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; July 12, 2012
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For release at 4:30 p.m. Eastern Time; July 12, 2012

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 
  Jun 2011     1666349    1653106    77615    1588734    2644620    13243 
             
  Jul 2011     1696473    1684077    78344    1618129    2680642    12395 
  Aug 2011     1666949    1655115    83585    1583364    2657378    11834 
  Sep 2011     1642710    1631135    91718    1550992    2638581    11575 
             
  Oct 2011     1638605    1627395    93287    1545318    2639138    11210 
  Nov 2011     1591978    1581637    94060    1497919    2598948    10341 
  Dec 2011     1597183    1587657    94866    1502318    2610832    9526 
             
  Jan 2012     1614015    1605401    94458    1519557    2637185    8614 
  Feb 2012     1658308    1650375    98083    1560226    2691730    7933 
  Mar 2012     1607992    1600663    98290    1509703    2650393    7330 
             
  Apr 2012     1584744    1577879    98482    1486262    2633319    6865 
  May 2012     1556344    1550157    98873    1457471    2609138    6187 
  Jun 2012 p     1556502    1551288    99010    1457492    2614953    5214 
Two weeks ending7  
  May 16, 2012     1549746    1543291    99026    1450720    2601694    6456 
  May 30, 2012     1560539    1554631    98719    1461820    2614264    5908 
             
  Jun 13, 2012     1589448    1583994    98722    1490725    2645705    5454 
  Jun 27, 2012     1525493    1520373    98966    1426527    2585342    5120 
             
  Jul 11, 2012 p     1558444    1553827    100460    1457984    2619879    4617 

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 Borrowings from the Federal Reserve1
Total Primary Secondary Seasonal Term Asset-Backed Securities Loan Facility 2 Other credit extensions
Month3
  Jun 2011     13243    24    0    42    13178    0 
             
  Jul 2011     12395    7    0    73    12315    0 
  Aug 2011     11834    5    0    92    11737    0 
  Sep 2011     11575    19    0    81    11474    0 
             
  Oct 2011     11210    19    0    50    11140    0 
  Nov 2011     10341    20    0    20    10301    0 
  Dec 2011     9526    103    0    23    9400    0 
             
  Jan 2012     8614    27    0    7    8580    0 
  Feb 2012     7933    13    0    1    7920    0 
  Mar 2012     7330    12    0    4    7314    0 
             
  Apr 2012     6865    21    0    9    6834    0 
  May 2012     6187    16    0    27    6143    0 
  Jun 2012 p     5214    19    0    56    5139    0 
Two weeks ending4
  May 16, 2012     6456    12    0    27    6417    0 
  May 30, 2012     5908    16    0    29    5862    0 
             
  Jun 13, 2012     5454    12    0    41    5401    0 
  Jun 27, 2012     5120    27    0    67    5027    0 
             
  Jul 11, 2012 p     4617    12    0    75    4530    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.

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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
  Jun 2011     1665944    1652700    77209    2647989    1622463    55273    43480    11793   
                     
  Jul 2011     1696685    1684289    78556    2683800    1652339    56029    44346    11683   
  Aug 2011     1666693    1654859    83329    2656915    1621202    56772    45492    11280   
  Sep 2011     1643584    1632009    92592    2637039    1597072    56907    46512    10395   
                     
  Oct 2011     1639017    1627807    93699    2637427    1592546    57552    46471    11081   
  Nov 2011     1592522    1582181    94604    2602090    1546226    57416    46296    11120   
  Dec 2011     1598832    1589306    96514    2618061    1550155    60590    48677    11913   
                     
  Jan 2012     1619310    1610696    99752    2640859    1569024    61467    50286    11181   
  Feb 2012     1660035    1652102    99810    2694636    1609888    61361    50148    11213   
  Mar 2012     1606482    1599152    96779    2654611    1558004    59244    48478    10767   
                     
  Apr 2012     1586897    1580032    100635    2640309    1538003    58992    48894    10099   
  May 2012     1558684    1552498    101213    2616504    1510303    58388    48382    10006   
  Jun 2012 p     1555382    1550168    97890    2618022    1507597    58063    47785    10277   
Two weeks ending10
  May 16, 2012     1546928    1540473    96208    2605487    1499543    58663    47385    11278    3657 
  May 30, 2012     1567586    1561679    105766    2625102    1518226    58188    49360    8828    3410 
                     
  Jun 13, 2012     1584546    1579093    93821    2647715    1538653    57088    45894    11194    3701 
  Jun 27, 2012     1528211    1523091    101683    2589471    1478871    58632    49340    9292    3329 
                     
  Jul 11, 2012 p     1555805    1551188    97821    2622592    1507078    59632    48727    10904    3629 

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
  Jun 2011     1665318    1652075    76584    2645014 
         
  Jul 2011     1695924    1683529    77795    2680745 
  Aug 2011     1665771    1653937    82407    2653782 
  Sep 2011     1642536    1630961    91544    2633802 
         
  Oct 2011     1637816    1626605    92498    2634065 
  Nov 2011     1591130    1580789    93211    2598604 
  Dec 2011     1597433    1587907    95115    2614580 
         
  Jan 2012     1619106    1610492    99548    2638513 
  Feb 2012     1659884    1651951    99658    2692571 
  Mar 2012     1606215    1598886    96513    2652491 
         
  Apr 2012     1586460    1579595    100198    2638074 
  May 2012     1558063    1551876    100592    2614147 
  Jun 2012 p     1554656    1549442    97164    2615610 
Two weeks ending6
  May 30, 2012     1566915    1561008    105095    2622714 
         
  Jun 13, 2012     1583878    1578424    93153    2645344 
  Jun 27, 2012     1527446    1522326    100919    2587029 
         
  Jul 11, 2012 p     1555009    1550392    97025    2620146 

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.

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