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 7, 2010
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For release at 4:30 p.m. Eastern Time; October 7, 2010

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 2009     922442    615616    62446    859996    1801039    306827 
             
  Oct 2009     1056301    791243    61703    994598    1936560    265058 
  Nov 2009     1140570    923263    63427    1077143    2018931    217307 
  Dec 2009     1138588    968661    63253    1075335    2017668    169927 
             
  Jan 2010     1108875    966733    62941    1045935    1986802    142142 
  Feb 2010     1224521    1113294    62523    1161998    2109312    111227 
  Mar 2010     1186315    1094670    65797    1120517    2075411    91644 
             
  Apr 2010     1116840    1036615    66501    1050339    2010526    80225 
  May 2010     1109490    1033864    64582    1044908    2007398    75626 
  Jun 2010     1099215    1029318    64185    1035031    1999074    69897 
             
  Jul 2010     1087099    1021252    65384    1021714    1990204    65847 
  Aug 2010     1085573    1025489    65988    1019585    1994398    60083 
  Sep 2010 p     1048726    996205    67869    980857    1963544    52521 
Two weeks ending7  
  Aug 11, 2010     1090838    1027707    65021    1025816    1997190    63131 
  Aug 25, 2010     1085822    1025928    65684    1020138    1995416    59894 
             
  Sep 8, 2010     1075337    1020398    68470    1006867    1986905    54939 
  Sep 22, 2010     1042994    990352    67092    975902    1957624    52642 
             
  Oct 6, 2010 p     1032144    982253    68628    963517    1950543    49892 

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 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Sep 2009     306827    196731    29243    554    111    79    39074    41036    0 
                   
  Oct 2009     265058    155396    25163    402    82    28    41222    42765    0 
  Nov 2009     217307    110049    20434    38    67    0    43222    43497    0 
  Dec 2009     169927    82014    19025    518    37    0    22023    46310    0 
                   
  Jan 2010     142142    54209    16407    965    5    0    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    0    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    0    25252    47306    0 
                   
  Apr 2010     80225    796    6468    583    22    0    25739    46617    0 
  May 2010     75626    0    4198    423    42    0    26397    44565    0 
  Jun 2010     69897    0    288    212    59    0    25937    43401    0 
                   
  Jul 2010     65847    0    39    1    75    0    24185    41548    0 
  Aug 2010     60083    0    22    0    85    0    22064    37913    0 
  Sep 2010 p     52521    0    32    0    77    0    19791    32620    0 
Two weeks ending5
  Aug 11, 2010     63131    0    25    1    81    0    23549    39476    0 
  Aug 25, 2010     59894    0    20    1    88    0    21801    37986    0 
                   
  Sep 8, 2010     54939    0    21    0    84    0    19959    34875    0 
  Sep 22, 2010     52642    0    25    0    78    0    19917    32621    0 
                   
  Oct 6, 2010 p     49892    0    57    0    69    0    19403    30363    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 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.

3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

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 2009     922607    615781    62611    1800234    884220    52037    38388    13649   
                     
  Oct 2009     1056728    791670    62130    1935901    1017784    52974    38944    14030   
  Nov 2009     1141608    924301    64466    2022323    1102468    52750    39141    13610   
  Dec 2009     1140463    970536    65129    2026233    1099855    55198    40609    14589   
                     
  Jan 2010     1112379    970236    66444    1994859    1070726    55828    41653    14174   
  Feb 2010     1225472    1114245    63474    2114536    1183771    56656    41701    14955   
  Mar 2010     1184489    1092845    63972    2079784    1143656    55644    40833    14811   
                     
  Apr 2010     1117439    1037215    67101    2014653    1076482    53782    40957    12825   
  May 2010     1111363    1035738    66456    2011298    1070841    52726    40522    12204   
  Jun 2010     1099200    1029302    64169    2001543    1058787    53044    40412    12632   
                     
  Jul 2010     1087697    1021850    65982    1994095    1046940    53944    40756    13188   
  Aug 2010     1085019    1024935    65434    1993668    1044124    53970    40894    13076   
  Sep 2010 p     1047821    995300    66964    1960160    1006742    53072    41078    11994   
Two weeks ending10
  Aug 11, 2010     1089563    1026432    63746    1997649    1048788    55427    40775    14653    2373 
  Aug 25, 2010     1086240    1026346    66101    1994562    1045263    53438    40977    12461    2100 
                     
  Sep 8, 2010     1073840    1018901    66972    1984286    1032918    52543    40922    11621    2202 
  Sep 22, 2010     1041721    989080    65819    1954454    1001206    52975    40516    12459    2196 
                     
  Oct 6, 2010 p     1032477    982586    68960    1946022    990257    53773    42221    11552    2163 

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 base4
Total2 Nonborrowed Required3
Month5
  Sep 2009     921373    614547    61377    1795538 
         
  Oct 2009     1055319    790261    60721    1931546 
  Nov 2009     1139997    922690    62855    2018071 
  Dec 2009     1138720    968793    63386    2021897 
         
  Jan 2010     1112268    970125    66333    1991882 
  Feb 2010     1225450    1114223    63452    2111773 
  Mar 2010     1184449    1092805    63932    2077047 
         
  Apr 2010     1117376    1037151    67037    2011909 
  May 2010     1111283    1035658    66376    2008586 
  Jun 2010     1099106    1029209    64075    1998959 
         
  Jul 2010     1087579    1021733    65865    1991544 
  Aug 2010     1084882    1024798    65297    1991119 
  Sep 2010 p     1047666    995145    66809    1957628 
Two weeks ending6
  Aug 25, 2010     1086101    1026207    65963    1992007 
         
  Sep 8, 2010     1073691    1018752    66824    1981747 
  Sep 22, 2010     1041570    988928    65667    1951921 
         
  Oct 6, 2010 p     1032310    982418    68793    1943497 

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).

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


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