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; January 27, 2011
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For release at 4:30 p.m. Eastern Time; January 27, 2011

The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," reflects the closing of the American International Group, Inc. (AIG), recapitalization plan, which occurred on January 14, 2011. The recapitalization plan was designed to restructure and facilitate repayment of the financial support provided to AIG by the U.S. Department of the Treasury and the Federal Reserve. Upon closing of the recapitalization plan, the credit extended to AIG by the Federal Reserve Bank of New York under the revolving credit facility (AIG loan), including accrued interest and fees, was repaid in full. The AIG loan is reported in the "Credit extended to American International Group, Inc., net" category of total and other borrowings from the Federal Reserve, which is shown in table 1a of the H.3 statistical release.

The average value of "Credit extended to American International Group, Inc., net" for the two-week period ending January 26, 2011, reflects the closing of the AIG recapitalization plan. The average value for the two-week period ending January 26, 2011, is greater than zero because the AIG loan was repaid in full on January 14, the second day of this two-week period. Table 1a will continue to show historical values for "Credit extended to American International Group, Inc., net" to provide a complete disaggregation of total and other borrowings from the Federal Reserve for past periods.



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 
  Dec 2009     1138986    969059    63785    1075201    2017207    169927 
             
  Jan 2010     1108984    966842    63183    1045801    1987415    142142 
  Feb 2010     1224796    1113569    62943    1161852    2109363    111227 
  Mar 2010     1185967    1094323    65596    1120371    2074803    91644 
             
  Apr 2010     1116371    1036147    66145    1050227    2009880    80225 
  May 2010     1109378    1033753    64592    1044787    2007137    75626 
  Jun 2010     1099260    1029363    64331    1034929    1999809    69897 
             
  Jul 2010     1087205    1021358    65555    1021649    1991566    65847 
  Aug 2010     1085632    1025548    66065    1019567    1994969    60083 
  Sep 2010     1048373    995853    67529    980844    1963262    52521 
             
  Oct 2010     1040230    991658    66689    973541    1962121    48573 
  Nov 2010     1038712    992023    66693    972019    1967310    46689 
  Dec 2010     1077808    1032320    70637    1007172    2008527    45488 
Two weeks ending7  
  Dec 1, 2010     1045326    998764    66492    978833    1975252    46562 
  Dec 15, 2010     1097067    1051378    72223    1024844    2028739    45689 
  Dec 29, 2010     1060978    1015636    69778    991199    1990664    45342 
             
  Jan 12, 2011     1077051    1032476    67612    1009440    2008716    44575 
  Jan 26, 2011 p     1111707    1086606    70655    1041051    2046368    25101 
             

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 Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Dec 2009     169927    82014    19025    518    37    22023    46310    0 
                 
  Jan 2010     142142    54209    16407    965    5    23213    47342    0 
  Feb 2010     111227    23677    14258    873    1    25544    46874    0 
  Mar 2010     91644    7286    11136    658    7    25252    47306    0 
                 
  Apr 2010     80225    796    6468    583    22    25739    46617    0 
  May 2010     75626    0    4198    423    42    26397    44565    0 
  Jun 2010     69897    0    288    212    59    25937    43401    0 
                 
  Jul 2010     65847    0    39    1    75    24185    41548    0 
  Aug 2010     60083    0    22    0    85    22064    37913    0 
  Sep 2010     52521    0    32    0    77    19791    32620    0 
                 
  Oct 2010     48573    0    37    0    46    19478    29012    0 
  Nov 2010     46689    0    89    0    23    19912    26665    0 
  Dec 2010     45488    0    41    3    26    20394    25025    0 
Two weeks ending5
  Dec 1, 2010     46562    0    175    0    25    20456    25906    0 
  Dec 15, 2010     45689    0    30    0    28    20399    25234    0 
  Dec 29, 2010     45342    0    40    8    26    20452    24817    0 
                 
  Jan 12, 2011     44575    0    62    0    13    19922    24580    0 
  Jan 26, 2011 p     25101    0    43    1    10    1452    23595    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. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. Before the closing of the AIG recapitalization plan, this borrowing category included outstanding principal and capitalized interest under the revolving credit facility net of unamortized deferred commitment fees and allowance for loan restructuring, and it excluded 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.

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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
  Dec 2009     1140447    970520    65247    2026212    1099831    55196    40616    14580   
                     
  Jan 2010     1112375    970232    66574    1994817    1070701    55824    41674    14151   
  Feb 2010     1225479    1114252    63627    2114507    1183755    56671    41725    14946   
  Mar 2010     1184489    1092845    64118    2079752    1143627    55661    40862    14799   
                     
  Apr 2010     1117445    1037220    67218    2014622    1076456    53813    40989    12825   
  May 2010     1111330    1035705    66543    2011260    1070761    52845    40569    12276   
  Jun 2010     1099202    1029304    64273    2001536    1058765    53121    40436    12685   
                     
  Jul 2010     1087737    1021890    66088    1994088    1046927    53973    40810    13164   
  Aug 2010     1085042    1024959    65476    1993682    1044113    53973    40929    13044   
  Sep 2010     1047839    995318    66995    1960405    1006734    53073    41105    11969   
                     
  Oct 2010     1039619    991046    66077    1961343    998516    53634    41103    12531   
  Nov 2010     1038555    991866    66536    1970687    997748    53368    40806    12562   
  Dec 2010     1077903    1032414    70731    2016264    1035083    56105    42819    13286   
Two weeks ending10
  Dec 1, 2010     1049306    1002745    70473    1982392    1007485    52835    41821    11014    2059 
  Dec 15, 2010     1093061    1047372    68217    2030851    1052226    55687    40835    14852    2309 
  Dec 29, 2010     1065041    1019700    73842    2003985    1020079    56667    44963    11704    2288 
                     
  Jan 12, 2011     1076128    1031553    66688    2017045    1033921    56734    42207    14527    2515 
  Jan 26, 2011 p     1119326    1094225    78274    2052498    1074635    55156    44691    10465    2235 
                     

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 base4
Total2 Nonborrowed Required3
Month5
  Dec 2009     1139051    969124    63850    2022128 
         
  Jan 2010     1112252    970110    66451    1991830 
  Feb 2010     1225439    1114212    63587    2111732 
  Mar 2010     1184415    1092771    64044    2076992 
         
  Apr 2010     1117327    1037103    67101    2011840 
  May 2010     1111181    1035556    66395    2008502 
  Jun 2010     1099027    1029130    64098    1998898 
         
  Jul 2010     1087519    1021672    65869    1991468 
  Aug 2010     1084789    1024706    65222    1991053 
  Sep 2010     1047552    995031    66708    1957784 
         
  Oct 2010     1039314    990741    65773    1958737 
  Nov 2010     1038215    991526    66197    1968093 
  Dec 2010     1077551    1032062    70379    2013672 
Two weeks ending6
  Dec 15, 2010     1092712    1047023    67868    2028264 
  Dec 29, 2010     1064643    1019302    73444    2001367 
         
  Jan 12, 2011     1076072    1031497    66632    2014611 
  Jan 26, 2011 p     1119284    1094183    78232    2050100 
         

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


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