Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date; February 24, 2011
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For release at 4:30 p.m. Eastern Time; February 24, 2011

Table 1
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Seasonally adjusted unless noted otherwise
Millions of dollars
Date Reserves of depository institutions Monetary base5  Total borrowings  from the Federal Reserve, NSA
Total2  Nonborrowed Required Excess, NSA4
Month6 
  Jan 2010     1108984    966842    63183    1045801    1987415    142142 
  Feb 2010     1224796    1113569    62943    1161852    2109363    111227 
  Mar 2010     1185967    1094323    65596    1120371    2074803    91644 
             
  Apr 2010     1116371    1036147    66145    1050227    2009880    80225 
  May 2010     1109378    1033753    64592    1044787    2007137    75626 
  Jun 2010     1099260    1029363    64331    1034929    1999809    69897 
             
  Jul 2010     1087205    1021358    65555    1021649    1991566    65847 
  Aug 2010     1085632    1025548    66065    1019567    1994969    60083 
  Sep 2010     1048373    995853    67529    980844    1963262    52521 
             
  Oct 2010     1040230    991658    66689    973541    1962121    48573 
  Nov 2010     1038712    992023    66693    972019    1967310    46689 
  Dec 2010     1077808    1032320    70636    1007172    2008527    45488 
             
  Jan 2011     1106501    1074255    69401    1037100    2041534    32246 
Two weeks ending7  
  Dec 29, 2010     1060976    1015634    69776    991200    1990664    45342 
             
  Jan 12, 2011     1077061    1032486    67618    1009442    2008718    44575 
  Jan 26, 2011     1111714    1086613    70685    1041029    2047530    25101 
             
  Feb 9, 2011     1162563    1139897    70084    1092479    2103506    22666 
  Feb 23, 2011 p     1289140    1267139    71590    1217550    2231888    22001 

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
Aggregate Reserves of Depository Institutions and the Monetary Base
Not seasonally adjusted
Millions of dollars
Date Total borrowings from the Federal Reserve Term auction credit Other borrowings from the Federal Reserve1
Primary Secondary Seasonal Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Jan 2010     142142    54209    16407    965    5    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    25252    47306    0 
                 
  Apr 2010     80225    796    6468    583    22    25739    46617    0 
  May 2010     75626    0    4198    423    42    26397    44565    0 
  Jun 2010     69897    0    288    212    59    25937    43401    0 
                 
  Jul 2010     65847    0    39    1    75    24185    41548    0 
  Aug 2010     60083    0    22    0    85    22064    37913    0 
  Sep 2010     52521    0    32    0    77    19791    32620    0 
                 
  Oct 2010     48573    0    37    0    46    19478    29012    0 
  Nov 2010     46689    0    89    0    23    19912    26665    0 
  Dec 2010     45488    0    41    3    26    20394    25025    0 
                 
  Jan 2011     32246    0    51    0    10    8368    23818    0 
Two weeks ending5
  Dec 29, 2010     45342    0    40    8    26    20452    24817    0 
                 
  Jan 12, 2011     44575    0    62    0    13    19922    24580    0 
  Jan 26, 2011     25101    0    43    1    10    1452    23595    0 
                 
  Feb 9, 2011     22666    0    50    0    3      22614    0 
  Feb 23, 2011 p     22001    0    20    0    2      21980    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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring, and it excluded credit extended to consolidated LLCs as described in footnote 1 above.

3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

4. Prorated averages of biweekly averages.

5. Averages of daily figures.

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Table 2
Aggregate Reserves of Depository Institutions and the Monetary Base
Not adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base3 Reserve balances with F.R. Banks4 Vault cash5 Net carryover of reserve balances8
Total2 Nonborrowed Required Total Used to satisfy required reserves6 Surplus7
Month9
  Jan 2010     1112375    970232    66574    1994817    1070701    55824    41674    14151   
  Feb 2010     1225479    1114252    63627    2114507    1183755    56671    41725    14946   
  Mar 2010     1184489    1092845    64118    2079752    1143627    55661    40862    14799   
                     
  Apr 2010     1117445    1037220    67218    2014622    1076456    53813    40989    12825   
  May 2010     1111330    1035705    66543    2011260    1070761    52845    40569    12276   
  Jun 2010     1099202    1029304    64273    2001536    1058765    53121    40436    12685   
                     
  Jul 2010     1087737    1021890    66088    1994088    1046927    53973    40810    13164   
  Aug 2010     1085042    1024959    65476    1993682    1044113    53973    40929    13044   
  Sep 2010     1047839    995318    66995    1960405    1006734    53073    41105    11969   
                     
  Oct 2010     1039619    991046    66077    1961343    998516    53634    41103    12531   
  Nov 2010     1038555    991866    66536    1970687    997748    53368    40806    12562   
  Dec 2010     1077902    1032414    70730    2016264    1035083    56105    42819    13286   
                     
  Jan 2011     1110248    1078002    73148    2047821    1066223    56084    44026    12059   
Two weeks ending10
  Dec 29, 2010     1065039    1019698    73839    2003984    1020079    56667    44961    11707    2288 
                     
  Jan 12, 2011     1076137    1031562    66695    2017044    1033923    56734    42214    14520    2515 
  Jan 26, 2011     1119336    1094236    78307    2053704    1074634    54903    44702    10201    2235 
                     
  Feb 9, 2011     1166670    1144004    74191    2105217    1120190    57833    46480    11353    2549 
  Feb 23, 2011 p     1288354    1266353    70804    2237981    1244977    56629    43377    13251    2449 

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.

4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments.

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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Table 3
Aggregate Reserves of Depository Institutions and the Monetary Base
Adjusted for changes in reserve requirements1
Not seasonally adjusted
Millions of dollars
Date Reserves of depository institutions Monetary base4
Total2 Nonborrowed Required3
Month5
  Jan 2010     1112252    970110    66451    1991830 
  Feb 2010     1225439    1114212    63587    2111732 
  Mar 2010     1184415    1092771    64044    2076992 
         
  Apr 2010     1117327    1037103    67101    2011840 
  May 2010     1111181    1035556    66395    2008502 
  Jun 2010     1099027    1029130    64098    1998898 
         
  Jul 2010     1087519    1021672    65869    1991468 
  Aug 2010     1084789    1024706    65222    1991053 
  Sep 2010     1047552    995031    66708    1957784 
         
  Oct 2010     1039314    990741    65773    1958737 
  Nov 2010     1038215    991526    66197    1968093 
  Dec 2010     1077550    1032062    70378    2013672 
         
  Jan 2011     1110203    1077957    73103    2045415 
Two weeks ending6
         
  Jan 12, 2011     1076081    1031506    66638    2014612 
  Jan 26, 2011     1119294    1094193    78265    2051305 
         
  Feb 9, 2011     1166642    1143976    74163    2102847 
  Feb 23, 2011 p     1288315    1266314    70765    2235631 

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. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886).

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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