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: March 12, 2009
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 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 March 12, 2009
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions    
Date Total
(2)
Nonborrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Total borrowings
from the
Federal Reserve,
NSA
Month(6)                             
 2008-Feb.                        42826             -17331              41100               1726             821355              60157     
      Mar.                        44299             -50224              41321               2978             825910              94523     
                                                                                                                                           
      Apr.                        43561             -91848              41716               1846             824631             135410     
      May                         44128            -111652              42115               2013             827170             155780     
      June                        43364            -127914              41089               2275             832490             171278     
                                                                                                                                           
      July                        43330            -122334              41353               1977             838062             165664     
      Aug.                        44559            -123520              42568               1991             842815             168078     
      Sep.                       102784            -187321              42733              60051             905174             290105     
                                                                                                                                           
      Oct.                       315516            -332803              47612             267904            1130304             648319     
      Nov.                       609937             -88849              50883             559053            1433490             698786     
      Dec.                       820942             167376              53530             767412            1651175             653565     
                                                                                                                                           
 2009-Jan.                       858416             294920              60168             798248            1700800             563496     
      Feb. p                     700968             118470              57465             643502            1554012             582497     
             
Two weeks ending(7)                  
 2009-Jan. 14                    903995             341637              60506             843489            1740528             562358     
           28                    852384             287286              59339             793045            1699216             565099     
                                                                                                                                           
      Feb. 11                    673863             112531              62456             611407            1522793             561332     
           25                    727037             138127              53606             673431            1582771             588910     
                                                                                                                                           
      Mar. 11p                   678696              48520              57180             621517            1534276             630177     
 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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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
borrowings
from the
Federal
Reserve
Term
auction
credit
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.
(3)
Other
credit
extensions
Month(4)                                   
 2008-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 
      Sep.                      290105        149814         32632            35            87         53473         31877         22187             0 
                                                                                                                                                       
      Oct.                      648319        244778         94017            38            28        114953        117457         77047             0 
      Nov.                      698786        393088         95839           117             8         60655         71009         78070             0 
      Dec.                      653565        438327         88245            52             3         47631         32102         47206             0 
                                                                                                                                                       
 2009-Jan.                      563496        403523         70436            39             1         33061         17745         38690             0 
      Feb. p                    582497        438822         65463            11             3         26250         13533         38414             0 
                   
Two weeks ending(5)                        
 2009-Jan. 14                   562358        389096         78518            29             1         34834         20818         39064             0 
           28                   565099        415945         63304            54             1         32367         15038         38391             0 
                                                                                                                                                       
      Feb. 11                   561332        412883         66000            20             3         28035         16046         38345             0 
           25                   588910        447563         65200             6             3         25810         12629         37701             0 
                                                                                                                                                       
      Mar. 11p                  630177        493145         64724             0             2         21766          8542         41998             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. Excludes credit extended to consolidated LLCs as described in footnote 1 above.
4. Prorated averages of biweekly averages.
5. Averages of daily figures.
 

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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)  
Date Total
(2)
Nonborrowed Required Monetary
base
(3)
Reserve
balances
with F.R.
Banks
(4)
Total Used to
satisfy
required
reserves
(6)
Surplus
(7)
Net
carryover
of reserve
balances
(8)
Month(9)                                                                                                      
 2008-Feb.                  42799        -17358          41073        828694         8148         53645         34651          18994              
      Mar.                  42714        -51810          39735        832358         9754         50439         32960          17479              
                                                                                                                                                  
      Apr.                  43504        -91906          41658        830495         9255         49306         34250          15057              
      May                   45106       -110674          43093        833974         9689         48564         35417          13147              
      June                  43923       -127355          41649        839084         9178         49302         34745          14557              
                                                                                                                                                  
      July                  44106       -121558          42129        846455         9338         49195         34768          14427              
      Aug.                  44107       -123972          42116        847290         9419         50132         34688          15445              
      Sep.                 102568       -187537          42517        908029        67178         50440         35390          15049              
                                                                                                                                                  
      Oct.                 314909       -333410          47005       1132519       278033         51722         36876          14846              
      Nov.                 609506        -89280          50453       1441048       571066         53021         38440          14581              
      Dec.                 821226        167661          53814       1663833       783537         53672         37689          15983              
                                                                                                                                                  
 2009-Jan.                 860686        297189          62437       1709744       820941         53882         39745          14136              
      Feb. p               701245        118748          57743       1558779       662248         54357         38997          15360              
                   
Two weeks ending(10)                  
 2009-Jan. 14              900992        338634          57503       1751950       862899         53539         38093          15446          1734
           28              860553        295454          67507       1706991       819332         53517         41221          12297          1860
                                                                                                                                                  
      Feb. 11              673212        111880          61805       1525628       632642         57184         40570          16614          2161
           25              728713        139803          55282       1589276       690648         53041         38066          14975          1620
                                                                                                                                                  
      Mar. 11p             675851         45674          54334       1538013       638274         50132         37577          12555          1591
 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



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
(2)
Nonborrowed Required
(3)
Monetary
base
(4)
Month(5)                         
 2008-Feb.                       42796          -17361           41070          821917   
      Mar.                       42709          -51814           39731          825559   
                                                                                         
      Apr.                       43487          -91922           41642          823379   
      May                        45075         -110705           43062          826882   
      June                       43890         -127388           41616          831974   
                                                                                         
      July                       44059         -121605           42083          839215   
      Aug.                       44046         -124032           42055          840149   
      Sep.                      102507         -187598           42456          900649   
                                                                                         
      Oct.                      314834         -333485           46930         1125965   
      Nov.                      609416          -89369           50363         1435217   
      Dec.                      821135          167570           53723         1659219   
                                                                                         
 2009-Jan.                      860653          297156           62404         1705311   
      Feb. p                    701242          118745           57740         1554322   
         
Two weeks ending(6)              
 2009-Jan. 14                   900921          338563           57432         1747488   
           28                   860551          295453           67506         1702587   
                                                                                         
      Feb. 11                   673209          111877           61803         1521198   
           25                   728710          139800           55279         1584801   
                                                                                         
      Mar. 11p                  675846           45670           54330         1533548   
 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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