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; October 22, 2009
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For release at 4:30 p.m. Eastern Time; October 22, 2009

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 
  Sep 2008     102763    -187342    42710    60053    905162    290105 
             
  Oct 2008     315495    -332825    47593    267902    1130293    648319 
  Nov 2008     609933    -88853    50897    559036    1433491    698786 
  Dec 2008     821025    167460    53628    767397    1651264    653565 
             
  Jan 2009     858400    294903    60166    798233    1703108    563496 
  Feb 2009     700983    118486    57501    643482    1557485    582497 
  Mar 2009     779957    167846    55333    724623    1643134    612111 
             
  Apr 2009     881556    323362    57189    824367    1749781    558194 
  May 2009     901287    375839    57211    844076    1770159    525448 
  Jun 2009     809007    370284    57643    751364    1680619    438722 
             
  Jul 2009     795558    428597    62562    732996    1666239    366961 
  Aug 2009     829367    497917    63510    765857    1705406    331450 
  Sep 2009     922762    615935    62688    860074    1801734    306827 
Two weeks ending7  
  Aug 26, 2009     856258    528611    61713    794545    1734129    327647 
             
  Sep 9, 2009     890311    570017    67127    823184    1764195    320295 
  Sep 23, 2009     914620    607321    60009    854611    1795948    307300 
             
  Oct 7, 2009     980767    692203    62339    918428    1861570    288565 
  Oct 21, 2009 p     1048173    782945    61368    986805    1928382    265229 

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 Total borrowings from the Federal Reserve Term auction credit Other borrowings from the Federal Reserve1
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., net 3 Term Asset-Backed Securities Loan Facility Other credit extensions
Month4
  Sep 2008     290105    149814    32632    35    87    53473    31877    22187      0 
                     
  Oct 2008     648319    244778    94017    38    28    114953    117457    77047      0 
  Nov 2008     698786    393088    95839    117    8    60655    71009    78070      0 
  Dec 2008     653565    438327    88245    52    3    47631    32102    47206      0 
                     
  Jan 2009     563496    403523    70436    39    1    33061    17745    38690      0 
  Feb 2009     582497    438822    65463    11    3    26250    13533    38414      0 
  Mar 2009     612111    477049    62513    9    3    20292    7857    43328    1061    0 
                     
  Apr 2009     558194    444933    47324    45    2    10918    4267    45057    5649    0 
  May 2009     525448    403970    40124    14    10    701    23347    44915    12367    0 
  Jun 2009     438722    316868    37302    21    32    0    18891    43057    22552    0 
                     
  Jul 2009     366961    255119    34366    66    80    0    6230    43108    27993    0 
  Aug 2009     331450    224490    32147    600    110    0    184    40021    33898    0 
  Sep 2009     306827    196731    29243    554    111    0    79    39074    41036    0 
Two weeks ending5
  Aug 26, 2009     327647    221081    30346    667    121    0    111    39255    36067    0 
                     
  Sep 9, 2009     320295    212110    31517    586    110    0    79    38849    37045    0 
  Sep 23, 2009     307300    196020    28434    569    117    0    79    39269    42813    0 
                     
  Oct 7, 2009     288565    178379    27938    482    102    0    79    38973    42614    0 
  Oct 21, 2009 p     265229    155442    25610    446    83    0    22    40578    43049    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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. 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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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
  Sep 2008     102548    -187557    42495    908017    67169    50453    35379    15074   
                     
  Oct 2008     314888    -333431    46986    1132506    278021    51747    36867    14879   
  Nov 2008     609503    -89282    50467    1441062    571079    53052    38424    14628   
  Dec 2008     821302    167736    53904    1663927    783635    53692    37667    16025   
                     
  Jan 2009     860670    297174    62437    1712076    820933    53899    39737    14162   
  Feb 2009     701261    118764    57779    1562247    662244    54385    39017    15368   
  Mar 2009     778125    166014    53502    1646927    740998    50745    37127    13618   
                     
  Apr 2009     881836    323642    57469    1752736    844596    50644    37240    13404   
  May 2009     902944    377496    58868    1774877    865427    51390    37517    13873   
  Jun 2009     809853    371131    58489    1684029    772066    52343    37787    14556   
                     
  Jul 2009     796543    429581    63546    1673102    758883    51723    37660    14064   
  Aug 2009     828786    497336    62929    1706211    790765    51985    38021    13964   
  Sep 2009     922620    615794    62547    1800156    884160    52086    38461    13625   
Two weeks ending10
  Aug 26, 2009     858688    531041    64143    1735087    820245    51895    38443    13453    1858 
                     
  Sep 9, 2009     886635    566340    63450    1763252    848300    51364    38335    13029    2118 
  Sep 23, 2009     916573    609274    61962    1794860    878503    52142    38070    14071    1823 
                     
  Oct 7, 2009     980983    692418    62554    1858198    941580    52903    39403    13499    2021 
  Oct 21, 2009 p     1046552    781324    59747    1927481    1007849    54237    38704    15533    2024 

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.

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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 base1
Total2 Nonborrowed Required3
Month5
  Sep 2008     102487    -187618    42434    900637 
         
  Oct 2008     314813    -333507    46911    1125953 
  Nov 2008     609413    -89372    50377    1435231 
  Dec 2008     821211    167645    53813    1659314 
         
  Jan 2009     860637    297141    62404    1707643 
  Feb 2009     701258    118761    57776    1557791 
  Mar 2009     778120    166009    53497    1642469 
         
  Apr 2009     881815    323621    57448    1748338 
  May 2009     902909    377461    58833    1770551 
  Jun 2009     809816    371094    58452    1679796 
         
  Jul 2009     796488    429526    63491    1668374 
  Aug 2009     828714    497264    62856    1701430 
  Sep 2009     922547    615720    62473    1796282 
Two weeks ending6
         
  Sep 9, 2009     886559    566265    63375    1759117 
  Sep 23, 2009     916501    609201    61890    1790944 
         
  Oct 7, 2009     980908    692343    62480    1854740 
  Oct 21, 2009 p     1046463    781234    59658    1924017 

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.

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