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 23, 2009 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) 2008-Mar. 44297 -50227 41324 2973 825909 94523 Apr. 43562 -91847 41718 1845 824631 135410 May 44130 -111650 42119 2011 827171 155780 June 43363 -127915 41092 2271 832489 171278 July 43333 -122331 41360 1973 838059 165664 Aug. 44565 -123514 42571 1993 842813 168078 Sep. 102784 -187322 42726 60057 905168 290105 Oct. 315512 -332807 47606 267907 1130296 648319 Nov. 609962 -88824 50920 559042 1433503 698786 Dec. 821055 167489 53655 767400 1651279 653565 2009-Jan. 858418 294922 60173 798245 1703118 563496 Feb. 700967 118470 57459 643508 1557492 582497 Mar. 779954 167843 55317 724637 1643110 612111 Two weeks ending(7) 2009-Feb. 25 727040 138130 53606 673433 1586175 588910 Mar. 11 678687 48511 57121 621566 1538644 630177 25 824557 219708 53288 771269 1688937 604849 Apr. 8 861535 265598 56741 804794 1727703 595938 22p 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. p preliminary 1 H.3 (502) Table 1a AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not seasonally adjusted Millions of dollars ------------------------------------------------------------------------------------------------------------------------------------------------------------- Other borrowings from the Federal Reserve(1) ------------------------------------------------------------------------------------------------------------- Date Total Primary dealer Asset-Backed Credit borrowings Term and other Commercial Paper extended to Term Other from the auction Primary Secondary Seasonal broker-dealer Money Market American Asset-Backed credit Federal credit credit Mutual Fund International Securities extensions Reserve (2) Liquidity Group, Inc. Loan Facility (3) Facility ------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(4) 2008-Mar. 94523 75484 1617 0 6 16168 1249 Apr. 135410 100000 9624 0 21 25764 0 May 155780 127419 14076 0 47 14238 0 June 171278 150000 14225 70 75 6908 0 July 165664 150000 15204 107 98 255 0 Aug. 168078 150000 17980 1 97 0 0 Sep. 290105 149814 32632 35 87 53473 31877 22187 0 Oct. 648319 244778 94017 38 28 114953 117457 77047 0 Nov. 698786 393088 95839 117 8 60655 71009 78070 0 Dec. 653565 438327 88245 52 3 47631 32102 47206 0 2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0 Feb. 582497 438822 65463 11 3 26250 13533 38414 0 Mar. 612111 477049 62513 9 3 20292 7857 43328 1061 0 Two weeks ending(5) 2009-Feb. 25 588910 447563 65200 6 3 25810 12629 37701 0 Mar. 11 630177 493145 64724 0 2 21766 8542 41998 0 25 604849 468589 64233 6 3 19882 8204 43597 337 0 Apr. 8 595938 467278 54447 32 3 18544 5794 45142 4698 0 22p 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. 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) 2008-Mar. 42711 -51813 39738 832357 9753 50440 32958 17482 Apr. 43505 -91905 41660 830495 9255 49307 34251 15056 May 45108 -110672 43097 833974 9689 48564 35419 13145 June 43923 -127355 41652 839083 9178 49303 34745 14558 July 44109 -121555 42136 846453 9336 49196 34773 14423 Aug. 44112 -123966 42119 847288 9416 50133 34696 15438 Sep. 102568 -187537 42511 908024 67176 50440 35392 15048 Oct. 314906 -333414 46999 1132510 278024 51729 36882 14847 Nov. 609532 -89254 50490 1441072 571088 53033 38444 14590 Dec. 821331 167766 53932 1663940 783645 53673 37686 15987 2009-Jan. 860688 297192 62443 1712082 820938 53881 39750 14131 Feb. 701245 118748 57737 1562251 662250 54353 38995 15358 Mar. 778123 166012 53486 1646903 741004 50719 37119 13600 Two weeks ending(10) 2009-Feb. 25 728716 139806 55283 1592669 690651 53042 38066 14976 1618 Mar. 11 675845 45668 54279 1542399 638275 50133 37570 12563 1590 25 823651 218803 52382 1693211 786778 51663 36874 14789 1489 Apr. 8 859402 263465 54608 1730442 822536 49591 36867 12724 1173 22p 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. 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) 2008-Mar. 42706 -51817 39734 825558 Apr. 43488 -91921 41644 823379 May 45077 -110703 43066 826882 June 43890 -127388 41619 831974 July 44063 -121601 42090 839213 Aug. 44052 -124026 42059 840146 Sep. 102507 -187598 42450 900643 Oct. 314830 -333489 46924 1125957 Nov. 609442 -89343 50400 1435240 Dec. 821240 167675 53841 1659327 2009-Jan. 860655 297159 62410 1707649 Feb. 701242 118745 57734 1557795 Mar. 778118 166007 53481 1642444 Two weeks ending(6) 2009-Feb. 25 728713 139803 55279 1588195 Mar. 11 675840 45664 54274 1537933 25 823646 218798 52377 1688746 Apr. 8 859396 263458 54601 1726012 22p 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