nov. 2014 2,575,099 141,945 65,217 55,521 9,697 3,830,424 2,519,578 1,310,846
Dec. 2014 2,665,936 142,006 69,361 59,236 10,125 3,934,455 2,606,700 1,327,755
Jan. 2015 2,745,584 152,397 71,383 61,875 9,507 4,017,103 2,683,709 1,333,394
Feb. 2015 2,556,071 148,321 70,098 59,203 10,895 3,840,464 2,496,868 1,343,596
Mar. 2015 2,732,862 149,155 68,041 57,660 10,381 4,030,632 2,675,202 1,355,430
Apr. 2015 2,756,739 150,248 67,909 57,779 10,130 4,059,374 2,698,960 1,360,414
May 2015 2,641,733 149,733 67,237 57,374 9,863 3,949,351 2,584,359 1,364,992
June 2015 2,611,128 145,872 67,714 57,990 9,723 3,919,581 2,553,138 1,366,443
July 2015 2,649,300 150,292 67,860 58,459 9,401 3,961,126 2,590,841 1,370,285
                 
Two weeks ending 8
June 10, 2015 2,605,600 144,443 66,111 56,077 10,034 3,917,045 2,549,523 1,367,522
June 24, 2015 2,634,488 146,115 68,158 58,674 9,484 3,940,478 2,575,814 1,364,664
July 8, 2015 2,565,836 147,689 69,348 59,583 9,765 3,875,050 2,506,253 1,368,797
July 22, 2015 2,683,421 146,339 67,278 57,581 9,697 3,995,883 2,625,840 1,370,043
Aug. 5, 2015 2,670,412 158,756 67,442 58,824 8,618 3,983,572 2,611,588 1,371,984

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. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
  7. Prorated averages of biweekly averages.
  8. 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
July 2014 231 11 0 174 45 0 2,758,793
Aug. 2014 278 15 0 229 34 0 2,841,761
Sept. 2014 300 18 0 253 29 0 2,814,187
Oct. 2014 221 8 0 200 13 0 2,760,096
Nov. 2014 130 12 0 119 0 0 2,574,969
Dec. 2014 102 22 0 80 0 0 2,665,835
Jan. 2015 66 48 0 18 0 0 2,745,518
Feb. 2015 18 13 0 5 0 0 2,556,053
Mar. 2015 20 11 0 9 0 0 2,732,842
Apr. 2015 52 24 0 28 0 0 2,756,687
May 2015 87 6 0 81 0 0 2,641,646
June 2015 150 14 0 135 0 0 2,610,979
July 2015 186 6 0 179 0 0 2,649,114
               
Two weeks ending 4
June 10, 2015 115 10 0 105 0 0 2,605,485
June 24, 2015 163 19 0 144 0 0 2,634,326
July 8, 2015 178 11 0 166 0 0 2,565,659
July 22, 2015 181 2 0 179 0 0 2,683,240
Aug. 5, 2015 200 8 0 192 0 0 2,670,212

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: August 6, 2015