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; August 16, 2012
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For release at 4:30 p.m. Eastern Time; August 16, 2012

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 
  Jul 2011     1696473    1684077    78344    1618129    2680642    12395 
  Aug 2011     1666949    1655115    83585    1583364    2657378    11834 
  Sep 2011     1642710    1631135    91718    1550992    2638581    11575 
             
  Oct 2011     1638605    1627395    93287    1545318    2639138    11210 
  Nov 2011     1591978    1581637    94060    1497919    2598948    10341 
  Dec 2011     1597183    1587657    94866    1502318    2610832    9526 
             
  Jan 2012     1614015    1605401    94458    1519557    2637185    8614 
  Feb 2012     1658308    1650375    98083    1560226    2691730    7933 
  Mar 2012     1607992    1600663    98290    1509703    2650393    7330 
             
  Apr 2012     1584744    1577879    98482    1486262    2633314    6865 
  May 2012     1556344    1550157    98873    1457471    2609122    6187 
  Jun 2012     1556500    1551286    99024    1457475    2615004    5214 
             
  Jul 2012 p     1583477    1579219    100427    1483050    2648085    4258 
Two weeks ending7  
  Jun 13, 2012     1589444    1583990    98721    1490722    2645669    5454 
  Jun 27, 2012     1525492    1520372    99013    1426478    2585307    5120 
             
  Jul 11, 2012     1558444    1553827    100389    1458056    2620706    4617 
  Jul 25, 2012     1593744    1589517    99447    1494297    2659186    4227 
             
  Aug 8, 2012 p     1605412    1601740    102785    1502628    2672373    3673 

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 Borrowings from the Federal Reserve1
Total Primary Secondary Seasonal Term Asset-Backed Securities Loan Facility 2 Other credit extensions
Month3
  Jul 2011     12395    7    0    73    12315    0 
  Aug 2011     11834    5    0    92    11737    0 
  Sep 2011     11575    19    0    81    11474    0 
             
  Oct 2011     11210    19    0    50    11140    0 
  Nov 2011     10341    20    0    20    10301    0 
  Dec 2011     9526    103    0    23    9400    0 
             
  Jan 2012     8614    27    0    7    8580    0 
  Feb 2012     7933    13    0    1    7920    0 
  Mar 2012     7330    12    0    4    7314    0 
             
  Apr 2012     6865    21    0    9    6834    0 
  May 2012     6187    16    0    27    6143    0 
  Jun 2012     5214    19    0    56    5139    0 
             
  Jul 2012 p     4258    26    0    97    4135    0 
Two weeks ending4
  Jun 13, 2012     5454    12    0    41    5401    0 
  Jun 27, 2012     5120    27    0    67    5027    0 
             
  Jul 11, 2012     4617    12    0    75    4530    0 
  Jul 25, 2012     4227    41    0    102    4085    0 
             
  Aug 8, 2012 p     3673    17    1    127    3528    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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

3. Prorated averages of biweekly averages.

4. 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
  Jul 2011     1696685    1684289    78556    2683800    1652339    56029    44346    11683   
  Aug 2011     1666693    1654859    83329    2656915    1621202    56772    45492    11280   
  Sep 2011     1643584    1632009    92592    2637039    1597072    56907    46512    10395   
                     
  Oct 2011     1639017    1627807    93699    2637427    1592546    57552    46471    11081   
  Nov 2011     1592522    1582181    94604    2602090    1546226    57416    46296    11120   
  Dec 2011     1598832    1589306    96514    2618061    1550155    60590    48677    11913   
                     
  Jan 2012     1619310    1610696    99752    2640859    1569024    61467    50286    11181   
  Feb 2012     1660035    1652102    99810    2694636    1609888    61361    50148    11213   
  Mar 2012     1606482    1599152    96779    2654611    1558004    59244    48478    10767   
                     
  Apr 2012     1586897    1580032    100635    2640305    1538003    58992    48894    10099   
  May 2012     1558684    1552498    101213    2616488    1510303    58388    48381    10006   
  Jun 2012     1555380    1550166    97905    2618079    1507596    58063    47784    10278   
                     
  Jul 2012 p     1583773    1579514    100723    2648891    1535052    58737    48721    10016   
Two weeks ending10
  Jun 13, 2012     1584542    1579089    93820    2647678    1538651    57088    45892    11196    3701 
  Jun 27, 2012     1528211    1523091    101732    2589437    1478871    58632    49340    9292    3329 
                     
  Jul 11, 2012     1555806    1551189    97750    2623482    1507079    59632    48727    10905    3631 
  Jul 25, 2012     1595457    1591230    101160    2658902    1547406    57651    48051    9600    3465 
                     
  Aug 8, 2012 p     1607781    1604109    105153    2672114    1557509    59632    50272    9359    3822 

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. See note on simplification of reserve requirements.

4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. See note on simplification of reserve requirements.

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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Note on Simplification of Reserve Requirements
On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of adjustments are zero beginning with the two weeks ending August 8, 2012.





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
  Jul 2011     1695924    1683529    77795    2680745 
  Aug 2011     1665771    1653937    82407    2653782 
  Sep 2011     1642536    1630961    91544    2633802 
         
  Oct 2011     1637816    1626605    92498    2634065 
  Nov 2011     1591130    1580789    93211    2598604 
  Dec 2011     1597433    1587907    95115    2614580 
         
  Jan 2012     1619106    1610492    99548    2638513 
  Feb 2012     1659884    1651951    99658    2692571 
  Mar 2012     1606215    1598886    96513    2652491 
         
  Apr 2012     1586460    1579595    100198    2638070 
  May 2012     1558063    1551876    100592    2614131 
  Jun 2012     1554655    1549441    97179    2615668 
         
  Jul 2012 p     1582877    1578619    99828    2647578 
Two weeks ending6
  Jun 27, 2012     1527446    1522326    100967    2586995 
         
  Jul 11, 2012     1555012    1550395    96956    2621034 
  Jul 25, 2012     1594545    1590318    100247    2658248 
         
  Aug 8, 2012 p     1606740    1603068    104112    2671346 

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.

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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