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Release Date: July 9, 2009
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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 July 9, 2009
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions
---------------------------------------------------------------------------------
Total borrowings
Date Total Nonborrowed Required Excess, Monetary from the
(2) (3) NSA base Federal Reserve,
(4) (5) NSA
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Month(6)
2008-June 44366 -126913 42098 2267 832449 171278
July 44293 -121370 42376 1917 838367 165664
Aug. 45458 -122620 43486 1972 842981 168078
Sep. 102767 -187338 42713 60054 905164 290105
Oct. 315498 -332821 47594 267904 1130295 648319
Nov. 609939 -88846 50901 559039 1433496 698786
Dec. 821034 167468 53635 767398 1651270 653565
2009-Jan. 858406 294909 60172 798233 1703114 563496
Feb. 700972 118475 57485 643486 1557491 582497
Mar. 779951 167840 55319 724632 1643140 612111
Apr. 881553 323359 57176 824378 1749791 558194
May 901292 375844 57192 844101 1770195 525448
June p 809015 370292 57634 751381 1680624 438722
Two weeks ending(7)
2009-May 6 837703 329792 60252 777450 1705897 507911
20 932608 377829 55540 877068 1801654 554779
June 3 896121 398438 57625 838497 1765227 497684
17 848615 390375 56808 791807 1720109 458240
July 1p 746266 342169 58525 687741 1618577 404097
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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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H.3 (502)
Table 1a
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not seasonally adjusted
Millions of dollars
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Other borrowings from the Federal Reserve(1)
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Date Total Primary dealer Asset-Backed Credit
borrowings Term and other Commercial Paper extended to Term Other
from the auction Primary Secondary Seasonal broker-dealer Money Market American Asset-Backed credit
Federal credit credit Mutual Fund International Securities extensions
Reserve (2) Liquidity Group, Inc. Loan
Facility (3) Facility
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Month(4)
2008-June 171278 150000 14225 70 75 6908 0
July 165664 150000 15204 107 98 255 0
Aug. 168078 150000 17980 1 97 0 0
Sep. 290105 149814 32632 35 87 53473 31877 22187 0
Oct. 648319 244778 94017 38 28 114953 117457 77047 0
Nov. 698786 393088 95839 117 8 60655 71009 78070 0
Dec. 653565 438327 88245 52 3 47631 32102 47206 0
2009-Jan. 563496 403523 70436 39 1 33061 17745 38690 0
Feb. 582497 438822 65463 11 3 26250 13533 38414 0
Mar. 612111 477049 62513 9 3 20292 7857 43328 1061 0
Apr. 558194 444933 47324 45 2 10918 4267 45057 5649 0
May 525448 403970 40124 14 10 701 23347 44915 12367 0
June p 438722 316868 37302 21 32 0 18891 43057 22552 0
Two weeks ending(5)
2009-May 6 507911 403573 42865 23 3 3061 7016 44993 6379 0
20 554779 428835 39014 10 10 241 28451 45705 12513 0
June 3 497684 372541 40042 15 14 0 25758 43868 15447 0
17 458240 336566 36528 1 18 0 20284 43201 21643 0
July 1p 404097 282808 37503 44 51 0 15807 42715 25170 0
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1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding
Facility 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 either the sole or 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 through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Excludes credit extended to consolidated LLCs as described in footnote 1 above.
4. Prorated averages of biweekly averages.
5. Averages of daily figures.
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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
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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)
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Month(9)
2008-June 44936 -126342 42669 839103 9275 49307 35661 13646
July 45083 -120581 43166 846747 9616 49204 35467 13737
Aug. 45000 -123078 43028 847472 9663 50146 35337 14809
Sep. 102552 -187553 42498 908020 67171 50453 35381 15072
Oct. 314892 -333428 46988 1132509 278021 51747 36870 14877
Nov. 609510 -89276 50471 1441067 571083 53051 38427 14624
Dec. 821311 167745 53912 1663932 783639 53691 37671 16019
2009-Jan. 860676 297180 62443 1712081 820938 53898 39738 14160
Feb. 701250 118752 57763 1562251 662248 54392 39001 15390
Mar. 778120 166009 53488 1646934 741005 50758 37115 13643
Apr. 881833 323638 57455 1752744 844603 49380 37230 12151
May 902949 377501 58849 1774910 865443 48850 37506 11344
June p 809861 371139 58480 1684032 772074 49798 37788 12011
Two weeks ending(10)
2009-May 6 840240 332329 62790 1709328 802223 48947 38017 10930 1765
20 932992 378213 55924 1805589 896288 49230 36704 12526 2006
June 3 898919 401235 60422 1771637 860671 48314 38248 10065 1714
17 846867 388627 55059 1722762 810993 48765 35874 12890 1945
July 1p 749458 345361 61717 1622106 709716 51255 39742 11512 1779
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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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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)
2008-June 44903 -126375 42636 831994
July 45037 -120627 43120 839507
Aug. 44940 -123138 42968 840331
Sep. 102491 -187614 42437 900639
Oct. 314816 -333503 46912 1125955
Nov. 609420 -89366 50381 1435235
Dec. 821219 167654 53821 1659319
2009-Jan. 860643 297147 62409 1707648
Feb. 701247 118750 57760 1557795
Mar. 778115 166004 53483 1642476
Apr. 881812 323618 57434 1748345
May 902914 377466 58813 1770584
June p 809824 371102 58443 1679799
Two weeks ending(6)
2009-May 6 840206 332295 62755 1704960
20 932957 378178 55889 1801221
June 3 898882 401199 60385 1767386
17 846830 388590 55023 1718519
July 1p 749419 345322 61678 1617888
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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). For paid electronic access to current and historical data, call STAT-USA at
1-800-782-8872 or 202-482-1986.
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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Data Download Program (DDP) |
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