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; May 12, 2011
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For release at 4:30 p.m. Eastern Time; May 12, 2011

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 
  Apr 2010     1116371    1036147    66145    1050227    2009880    80225 
  May 2010     1109378    1033753    64592    1044787    2007137    75626 
  Jun 2010     1099260    1029363    64331    1034929    1999809    69897 
             
  Jul 2010     1087205    1021358    65555    1021649    1991566    65847 
  Aug 2010     1085632    1025548    66065    1019567    1994969    60083 
  Sep 2010     1048372    995852    67529    980843    1963261    52521 
             
  Oct 2010     1040229    991656    66689    973540    1962120    48573 
  Nov 2010     1038711    992022    66692    972019    1967309    46689 
  Dec 2010     1077808    1032319    70634    1007173    2008532    45488 
             
  Jan 2011     1106500    1074254    69401    1037099    2041572    32246 
  Feb 2011     1262763    1240830    71463    1191300    2206439    21933 
  Mar 2011     1436327    1416445    73642    1362685    2390204    19882 
             
  Apr 2011 p     1526556    1508714    74426    1452131    2491134    17842 
Two weeks ending7  
  Mar 9, 2011     1369248    1348825    73519    1295728    2319263    20423 
  Mar 23, 2011     1439584    1419658    73144    1366440    2393732    19926 
             
  Apr 6, 2011     1506093    1486897    74652    1431441    2463839    19196 
  Apr 20, 2011     1548461    1530531    74029    1474432    2512594    17930 
             
  May 4, 2011 p     1508167    1491260    74845    1433322    2477466    16908 

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 Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Apr 2010     80225    796    6468    583    22    25739    46617    0 
  May 2010     75626    0    4198    423    42    26397    44565    0 
  Jun 2010     69897    0    288    212    59    25937    43401    0 
                 
  Jul 2010     65847    0    39    1    75    24185    41548    0 
  Aug 2010     60083    0    22    0    85    22064    37913    0 
  Sep 2010     52521    0    32    0    77    19791    32620    0 
                 
  Oct 2010     48573    0    37    0    46    19478    29012    0 
  Nov 2010     46689    0    89    0    23    19912    26665    0 
  Dec 2010     45488    0    41    3    26    20394    25025    0 
                 
  Jan 2011     32246    0    51    0    10    8368    23818    0 
  Feb 2011     21933    0    28    0    3      21902    0 
  Mar 2011     19882    0    11    0    6      19864    0 
                 
  Apr 2011 p     17842    0    14    0    8      17820    0 
Two weeks ending5
  Mar 9, 2011     20423    0    13    0    7      20403    0 
  Mar 23, 2011     19926    0    5    0    8      19914    0 
                 
  Apr 6, 2011     19196    0    21    0    4      19171    0 
  Apr 20, 2011     17930    0    13    0    8      17910    0 
                 
  May 4, 2011 p     16908    0    10    1    12      16885    0 

1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III 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 the 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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring, and it excluded credit extended to consolidated LLCs as described in footnote 1 above.

3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

4. Prorated averages of biweekly averages.

5. 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
  Apr 2010     1117445    1037220    67218    2014622    1076456    53813    40989    12825   
  May 2010     1111330    1035705    66543    2011260    1070761    52845    40569    12276   
  Jun 2010     1099202    1029304    64273    2001536    1058765    53121    40436    12685   
                     
  Jul 2010     1087737    1021890    66088    1994088    1046927    53973    40810    13164   
  Aug 2010     1085042    1024959    65476    1993682    1044113    53973    40929    13044   
  Sep 2010     1047838    995317    66995    1960404    1006733    53073    41105    11969   
                     
  Oct 2010     1039617    991044    66077    1961342    998514    53633    41103    12530   
  Nov 2010     1038554    991865    66535    1970686    997748    53365    40806    12559   
  Dec 2010     1077902    1032414    70729    2016270    1035084    56102    42818    13284   
                     
  Jan 2011     1110247    1078001    73148    2047861    1066223    56083    44025    12058   
  Feb 2011     1263612    1241679    72312    2210874    1219261    56609    44350    12259   
  Mar 2011     1434801    1414919    72116    2394707    1391365    55356    43436    11920   
                     
  Apr 2011 p     1527920    1510078    75789    2496478    1484153    55369    43767    11603   
Two weeks ending10
  Mar 9, 2011     1368808    1348385    73079    2323809    1325585    54351    43223    11128    2371 
  Mar 23, 2011     1436765    1416839    70325    2397785    1393664    55502    43102    12401    2418 
                     
  Apr 6, 2011     1505607    1486411    74166    2469082    1461346    56232    44261    11970    2260 
  Apr 20, 2011     1547353    1529423    72921    2516950    1504454    55313    42899    12414    2493 
                     
  May 4, 2011 p     1514102    1497194    80780    2484255    1469417    54931    44685    10246    2482 

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
  Apr 2010     1117327    1037103    67101    2011840 
  May 2010     1111181    1035556    66395    2008502 
  Jun 2010     1099027    1029130    64098    1998898 
         
  Jul 2010     1087519    1021672    65869    1991468 
  Aug 2010     1084789    1024706    65222    1991053 
  Sep 2010     1047551    995030    66708    1957783 
         
  Oct 2010     1039313    990740    65772    1958736 
  Nov 2010     1038215    991526    66196    1968093 
  Dec 2010     1077550    1032062    70377    2013679 
         
  Jan 2011     1110202    1077956    73103    2045454 
  Feb 2011     1263573    1241640    72273    2208517 
  Mar 2011     1434734    1414852    72049    2392255 
         
  Apr 2011 p     1527809    1509967    75679    2493864 
Two weeks ending6
  Mar 23, 2011     1436699    1416773    70259    2395331 
         
  Apr 6, 2011     1505525    1486329    74085    2466520 
  Apr 20, 2011     1547249    1529319    72817    2514333 
         
  May 4, 2011 p     1513964    1497057    80642    2481615 

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).

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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