1 FEDERAL RESERVE statistical release H.3 (502) Table 1 For release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE January 21, 2010 Adjusted for changes in reserve requirements(1) Seasonally adjusted unless noted otherwise Millions of dollars ----------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions --------------------------------------------------------------------------------- Total borrowings Date Total Nonborrowed Required Excess, Monetary from the (2) (3) NSA base Federal Reserve, (4) (5) NSA ------------------------------------------------------------------------------------------------------------------------------------------------ Month(6) 2008-Dec. 820306 166740 52972 767333 1654068 653565 2009-Jan. 856993 293496 58813 798180 1702465 563496 Feb. 699935 117438 56486 643449 1555039 582497 Mar. 779497 167385 54891 724605 1640732 612111 Apr. 881019 322825 56658 824362 1747298 558194 May 900866 375418 56797 844068 1768832 525448 June 809196 370473 57840 751355 1679687 438722 July 794995 428033 62015 732980 1666475 366961 Aug. 828466 497017 62639 765827 1703377 331450 Sep. 922473 615646 62408 860065 1800961 306827 Oct. 1056405 791347 61673 994732 1936564 265058 Nov. 1140488 923181 63200 1077288 2018813 217307 Dec. p 1138633 968706 63187 1075446 2017699 169927 Two weeks ending(7) 2009-Nov. 18 1108909 891219 62703 1046206 1986817 217690 Dec. 2 1183604 977096 64044 1119560 2062136 206509 16 1152929 981472 63239 1089690 2032568 171457 30 1123016 959491 63062 1059954 2001768 163525 2010-Jan. 13p 1067204 902225 62504 1004700 1943688 164979 ------------------------------------------------------------------------------------------------------------------------------------------------ 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. p preliminary 1 H.3 (502) Table 1a AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not seasonally adjusted Millions of dollars -------------------------------------------------------------------------------------------------------------------------------------------------------------- Other borrowings from the Federal Reserve(1) -------------------------------------------------------------------------------------------------------------- Date Total Primary dealer Asset-Backed Credit Term borrowings Term and other Commercial Paper extended to Asset-Backed Other from the auction Primary Secondary Seasonal broker-dealer Money Market American Securities credit Federal credit credit Mutual Fund International Loan extensions Reserve (2) Liquidity Group, Inc., Facility, Facility net(3) net(4) -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(5) 2008-Dec. 653565 438327 88245 52 3 47631 32102 47206 0 2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0 Feb. 582497 438822 65463 11 3 26250 13533 38414 0 Mar. 612111 477049 62513 9 3 20292 7857 43328 1061 0 Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0 May 525448 403970 40124 14 10 701 23347 44915 12367 0 June 438722 316868 37302 21 32 0 18891 43057 22552 0 July 366961 255119 34366 66 80 0 6230 43108 27993 0 Aug. 331450 224490 32147 600 110 0 184 40021 33898 0 Sep. 306827 196731 29243 554 111 0 79 39074 41036 0 Oct. 265058 155396 25163 402 82 0 28 41222 42765 0 Nov. 217307 110049 20434 38 67 0 0 43222 43497 0 Dec. p 169927 82014 19025 518 37 0 0 22023 46310 0 Two weeks ending(6) 2009-Nov. 18 217690 109456 20296 0 75 0 0 44513 43351 0 Dec. 2 206509 101009 19875 0 58 0 0 41558 44009 0 16 171457 85832 19222 122 34 0 0 20716 45533 0 30 163525 75918 18746 958 38 0 0 20528 47337 0 2010-Jan. 13p 164979 75918 18477 960 11 0 0 22188 47426 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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary 1 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions Vault cash(5) -------------------------------------- ------------------------------------ Reserve Used to Net Date Total Nonborrowed Required Monetary balances Total satisfy Surplus carryover (2) base with F.R. required (7) of reserve (3) Banks reserves balances (4) (6) (8) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2008-Dec. 820877 167311 53544 1663927 783635 56215 37242 18973 2009-Jan. 860222 296726 62042 1711651 820658 56360 39564 16797 Feb. 700803 118306 57355 1561592 662039 56796 38764 18031 Mar. 778037 165926 53432 1646838 740909 53154 37128 16026 Apr. 881836 323642 57474 1752737 844595 51843 37241 14602 May 902944 377496 58876 1774878 865427 51384 37518 13866 June 809862 371139 58506 1684027 772065 52336 37796 14540 July 796552 429590 63572 1673096 758878 51721 37674 14047 Aug. 828798 497349 62971 1706184 790761 51986 38038 13948 Sep. 922627 615801 62562 1800143 884158 52094 38469 13625 Oct. 1056820 791762 62088 1935893 1017783 53053 39037 14016 Nov. 1141517 924210 64229 2022198 1102297 52829 39219 13610 Dec. p 1140505 970578 65059 2026265 1099826 55212 40679 14533 Two weeks ending(10) 2009-Nov. 18 1106279 888590 60073 1987969 1068299 53355 37981 15374 2134 Dec. 2 1188375 981867 68815 2069187 1147718 52628 40658 11971 1844 16 1150823 979366 61133 2035645 1111565 54752 39258 15494 2266 30 1128649 965125 68695 2015953 1086472 55997 42177 13819 1858 2010-Jan. 13p 1066316 901337 61616 1953488 1026674 55829 39643 16186 2233 -------------------------------------------------------------------------------------------------------------------------------------------- 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. p preliminary 1 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars ---------------------------------------------------------------------------------------------------------- Reserves of depository institutions ---------------------------------------------------------------- Date Total Nonborrowed Required Monetary (2) (3) base (4) ---------------------------------------------------------------------------------------------------------- Month(5) 2008-Dec. 820646 167080 53312 1659223 2009-Jan. 860146 296649 61966 1707187 Feb. 700681 118184 57232 1557066 Mar. 777806 165695 53201 1642239 Apr. 881422 323228 57061 1748069 May 902370 376922 58302 1770181 June 809183 370461 57828 1679356 July 795675 428713 62695 1667795 Aug. 827725 496276 61898 1700693 Sep. 921404 614578 61339 1795459 Oct. 1055423 790366 60692 1931552 Nov. 1139921 922614 62633 2017961 Dec. p 1138766 968839 63320 2021933 Two weeks ending(6) 2009-Nov. 18 1104773 887084 58567 1983772 Dec. 2 1186649 980140 67089 2064931 16 1149123 977666 59434 2031271 30 1126762 963238 66808 2011574 2010-Jan. 13p 1066066 901087 61366 1950217 ---------------------------------------------------------------------------------------------------------- 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. p preliminary