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H.3 Statistical Release - last released Thursday, January 23, 2020

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Change to the Payment of Interest on Excess Reserve Balances

The interest rates paid on reserve balances published at a maintenance period frequency in table 1 of the Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," have been discontinued. As previously announced, effective July 23, 2015, the Federal Reserve Board changed the formula for calculating interest for depository institutions with excess balances to be based on the daily interest rate on excess reserves (IOER rate) and the daily balance maintained, rather than the maintenance period IOER rate and the average balance maintained over the maintenance period. The IOER and IORR rates effective for a given day are now published on the "Interest on Required Balances and Excess Balances" page on the Federal Reserve Board's public website and are available in the Policy Rates Data Download Program. Historical data for all discontinued series, including maintenance period interest rates, remain available through the H.3 Data Download Program. For more information on this change, see the H.3 Technical Q&As.

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