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 April 26, 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-Mar. 1436146 1416264 73985 1362161 2389892 19882 Apr. 1526480 1508637 74514 1451966 2489298 17842 May 1587576 1572431 75072 1512505 2559321 15146 June 1666349 1653106 77615 1588734 2644620 13243 July 1696473 1684077 78344 1618129 2680642 12395 Aug. 1666949 1655115 83585 1583364 2657378 11834 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 2610831 9526 2012-Jan. 1614015 1605401 94458 1519557 2637185 8614 Feb. 1658308 1650375 98083 1560226 2691740 7933 Mar. 1607987 1600657 98291 1509696 2650356 7330 Two weeks ending(7) 2012-Feb. 22 1679214 1671223 98347 1580867 2712533 7992 Mar. 7 1645100 1637546 98169 1546931 2683760 7554 21 1604728 1597327 98831 1505897 2646484 7401 Apr. 4 1586570 1579497 97619 1488951 2632393 7074 18p 1608320 1601311 98313 1510007 2656040 7009 ------------------------------------------------------------------------------------------------------------------------------------------------ 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-Mar. 19882 11 0 6 19864 0 Apr. 17842 14 0 8 17820 0 May 15146 10 1 20 15115 0 June 13243 24 0 42 13178 0 July 12395 7 0 73 12315 0 Aug. 11834 5 0 92 11737 0 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 Two weeks ending(4) 2012-Feb. 22 7992 6 0 0 7987 0 Mar. 7 7554 12 0 2 7541 0 21 7401 16 0 5 7381 0 Apr. 4 7074 7 0 5 7062 0 18p 7009 5 0 8 6997 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-Mar. 1434887 1415006 72727 2394703 1391362 55365 43526 11839 Apr. 1527990 1510148 76025 2496493 1484148 55376 43842 11534 May 1589835 1574689 77330 2566392 1546511 54769 43324 11445 June 1665944 1652700 77209 2647989 1622463 55273 43480 11793 July 1696685 1684289 78556 2683800 1652339 56029 44346 11683 Aug. 1666693 1654859 83329 2656915 1621202 56772 45492 11280 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 2694643 1609888 61361 50148 11213 Mar. 1606476 1599147 96780 2654570 1558000 59244 48476 10768 Two weeks ending(10) 2012-Feb. 22 1677093 1669102 96226 2714528 1628010 61235 49083 12152 3765 Mar. 7 1647449 1639895 100518 2689578 1600037 57341 47412 9929 3468 21 1599295 1591894 93398 2648622 1551496 59644 47799 11845 3562 Apr. 4 1587850 1580777 98899 2638391 1537680 60018 50170 9847 3303 18p 1604750 1597741 94743 2660076 1556965 59111 47785 11326 3485 -------------------------------------------------------------------------------------------------------------------------------------------- 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. p preliminary 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-Mar. 1434659 1414777 72498 2392145 Apr. 1527606 1509763 75640 2493684 May 1589302 1574156 76798 2563466 June 1665318 1652075 76584 2645014 July 1695924 1683529 77795 2680745 Aug. 1665771 1653937 82407 2653782 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 2638514 Feb. 1659884 1651951 99658 2692578 Mar. 1606210 1598880 96514 2652449 Two weeks ending(6) 2012-Feb. 22 1676945 1668953 96078 2712464 Mar. 7 1647240 1639686 100309 2687490 21 1599040 1591640 93144 2646507 Apr. 4 1587526 1580453 98575 2636241 18p 1604388 1597379 94381 2657908 ---------------------------------------------------------------------------------------------------------- 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