Aggregate Reserves of Depository Institutions and the Monetary Base - H.3
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4:30 p.m. Eastern Time
August 20, 2020
H.3 (502)
Consolidation of the H.3 and H.6 Statistical Releases
As announced on March 15, 2020, the Board of Governors reduced reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. As a result, many of the release items on the Board's Statistical Release H.3, "Aggregate Reserves of Depository Institutions and the Monetary Base," are zero. Consequently, the Board has decided to consolidate the remaining relevant items from the H.3 statistical release onto Statistical Release H.6, "Money Stock Measures."
The H.3 release items that will be consolidated onto the H.6 statistical release include the monetary base and nonborrowed reserves and their components. The components to be moved are (1) "Currency in circulation" and "Total balances maintained" for the monetary base and (2) "Total reserves" and "Total borrowings from the Federal Reserve" for nonborrowed reserves.
The last H.3 statistical release will be published on September 17, 2020. The first H.6 statistical release containing the monetary base and nonborrowed reserves will be published on September 24, 2020. On this same release, columns labeled "Traveler's checks" will be removed from the H.6 statistical release.
For a template of the first page of the consolidated H.6 statistical release, along with supplemental information on the consolidation, see the Technical Q&As associated with each release. Access to historical data for all H.3 release items will remain available through the Data Download Program (DDP). In addition, the H.3 release items being consolidated onto the H.6 statistical release will be available in the DDP in both the "build your own" and preformatted packages associated with the H.6 statistical release. Further refinements to the preformatted packages for the H.6 statistical release will also be made. The 12 "H.6 historical table" preformatted packages will no longer be available; all data elements of these packages are contained in the monthly or weekly "H.6 statistical release" packages.
Table 1
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 2019 | 135,103 | 148,624 | 121,584 | 1,513,550 | 148,191 | 1,365,359 |
Aug. 2019 | 134,639 | 148,114 | 121,167 | 1,520,876 | 147,555 | 1,373,321 |
Sept. 2019 | 134,707 | 148,188 | 121,227 | 1,439,771 | 147,498 | 1,292,273 |
Oct. 2019 | 134,998 | 148,509 | 121,489 | 1,481,513 | 148,050 | 1,333,462 |
Nov. 2019 | 140,705 | 154,787 | 126,625 | 1,529,341 | 154,256 | 1,375,085 |
Dec. 2019 | 138,984 | 152,893 | 125,076 | 1,630,090 | 152,562 | 1,477,528 |
Jan. 2020 | 144,816 | 159,309 | 130,326 | 1,645,384 | 158,765 | 1,486,619 |
Feb. 2020 | 138,370 | 152,218 | 124,524 | 1,656,989 | 151,612 | 1,505,377 |
Mar. 2020 | 113,139 | 124,461 | 101,817 | 2,045,148 | 124,147 | 1,921,000 |
Apr. 2020 | 0 | 0 | 0 | 2,953,586 | 0 | 2,953,586 |
May 2020 | 0 | 0 | 0 | 3,217,635 | 0 | 3,217,635 |
June 2020 | 0 | 0 | 0 | 3,043,556 | 0 | 3,043,556 |
July 2020 | 0 | 0 | 0 | 2,718,529 | 0 | 2,718,529 |
Two weeks ending 8 | ||||||
June 17, 2020 | 0 | 0 | 0 | 3,130,360 | 0 | 3,130,360 |
July 1, 2020 | 0 | 0 | 0 | 2,901,788 | 0 | 2,901,788 |
July 15, 2020 | 0 | 0 | 0 | 2,795,785 | 0 | 2,795,785 |
July 29, 2020 | 0 | 0 | 0 | 2,623,526 | 0 | 2,623,526 |
Aug. 12, 2020 | 0 | 0 | 0 | 2,751,124 | 0 | 2,751,124 |
Footnotes
- Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
- 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.
- 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.
- Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
- Equals the sum of balances maintained up to the top of each institution's penalty-free band.
- Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
- Prorated averages of biweekly averages.
- Averages of daily figures.
Note on the Elimination of Reserve Requirements
The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, release items reported under "Reserve balances required" (reserve balance requirements and the top and bottom of penalty-free band) and "Balances maintained to satisfy reserve balance requirements" are zero beginning with the two weeks ending April 8, 2020.
Table 2
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 2019 | 1,578,615 | 200,169 | 76,485 | 65,065 | 11,420 | 3,260,316 | 1,513,550 | 1,746,765 |
Aug. 2019 | 1,586,844 | 200,608 | 78,451 | 65,969 | 12,483 | 3,271,378 | 1,520,876 | 1,750,502 |
Sept. 2019 | 1,504,805 | 199,741 | 76,550 | 65,035 | 11,516 | 3,202,668 | 1,439,771 | 1,762,898 |
Oct. 2019 | 1,547,136 | 200,621 | 76,660 | 65,623 | 11,037 | 3,252,807 | 1,481,513 | 1,771,294 |
Nov. 2019 | 1,595,222 | 206,586 | 76,921 | 65,881 | 11,040 | 3,315,551 | 1,529,341 | 1,786,209 |
Dec. 2019 | 1,698,344 | 207,239 | 80,168 | 68,255 | 11,914 | 3,426,464 | 1,630,090 | 1,796,375 |
Jan. 2020 | 1,715,219 | 214,652 | 81,215 | 69,835 | 11,379 | 3,442,569 | 1,645,384 | 1,797,185 |
Feb. 2020 | 1,726,943 | 208,324 | 80,732 | 69,954 | 10,778 | 3,454,474 | 1,656,989 | 1,797,485 |
Mar. 2020 | 2,099,369 | 167,360 | 77,111 | 54,222 | 22,889 | 3,883,155 | 2,045,148 | 1,838,007 |
Apr. 2020 | 2,953,586 | 0 | 88,100 | 0 | 88,100 | 4,844,940 | 2,953,586 | 1,891,355 |
May 2020 | 3,217,635 | 0 | 101,340 | 0 | 101,340 | 5,149,527 | 3,217,635 | 1,931,891 |
June 2020 | 3,043,556 | 0 | 104,196 | 0 | 104,196 | 5,001,978 | 3,043,556 | 1,958,422 |
July 2020 | 2,718,529 | 0 | 98,387 | 0 | 98,387 | 4,700,389 | 2,718,529 | 1,981,861 |
Two weeks ending 8 | ||||||||
June 17, 2020 | 3,130,360 | 0 | 103,770 | 0 | 103,770 | 5,085,807 | 3,130,360 | 1,955,447 |
July 1, 2020 | 2,901,788 | 0 | 105,304 | 0 | 105,304 | 4,866,046 | 2,901,788 | 1,964,259 |
July 15, 2020 | 2,795,785 | 0 | 99,454 | 0 | 99,454 | 4,772,522 | 2,795,785 | 1,976,737 |
July 29, 2020 | 2,623,526 | 0 | 97,221 | 0 | 97,221 | 4,609,182 | 2,623,526 | 1,985,656 |
Aug. 12, 2020 | 2,751,124 | 0 | 95,634 | 0 | 95,634 | 4,751,087 | 2,751,124 | 1,999,963 |
Footnotes
- Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
- 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.
- 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.
- Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
- Equals total balances maintained plus currency in circulation.
- Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
- Prorated averages of biweekly averages.
- Averages of daily figures.
Note on the Elimination of Reserve Requirements
The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, required reserves and vault cash used to satisfy required reserves are zero beginning with the two weeks ending April 8, 2020.
Table 3
Date | Borrowings from the Federal Reserve | Nonborrowed reserves 2 |
||||
---|---|---|---|---|---|---|
Total | Primary | Secondary | Seasonal | Other credit extensions 1 |
||
Month 3 | ||||||
July 2019 | 120 | 9 | 0 | 111 | 0 | 1,578,495 |
Aug. 2019 | 117 | 16 | 0 | 101 | 0 | 1,586,727 |
Sept. 2019 | 101 | 15 | 0 | 86 | 0 | 1,504,704 |
Oct. 2019 | 63 | 4 | 0 | 59 | 0 | 1,547,073 |
Nov. 2019 | 26 | 4 | 0 | 22 | 0 | 1,595,196 |
Dec. 2019 | 21 | 10 | 0 | 11 | 0 | 1,698,323 |
Jan. 2020 | 6 | 5 | 0 | 1 | 0 | 1,715,213 |
Feb. 2020 | 3 | 3 | 0 | 0 | 0 | 1,726,939 |
Mar. 2020 | 40,554 | 19,538 | 0 | 0 | 21,015 | 2,058,816 |
Apr. 2020 | 124,461 | 38,299 | 0 | 0 | 86,162 | 2,829,125 |
May 2020 | 111,845 | 22,180 | 0 | 2 | 89,663 | 3,105,791 |
June 2020 | 97,671 | 8,456 | 0 | 11 | 89,204 | 2,945,885 |
July 2020 | 92,943 | 4,670 | 0 | 26 | 88,248 | 2,625,585 |
Two weeks ending 4 | ||||||
June 17, 2020 | 98,003 | 8,596 | 0 | 11 | 89,396 | 3,032,357 |
July 1, 2020 | 95,422 | 6,500 | 0 | 13 | 88,910 | 2,806,366 |
July 15, 2020 | 94,326 | 5,055 | 0 | 21 | 89,251 | 2,701,459 |
July 29, 2020 | 92,428 | 4,376 | 0 | 31 | 88,021 | 2,531,099 |
Aug. 12, 2020 | 85,636 | 3,111 | 0 | 37 | 82,488 | 2,665,489 |
Footnotes
- Includes borrowings associated with facilities other than the primary, secondary, and seasonal credit lending programs. Detail on borrowings contained in this item is available under "Loans" in table 1 of the H.4.1 statistical release.
- Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
- Prorated averages of biweekly averages.
- Averages of daily figures.