---

`For release at
4:30 p.m. EST
November 18, 2010

SPECIAL NOTICE

    Data on reserves and the monetary base have been revised to reflect the annual
review of seasonal and break factors.  Revisions to seasonal factors start in
January 1999, while revisions to break factors begin in January 2009.  Break
factors remove discontinuities (or "breaks") associated with regulatory
changes in reserve requirements, such as the annual indexation of the low
reserve tranche and the reserve requirement exemption.1  The maximum revision
to total reserves, nonborrowed reserves, required reserves, and the monetary
base in any maintenance period was $1.1 billion; most revisions were less than
$600 million. 
    A more detailed description of the methods for constructing break factors and
seasonal factors is available under "Annual review of break and seasonal
factors" on the Federal Reserve's website
(http://www.federalreserve.gov/releases/h3/hist/).  Historical data, updated
each week, are available there as well. 

---------------------------------------------------------------------------------------
    1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent
against the first $25 million in net transaction deposits (low reserve
tranche) at each depository institution.  Since 1982, the low reserve tranche
has been indexed each January by 80 percent of the previous year's (June 30 to
June 30) growth rate of net transaction deposits at all depository
institutions.  For all reserve maintenance periods ending in 2010, the low
reserve tranche is $55.2 million, rising to $58.8 million for maintenance
periods ending in 2011.  
    Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
million of reservable liabilities of each depository institution was exempted
from reserve requirements.  Since 1983, this exemption amount has been indexed
each year by 80 percent of the rate of increase of the reservable liabilities
at all depository institutions over the preceding year (June 30 to June 30).
For all reserve maintenance periods ending in 2010, the reserve requirement
exemption is $10.7 million, and it remains at $10.7 million for maintenance
periods ending in 2011. 


1
   
  
  
  
 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                                                  November 18, 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-Oct.                   1056642              791584               62044              994598             1936686              265058
       Nov.                   1140795              923488               63653             1077143             2019194              217307
       Dec.                   1139002              969075               63668             1075335             2018027              169927
                                                                                                                                         
  2010-Jan.                   1108995              966852               63060             1045935             1986885              142142
       Feb.                   1224790             1113563               62792             1161998             2109173              111227
       Mar.                   1185964             1094320               65447             1120517             2074878               91644
                                                                                                                                         
       Apr.                   1116368             1036143               66029             1050339             2009933               80225
       May                    1109412             1033787               64505             1044908             2007201               75626
       June                   1099258             1029361               64227             1035031             1998986               69897
                                                                                                                                         
       July                   1087162             1021315               65449             1021714             1989991               65847
       Aug.                   1085607             1025524               66023             1019584             1994241               60083
       Sep.                   1048360              995839               67504              980855             1963303               52521
                                                                                                                                         
       Oct.                   1040253              991680               66749              973504             1963412               48573

 Two weeks ending(7)                                                                                                                           
  2010-Sep. 22                1042932              990290               67028              975904             1957460               52642
                                                                                                                                         
       Oct.  6                1031408              981517               67896              963512             1950429               49892
            20                1046876              998025               65910              980966             1969355               48852
                                                                                                                                         
       Nov.  3                1036648              989149               67190              969457             1962931               47499
            17p               1033099              986465               66885              966214             1963011               46634
------------------------------------------------------------------------------------------------------------------------------------------------  
 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-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.                  60083            0           22            0           85             0            22064           37913             0
       Sep.                  52521            0           32            0           77             0            19791           32620             0
                                                                                                                                                   
       Oct.                  48573            0           37            0           46             0            19478           29012             0
                                                                                                                                                  
 Two weeks ending(5)                                                                                                                              
  2010-Sep. 22               52642            0           25            0           78             0            19917           32621             0
                                                                                                                                                   
       Oct.  6               49892            0           57            0           69             0            19403           30363             0
            20               48852            0           24            0           50             0            19702           29077             0
                                                                                                                                                   
       Nov.  3               47499            0           44            0           28             0            19235           28194             0
            17p              46634            0           19            1           20             0            19553           27043             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-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      1037214         67100      2014653      1076482        53782        40957         12825
       May              1111363      1035737         66455      2011298      1070841        52726        40522         12204
       June             1099199      1029302         64169      2001543      1058787        53044        40412         12632
                                                                                                                            
       July             1087696      1021849         65982      1994095      1046940        53943        40756         13187
       Aug.             1085018      1024935         65434      1993690      1044124        53969        40894         13075
       Sep.             1047826       995305         66970      1960398      1006741        53071        41084         11987
                                                                                                                            
       Oct.             1039637       991064         66133      1961360       998516        53642        41121         12521

 Two weeks ending(10)                                                                                                                    
  2010-Sep. 22          1041727       989086         65823      1954472      1001206        52974        40521         12453         2195
                                                                                                                                         
       Oct.  6          1032487       982595         68975      1946862       990253        53772        42234         11538         2164
            20          1043161       994309         62194      1967000      1002685        54663        40476         14186         2253
                                                                                                                                         
       Nov.  3          1039052       991553         69595      1962092       997718        52273        41334         10939         2041
            17p         1028545       981911         62330      1961034       988713        54127        39832         14295         2308
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Oct.                        1055594               790536                60996              1931746
       Nov.                        1140311               923004                63168              2018296
       Dec.                        1139068               969141                63733              2022150
                                                                                                         
  2010-Jan.                        1112257               970114                66322              1991872
       Feb.                        1225432              1114205                63434              2111762
       Mar.                        1184415              1092771                63898              2077025
                                                                                                         
       Apr.                        1117322              1037097                66983              2011871
       May                         1111214              1035589                66307              2008539
       June                        1099025              1029127                63994              1998905
                                                                                                         
       July                        1087478              1021631                65764              1991476
       Aug.                        1084765              1024682                65181              1991061
       Sep.                        1047539               995018                66683              1957777
                                                                                                         
       Oct.                        1039331               990758                65827              1958753

 Two weeks ending(6)                                                       
  2010-Sep. 22                     1041447               988805                65543              1951854
                                                                                                         
       Oct.  6                     1032178               982286                68666              1944240
            20                     1042880               994029                61914              1964415
                                                                                                         
       Nov.  3                     1038716               991217                69259              1959465
            17p                    1028224               981590                62010              1958457
 ----------------------------------------------------------------------------------------------------------
 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

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