SPECIAL NOTICE Data on reserves and the monetary base have been revised to reflect the result of annual reviews of seasonal factors and break factors. Revisions to seasonal factors start in January 1999, while revisions to break factors begin in January 2008. Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual indexations of the low reserve tranche and the reserve requirement exemption.1 Revisions to both types of factors are unusually large this year due to extraordinarily strong growth in net transaction accounts that did not follow the usual seasonal pattern over the year ending June 30, 2009. A more detailed description of the methods for constructing break factors and seasonal factors is available under "Annual review of break and seasonal factors" on the Federal Reserve's website (http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated each week, are available there as well. For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. ------------------------------------------------------------------------------------------------- 1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. For all reserve maintenance periods ending in 2009, the low-reserve tranche is $44.4 million, rising to $55.2 million for maintenance periods ending in 2010. Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). For all reserve maintenance periods ending in 2009, the reserve requirement exemption is $10.3 million, rising to $10.7 million for maintenance periods ending in 2010.
|Date||Reserves of depository institutions||Monetary base5||Total borrowings from the Federal Reserve, NSA|
|Oct 2009 p||1056393||791335||61659||994734||1936456||265058|
|Two weeks ending7|
|Sep 9, 2009||887847||567553||64663||823184||1762864||320295|
|Sep 23, 2009||915864||608564||61251||854612||1795771||307300|
|Oct 7, 2009||980181||691617||61758||918424||1861492||288565|
|Oct 21, 2009||1047900||782671||61097||986803||1928687||265229|
|Nov 4, 2009 p||1121632||873268||62376||1059256||1999807||248364|
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.
|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|
|Oct 2009 p||265058||155396||25163||402||82||0||28||41222||42765||0|
|Two weeks ending5|
|Sep 9, 2009||320295||212110||31517||586||110||0||79||38849||37045||0|
|Sep 23, 2009||307300||196020||28434||569||117||0||79||39269||42813||0|
|Oct 7, 2009||288565||178379||27938||482||102||0||79||38973||42614||0|
|Oct 21, 2009||265229||155442||25610||446||83||0||22||40578||43049||0|
|Nov 4, 2009 p||248364||139245||22594||286||67||0||0||43697||42475||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.
|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|
|  Oct 2008||314888||-333431||46986||1132506||278021||54243||36867||17375|
|  Nov 2008||609503||-89282||50467||1441062||571079||55575||38424||17151|
|  Dec 2008||821302||167736||53904||1663927||783635||56215||37667||18548|
|  Jan 2009||860670||297174||62437||1712076||820933||56361||39737||16624|
|  Feb 2009||701261||118764||57779||1562247||662244||56797||39017||17780|
|  Mar 2009||778125||166014||53502||1646927||740998||53157||37127||16030|
|  Apr 2009||881836||323642||57469||1752736||844596||51850||37240||14610|
|  May 2009||902944||377496||58868||1774877||865427||51390||37517||13873|
|  Jun 2009||809853||371131||58489||1684029||772066||52343||37787||14556|
|  Jul 2009||796543||429581||63546||1673101||758883||51724||37660||14064|
|  Aug 2009||828786||497336||62929||1706189||790765||51986||38021||13965|
|  Sep 2009||922620||615794||62547||1800107||884159||52087||38461||13626|
|  Oct 2009 p||1056817||791760||62083||1935852||1017782||53057||39036||14021|
|Two weeks ending10|
|  Sep 9, 2009||886635||566340||63450||1763203||848300||51365||38335||13030||2118|
|  Sep 23, 2009||916573||609274||61961||1794811||878503||52143||38070||14073||1823|
|  Oct 7, 2009||980983||692419||62559||1858146||941578||52904||39405||13498||2021|
|  Oct 21, 2009||1046556||781328||59753||1928142||1007849||54167||38708||15459||2024|
|  Nov 4, 2009 p||1124268||875904||65012||2001040||1085031||51609||39237||12372||1970|
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.
|Date||Reserves of depository institutions||Monetary base1|
|Oct 2009 p||1055411||790354||60677||1931500|
|Two weeks ending6|
|Sep 23, 2009||915370||608070||60757||1790105|
|Oct 7, 2009||979666||691102||61243||1853802|
|Oct 21, 2009||1045206||779978||58403||1923786|
|Nov 4, 2009 p||1122720||874356||63465||1996689|
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.