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 February 3, 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. 1138986 969059 63785 1075201 2017207 169927 2010-Jan. 1108984 966842 63183 1045801 1987415 142142 Feb. 1224796 1113569 62943 1161852 2109363 111227 Mar. 1185967 1094323 65596 1120371 2074803 91644 Apr. 1116371 1036147 66145 1050227 2009880 80225 May 1109378 1033753 64592 1044787 2007137 75626 June 1099260 1029363 64331 1034929 1999809 69897 July 1087205 1021358 65555 1021649 1991566 65847 Aug. 1085632 1025548 66065 1019567 1994969 60083 Sep. 1048373 995853 67529 980844 1963262 52521 Oct. 1040230 991658 66689 973541 1962121 48573 Nov. 1038712 992023 66693 972019 1967310 46689 Dec. 1077808 1032320 70636 1007172 2008527 45488 Two weeks ending(7) 2010-Dec. 1 1045326 998764 66492 978833 1975252 46562 15 1097067 1051378 72223 1024844 2028739 45689 29 1060977 1015635 69776 991200 1990664 45342 2011-Jan. 12 1077053 1032478 67612 1009442 2008718 44575 26p 1111708 1086608 70658 1041051 2047534 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. 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. 45488 0 41 3 26 20394 25025 0 Two weeks ending(5) 2010-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. 12 44575 0 62 0 13 19922 24580 0 26p 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. 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. 1140447 970520 65247 2026212 1099831 55196 40616 14580 2010-Jan. 1112375 970232 66574 1994817 1070701 55824 41674 14151 Feb. 1225479 1114252 63627 2114507 1183755 56671 41725 14946 Mar. 1184489 1092845 64118 2079752 1143627 55661 40862 14799 Apr. 1117445 1037220 67218 2014622 1076456 53813 40989 12825 May 1111330 1035705 66543 2011260 1070761 52845 40569 12276 June 1099202 1029304 64273 2001536 1058765 53121 40436 12685 July 1087737 1021890 66088 1994088 1046927 53973 40810 13164 Aug. 1085042 1024959 65476 1993682 1044113 53973 40929 13044 Sep. 1047839 995318 66995 1960405 1006734 53073 41105 11969 Oct. 1039619 991046 66077 1961343 998516 53634 41103 12531 Nov. 1038555 991866 66536 1970687 997748 53368 40806 12562 Dec. 1077902 1032414 70730 2016264 1035083 56105 42819 13286 Two weeks ending(10) 2010-Dec. 1 1049306 1002745 70473 1982392 1007485 52835 41821 11014 2059 15 1093061 1047372 68217 2030851 1052226 55687 40835 14852 2309 29 1065040 1019699 73840 2003985 1020079 56667 44962 11705 2288 2011-Jan. 12 1076130 1031555 66688 2017045 1033923 56734 42207 14527 2515 26p 1119328 1094227 78277 2053705 1074635 54903 44693 10210 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. 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. 1139051 969124 63850 2022128 2010-Jan. 1112252 970110 66451 1991830 Feb. 1225439 1114212 63587 2111732 Mar. 1184415 1092771 64044 2076992 Apr. 1117327 1037103 67101 2011840 May 1111181 1035556 66395 2008502 June 1099027 1029130 64098 1998898 July 1087519 1021672 65869 1991468 Aug. 1084789 1024706 65222 1991053 Sep. 1047552 995031 66708 1957784 Oct. 1039314 990741 65773 1958737 Nov. 1038215 991526 66197 1968093 Dec. 1077550 1032062 70378 2013672 Two weeks ending(6) 2010-Dec. 1 1048943 1002382 70110 1979788 15 1092712 1047023 67868 2028264 29 1064642 1019301 73442 2001367 2011-Jan. 12 1076074 1031499 66632 2014613 26p 1119286 1094185 78235 2051307 ---------------------------------------------------------------------------------------------------------- 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