Board of Governors of the Federal Reserve System

Aggregate Reserves of Depository Institutions and the Monetary Base - H.3

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Current Release (42 KB PDF)

Release Date: March 21, 2013
Table 1
Adjusted for changes in reserve requirements 1
Seasonally adjusted unless noted otherwise. Millions of dollars.
Date Reserves of depository institutions Monetary
base 5
Total
borrowings
from the
Federal
Reserve,
NSA
Total 2 Nonborrowed 3 Required Excess,
NSA 4
Month 6
Feb. 2012 1,657,931 1,649,998 97,811 1,560,121 2,690,186 7,933
Mar. 2012 1,607,819 1,600,490 98,226 1,509,593 2,648,073 7,330
Apr. 2012 1,584,770 1,577,905 98,593 1,486,176 2,631,505 6,865
May 2012 1,556,689 1,550,503 99,230 1,457,460 2,609,160 6,187
June 2012 1,557,175 1,551,961 99,699 1,457,475 2,615,667 5,214
July 2012 1,584,049 1,579,791 101,000 1,483,049 2,649,394 4,258
Aug. 2012 1,582,288 1,579,017 104,538 1,477,750 2,654,466 3,271
Sep. 2012 1,515,888 1,513,923 106,447 1,409,441 2,597,253 1,965
Oct. 2012 1,525,144 1,523,678 106,870 1,418,274 2,615,620 1,466
Nov. 2012 1,546,809 1,545,757 111,505 1,435,303 2,643,300 1,051
Dec. 2012 1,569,019 1,568,223 110,269 1,458,749 2,672,585 795
Jan. 2013 1,630,874 1,630,309 111,415 1,519,459 2,740,900 565
Feb. 2013 1,731,411 1,730,946 114,622 1,616,789 2,843,624 465
Two weeks ending 7
Jan 23, 2013 1,633,289 1,632,725 111,400 1,521,889 2,744,155 565
Feb 6, 2013 1,688,622 1,688,083 110,439 1,578,184 2,800,688 539
Feb 20, 2013 1,731,110 1,730,642 115,671 1,615,439 2,841,722 468
Mar 6, 2013 1,764,028 1,763,624 115,924 1,648,104 2,879,155 405
Mar 20, 2013 p 1,813,456 1,813,064 116,162 1,697,294 2,928,379 392

Footnotes

  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
Not seasonally adjusted. Millions of dollars.
Date Borrowings from the Federal Reserve 1
Total Primary Secondary Seasonal Term
Asset-Backed
Securities
Loan Facility 2
Other
credit
extensions
Month 3
Feb. 2012 7,933 13 0 1 7,920 0
Mar. 2012 7,330 12 0 4 7,314 0
Apr. 2012 6,865 21 0 9 6,834 0
May 2012 6,187 16 0 27 6,143 0
June 2012 5,214 19 0 56 5,139 0
July 2012 4,258 26 0 97 4,135 0
Aug. 2012 3,271 39 0 138 3,094 0
Sep. 2012 1,965 62 0 123 1,781 0
Oct. 2012 1,466 17 0 66 1,383 0
Nov. 2012 1,051 9 0 37 1,006 0
Dec. 2012 795 12 0 23 760 0
Jan. 2013 565 11 0 7 548 0
Feb. 2013 465 10 0 1 454 0
Two weeks ending 4
Jan 23, 2013 565 7 0 3 555 0
Feb 6, 2013 539 12 0 2 526 0
Feb 20, 2013 468 8 0 1 460 0
Mar 6, 2013 405 12 0 1 392 0
Mar 20, 2013 p 392 6 0 0 386 0

Footnotes

  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
Not adjusted for changes in reserve requirements 1
Not seasonally adjusted. Millions of dollars.
Date Reserves of depository institutions Monetary
base 3
Reserve
balances with
F.R. Banks 4
Vault cash 5 Net
carryover
of reserve
balances 8
Total 2 Nonborrowed Required Total Used to satisfy
required
reserves 6
Surplus 7
Month 9
Feb. 2012 1,659,924 1,651,991 99,803 2,694,530 1,609,775 61,077 50,149 10,928
Mar. 2012 1,606,345 1,599,016 96,752 2,654,466 1,557,859 59,126 48,486 10,640
Apr. 2012 1,586,705 1,579,840 100,528 2,640,107 1,537,808 59,007 48,896 10,110
May 2012 1,558,506 1,552,319 101,046 2,616,307 1,510,119 58,402 48,387 10,015
June 2012 1,555,380 1,550,166 97,905 2,618,073 1,507,596 58,076 47,784 10,292
July 2012 1,583,770 1,579,512 100,721 2,648,865 1,535,052 58,744 48,718 10,026
Aug. 2012 1,582,193 1,578,923 104,443 2,650,395 1,532,976 58,853 49,217 9,636
Sep. 2012 1,517,507 1,515,542 108,066 2,593,767 1,468,681 58,472 48,826 9,646
Oct. 2012 1,525,582 1,524,117 107,308 2,611,517 1,476,730 59,311 48,853 10,458
Nov. 2012 1,546,110 1,545,059 110,807 2,641,911 1,497,506 59,200 48,604 10,596
Dec. 2012 1,570,385 1,569,589 111,635 2,675,024 1,517,425 63,895 52,960 10,935
Jan. 2013 1,636,936 1,636,371 117,477 2,742,319 1,582,524 64,183 54,412 9,771
Feb. 2013 1,733,395 1,732,930 116,606 2,846,095 1,680,085 63,909 53,309 10,599
Two weeks ending 10
Jan 23, 2013 1,638,130 1,637,566 116,241 2,741,779 1,585,642 62,014 52,488 9,526 4,314
Feb 6, 2013 1,701,885 1,701,346 123,702 2,804,813 1,643,531 67,947 58,354 9,594 4,356
Feb 20, 2013 1,727,036 1,726,569 111,597 2,841,043 1,675,343 63,578 51,693 11,885 4,643
Mar 6, 2013 1,768,156 1,767,751 120,052 2,885,900 1,715,799 61,460 52,356 9,103 4,168
Mar 20, 2013 p 1,806,533 1,806,141 109,239 2,929,862 1,757,160 60,789 49,373 11,415 4,492

Footnotes

  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. See note on simplification of reserve requirements.
  4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. See note on simplification of reserve requirements.
  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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Note on Simplification of Reserve Requirements
On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of adjustments are zero beginning with the two weeks ending August 8, 2012.

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Table 3
Adjusted for changes in reserve requirements 1
Not seasonally adjusted. Millions of dollars.
Date Reserves of depository institutions Monetary
base 4
Total 2 Nonborrowed Required 3
Month 5
Feb. 2012 1,659,832 1,651,898 99,711 2,692,502
Mar. 2012 1,606,183 1,598,853 96,589 2,652,410
Apr. 2012 1,586,434 1,579,569 100,257 2,637,985
May 2012 1,558,118 1,551,931 100,658 2,614,113
June 2012 1,554,929 1,549,715 97,454 2,615,850
July 2012 1,583,212 1,578,954 100,163 2,647,786
Aug. 2012 1,581,510 1,578,239 103,760 2,649,885
Sep. 2012 1,516,731 1,514,766 107,290 2,593,190
Oct. 2012 1,524,699 1,523,233 106,424 2,610,851
Nov. 2012 1,545,094 1,544,043 109,790 2,641,158
Dec. 2012 1,569,433 1,568,638 110,684 2,674,311
Jan. 2013 1,636,787 1,636,221 117,328 2,742,181
Feb. 2013 1,733,279 1,732,814 116,490 2,846,015
Two weeks ending 6
Jan 23, 2013 1,637,984 1,637,419 116,095 2,741,645
Feb 6, 2013 1,701,807 1,701,268 123,623 2,804,758
Feb 20, 2013 1,726,926 1,726,458 111,487 2,840,966
Mar 6, 2013 1,768,001 1,767,597 119,898 2,885,792
Mar 20, 2013 p 1,806,350 1,805,958 109,056 2,929,736

Footnotes

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

Last update: March 21, 2013