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 4, 2010
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For release at 4:30 p.m. Eastern Time; February 4, 2010

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 
  Dec 2008     820306    166740    52972    767333    1654068    653565 
             
  Jan 2009     856993    293496    58813    798180    1702465    563496 
  Feb 2009     699935    117438    56486    643449    1555039    582497 
  Mar 2009     779497    167385    54891    724605    1640732    612111 
             
  Apr 2009     881019    322825    56658    824362    1747298    558194 
  May 2009     900866    375418    56797    844068    1768832    525448 
  Jun 2009     809196    370473    57840    751355    1679687    438722 
             
  Jul 2009     794995    428033    62015    732980    1666475    366961 
  Aug 2009     828466    497017    62639    765827    1703377    331450 
  Sep 2009     922473    615646    62408    860065    1800961    306827 
             
  Oct 2009     1056405    791347    61673    994732    1936564    265058 
  Nov 2009     1140488    923181    63200    1077288    2018813    217307 
  Dec 2009     1138598    968671    63188    1075410    2017662    169927 
Two weeks ending7  
  Dec 2, 2009     1183604    977096    64044    1119560    2062136    206509 
  Dec 16, 2009     1152928    981471    63239    1089689    2032567    171457 
  Dec 30, 2009     1122937    959413    63064    1059874    2001687    163525 
             
  Jan 13, 2010     1067209    902230    62507    1004703    1943682    164979 
  Jan 27, 2010 p     1126561    1001261    63168    1063393    2005373    125300 
             

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, net 4 Other credit extensions
Month5
  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 
  Sep 2009     306827    196731    29243    554    111    0    79    39074    41036    0 
                     
  Oct 2009     265058    155396    25163    402    82    0    28    41222    42765    0 
  Nov 2009     217307    110049    20434    38    67    0    0    43222    43497    0 
  Dec 2009     169927    82014    19025    518    37    0    0    22023    46310    0 
Two weeks ending6
  Dec 2, 2009     206509    101009    19875    0    58    0    0    41558    44009    0 
  Dec 16, 2009     171457    85832    19222    122    34    0    0    20716    45533    0 
  Dec 30, 2009     163525    75918    18746    958    38    0    0    20528    47337    0 
                     
  Jan 13, 2010     164979    75918    18477    960    11    0    0    22188    47426    0 
  Jan 27, 2010 p     125300    38531    14984    979    0    0    0    23430    47376    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.

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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
  Dec 2008     820877    167311    53544    1663927    783635    56215    37242    18973   
                     
  Jan 2009     860222    296726    62042    1711651    820658    56360    39564    16797   
  Feb 2009     700803    118306    57355    1561592    662039    56796    38764    18031   
  Mar 2009     778037    165926    53432    1646838    740909    53154    37128    16026   
                     
  Apr 2009     881836    323642    57474    1752737    844595    51843    37241    14602   
  May 2009     902944    377496    58876    1774878    865427    51384    37518    13866   
  Jun 2009     809862    371139    58506    1684027    772065    52336    37796    14540   
                     
  Jul 2009     796552    429590    63572    1673096    758878    51721    37674    14047   
  Aug 2009     828798    497349    62971    1706184    790761    51986    38038    13948   
  Sep 2009     922627    615801    62562    1800143    884158    52094    38469    13625   
                     
  Oct 2009     1056820    791762    62088    1935893    1017783    53053    39037    14016   
  Nov 2009     1141517    924210    64229    2022198    1102297    52829    39219    13610   
  Dec 2009     1140470    970543    65060    2026229    1099826    55212    40644    14568   
Two weeks ending10
  Dec 2, 2009     1188375    981867    68815    2069187    1147718    52628    40658    11971    1844 
  Dec 16, 2009     1150822    979365    61132    2035644    1111565    54752    39257    15495    2266 
  Dec 30, 2009     1128571    965047    68697    2015872    1086471    55997    42100    13896    1858 
                     
  Jan 13, 2010     1066322    901343    61619    1953487    1026675    55829    39648    16181    2233 
  Jan 27, 2010 p     1134454    1009154    71061    2013016    1091737    54864    42717    12147    1961 
                     

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
  Dec 2008     820646    167080    53312    1659223 
         
  Jan 2009     860146    296649    61966    1707187 
  Feb 2009     700681    118184    57232    1557066 
  Mar 2009     777806    165695    53201    1642239 
         
  Apr 2009     881422    323228    57061    1748069 
  May 2009     902370    376922    58302    1770181 
  Jun 2009     809183    370461    57828    1679356 
         
  Jul 2009     795675    428713    62695    1667795 
  Aug 2009     827725    496276    61898    1700693 
  Sep 2009     921404    614578    61339    1795459 
         
  Oct 2009     1055423    790366    60692    1931552 
  Nov 2009     1139921    922614    62633    2017961 
  Dec 2009     1138731    968804    63321    2021896 
Two weeks ending6
  Dec 16, 2009     1149122    977665    59433    2031271 
  Dec 30, 2009     1126684    963159    66810    2011493 
         
  Jan 13, 2010     1066072    901093    61369    1950217 
  Jan 27, 2010 p     1134445    1009146    71052    2010249 
         

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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