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 January 13, 2011 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) 2009-Dec. 1139002 969075 63668 1075335 2018027 169927 2010-Jan. 1108995 966852 63060 1045935 1986885 142142 Feb. 1224790 1113563 62792 1161998 2109173 111227 Mar. 1185964 1094320 65447 1120517 2074878 91644 Apr. 1116368 1036143 66029 1050339 2009933 80225 May 1109412 1033787 64505 1044908 2007201 75626 June 1099258 1029361 64227 1035031 1998986 69897 July 1087162 1021315 65449 1021714 1989991 65847 Aug. 1085607 1025524 66023 1019584 1994243 60083 Sep. 1048360 995839 67504 980855 1963317 52521 Oct. 1040217 991644 66668 973549 1963388 48573 Nov. 1038710 992021 66693 972017 1969468 46689 Dec. p 1077806 1032317 70636 1007170 2009434 45488 Two weeks ending(7) 2010-Nov. 17 1033010 986376 66763 966247 1963546 46634 Dec. 1 1045323 998761 66494 978828 1977356 46562 15 1097065 1051376 72221 1024844 2030201 45689 29 1060974 1015632 69778 991195 1991109 45342 2011-Jan. 12p 1077056 1032481 67615 1009441 2008372 44575 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 Credit Term borrowings Term extended to Asset-Backed Other from the auction Primary Secondary Seasonal American Securities credit Federal credit International Loan extensions Reserve Group, Inc., Facility(3) net(2) ------------------------------------------------------------------------------------------------------------------------------------------------ Month(4) 2009-Dec. 169927 82014 19025 518 37 22023 46310 0 2010-Jan. 142142 54209 16407 965 5 23213 47342 0 Feb. 111227 23677 14258 873 1 25544 46874 0 Mar. 91644 7286 11136 658 7 25252 47306 0 Apr. 80225 796 6468 583 22 25739 46617 0 May 75626 0 4198 423 42 26397 44565 0 June 69897 0 288 212 59 25937 43401 0 July 65847 0 39 1 75 24185 41548 0 Aug. 60083 0 22 0 85 22064 37913 0 Sep. 52521 0 32 0 77 19791 32620 0 Oct. 48573 0 37 0 46 19478 29012 0 Nov. 46689 0 89 0 23 19912 26665 0 Dec. p 45488 0 41 3 26 20394 25025 0 Two weeks ending(5) 2010-Nov. 17 46634 0 19 1 20 19553 27043 0 Dec. 1 46562 0 175 0 25 20456 25906 0 15 45689 0 30 0 28 20399 25234 0 29 45342 0 40 8 26 20452 24817 0 2011-Jan. 12p 44575 0 62 0 13 19922 24580 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 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. 3. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 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) 2009-Dec. 1140463 970536 65129 2026233 1099855 55198 40609 14589 2010-Jan. 1112379 970236 66444 1994859 1070726 55828 41653 14174 Feb. 1225472 1114245 63474 2114536 1183771 56656 41701 14955 Mar. 1184489 1092845 63972 2079784 1143656 55644 40833 14811 Apr. 1117439 1037214 67100 2014653 1076482 53782 40957 12825 May 1111363 1035737 66455 2011298 1070841 52726 40522 12204 June 1099199 1029302 64169 2001543 1058787 53044 40412 12632 July 1087696 1021849 65982 1994095 1046940 53943 40756 13187 Aug. 1085018 1024935 65434 1993692 1044124 53969 40894 13075 Sep. 1047826 995305 66970 1960412 1006741 53071 41084 11987 Oct. 1039606 991033 66057 1961343 998516 53641 41090 12551 Nov. 1038553 991864 66536 1970685 997747 53386 40806 12580 Dec. p 1077900 1032412 70730 2016205 1035081 56122 42819 13304 Two weeks ending(10) 2010-Nov. 17 1028462 981828 62215 1961661 988714 54123 39749 14374 2309 Dec. 1 1049303 1002742 70475 1982389 1007481 52851 41822 11029 2059 15 1093059 1047370 68214 2030852 1052226 55704 40833 14870 2309 29 1065037 1019696 73842 2003985 1020075 56685 44963 11722 2288 2011-Jan. 12p 1076132 1031557 66691 2016135 1033921 56754 42211 14543 2515 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2009-Dec. 1139068 969141 63733 2022150 2010-Jan. 1112257 970114 66322 1991872 Feb. 1225432 1114205 63434 2111762 Mar. 1184415 1092771 63898 2077025 Apr. 1117322 1037097 66983 2011871 May 1111214 1035589 66307 2008539 June 1099025 1029127 63994 1998905 July 1087478 1021631 65764 1991476 Aug. 1084765 1024682 65181 1991063 Sep. 1047539 995018 66683 1957791 Oct. 1039301 990728 65752 1958738 Nov. 1038214 991525 66197 1968092 Dec. p 1077548 1032060 70378 2013612 Two weeks ending(6) 2010-Nov. 17 1028144 981510 61896 1959085 Dec. 1 1048940 1002379 70112 1979785 15 1092711 1047022 67866 2028264 29 1064639 1019298 73444 2001363 2011-Jan. 12p 1076076 1031501 66635 2013701 ---------------------------------------------------------------------------------------------------------- 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). 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