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; September 8, 2011
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For release at 4:30 p.m. Eastern Time; September 8, 2011

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 
  Aug 2010     1085642    1025559    66083    1019559    1994980    60083 
  Sep 2010     1048394    995873    67562    980831    1963269    52521 
             
  Oct 2010     1040286    991713    66764    973521    1962117    48573 
  Nov 2010     1038795    992106    66800    971995    1967316    46689 
  Dec 2010     1077904    1032415    70766    1007138    2008548    45488 
             
  Jan 2011     1106601    1074355    69527    1037074    2041569    32246 
  Feb 2011     1262850    1240917    71555    1191296    2206432    21933 
  Mar 2011     1436408    1416526    73730    1362678    2390202    19882 
             
  Apr 2011     1526618    1508775    74497    1452121    2491143    17842 
  May 2011     1587504    1572358    74802    1512702    2562122    15146 
  Jun 2011     1666385    1653142    77577    1588808    2647236    13243 
             
  Jul 2011     1696198    1683802    78010    1618188    2681492    12395 
  Aug 2011 p     1667368    1655534    83844    1583525    2658708    11834 
Two weeks ending7  
  Jul 13, 2011     1711403    1698772    77022    1634381    2694809    12631 
  Jul 27, 2011     1685762    1673455    77984    1607777    2671729    12307 
             
  Aug 10, 2011     1683305    1671365    81312    1601994    2672382    11941 
  Aug 24, 2011     1659446    1647614    81646    1577800    2651680    11833 
             
  Sep 7, 2011 p     1660445    1648760    91857    1568589    2653229    11685 

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 Borrowings from the Federal Reserve1
Total Primary Secondary Seasonal Credit extended to American International Group, Inc., net 2 Term Asset-Backed Securities Loan Facility 3 Other credit extensions
Month4
  Aug 2010     60083    22    0    85    22064    37913    0 
  Sep 2010     52521    32    0    77    19791    32620    0 
               
  Oct 2010     48573    37    0    46    19478    29012    0 
  Nov 2010     46689    89    0    23    19912    26665    0 
  Dec 2010     45488    41    3    26    20394    25025    0 
               
  Jan 2011     32246    51    0    10    8368    23818    0 
  Feb 2011     21933    28    0    3      21902    0 
  Mar 2011     19882    11    0    6      19864    0 
               
  Apr 2011     17842    14    0    8      17820    0 
  May 2011     15146    10    1    20      15115    0 
  Jun 2011     13243    24    0    42      13178    0 
               
  Jul 2011     12395    7    0    73      12315    0 
  Aug 2011 p     11834    5    0    92      11737    0 
Two weeks ending5
  Jul 13, 2011     12631    10    0    60      12562    0 
  Jul 27, 2011     12307    4    0    82      12221    0 
               
  Aug 10, 2011     11941    8    0    86      11846    0 
  Aug 24, 2011     11833    4    0    99      11731    0 
               
  Sep 7, 2011 p     11685    5    0    87      11594    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
  Aug 2010     1085053    1024969    65494    1993693    1044121    53972    40931    13041   
  Sep 2010     1047860    995339    67028    1960414    1006743    53072    41117    11955   
                     
  Oct 2010     1039673    991100    66151    1961337    998509    53648    41164    12485   
  Nov 2010     1038637    991948    66643    1970691    997744    53389    40893    12496   
  Dec 2010     1078000    1032511    70862    2016284    1035080    56127    42920    13207   
                     
  Jan 2011     1110353    1078106    73279    2047854    1066218    56093    44135    11959   
  Feb 2011     1263700    1241767    72404    2210870    1219258    56618    44442    12176   
  Mar 2011     1434880    1414998    72202    2394705    1391362    55365    43518    11847   
                     
  Apr 2011     1527982    1510140    75861    2496500    1484154    55378    43828    11550   
  May 2011     1589826    1574680    77124    2566404    1546515    54783    43311    11472   
  Jun 2011     1665942    1652699    77134    2648004    1622467    55292    43475    11817   
                     
  Jul 2011     1696691    1684296    78504    2683837    1652348    56051    44344    11708   
  Aug 2011 p     1666708    1654874    83183    2656709    1621212    56784    45496    11288   
Two weeks ending10
  Jul 13, 2011     1708551    1695920    74170    2697444    1664990    56721    43561    13160    2892 
  Jul 27, 2011     1689740    1677434    81963    2674758    1644940    55060    44800    10260    2301 
                     
  Aug 10, 2011     1682479    1670539    80485    2671393    1637189    57348    45291    12057    2910 
  Aug 24, 2011     1658668    1646835    80867    2648858    1613528    56407    45140    11267    2586 
                     
  Sep 7, 2011 p     1660257    1648572    91669    2651435    1613757    56732    46501    10231    2844 

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
  Aug 2010     1084799    1024716    65240    1991063 
  Sep 2010     1047572    995052    66741    1957793 
         
  Oct 2010     1039368    990795    65846    1958731 
  Nov 2010     1038297    991608    66303    1968097 
  Dec 2010     1077646    1032158    70509    2013692 
         
  Jan 2011     1110307    1078061    73233    2045447 
  Feb 2011     1263662    1241729    72366    2208513 
  Mar 2011     1434813    1414931    72135    2392253 
         
  Apr 2011     1527871    1510029    75750    2493885 
  May 2011     1589674    1574528    76972    2563756 
  Jun 2011     1665762    1652519    76954    2645347 
         
  Jul 2011     1696473    1684078    78285    2681167 
  Aug 2011 p     1666444    1654610    82919    2654049 
Two weeks ending6
  Jul 27, 2011     1689508    1677201    81730    2672073 
         
  Aug 10, 2011     1682230    1670290    80236    2668736 
  Aug 24, 2011     1658406    1646573    80606    2646199 
         
  Sep 7, 2011 p     1659968    1648283    91380    2648770 

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.

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