1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For release at 4:30 p.m. Eastern Time October 2, 2008 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 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) 2007-Aug. 45021 44046 40193 4828 824439 975 Sep. 42668 41102 40934 1734 821968 1567 Oct. 42438 42184 40977 1462 824649 254 Nov. 42658 42293 40954 1704 825457 366 Dec. 42693 27263 40918 1775 823369 15430 2008-Jan. 42139 -3520 40496 1643 821418 45660 Feb. 42782 -17375 41054 1728 822509 60157 Mar. 44262 -50261 41269 2993 826997 94523 Apr. 43534 -91876 41607 1927 824411 135410 May 44156 -111624 42050 2106 826461 155780 June 43411 -127867 41025 2386 832525 171278 July 43387 -122277 41402 1984 838145 165664 Aug. 44569 -123510 42579 1990 841728 168078 Two weeks ending(7) 2008-July 30 43088 -123989 41071 2017 839115 167077 Aug. 13 44335 -123300 42486 1848 841763 167635 27 44059 -124030 42014 2045 841096 168090 Sep. 10 47113 -122368 44857 2256 843828 169481 24p 109521 -158340 40750 68771 911512 267861 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 borrowings Term and other commercial paper Other from the auction Primary Secondary Seasonal broker-dealer money market credit Federal credit credit mutual fund extensions Reserve (2) liquidity facility ------------------------------------------------------------------------------------------------------------------------------------------------ Month(3) 2007-Aug. 975 701 19 255 Sep. 1567 1345 0 221 Oct. 254 126 13 115 Nov. 366 315 0 50 Dec. 15430 11613 3787 1 30 2008-Jan. 45660 44516 1137 0 6 Feb. 60157 60000 155 0 3 Mar. 94523 75484 1617 0 6 16168 1249 Apr. 135410 100000 9624 0 21 25764 0 May 155780 127419 14076 0 47 14238 0 June 171278 150000 14225 70 75 6908 0 July 165664 150000 15204 107 98 255 0 Aug. 168078 150000 17980 1 97 0 0 Two weeks ending(4) 2008-July 30 167077 150000 16917 62 99 2 0 Aug. 13 167635 150000 17535 4 97 0 0 27 168090 150000 17991 0 98 0 0 Sep. 10 169481 150000 19386 0 94 0 0 24p 267861 150000 30478 14 96 54208 10880 22188 ------------------------------------------------------------------------------------------------------------------------------------------------- 1. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane 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 the LLC have been consolidated with the assets and liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in borrowed reserves. 2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers. 3. Prorated averages of biweekly averages. 4. 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) 2007-Aug. 44570 43595 39742 829676 10922 51043 33649 17395 Sep. 42237 40670 40503 826562 8754 49633 33483 16150 Oct. 41501 41247 40040 828375 8288 49755 33213 16542 Nov. 41882 41517 40178 833087 8539 48996 33343 15652 Dec. 42721 27290 40946 836453 8200 52161 34521 17640 2008-Jan. 44053 -1607 42410 831111 8724 53162 35329 17833 Feb. 42756 -17401 41027 828643 8159 53650 34597 19053 Mar. 42678 -51845 39685 832363 9759 50445 32919 17526 Apr. 43477 -91933 41550 830497 9257 49314 34220 15094 May 45133 -110647 43026 833974 9688 48579 35445 13134 June 43970 -127308 41584 839085 9180 49339 34790 14549 July 44162 -121502 42178 846462 9344 49230 34818 14412 Aug. 44117 -123961 42127 847322 9426 50141 34692 15450 Two weeks ending(10) 2008-July 30 46616 -120462 44599 846788 9945 49124 36671 12453 -7 Aug. 13 41972 -125663 40124 847596 9135 51141 32838 18303 206 27 46096 -121994 44050 846325 9695 49474 36401 13073 181 Sep. 10 44164 -125316 41908 849921 9429 49230 34736 14494 144 24p 111339 -156522 42568 915128 75754 50225 35585 14640 227 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2007-Aug. 44614 43639 39786 822994 Sep. 42289 40723 40556 819968 Oct. 41556 41302 40094 821846 Nov. 41936 41570 40232 826633 Dec. 42735 27305 40960 829864 2008-Jan. 44026 -1633 42383 824422 Feb. 42753 -17404 41024 821866 Mar. 42674 -51849 39681 825564 Apr. 43460 -91949 41533 823381 May 45102 -110678 42995 826882 June 43937 -127341 41551 831975 July 44115 -121548 42131 839222 Aug. 44057 -124022 42067 840180 Two weeks ending(6) 2008-July 30 46555 -120522 44538 839488 Aug. 13 41913 -125722 40065 840538 27 46034 -122055 43989 839101 Sep. 10 44103 -125377 41847 842790 24p 111279 -156582 42508 907723 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 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.