---

`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                                                 September 16, 2010
 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-Aug.                    828420              496970               62644              765776             1703410              331450
       Sep.                    922442              615616               62446              859996             1801039              306827
                                                                                                                                         
       Oct.                   1056301              791243               61703              994598             1936560              265058
       Nov.                   1140570              923263               63427             1077143             2018931              217307
       Dec.                   1138588              968661               63253             1075335             2017668              169927
                                                                                                                                         
  2010-Jan.                   1108875              966733               62941             1045935             1986802              142142
       Feb.                   1224521             1113294               62523             1161998             2109312              111227
       Mar.                   1186315             1094670               65797             1120517             2075411               91644
                                                                                                                                         
       Apr.                   1116840             1036615               66501             1050339             2010526               80225
       May                    1109490             1033864               64582             1044908             2007398               75626
       June                   1099215             1029318               64185             1035031             1999074               69897
                                                                                                                                         
       July                   1087099             1021252               65384             1021715             1990198               65847
       Aug. p                 1085580             1025496               65994             1019586             1994407               60083

 Two weeks ending(7)                                                                                                                           
  2010-July 14                1094376             1027472               63893             1030482             1996973               66904
            28                1079020             1013648               66953             1012067             1981922               65372
                                                                                                                                         
       Aug. 11                1090840             1027709               65023             1025817             1997199               63131
            25                1085833             1025939               65694             1020139             1995425               59894
                                                                                                                                         
       Sep.  8p               1075345             1020407               68475             1006871             1986912               54939
------------------------------------------------------------------------------------------------------------------------------------------------  
 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                                                          Asset-Backed       Credit          Term                           
                          borrowings    Term                                             Commercial Paper   extended to   Asset-Backed     Other     
                           from the    auction      Primary     Secondary    Seasonal      Money Market      American      Securities      credit   
                           Federal     credit                                               Mutual Fund    International      Loan       extensions 
                           Reserve                                                          Liquidity      Group, Inc.,    Facility(3)           
                                                                                             Facility         net(2)               
 -----------------------------------------------------------------------------------------------------------------------------------------------------
 Month(4)                                                                                                                                                 
  2009-Aug.                 331450       224490        32147          600          110           184            40021           33898             0
       Sep.                 306827       196731        29243          554          111            79            39074           41036             0
                                                                                                                                                   
       Oct.                 265058       155396        25163          402           82            28            41222           42765             0
       Nov.                 217307       110049        20434           38           67             0            43222           43497             0
       Dec.                 169927        82014        19025          518           37             0            22023           46310             0
                                                                                                                                                   
  2010-Jan.                 142142        54209        16407          965            5             0            23213           47342             0
       Feb.                 111227        23677        14258          873            1             0            25544           46874             0
       Mar.                  91644         7286        11136          658            7             0            25252           47306             0
                                                                                                                                                   
       Apr.                  80225          796         6468          583           22             0            25739           46617             0
       May                   75626            0         4198          423           42             0            26397           44565             0
       June                  69897            0          288          212           59             0            25937           43401             0
                                                                                                                                                   
       July                  65847            0           39            1           75             0            24185           41548             0
       Aug. p                60083            0           22            0           85             0            22064           37913             0
                                                                                                                                                  
 Two weeks ending(5)                                                                                                                              
  2010-July 14               66904            0           64            1           71             0            24541           42229             0
            28               65372            0           18            1           78             0            23965           41311             0
                                                                                                                                                   
       Aug. 11               63131            0           25            1           81             0            23549           39476             0
            25               59894            0           20            1           88             0            21801           37986             0
                                                                                                                                                   
       Sep.  8p              54939            0           21            0           84             0            19959           34875             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 outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes 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-Aug.              828760       497310         62984      1706224       790778        51951        37982         13969
       Sep.              922607       615781         62611      1800234       884220        52037        38388         13649
                                                                                                                            
       Oct.             1056728       791670         62130      1935901      1017784        52974        38944         14030
       Nov.             1141608       924301         64466      2022323      1102468        52750        39141         13610
       Dec.             1140463       970536         65129      2026233      1099855        55198        40609         14589
                                                                                                                            
  2010-Jan.             1112379       970236         66444      1994859      1070726        55828        41653         14174
       Feb.             1225472      1114245         63474      2114536      1183771        56656        41701         14955
       Mar.             1184489      1092845         63972      2079784      1143656        55644        40833         14811
                                                                                                                            
       Apr.             1117439      1037215         67101      2014653      1076482        53782        40957         12825
       May              1111363      1035738         66456      2011298      1070841        52726        40522         12204
       June             1099200      1029302         64169      2001543      1058787        53044        40412         12632
                                                                                                                            
       July             1087697      1021850         65982      1994088      1046940        53946        40756         13189
       Aug. p           1085026      1024942         65440      1993677      1044124        53973        40902         13072

 Two weeks ending(10)                                                                                                                    
  2010-July 14          1092137      1025234         61655      2001296      1052772        54466        39366         15101         2264
            28          1082857      1017485         70789      1986116      1040714        53107        42143         10964         2066
                                                                                                                                         
       Aug. 11          1089565      1026434         63747      1997659      1048788        55430        40777         14653         2373
            25          1086251      1026357         66111      1994571      1045262        53441        40989         12452         2100
                                                                                                                                         
       Sep.  8p         1073848      1018909         66977      1984291      1032920        52546        40928         11618         2202
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Aug.                         827679               496229                61903              1700725
       Sep.                         921373               614547                61377              1795538
                                                                                                         
       Oct.                        1055319               790261                60721              1931546
       Nov.                        1139997               922690                62855              2018071
       Dec.                        1138720               968793                63386              2021897
                                                                                                         
  2010-Jan.                        1112268               970125                66333              1991882
       Feb.                        1225450              1114223                63452              2111773
       Mar.                        1184449              1092805                63932              2077047
                                                                                                         
       Apr.                        1117376              1037151                67037              2011909
       May                         1111283              1035658                66376              2008586
       June                        1099106              1029209                64075              1998959
                                                                                                         
       July                        1087580              1021733                65865              1991538
       Aug. p                      1084889              1024806                65303              1991128

 Two weeks ending(6)                                                       
  2010-July 14                     1092035              1025132                61553              1998755
            28                     1082726              1017354                70658              1983554
                                                                                                         
       Aug. 11                     1089436              1026305                63619              1995110
            25                     1086112              1026218                65973              1992016
                                                                                                         
       Sep.  8p                    1073699              1018761                66829              1981754
 ----------------------------------------------------------------------------------------------------------
 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`

Statistical releases

---

Home Economic research and data  Accessibility Contact Us  Last update: September 16, 2010