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; October 1, 2009
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For release at 4:30 p.m. Eastern Time; October 1, 2009

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 
  Aug 2008     45458    -122620    43486    1972    842981    168078 
  Sep 2008     102767    -187338    42713    60054    905164    290105 
             
  Oct 2008     315498    -332821    47594    267904    1130295    648319 
  Nov 2008     609939    -88846    50901    559039    1433496    698786 
  Dec 2008     821034    167468    53635    767398    1651270    653565 
             
  Jan 2009     858406    294909    60172    798233    1703114    563496 
  Feb 2009     700972    118475    57485    643486    1557491    582497 
  Mar 2009     779951    167840    55319    724632    1643140    612111 
             
  Apr 2009     881553    323359    57176    824378    1749791    558194 
  May 2009     901292    375844    57191    844100    1770177    525448 
  Jun 2009     809019    370297    57641    751378    1680630    438722 
             
  Jul 2009     795568    428607    62560    733008    1666249    366961 
  Aug 2009     829367    497917    63516    765851    1705407    331450 
Two weeks ending7  
  Jul 29, 2009     792177    444960    63292    728885    1664758    347217 
             
  Aug 12, 2009     772599    432065    64097    708501    1647400    340534 
  Aug 26, 2009     856259    528612    61728    794531    1734133    327647 
             
  Sep 9, 2009     890311    570017    67124    823187    1764192    320295 
  Sep 23, 2009 p     914616    607317    60003    854613    1795949    307300 

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 Primary dealer and other broker-dealer credit 2 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Credit extended to American International Group, Inc., net 3 Term Asset-Backed Securities Loan Facility Other credit extensions
Month4
  Aug 2008     168078    150000    17980    1    97    0          0 
  Sep 2008     290105    149814    32632    35    87    53473    31877    22187      0 
                     
  Oct 2008     648319    244778    94017    38    28    114953    117457    77047      0 
  Nov 2008     698786    393088    95839    117    8    60655    71009    78070      0 
  Dec 2008     653565    438327    88245    52    3    47631    32102    47206      0 
                     
  Jan 2009     563496    403523    70436    39    1    33061    17745    38690      0 
  Feb 2009     582497    438822    65463    11    3    26250    13533    38414      0 
  Mar 2009     612111    477049    62513    9    3    20292    7857    43328    1061    0 
                     
  Apr 2009     558194    444933    47324    45    2    10918    4267    45057    5649    0 
  May 2009     525448    403970    40124    14    10    701    23347    44915    12367    0 
  Jun 2009     438722    316868    37302    21    32    0    18891    43057    22552    0 
                     
  Jul 2009     366961    255119    34366    66    80    0    6230    43108    27993    0 
  Aug 2009     331450    224490    32147    600    110    0    184    40021    33898    0 
Two weeks ending5
  Jul 29, 2009     347217    237632    33776    68    89    0    2317    43093    30244    0 
                     
  Aug 12, 2009     340534    233625    34512    527    97    0    314    41403    30058    0 
  Aug 26, 2009     327647    221081    30346    667    121    0    111    39255    36067    0 
                     
  Sep 9, 2009     320295    212110    31517    586    110    0    79    38849    37045    0 
  Sep 23, 2009 p     307300    196020    28434    569    117    0    79    39269    42813    0 

1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding Facility 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 either the sole or 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 through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.

3. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes credit extended to consolidated LLCs as described in footnote 1 above.

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
  Aug 2008     45000    -123078    43028    847472    9663    50146    35337    14809   
  Sep 2008     102552    -187553    42498    908020    67171    50453    35381    15072   
                     
  Oct 2008     314892    -333428    46988    1132509    278021    51747    36870    14877   
  Nov 2008     609510    -89276    50471    1441067    571083    53051    38427    14624   
  Dec 2008     821311    167745    53912    1663932    783639    53691    37671    16019   
                     
  Jan 2009     860676    297180    62443    1712081    820938    53898    39738    14160   
  Feb 2009     701250    118752    57763    1562251    662248    54392    39001    15390   
  Mar 2009     778120    166009    53488    1646934    741005    50758    37115    13643   
                     
  Apr 2009     881833    323638    57455    1752744    844603    49380    37230    12151   
  May 2009     902948    377500    58848    1774892    865443    48850    37505    11344   
  Jun 2009     809866    371144    58488    1684038    772075    49798    37791    12007   
                     
  Jul 2009     796553    429591    63545    1673111    758893    49204    37660    11544   
  Aug 2009     828786    497337    62935    1706211    790765    49494    38022    11472   
Two weeks ending10
  Jul 29, 2009     797144    449927    68259    1671928    758429    49144    38716    10429    1834 
                     
  Aug 12, 2009     769796    429262    61294    1648755    732398    49858    37398    12461    2201 
  Aug 26, 2009     858690    531043    64159    1735088    820245    49404    38445    10959    1858 
                     
  Sep 9, 2009     886635    566340    63448    1763252    848300    48872    38335    10536    2119 
  Sep 23, 2009 p     916569    609269    61955    1794860    878502    49652    38067    11585    1823 

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 base1
Total2 Nonborrowed Required3
Month5
  Aug 2008     44940    -123138    42968    840331 
  Sep 2008     102491    -187614    42437    900639 
         
  Oct 2008     314816    -333503    46912    1125955 
  Nov 2008     609420    -89366    50381    1435235 
  Dec 2008     821219    167654    53821    1659319 
         
  Jan 2009     860643    297147    62409    1707648 
  Feb 2009     701247    118750    57760    1557795 
  Mar 2009     778115    166004    53483    1642476 
         
  Apr 2009     881812    323618    57434    1748345 
  May 2009     902913    377465    58813    1770566 
  Jun 2009     809829    371106    58450    1679805 
         
  Jul 2009     796498    429536    63489    1668384 
  Aug 2009     828714    497264    62863    1701431 
Two weeks ending6
         
  Aug 12, 2009     769725    429191    61223    1643579 
  Aug 26, 2009     858617    530970    64086    1730415 
         
  Sep 9, 2009     886560    566265    63373    1759117 
  Sep 23, 2009 p     916497    609197    61883    1790943 

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). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.

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.

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