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 October 4, 2012 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) 2011-Sep. 1642710 1631135 91718 1550992 2638581 11575 Oct. 1638605 1627395 93287 1545318 2639138 11210 Nov. 1591978 1581637 94060 1497919 2598948 10341 Dec. 1597183 1587657 94866 1502318 2610832 9526 2012-Jan. 1614015 1605401 94458 1519557 2637185 8614 Feb. 1658308 1650375 98083 1560226 2691730 7933 Mar. 1607992 1600663 98290 1509703 2650393 7330 Apr. 1584744 1577879 98482 1486262 2633314 6865 May 1556344 1550157 98873 1457471 2609122 6187 June 1556499 1551285 99024 1457475 2614997 5214 July 1583475 1579216 100426 1483049 2648064 4258 Aug. 1582277 1579007 104527 1477751 2653372 3271 Sep. p 1516461 1514496 106825 1409636 2597238 1965 Two weeks ending(7) 2012-Aug. 8 1605409 1601737 102782 1502627 2672354 3673 22 1586866 1583339 106017 1480849 2657221 3527 Sep. 5 1554578 1552063 103760 1450818 2630511 2516 19 1531547 1529540 106445 1425102 2610996 2007 Oct. 3p 1479934 1478273 108702 1371232 2564603 1662 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 -------------------------------------------------------------------------------------------------------------- Borrowings from the Federal Reserve(1) ------------------------------------------------------------------------------------ Date Term Asset-Backed Other Total Primary Secondary Seasonal Securities credit Loan extensions Facility(2) -------------------------------------------------------------------------------------------------------------- Month(3) 2011-Sep. 11575 19 0 81 11474 0 Oct. 11210 19 0 50 11140 0 Nov. 10341 20 0 20 10301 0 Dec. 9526 103 0 23 9400 0 2012-Jan. 8614 27 0 7 8580 0 Feb. 7933 13 0 1 7920 0 Mar. 7330 12 0 4 7314 0 Apr. 6865 21 0 9 6834 0 May 6187 16 0 27 6143 0 June 5214 19 0 56 5139 0 July 4258 26 0 97 4135 0 Aug. 3271 39 0 138 3094 0 Sep. p 1965 62 0 123 1781 0 Two weeks ending(4) 2012-Aug. 8 3673 17 1 127 3528 0 22 3527 17 0 143 3366 0 Sep. 5 2516 92 0 140 2285 0 19 2007 74 0 122 1812 0 Oct. 3p 1662 33 0 117 1513 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. 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) 2011-Sep. 1643584 1632009 92592 2637039 1597072 56907 46512 10395 Oct. 1639017 1627807 93699 2637427 1592546 57552 46471 11081 Nov. 1592522 1582181 94604 2602090 1546226 57416 46296 11120 Dec. 1598832 1589306 96514 2618061 1550155 60590 48677 11913 2012-Jan. 1619310 1610696 99752 2640859 1569024 61467 50286 11181 Feb. 1660035 1652102 99810 2694636 1609888 61361 50148 11213 Mar. 1606482 1599152 96779 2654611 1558004 59244 48478 10767 Apr. 1586897 1580032 100635 2640305 1538003 58992 48894 10099 May 1558684 1552498 101213 2616488 1510303 58388 48381 10006 June 1555380 1550166 97905 2618072 1507596 58063 47784 10279 July 1583770 1579512 100721 2648871 1535052 58739 48718 10021 Aug. 1582194 1578923 104443 2650289 1532976 58850 49217 9633 Sep. p 1517696 1515731 108061 2593534 1468681 58559 49015 9544 Two weeks ending(10) 2012-Aug. 8 1607778 1604106 105151 2672094 1557509 59637 50269 9368 3822 22 1582358 1578832 101509 2650550 1533574 59211 48785 10426 3953 Sep. 5 1559197 1556682 108379 2630501 1510241 57591 48956 8634 3809 19 1527261 1525254 102159 2604378 1479607 58126 47654 10472 4109 Oct. 3p 1486660 1484998 115427 2562929 1435886 59549 50774 8775 3810 -------------------------------------------------------------------------------------------------------------------------------------------- 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. p preliminary 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. 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) 2011-Sep. 1642536 1630961 91544 2633802 Oct. 1637816 1626605 92498 2634065 Nov. 1591130 1580789 93211 2598604 Dec. 1597433 1587907 95115 2614580 2012-Jan. 1619106 1610492 99548 2638513 Feb. 1659884 1651951 99658 2692571 Mar. 1606215 1598886 96513 2652491 Apr. 1586460 1579595 100198 2638070 May 1558063 1551876 100592 2614131 June 1554654 1549441 97179 2615661 July 1582875 1578617 99826 2647558 Aug. 1581103 1577832 103352 2649492 Sep. p 1516455 1514490 106819 2592633 Two weeks ending(6) 2012-Aug. 8 1606737 1603064 104110 2671326 22 1581290 1577763 100441 2649770 Sep. 5 1558026 1555511 107208 2629653 19 1526084 1524077 100982 2603533 Oct. 3p 1485303 1483642 114071 2561934 ---------------------------------------------------------------------------------------------------------- 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. p preliminary