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; June 17, 2010
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For release at 4:30 p.m. Eastern Time; June 17, 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 
  May 2009     900865    375417    56798    844067    1768831    525448 
  Jun 2009     809196    370473    57841    751355    1679686    438722 
             
  Jul 2009     794994    428033    62015    732979    1666475    366961 
  Aug 2009     828466    497017    62639    765827    1703378    331450 
  Sep 2009     922473    615646    62408    860065    1800960    306827 
             
  Oct 2009     1056405    791347    61673    994732    1936564    265058 
  Nov 2009     1140488    923181    63200    1077288    2018817    217307 
  Dec 2009     1138597    968670    63187    1075410    2017692    169927 
             
  Jan 2010     1108869    966727    62856    1046013    1986809    142142 
  Feb 2010     1224492    1113265    62415    1162077    2109311    111227 
  Mar 2010     1186299    1094655    65701    1120599    2075381    91644 
             
  Apr 2010     1116838    1036613    66441    1050397    2010302    80225 
  May 2010     1109493    1033867    64568    1044924    2007162    75626 
Two weeks ending7  
  Apr 21, 2010     1122317    1042868    67302    1055015    2016115    79450 
             
  May 5, 2010     1074727    996639    65251    1009476    1970332    78088 
  May 19, 2010     1118570    1041861    63500    1055070    2017232    76709 
             
  Jun 2, 2010     1113388    1040052    65531    1047857    2010759    73336 
  Jun 16, 2010 p     1104838    1034170    63625    1041213    2004069    70668 

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 4 Other credit extensions
Month5
  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 
                     
  Jan 2010     142142    54209    16407    965    5    0    0    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    0    0    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    0    0    25252    47306    0 
                     
  Apr 2010     80225    796    6468    583    22    0    0    25739    46617    0 
  May 2010     75626    0    4198    423    42    0    0    26397    44565    0 
Two weeks ending6
  Apr 21, 2010     79450    0    6499    600    23    0    0    25251    47077    0 
                     
  May 5, 2010     78088    0    5669    544    33    0    0    26437    45406    0 
  May 19, 2010     76709    0    5132    443    44    0    0    26492    44598    0 
                     
  Jun 2, 2010     73336    0    2497    350    44    0    0    26270    44176    0 
  Jun 16, 2010 p     70668    0    105    290    50    0    0    26521    43704    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.

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
  May 2009     902944    377496    58876    1774877    865426    51384    37518    13866   
  Jun 2009     809862    371139    58507    1684026    772065    52336    37797    14540   
                     
  Jul 2009     796551    429590    63572    1673096    758878    51721    37673    14048   
  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    53054    39037    14016   
  Nov 2009     1141516    924209    64228    2022198    1102297    52830    39219    13611   
  Dec 2009     1140469    970542    65059    2026252    1099826    55213    40643    14569   
                     
  Jan 2010     1112369    970227    66356    1994864    1070730    55808    41639    14169   
  Feb 2010     1225440    1114213    63363    2114531    1183766    56644    41674    14970   
  Mar 2010     1184477    1092833    63878    2079756    1143651    55622    40825    14797   
                     
  Apr 2010     1117438    1037213    67041    2014427    1076482    53770    40956    12813   
  May 2010     1111365    1035739    66441    2011058    1070842    52721    40523    12198   
Two weeks ending10
  Apr 21, 2010     1121464    1042015    66449    2019212    1080926    53882    40539    13343    2054 
                     
  May 5, 2010     1079117    1001030    69641    1975152    1037360    52863    41757    11106    2129 
  May 19, 2010     1117907    1041198    62836    2019103    1078525    53188    39382    13805    2296 
                     
  Jun 2, 2010     1117170    1043834    69313    2016634    1075831    52118    41339    10778    2073 
  Jun 16, 2010 p     1101628    1030960    60415    2005759    1063271    52279    38357    13922    2384 

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 base4
Total2 Nonborrowed Required3
Month5
  May 2009     902369    376921    58302    1770180 
  Jun 2009     809183    370461    57828    1679356 
         
  Jul 2009     795674    428713    62695    1667795 
  Aug 2009     827725    496276    61898    1700693 
  Sep 2009     921404    614578    61339    1795459 
         
  Oct 2009     1055423    790366    60691    1931552 
  Nov 2009     1139921    922614    62633    2017961 
  Dec 2009     1138730    968803    63320    2021919 
         
  Jan 2010     1112258    970116    66245    1991886 
  Feb 2010     1225418    1114191    63341    2111768 
  Mar 2010     1184437    1092793    63838    2077019 
         
  Apr 2010     1117375    1037150    66978    2011682 
  May 2010     1111285    1035660    66361    2008346 
Two weeks ending6
         
  May 5, 2010     1079043    1000956    69567    1972437 
  May 19, 2010     1117832    1041123    62762    2016387 
         
  Jun 2, 2010     1117081    1043745    69224    2013929 
  Jun 16, 2010 p     1101542    1030874    60329    2003153 

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


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