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; November 29, 2012
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For release at
4:30 P.M. EST
November 29, 2012

SPECIAL NOTICE

Data on reserves and the monetary base have been revised to reflect the result of annual reviews of seasonal factors and break factors. Revisions to seasonal factors start in January 1999, while revisions to break factors begin in January 2011. Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual indexations of the low-reserve tranche and the reserve requirement exemption.1 The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base in any maintenance period was $956 million; most revisions were less than $500 million.

A more detailed description of the methods for constructing break factors and seasonal factors is available under "Annual review of break and seasonal factors" on the Federal Reserve's website (http://www.federalreserve.gov/releases/h3/annualreview.htm). Historical data, updated each week, are available from the Data Download Program website (http://www.federalreserve.gov/datadownload/default.htm).


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1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. For all reserve maintenance periods ending in 2012, the low-reserve tranche is $71.0 million, rising to $79.5 million for maintenance periods ending in 2013.

Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). For all reserve maintenance periods ending in 2012, the reserve requirement exemption is $11.5 million, rising to $12.4 million for maintenance periods ending in 2013.



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For release at 4:30 p.m. Eastern Time; November 29, 2012

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 
  Oct 2011     1638130    1626919    92993    1545136    2638479    11210 
  Nov 2011     1591703    1581362    93934    1497769    2598612    10341 
  Dec 2011     1597100    1587574    94894    1502206    2610726    9526 
             
  Jan 2012     1614301    1605687    94850    1519451    2637395    8614 
  Feb 2012     1657931    1649998    97811    1560121    2691185    7933 
  Mar 2012     1607819    1600490    98226    1509593    2650084    7330 
             
  Apr 2012     1584770    1577905    98593    1486176    2633126    6865 
  May 2012     1556689    1550503    99230    1457460    2609257    6187 
  Jun 2012     1557175    1551961    99699    1457475    2615482    5214 
             
  Jul 2012     1584049    1579791    101000    1483049    2648426    4258 
  Aug 2012     1582288    1579017    104538    1477750    2653352    3271 
  Sep 2012     1515888    1513923    106447    1409441    2596996    1965 
             
  Oct 2012     1525144    1523679    106870    1418274    2616179    1466 
Two weeks ending7  
  Oct 3, 2012     1479191    1477530    107956    1371236    2564875    1662 
  Oct 17, 2012     1531240    1529714    107531    1423710    2621481    1527 
  Oct 31, 2012     1528896    1527533    105976    1422919    2621870    1363 
             
  Nov 14, 2012     1549977    1548849    111198    1438778    2645038    1128 
  Nov 28, 2012 p     1539549    1538559    111790    1427758    2634846    990 
             

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 Term Asset-Backed Securities Loan Facility 2 Other credit extensions
Month3
  Oct 2011     11210    19    0    50    11140    0 
  Nov 2011     10341    20    0    20    10301    0 
  Dec 2011     9526    103    0    23    9400    0 
             
  Jan 2012     8614    27    0    7    8580    0 
  Feb 2012     7933    13    0    1    7920    0 
  Mar 2012     7330    12    0    4    7314    0 
             
  Apr 2012     6865    21    0    9    6834    0 
  May 2012     6187    16    0    27    6143    0 
  Jun 2012     5214    19    0    56    5139    0 
             
  Jul 2012     4258    26    0    97    4135    0 
  Aug 2012     3271    39    0    138    3094    0 
  Sep 2012     1965    62    0    123    1781    0 
             
  Oct 2012     1466    17    0    66    1383    0 
Two weeks ending4
  Oct 3, 2012     1662    33    0    117    1513    0 
  Oct 17, 2012     1527    15    0    74    1439    0 
  Oct 31, 2012     1363    15    0    48    1300    0 
             
  Nov 14, 2012     1128    11    0    46    1071    0 
  Nov 28, 2012 p     990    8    0    30    953    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 credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

3. Prorated averages of biweekly averages.

4. 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
  Oct 2011     1638918    1627708    93782    2637325    1592447    57229    46471    10757   
  Nov 2011     1592413    1582072    94644    2601982    1546124    57107    46289    10818   
  Dec 2011     1598716    1589189    96510    2617944    1550043    60295    48672    11622   
                     
  Jan 2012     1619192    1610578    99741    2640756    1568915    61180    50277    10903   
  Feb 2012     1659924    1651991    99803    2694530    1609775    61076    50149    10927   
  Mar 2012     1606345    1599016    96752    2654466    1557859    59125    48486    10639   
                     
  Apr 2012     1586705    1579840    100528    2640107    1537808    59006    48896    10109   
  May 2012     1558506    1552319    101046    2616307    1510119    58402    48387    10015   
  Jun 2012     1555380    1550166    97905    2618073    1507596    58076    47784    10292   
                     
  Jul 2012     1583770    1579512    100721    2648865    1535052    58744    48718    10026   
  Aug 2012     1582193    1578923    104443    2650395    1532976    58853    49217    9636   
  Sep 2012     1517507    1515542    108066    2593773    1468681    58472    48826    9646   
                     
  Oct 2012     1525583    1524117    107308    2611529    1476730    59313    48853    10460   
Two weeks ending10
  Oct 3, 2012     1486679    1485017    115443    2564001    1435885    59307    50793    8514    3766 
  Oct 17, 2012     1524503    1522976    100793    2612796    1476330    60413    48173    12240    4271 
  Oct 31, 2012     1535000    1533637    112081    2620448    1485882    58215    49118    9096    3738 
                     
  Nov 14, 2012     1544030    1542902    105251    2639735    1496638    59649    47392    12257    4244 
  Nov 28, 2012 p     1544203    1543213    116445    2639564    1494708    58300    49495    8805    3908 
                     

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. See note on simplification of reserve requirements.

4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. See note on simplification of reserve requirements.

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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Note on Simplification of Reserve Requirements
On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012. All other as-of adjustments are zero beginning with the two weeks ending August 8, 2012.





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
  Oct 2011     1637786    1626576    92650    2633986 
  Nov 2011     1591099    1580758    93330    2598521 
  Dec 2011     1597402    1587876    95196    2614495 
         
  Jan 2012     1618994    1610380    99543    2638410 
  Feb 2012     1659832    1651898    99711    2692502 
  Mar 2012     1606183    1598853    96589    2652410 
         
  Apr 2012     1586434    1579569    100257    2637985 
  May 2012     1558118    1551931    100658    2614113 
  Jun 2012     1554929    1549715    97454    2615850 
         
  Jul 2012     1583212    1578954    100163    2647786 
  Aug 2012     1581510    1578239    103760    2649885 
  Sep 2012     1516731    1514766    107290    2593196 
         
  Oct 2012     1524699    1523233    106425    2610863 
Two weeks ending6
  Oct 17, 2012     1523702    1522175    99992    2612203 
  Oct 31, 2012     1534026    1532663    111106    2619702 
         
  Nov 14, 2012     1543070    1541943    104292    2639016 
  Nov 28, 2012 p     1543137    1542147    115378    2638782 
         

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.

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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