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 November 1, 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-Oct. 1638497 1627287 93361 1545136 2639020 11210 Nov. 1591862 1581521 94093 1497769 2598845 10341 Dec. 1597064 1587538 94859 1502206 2610727 9526 2012-Jan. 1613898 1605284 94448 1519451 2637101 8614 Feb. 1658197 1650264 98076 1560121 2691617 7933 Mar. 1607856 1600526 98263 1509593 2650248 7330 Apr. 1584555 1577690 98379 1486176 2633125 6865 May 1556169 1549982 98709 1457460 2608951 6187 June 1556500 1551286 99025 1457475 2615001 5214 July 1583475 1579217 100425 1483049 2648060 4258 Aug. 1582278 1579007 104527 1477750 2653486 3271 Sep. 1516272 1514307 106830 1409441 2597534 1965 Oct. p 1525348 1523882 107071 1418277 2615986 1466 Two weeks ending(7) 2012-Sep. 5 1554576 1552061 103758 1450819 2630955 2516 19 1531127 1529120 106445 1424682 2610504 2007 Oct. 3 1479953 1478292 108717 1371236 2565834 1662 17 1530810 1529283 107102 1423708 2621657 1527 31p 1529614 1528251 106687 1422927 2621062 1363 ------------------------------------------------------------------------------------------------------------------------------------------------ 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-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. 1965 62 0 123 1781 0 Oct. p 1466 17 0 66 1383 0 Two weeks ending(4) 2012-Sep. 5 2516 92 0 140 2285 0 19 2007 74 0 122 1812 0 Oct. 3 1662 33 0 117 1513 0 17 1527 15 0 74 1439 0 31p 1363 15 0 48 1300 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-Oct. 1638918 1627708 93782 2637325 1592447 57229 46471 10757 Nov. 1592413 1582072 94644 2601982 1546124 57107 46289 10818 Dec. 1598716 1589189 96510 2617944 1550043 60295 48672 11622 2012-Jan. 1619192 1610578 99741 2640756 1568915 61180 50277 10903 Feb. 1659924 1651991 99803 2694530 1609775 61076 50149 10927 Mar. 1606345 1599016 96752 2654466 1557859 59125 48486 10639 Apr. 1586705 1579840 100528 2640107 1537808 59006 48896 10109 May 1558506 1552319 101046 2616307 1510119 58402 48387 10015 June 1555380 1550166 97905 2618073 1507596 58076 47784 10292 July 1583770 1579512 100721 2648865 1535052 58744 48718 10026 Aug. 1582193 1578923 104443 2650395 1532976 58853 49217 9636 Sep. 1517507 1515542 108066 2593774 1468681 58472 48826 9646 Oct. p 1525587 1524121 107310 2610897 1476730 59312 48857 10455 Two weeks ending(10) 2012-Sep. 5 1559195 1556679 108376 2630921 1510241 57594 48954 8640 3809 19 1526841 1524834 102159 2603898 1479607 58129 47234 10895 4109 Oct. 3 1486680 1485018 115444 2564003 1435885 59307 50794 8512 3766 17 1524509 1522982 100801 2612796 1476330 60413 48179 12234 4271 31p 1535003 1533640 112076 2619047 1485882 58213 49121 9091 3738 -------------------------------------------------------------------------------------------------------------------------------------------- 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-Oct. 1637713 1626503 92576 2633959 Nov. 1591014 1580673 93245 2598489 Dec. 1597312 1587786 95107 2614459 2012-Jan. 1618988 1610374 99537 2638411 Feb. 1659772 1651839 99652 2692465 Mar. 1606078 1598748 96485 2652344 Apr. 1586267 1579402 100090 2637872 May 1557885 1551698 100425 2613950 June 1554655 1549441 97180 2615662 July 1582875 1578617 99826 2647553 Aug. 1581103 1577832 103352 2649598 Sep. 1516266 1514301 106825 2592870 Oct. p 1524175 1522710 105898 2609860 Two weeks ending(6) 2012-Sep. 5 1558024 1555509 107206 2630070 19 1525664 1523657 100982 2603053 Oct. 3 1485323 1483662 114087 2563000 17 1523221 1521695 99513 2611862 31p 1533455 1532092 110528 2617899 ---------------------------------------------------------------------------------------------------------- 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