---

`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 3, 2011
 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)
  2009-Dec.                   1138986              969059               63785             1075201             2017207              169927
                                                                                                                                         
  2010-Jan.                   1108984              966842               63183             1045801             1987415              142142
       Feb.                   1224796             1113569               62943             1161852             2109363              111227
       Mar.                   1185967             1094323               65596             1120371             2074803               91644
                                                                                                                                         
       Apr.                   1116371             1036147               66145             1050227             2009880               80225
       May                    1109378             1033753               64592             1044787             2007137               75626
       June                   1099260             1029363               64331             1034929             1999809               69897
                                                                                                                                         
       July                   1087205             1021358               65555             1021649             1991566               65847
       Aug.                   1085632             1025548               66065             1019567             1994969               60083
       Sep.                   1048373              995853               67529              980844             1963262               52521
                                                                                                                                         
       Oct.                   1040230              991658               66689              973541             1962121               48573
       Nov.                   1038712              992023               66693              972019             1967310               46689
       Dec.                   1077808             1032320               70636             1007172             2008527               45488

 Two weeks ending(7)                                                                                                                           
  2010-Dec.  1                1045326              998764               66492              978833             1975252               46562
            15                1097067             1051378               72223             1024844             2028739               45689
            29                1060977             1015635               69776              991200             1990664               45342
                                                                                                                                         
  2011-Jan. 12                1077053             1032478               67612             1009442             2008718               44575
            26p               1111708             1086608               70658             1041051             2047534               25101
                                                                                                                                         
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
 ------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Other borrowings from the Federal Reserve(1)                                       
                                                   ----------------------------------------------------------------------------------------------
      Date                   Total                                                                    Credit            Term                             
                           borrowings     Term                                                      extended to     Asset-Backed       Other     
                            from the     auction        Primary       Secondary      Seasonal        American        Securities        credit   
                            Federal      credit                                                    International        Loan         extensions 
                            Reserve                                                                Group, Inc.,      Facility(3)             
                                                                                                      net(2)                 	  
 ------------------------------------------------------------------------------------------------------------------------------------------------
 Month(4)                                                                                                                                            
  2009-Dec.                  169927         82014          19025            518             37          22023             46310               0
                                                                                                                                               
  2010-Jan.                  142142         54209          16407            965              5          23213             47342               0
       Feb.                  111227         23677          14258            873              1          25544             46874               0
       Mar.                   91644          7286          11136            658              7          25252             47306               0
                                                                                                                                               
       Apr.                   80225           796           6468            583             22          25739             46617               0
       May                    75626             0           4198            423             42          26397             44565               0
       June                   69897             0            288            212             59          25937             43401               0
                                                                                                                                               
       July                   65847             0             39              1             75          24185             41548               0
       Aug.                   60083             0             22              0             85          22064             37913               0
       Sep.                   52521             0             32              0             77          19791             32620               0
                                                                                                                                               
       Oct.                   48573             0             37              0             46          19478             29012               0
       Nov.                   46689             0             89              0             23          19912             26665               0
       Dec.                   45488             0             41              3             26          20394             25025               0
                                                                                                                                             
 Two weeks ending(5)                                                                                                                         
  2010-Dec.  1                46562             0            175              0             25          20456             25906               0
            15                45689             0             30              0             28          20399             25234               0
            29                45342             0             40              8             26          20452             24817               0
                                                                                                                                               
  2011-Jan. 12                44575             0             62              0             13          19922             24580               0
            26p               25101             0             43              1             10           1452             23595               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)                                                                                
  2009-Dec.             1140447       970520         65247      2026212      1099831        55196        40616         14580
                                                                                                                            
  2010-Jan.             1112375       970232         66574      1994817      1070701        55824        41674         14151
       Feb.             1225479      1114252         63627      2114507      1183755        56671        41725         14946
       Mar.             1184489      1092845         64118      2079752      1143627        55661        40862         14799
                                                                                                                            
       Apr.             1117445      1037220         67218      2014622      1076456        53813        40989         12825
       May              1111330      1035705         66543      2011260      1070761        52845        40569         12276
       June             1099202      1029304         64273      2001536      1058765        53121        40436         12685
                                                                                                                            
       July             1087737      1021890         66088      1994088      1046927        53973        40810         13164
       Aug.             1085042      1024959         65476      1993682      1044113        53973        40929         13044
       Sep.             1047839       995318         66995      1960405      1006734        53073        41105         11969
                                                                                                                            
       Oct.             1039619       991046         66077      1961343       998516        53634        41103         12531
       Nov.             1038555       991866         66536      1970687       997748        53368        40806         12562
       Dec.             1077902      1032414         70730      2016264      1035083        56105        42819         13286

 Two weeks ending(10)                                                                                                                    
  2010-Dec.  1          1049306      1002745         70473      1982392      1007485        52835        41821         11014         2059
            15          1093061      1047372         68217      2030851      1052226        55687        40835         14852         2309
            29          1065040      1019699         73840      2003985      1020079        56667        44962         11705         2288
                                                                                                                                         
  2011-Jan. 12          1076130      1031555         66688      2017045      1033923        56734        42207         14527         2515
            26p         1119328      1094227         78277      2053705      1074635        54903        44693         10210         2235
                                                                                                                                         
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2009-Dec.                        1139051               969124                63850              2022128
                                                                                                         
  2010-Jan.                        1112252               970110                66451              1991830
       Feb.                        1225439              1114212                63587              2111732
       Mar.                        1184415              1092771                64044              2076992
                                                                                                         
       Apr.                        1117327              1037103                67101              2011840
       May                         1111181              1035556                66395              2008502
       June                        1099027              1029130                64098              1998898
                                                                                                         
       July                        1087519              1021672                65869              1991468
       Aug.                        1084789              1024706                65222              1991053
       Sep.                        1047552               995031                66708              1957784
                                                                                                         
       Oct.                        1039314               990741                65773              1958737
       Nov.                        1038215               991526                66197              1968093
       Dec.                        1077550              1032062                70378              2013672

 Two weeks ending(6)                                                       
  2010-Dec.  1                     1048943              1002382                70110              1979788
            15                     1092712              1047023                67868              2028264
            29                     1064642              1019301                73442              2001367
                                                                                                         
  2011-Jan. 12                     1076074              1031499                66632              2014613
            26p                    1119286              1094185                78235              2051307
                                                                                                         
 ----------------------------------------------------------------------------------------------------------
 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.

 p  preliminary`

Statistical releases

---

Home Economic research and data  Accessibility Contact Us  Last update: February 3, 2011