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; April 23, 2009
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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 
  Mar 2008     44297    -50227    41324    2973    825909    94523 
             
  Apr 2008     43562    -91847    41718    1845    824631    135410 
  May 2008     44130    -111650    42119    2011    827171    155780 
  Jun 2008     43363    -127915    41092    2271    832489    171278 
             
  Jul 2008     43333    -122331    41360    1973    838059    165664 
  Aug 2008     44565    -123514    42571    1993    842813    168078 
  Sep 2008     102784    -187322    42726    60057    905168    290105 
             
  Oct 2008     315512    -332807    47606    267907    1130296    648319 
  Nov 2008     609962    -88824    50920    559042    1433503    698786 
  Dec 2008     821055    167489    53655    767400    1651279    653565 
             
  Jan 2009     858418    294922    60173    798245    1703118    563496 
  Feb 2009     700967    118470    57459    643508    1557492    582497 
  Mar 2009     779954    167843    55317    724637    1643110    612111 
Two weeks ending7  
  Feb 25, 2009     727040    138130    53606    673433    1586175    588910 
             
  Mar 11, 2009     678687    48511    57121    621566    1538644    630177 
  Mar 25, 2009     824557    219708    53288    771269    1688937    604849 
             
  Apr 8, 2009     861535    265598    56741    804794    1727703    595938 
  Apr 22, 2009 p     918036    352676    55644    862392    1786787    565360 

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. 3 Term Asset-Backed Securities Loan Facility Other credit extensions
Month4
  Mar 2008     94523    75484    1617    0    6    16168          1249 
                     
  Apr 2008     135410    100000    9624    0    21    25764          0 
  May 2008     155780    127419    14076    0    47    14238          0 
  Jun 2008     171278    150000    14225    70    75    6908          0 
                     
  Jul 2008     165664    150000    15204    107    98    255          0 
  Aug 2008     168078    150000    17980    1    97    0          0 
  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 
Two weeks ending5
  Feb 25, 2009     588910    447563    65200    6    3    25810    12629    37701      0 
                     
  Mar 11, 2009     630177    493145    64724    0    2    21766    8542    41998      0 
  Mar 25, 2009     604849    468589    64233    6    3    19882    8204    43597    337    0 
                     
  Apr 8, 2009     595938    467278    54447    32    3    18544    5794    45142    4698    0 
  Apr 22, 2009 p     565360    455800    45801    64    2    11050    1823    45045    5777    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. 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
  Mar 2008     42711    -51813    39738    832357    9753    50440    32958    17482   
                     
  Apr 2008     43505    -91905    41660    830495    9255    49307    34251    15056   
  May 2008     45108    -110672    43097    833974    9689    48564    35419    13145   
  Jun 2008     43923    -127355    41652    839083    9178    49303    34745    14558   
                     
  Jul 2008     44109    -121555    42136    846453    9336    49196    34773    14423   
  Aug 2008     44112    -123966    42119    847288    9416    50133    34696    15438   
  Sep 2008     102568    -187537    42511    908024    67176    50440    35392    15048   
                     
  Oct 2008     314906    -333414    46999    1132510    278024    51729    36882    14847   
  Nov 2008     609532    -89254    50490    1441072    571088    53033    38444    14590   
  Dec 2008     821331    167766    53932    1663940    783645    53673    37686    15987   
                     
  Jan 2009     860688    297192    62443    1712082    820938    53881    39750    14131   
  Feb 2009     701245    118748    57737    1562251    662250    54353    38995    15358   
  Mar 2009     778123    166012    53486    1646903    741004    50719    37119    13600   
Two weeks ending10
  Feb 25, 2009     728716    139806    55283    1592669    690651    53042    38066    14976    1618 
                     
  Mar 11, 2009     675845    45668    54279    1542399    638275    50133    37570    12563    1590 
  Mar 25, 2009     823651    218803    52382    1693211    786778    51663    36874    14789    1489 
                     
  Apr 8, 2009     859402    263465    54608    1730442    822536    49591    36867    12724    1173 
  Apr 22, 2009 p     918403    353043    56011    1789616    881425    49473    36978    12494    1627 

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
  Mar 2008     42706    -51817    39734    825558 
         
  Apr 2008     43488    -91921    41644    823379 
  May 2008     45077    -110703    43066    826882 
  Jun 2008     43890    -127388    41619    831974 
         
  Jul 2008     44063    -121601    42090    839213 
  Aug 2008     44052    -124026    42059    840146 
  Sep 2008     102507    -187598    42450    900643 
         
  Oct 2008     314830    -333489    46924    1125957 
  Nov 2008     609442    -89343    50400    1435240 
  Dec 2008     821240    167675    53841    1659327 
         
  Jan 2009     860655    297159    62410    1707649 
  Feb 2009     701242    118745    57734    1557795 
  Mar 2009     778118    166007    53481    1642444 
Two weeks ending6
         
  Mar 11, 2009     675840    45664    54274    1537933 
  Mar 25, 2009     823646    218798    52377    1688746 
         
  Apr 8, 2009     859396    263458    54601    1726012 
  Apr 22, 2009 p     918382    353023    55990    1785216 

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.

p preliminary


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