---

`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 24, 2009
 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)
  2008-Aug.                     45458             -122620               43486                1972              842981              168078
       Sep.                    102767             -187338               42713               60054              905164              290105
                                                                                                                                         
       Oct.                    315498             -332821               47594              267904             1130295              648319
       Nov.                    609939              -88846               50901              559039             1433496              698786
       Dec.                    821034              167468               53635              767398             1651270              653565
                                                                                                                                         
  2009-Jan.                    858406              294909               60172              798233             1703114              563496
       Feb.                    700972              118475               57485              643486             1557491              582497
       Mar.                    779951              167840               55319              724632             1643140              612111
                                                                                                                                         
       Apr.                    881553              323359               57176              824378             1749791              558194
       May                     901292              375844               57191              844100             1770177              525448
       June                    809019              370297               57641              751378             1680630              438722
                                                                                                                                         
       July                    795568              428607               62560              733008             1666249              366961
       Aug.                    829367              497917               63506              765860             1705407              331450

 Two weeks ending(7)                                                                                                                           
  2009-July 29                 792177              444960               63292              728885             1664758              347217
                                                                                                                                         
       Aug. 12                 772599              432065               64097              708501             1647400              340534
            26                 856260              528613               61714              794546             1734133              327647
                                                                                                                                         
       Sep.  9                 890309              570015               67107              823202             1764190              320295
            23p                914617              607318               59984              854633             1795313              307300
------------------------------------------------------------------------------------------------------------------------------------------------  
 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                                                      Primary dealer    Asset-Backed       Credit                             
                          borrowings    Term                                              and other    Commercial Paper   extended to       Term       Other     
                           from the    auction      Primary     Secondary    Seasonal   broker-dealer    Money Market      American     Asset-Backed   credit   
                           Federal     credit                                              credit         Mutual Fund    International   Securities  extensions 
                           Reserve                                                           (2)          Liquidity    Group, Inc., net     Loan                
                                                                                                           Facility          (3)          Facility             
 -------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 Month(4)                                                                                                                                                 
  2008-Aug.                 168078       150000        17980            1           97             0                                                       0  
       Sep.                 290105       149814        32632           35           87         53473         31877            22187                        0  
                                                                                                                                                              
       Oct.                 648319       244778        94017           38           28        114953        117457            77047                        0  
       Nov.                 698786       393088        95839          117            8         60655         71009            78070                        0  
       Dec.                 653565       438327        88245           52            3         47631         32102            47206                        0  
                                                                                                                                                              
  2009-Jan.                 563496       403523        70436           39            1         33061         17745            38690                        0  
       Feb.                 582497       438822        65463           11            3         26250         13533            38414                        0  
       Mar.                 612111       477049        62513            9            3         20292          7857            43328           1061         0  
                                                                                                                                                              
       Apr.                 558194       444933        47324           45            2         10918          4267            45057           5649         0  
       May                  525448       403970        40124           14           10           701         23347            44915          12367         0  
       June                 438722       316868        37302           21           32             0         18891            43057          22552         0  
                                                                                                                                                              
       July                 366961       255119        34366           66           80             0          6230            43108          27993         0  
       Aug.                 331450       224490        32147          600          110             0           184            40021          33898         0  
                                                                                                                                                               
 Two weeks ending(5)                                                                                                                                           
  2009-July 29              347217       237632        33776           68           89             0          2317            43093          30244         0  
                                                                                                                                                              
       Aug. 12              340534       233625        34512          527           97             0           314            41403          30058         0  
            26              327647       221081        30346          667          121             0           111            39255          36067         0  
                                                                                                                                                              
       Sep.  9              320295       212110        31517          586          110             0            79            38849          37045         0  
            23p             307300       196020        28434          569          117             0            79            39269          42813         0  
---------------------------------------------------------------------------------------------------------------------------------------------------------------  
 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding
    Facility LLC, as discussed in the notes to the Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and 
    Condition Statement of Federal Reserve Banks."  Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have
    been consolidated with the assets and liabilities of the FRBNY because the FRBNY is either the sole or primary beneficiary of the LLCs.  As a consequence
    of this consolidation, the extensions of credit from the FRBNY to these LLCs are eliminated from the Federal Reserve's balance sheet, and, thus, the loans
    are not included in borrowed reserves.
 2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
 3. 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.
 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)                                                                                
  2008-Aug.               45000      -123078         43028       847472         9663        50146        35337         14809
       Sep.              102552      -187553         42498       908020        67171        50453        35381         15072
                                                                                                                            
       Oct.              314892      -333428         46988      1132509       278021        51747        36870         14877
       Nov.              609510       -89276         50471      1441067       571083        53051        38427         14624
       Dec.              821311       167745         53912      1663932       783639        53691        37671         16019
                                                                                                                            
  2009-Jan.              860676       297180         62443      1712081       820938        53898        39738         14160
       Feb.              701250       118752         57763      1562251       662248        54392        39001         15390
       Mar.              778120       166009         53488      1646934       741005        50758        37115         13643
                                                                                                                            
       Apr.              881833       323638         57455      1752744       844603        49380        37230         12151
       May               902948       377500         58848      1774892       865443        48850        37505         11344
       June              809866       371144         58488      1684038       772075        49798        37791         12007
                                                                                                                            
       July              796553       429591         63545      1673111       758893        49204        37660         11544
       Aug.              828786       497336         62926      1706211       790764        49494        38022         11472

 Two weeks ending(10)                                                                                                                    
  2009-July 29           797144       449927         68259      1671928       758429        49144        38716         10429         1834
                                                                                                                                         
       Aug. 12           769796       429262         61294      1648755       732398        49858        37398         12461         2201
            26           858690       531043         64144      1735088       820245        49404        38445         10959         1858
                                                                                                                                         
       Sep.  9           886634       566339         63432      1763251       848299        48872        38335         10536         2118
            23p          916569       609270         61936      1794258       878504        49650        38065         11584         1822
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2008-Aug.                          44940              -123138                42968               840331
       Sep.                         102491              -187614                42437               900639
                                                                                                         
       Oct.                         314816              -333503                46912              1125955
       Nov.                         609420               -89366                50381              1435235
       Dec.                         821219               167654                53821              1659319
                                                                                                         
  2009-Jan.                         860643               297147                62409              1707648
       Feb.                         701247               118750                57760              1557795
       Mar.                         778115               166004                53483              1642476
                                                                                                         
       Apr.                         881812               323618                57434              1748345
       May                          902913               377465                58813              1770566
       June                         809829               371106                58450              1679805
                                                                                                         
       July                         796498               429536                63489              1668384
       Aug.                         828714               497264                62853              1701430

 Two weeks ending(6)                                                       
  2009-July 29                      797074               449857                68189              1666716
                                                                                                         
       Aug. 12                      769725               429191                61223              1643579
            26                      858617               530970                64071              1730415
                                                                                                         
       Sep.  9                      886559               566264                63357              1759116
            23p                     916497               609197                61864              1790342
 ----------------------------------------------------------------------------------------------------------
 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 24, 2009