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: February 21, 2013
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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 21, 2013
 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)
  2012-Jan.                   1614301             1605687               94850             1519451             2638085                8614
       Feb.                   1657931             1649998               97811             1560121             2690186                7933
       Mar.                   1607819             1600490               98226             1509593             2648073                7330
                                                                                                                                         
       Apr.                   1584770             1577905               98593             1486176             2631505                6865
       May                    1556689             1550503               99230             1457460             2609160                6187
       June                   1557175             1551961               99699             1457475             2615667                5214
                                                                                                                                         
       July                   1584049             1579791              101000             1483049             2649394                4258
       Aug.                   1582288             1579017              104538             1477750             2654466                3271
       Sep.                   1515888             1513923              106447             1409441             2597253                1965
                                                                                                                                         
       Oct.                   1525144             1523678              106870             1418274             2615620                1466
       Nov.                   1546809             1545757              111505             1435303             2643300                1051
       Dec.                   1569019             1568223              110269             1458749             2672585                 795
                                                                                                                                         
  2013-Jan.                   1630875             1630310              111416             1519459             2740906                 565

 Two weeks ending(7)                                                                                                                           
  2012-Dec. 26                1561071             1560331              108392             1452679             2666220                 740
                                                                                                                                         
  2013-Jan.  9                1575784             1575194              112305             1463479             2682692                 590
            23                1633291             1632727              111402             1521890             2744169                 565
                                                                                                                                         
       Feb.  6                1688624             1688085              110440             1578184             2800688                 539
            20p               1731060             1730592              115666             1615394             2840448                 468
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
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 H.3 (502)
 Table 1a                                                                                                
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE                                                          
 Not seasonally adjusted
 Millions of dollars
 --------------------------------------------------------------------------------------------------------------
                                                              Borrowings from the Federal Reserve(1)                    
                           ------------------------------------------------------------------------------------
      Date                                                                             Term                    
                                                                                   Asset-Backed      Other     
                            Total        Primary        Secondary     Seasonal      Securities       credit   
                                                                                       Loan        extensions 
                                                                                    Facility(2)                                                                                               
 --------------------------------------------------------------------------------------------------------------
 Month(3)                                                                                                               
  2012-Jan.                    8614            27              0              7           8580              0       
       Feb.                    7933            13              0              1           7920              0       
       Mar.                    7330            12              0              4           7314              0       
                                                                                                                    
       Apr.                    6865            21              0              9           6834              0       
       May                     6187            16              0             27           6143              0       
       June                    5214            19              0             56           5139              0       
                                                                                                                    
       July                    4258            26              0             97           4135              0       
       Aug.                    3271            39              0            138           3094              0       
       Sep.                    1965            62              0            123           1781              0       
                                                                                                                    
       Oct.                    1466            17              0             66           1383              0       
       Nov.                    1051             9              0             37           1006              0       
       Dec.                     795            12              0             23            760              0       
                                                                                                                    
  2013-Jan.                     565            11              0              7            548              0       
                                                                                                                    
 Two weeks ending(4)                                                                                                
  2012-Dec. 26                  740            15              0             27            698              0       
                                                                                                                    
  2013-Jan.  9                  590            18              0             17            556              0       
            23                  565             7              0              3            555              0       
                                                                                                                    
       Feb.  6                  539            12              0              2            526              0       
            20p                 468             8              0              1            460              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.

 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)                                                                                
  2012-Jan.             1619192      1610578         99741      2640756      1568915        61180        50277         10903
       Feb.             1659924      1651991         99803      2694530      1609775        61077        50149         10928
       Mar.             1606345      1599016         96752      2654466      1557859        59126        48486         10640
                                                                                                                            
       Apr.             1586705      1579840        100528      2640107      1537808        59007        48896         10110
       May              1558506      1552319        101046      2616307      1510119        58402        48387         10015
       June             1555380      1550166         97905      2618073      1507596        58076        47784         10292
                                                                                                                            
       July             1583770      1579512        100721      2648865      1535052        58744        48718         10026
       Aug.             1582193      1578923        104443      2650395      1532976        58853        49217          9636
       Sep.             1517507      1515542        108066      2593767      1468681        58472        48826          9646
                                                                                                                            
       Oct.             1525582      1524117        107308      2611517      1476730        59311        48853         10458
       Nov.             1546110      1545059        110807      2641911      1497506        59200        48604         10596
       Dec.             1570385      1569589        111635      2675024      1517425        63895        52960         10935
                                                                                                                            
  2013-Jan.             1636937      1636372        117478      2742320      1582524        64183        54413          9770

 Two weeks ending(10)                                                                                                                    
  2012-Dec. 26          1564766      1564026        112087      2670946      1510351        65049        54415         10635         4184
                                                                                                                                         
  2013-Jan.  9          1577346      1576756        113867      2687609      1523445        64212        53901         10311         4283
            23          1638132      1637568        116242      2741780      1585642        62014        52490          9524         4314
                                                                                                                                         
       Feb.  6          1701887      1701348        123703      2804814      1643531        67947        58356          9591         4356
            20p         1726986      1726518        111592      2839715      1675343        63465        51642         11823         4643
--------------------------------------------------------------------------------------------------------------------------------------------   
 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.

 p  preliminary

    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.
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)
  2012-Jan.                        1618994              1610380                99543              2638410
       Feb.                        1659832              1651898                99711              2692502
       Mar.                        1606183              1598853                96589              2652410
                                                                                                         
       Apr.                        1586434              1579569               100257              2637985
       May                         1558118              1551931               100658              2614113
       June                        1554929              1549715                97454              2615850
                                                                                                         
       July                        1583212              1578954               100163              2647786
       Aug.                        1581510              1578239               103760              2649885
       Sep.                        1516731              1514766               107290              2593190
                                                                                                         
       Oct.                        1524699              1523233               106424              2610851
       Nov.                        1545094              1544043               109790              2641158
       Dec.                        1569433              1568638               110684              2674311
                                                                                                         
  2013-Jan.                        1636788              1636223               117329              2742182

 Two weeks ending(6)                                                       
  2012-Dec. 26                     1563648              1562909               110970              2670119
                                                                                                         
  2013-Jan.  9                     1577128              1576539               113649              2687392
            23                     1637986              1637421               116096              2741646
                                                                                                         
       Feb.  6                     1701809              1701270               123625              2804759
            20p                    1726876              1726408               111482              2839639
 ----------------------------------------------------------------------------------------------------------
 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.

 p  preliminary     


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