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 August 13, 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-July 44293 -121370 42376 1917 838367 165664 Aug. 45458 -122620 43486 1972 842981 168078 Sep. 102767 -187338 42713 60054 905164 290105 Oct. 315498 -332821 47594 267904 1130295 648319 Nov. 609939 -88846 50901 559039 1433496 698786 Dec. 821034 167468 53635 767398 1651270 653565 2009-Jan. 858406 294909 60172 798233 1703114 563496 Feb. 700972 118475 57485 643486 1557491 582497 Mar. 779951 167840 55319 724632 1643140 612111 Apr. 881553 323359 57176 824378 1749791 558194 May 901292 375844 57191 844100 1770177 525448 June 809019 370297 57641 751378 1680630 438722 July p 795569 428607 62574 732994 1666181 366961 Two weeks ending(7) 2009-June 17 848622 390382 56819 791802 1720124 458240 July 1 746271 342174 58531 687740 1618583 404097 15 805764 417936 61899 743865 1673821 387829 29 792179 444962 63324 728855 1664749 347217 Aug. 12p 772576 432042 64076 708500 1646516 340534 ------------------------------------------------------------------------------------------------------------------------------------------------ 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., net Loan Facility (3) Facility -------------------------------------------------------------------------------------------------------------------------------------------------------------- Month(4) 2008-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 Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0 May 525448 403970 40124 14 10 701 23347 44915 12367 0 June 438722 316868 37302 21 32 0 18891 43057 22552 0 July p 366961 255119 34366 66 80 0 6230 43108 27993 0 Two weeks ending(5) 2009-June 17 458240 336566 36528 1 18 0 20284 43201 21643 0 July 1 404097 282808 37503 44 51 0 15807 42715 25170 0 15 387829 273699 34712 0 72 0 10304 43394 25649 0 29 347217 237632 33776 68 89 0 2317 43093 30244 0 Aug. 12p 340534 233625 34512 527 97 0 314 41403 30058 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. 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-July 45083 -120581 43166 846747 9616 49204 35467 13737 Aug. 45000 -123078 43028 847472 9663 50146 35337 14809 Sep. 102552 -187553 42498 908020 67171 50453 35381 15072 Oct. 314892 -333428 46988 1132509 278021 51747 36870 14877 Nov. 609510 -89276 50471 1441067 571083 53051 38427 14624 Dec. 821311 167745 53912 1663932 783639 53691 37671 16019 2009-Jan. 860676 297180 62443 1712081 820938 53898 39738 14160 Feb. 701250 118752 57763 1562251 662248 54392 39001 15390 Mar. 778120 166009 53488 1646934 741005 50758 37115 13643 Apr. 881833 323638 57455 1752744 844603 49380 37230 12151 May 902948 377500 58848 1774892 865443 48850 37505 11344 June 809866 371144 58488 1684038 772075 49798 37791 12007 July p 796554 429593 63560 1673045 758890 49204 37664 11540 Two weeks ending(10) 2009-June 17 846873 388633 55070 1722776 810994 48765 35879 12886 1945 July 1 749463 345366 61723 1622114 709717 51255 39746 11509 1780 15 803151 415322 59285 1681399 766654 49024 36497 12527 1985 29 797148 449931 68293 1671926 758425 49144 38724 10420 1835 Aug. 12p 769774 429240 61274 1647871 732396 49858 37378 12480 2198 -------------------------------------------------------------------------------------------------------------------------------------------- 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-July 45037 -120627 43120 839507 Aug. 44940 -123138 42968 840331 Sep. 102491 -187614 42437 900639 Oct. 314816 -333503 46912 1125955 Nov. 609420 -89366 50381 1435235 Dec. 821219 167654 53821 1659319 2009-Jan. 860643 297147 62409 1707648 Feb. 701247 118750 57760 1557795 Mar. 778115 166004 53483 1642476 Apr. 881812 323618 57434 1748345 May 902913 377465 58813 1770566 June 809829 371106 58450 1679805 July p 796499 429538 63505 1668317 Two weeks ending(6) 2009-June 17 846836 388596 55034 1718533 July 1 749424 345327 61684 1617895 15 803111 415283 59246 1677184 29 797078 449861 68223 1666711 Aug. 12p 769703 429169 61203 1642696 ---------------------------------------------------------------------------------------------------------- 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