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 June 17, 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) 2009-May 900865 375417 56798 844067 1768831 525448 June 809196 370473 57841 751355 1679686 438722 July 794994 428033 62015 732979 1666475 366961 Aug. 828466 497017 62639 765827 1703378 331450 Sep. 922473 615646 62408 860065 1800960 306827 Oct. 1056405 791347 61673 994732 1936564 265058 Nov. 1140488 923181 63200 1077288 2018817 217307 Dec. 1138597 968670 63187 1075410 2017692 169927 2010-Jan. 1108869 966727 62856 1046013 1986809 142142 Feb. 1224492 1113265 62415 1162077 2109311 111227 Mar. 1186299 1094655 65701 1120599 2075381 91644 Apr. 1116838 1036613 66441 1050397 2010302 80225 May 1109493 1033867 64568 1044924 2007162 75626 Two weeks ending(7) 2010-Apr. 21 1122317 1042868 67302 1055015 2016115 79450 May 5 1074727 996639 65251 1009476 1970332 78088 19 1118570 1041861 63500 1055070 2017232 76709 June 2 1113388 1040052 65531 1047857 2010759 73336 16p 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. 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(4) Facility net(3) -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(5) 2009-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. 169927 82014 19025 518 37 0 0 22023 46310 0 2010-Jan. 142142 54209 16407 965 5 0 0 23213 47342 0 Feb. 111227 23677 14258 873 1 0 0 25544 46874 0 Mar. 91644 7286 11136 658 7 0 0 25252 47306 0 Apr. 80225 796 6468 583 22 0 0 25739 46617 0 May 75626 0 4198 423 42 0 0 26397 44565 0 Two weeks ending(6) 2010-Apr. 21 79450 0 6499 600 23 0 0 25251 47077 0 May 5 78088 0 5669 544 33 0 0 26437 45406 0 19 76709 0 5132 443 44 0 0 26492 44598 0 June 2 73336 0 2497 350 44 0 0 26270 44176 0 16p 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. 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) 2009-May 902944 377496 58876 1774877 865426 51384 37518 13866 June 809862 371139 58507 1684026 772065 52336 37797 14540 July 796551 429590 63572 1673096 758878 51721 37673 14048 Aug. 828798 497349 62971 1706184 790761 51986 38038 13948 Sep. 922627 615801 62562 1800143 884158 52094 38469 13625 Oct. 1056820 791762 62088 1935893 1017783 53054 39037 14016 Nov. 1141516 924209 64228 2022198 1102297 52830 39219 13611 Dec. 1140469 970542 65059 2026252 1099826 55213 40643 14569 2010-Jan. 1112369 970227 66356 1994864 1070730 55808 41639 14169 Feb. 1225440 1114213 63363 2114531 1183766 56644 41674 14970 Mar. 1184477 1092833 63878 2079756 1143651 55622 40825 14797 Apr. 1117438 1037213 67041 2014427 1076482 53770 40956 12813 May 1111365 1035739 66441 2011058 1070842 52721 40523 12198 Two weeks ending(10) 2010-Apr. 21 1121464 1042015 66449 2019212 1080926 53882 40539 13343 2054 May 5 1079117 1001030 69641 1975152 1037360 52863 41757 11106 2129 19 1117907 1041198 62836 2019103 1078525 53188 39382 13805 2296 June 2 1117170 1043834 69313 2016634 1075831 52118 41339 10778 2073 16p 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. 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) 2009-May 902369 376921 58302 1770180 June 809183 370461 57828 1679356 July 795674 428713 62695 1667795 Aug. 827725 496276 61898 1700693 Sep. 921404 614578 61339 1795459 Oct. 1055423 790366 60691 1931552 Nov. 1139921 922614 62633 2017961 Dec. 1138730 968803 63320 2021919 2010-Jan. 1112258 970116 66245 1991886 Feb. 1225418 1114191 63341 2111768 Mar. 1184437 1092793 63838 2077019 Apr. 1117375 1037150 66978 2011682 May 1111285 1035660 66361 2008346 Two weeks ending(6) 2010-Apr. 21 1121401 1041951 66385 2016445 May 5 1079043 1000956 69567 1972437 19 1117832 1041123 62762 2016387 June 2 1117081 1043745 69224 2013929 16p 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