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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                                                   January 12, 2012
 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)
  2010-Dec.                   1077351             1031863               70213             1007138             2008050               45488
                                                                                                                                         
  2011-Jan.                   1106539             1074293               69465             1037074             2041484               32246
       Feb.                   1262706             1240773               71410             1191296             2206251               21933
       Mar.                   1436134             1416253               73456             1362678             2389800               19882
                                                                                                                                         
       Apr.                   1526475             1508632               74354             1452121             2490858               17842
       May                    1587572             1572427               74871             1512702             2561972               15146
       June                   1666349             1653106               77541             1588808             2647108               13243
                                                                                                                                         
       July                   1696479             1684084               78292             1618187             2681832               12395
       Aug.                   1666963             1655129               83446             1583517             2658712               11834
       Sep.                   1642728             1631153               91698             1551031             2639176               11575
                                                                                                                                         
       Oct.                   1638621             1627411               93301             1545320             2637961               11210
       Nov.                   1591979             1581638               94061             1497918             2597329               10341
       Dec. p                 1597185             1587659               94864             1502321             2608480                9526

 Two weeks ending(7)                                                                                                                           
  2011-Nov. 16                1626487             1615917               94030             1532456             2629879               10570
            30                1554577             1544559               93761             1460816             2562549               10019
                                                                                                                                         
       Dec. 14                1623093             1613253               94515             1528579             2633555                9841
            28                1566875             1557547               95413             1471462             2578198                9328
                                                                                                                                         
  2012-Jan. 11p               1617729             1608745               93938             1523791             2632785                8985
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
 -------------------------------------------------------------------------------------------------------------------------------
                                                              Borrowings from the Federal Reserve(1)                                     
                           -----------------------------------------------------------------------------------------------------
      Date                                                                            Credit            Term                             
                                                                                    extended to     Asset-Backed       Other     
                            Total        Primary        Secondary     Seasonal       American        Securities        credit   
                                                                                   International        Loan         extensions 
                                                                                   Group, Inc.,      Facility(3)             
                                                                                      net(2)                      
 -------------------------------------------------------------------------------------------------------------------------------
 Month(4)                                                                                                                                
  2010-Dec.                   45488            41              3             26          20394          25025                 0      
                                                                                                                                     
  2011-Jan.                   32246            51              0             10           8368          23818                 0      
       Feb.                   21933            28              0              3                         21902                 0      
       Mar.                   19882            11              0              6                         19864                 0      
                                                                                                                                     
       Apr.                   17842            14              0              8                         17820                 0      
       May                    15146            10              1             20                         15115                 0      
       June                   13243            24              0             42                         13178                 0      
                                                                                                                                     
       July                   12395             7              0             73                         12315                 0      
       Aug.                   11834             5              0             92                         11737                 0      
       Sep.                   11575            19              0             81                         11474                 0      
                                                                                                                                     
       Oct.                   11210            19              0             50                         11140                 0      
       Nov.                   10341            20              0             20                         10301                 0      
       Dec. p                  9526           103              0             23                          9400                 0      
                                                                                                                                     
 Two weeks ending(5)                                                                                                                 
  2011-Nov. 16                10570             7              0             22                         10541                 0      
            30                10019            34              0             16                          9970                 0      
                                                                                                                                     
       Dec. 14                 9841           203              0             22                          9615                 0      
            28                 9328            13              1             26                          9289                 0      
                                                                                                                                     
  2012-Jan. 11p                8985            56              0             14                          8916                 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)                                                                                
  2010-Dec.             1078000      1032511         70862      2016284      1035080        56127        42920         13207
                                                                                                                            
  2011-Jan.             1110353      1078106         73279      2047854      1066218        56093        44135         11959
       Feb.             1263700      1241767         72404      2210870      1219258        56618        44442         12176
       Mar.             1434880      1414998         72202      2394705      1391362        55365        43518         11847
                                                                                                                            
       Apr.             1527982      1510140         75861      2496500      1484154        55378        43828         11550
       May              1589826      1574680         77124      2566394      1546515        54784        43311         11473
       June             1665942      1652699         77134      2647993      1622467        55293        43475         11818
                                                                                                                            
       July             1696691      1684296         78504      2683808      1652348        56052        44343         11708
       Aug.             1666710      1654875         83193      2656923      1621212        56783        45497         11286
       Sep.             1643602      1632027         92571      2637046      1597078        56920        46524         10396
                                                                                                                            
       Oct.             1639034      1627824         93714      2637439      1592558        57557        46476         11081
       Nov.             1592523      1582182         94605      2602104      1546227        57413        46296         11117
       Dec. p           1598833      1589307         96513      2618043      1550154        60587        48679         11908

 Two weeks ending(10)                                                                                                                    
  2011-Nov. 16          1621392      1610822         88935      2630601      1576215        57925        45177         12748         3690
            30          1560168      1550149         99351      2571821      1512803        57080        47365          9715         3171
                                                                                                                                         
       Dec. 14          1620885      1611044         92306      2637683      1574136        59933        46749         13183         3632
            28          1572818      1563490        101356      2593421      1522187        61019        50631         10388         3311
                                                                                                                                         
  2012-Jan. 11p         1617336      1608352         93545      2641295      1568758        61625        48579         13046         3681
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2010-Dec.                        1077624              1032136                70486              2013663
                                                                                                         
  2011-Jan.                        1110273              1078027                73199              2045422
       Feb.                        1263570              1241637                72274              2208453
       Mar.                        1434653              1414771                71975              2392149
                                                                                                         
       Apr.                        1527598              1509756                75477              2493691
       May                         1589294              1574148                76592              2563469
       June                        1665317              1652074                76509              2645019
                                                                                                         
       July                        1695931              1683536                77744              2680753
       Aug.                        1665787              1653953                82270              2653790
       Sep.                        1642554              1630979                91523              2633809
                                                                                                         
       Oct.                        1637832              1626621                92512              2634076
       Nov.                        1591130              1580790                93212              2598617
       Dec. p                      1597435              1587909                95114              2614562

 Two weeks ending(6)                                                       
  2011-Nov. 16                     1620090              1609520                87633              2627182
            30                     1558681              1548663                97865              2568270
                                                                                                         
       Dec. 14                     1619448              1609607                90869              2634181
            28                     1571216              1561888                99755              2589806
                                                                                                         
  2012-Jan. 11p                    1617060              1608076                93269              2638535
 ----------------------------------------------------------------------------------------------------------
 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`

Statistical releases

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