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 Home Economic Research Data Statistical Releases and Historical Data
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   Aggregate Reserves of Depository Institutions and the Monetary Base - H.3 Current Release

Release Dates

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Announcements
Technical Q&As
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  Current Release (42 KB PDF) As previously announced, effective July 23, 2015, the Federal Reserve Board changed the formula for calculating interest for depository institutions with excess balances.  The new formula is based on the daily interest rate on excess reserves (IOER rate) and the daily balance maintained, rather than the maintenance period IOER rate and the average balance maintained over the maintenance period.  The IOER and IORR rates effective for a given day are now published on the "Interest on Required Balances and Excess Balances" page on the Federal Reserve Board's public website and are available in the Policy Rates Data Download Program. The interest rates paid on reserve balances published at a maintenance period frequency in table 1 of the Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," will be discontinued with the H.3 release published on August 6, 2015.  Historical data for all discontinued series, including maintenance period interest rates, will remain available through the H.3 Data Download Program.  For more information on this change, see the H.3 Technical Q&As.
   Table 1 
 Table 2 
 Table 3
  Back to top  Table 1 Not seasonally adjusted. Millions of dollars unless otherwise noted.Date 
 Reserve balances required 
 Reserve balances maintained 4 
 Interest rates paid (in percent)Reserve balance  
requirements 1 
 Top of penalty-  
free band 2 
 Bottom of penalty-  
free band 3 
 Total 
 Balances  
maintained to  
satisfy reserve  
balance  
requirements 5 
 Balances  
maintained that  
exceed the top of  
the penalty-  
free band 6 
 Balances  
maintained to  
satisfy reserve  
balance  
requirements 
 Balances  
maintained that  
exceed the top of  
the penalty-  
free bandMonth 7June 2014 
 81,443 
 89,603 
 73,285 
 2,668,354 
 89,357 
 2,578,997July 2014 
 84,590 
 93,064 
 76,117 
 2,704,004 
 92,840 
 2,611,164Aug. 2014 
 86,899 
 95,605 
 78,196 
 2,786,867 
 95,348 
 2,691,520Sept. 2014 
 81,892 
 90,096 
 73,690 
 2,759,284 
 89,839 
 2,669,445Oct. 2014 
 85,026 
 93,544 
 76,511 
 2,705,668 
 93,260 
 2,612,408Nov. 2014 
 86,424 
 95,081 
 77,769 
 2,519,578 
 94,838 
 2,424,740Dec. 2014 
 82,770 
 91,061 
 74,481 
 2,606,700 
 90,852 
 2,515,848Jan. 2015 
 90,522 
 99,589 
 81,458 
 2,683,709 
 99,273 
 2,584,437Feb. 2015 
 89,118 
 98,045 
 80,193 
 2,496,868 
 97,853 
 2,399,015Mar. 2015 
 91,495 
 100,660 
 82,333 
 2,675,202 
 100,477 
 2,574,726Apr. 2015 
 92,469 
 101,729 
 83,209 
 2,698,960 
 101,495 
 2,597,465May 2015 
 92,358 
 101,607 
 83,111 
 2,584,359 
 101,248 
 2,483,111June 2015 
 87,882 
 96,684 
 79,082 
 2,553,138 
 96,362 
 2,456,776Two weeks ending 8May 27, 2015 
 96,352 
 106,000 
 86,705 
 2,572,955 
 105,662 
 2,467,293 
 0.25 
 0.25June 10, 2015 
 88,366 
 97,216 
 79,518 
 2,549,523 
 96,768 
 2,452,755 
 0.25 
 0.25June 24, 2015 
 87,441 
 96,199 
 78,685 
 2,575,814 
 95,918 
 2,479,896 
 0.25 
 0.25July 8, 2015 
 88,106 
 96,929 
 79,282 
 2,506,253 
 96,723 
 2,409,530 
 0.25 
 0.25July 22, 2015 
 88,758 
 97,647 
 79,871 
 2,625,840 
 97,271 
 2,528,569 
 0.25 
 0.25 Footnotes Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4). 
 Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000. 
 Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000. 
 Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release. 
 Equals the sum of balances maintained up to the top of each institution's penalty-free band. 
 Equals the sum of balances maintained that exceed the top of each institution's penalty-free band. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.
 Back to top  Table 2 Not seasonally adjusted. Millions of dollars.Date 
 Reserves 
 Vault cash 2 
 Monetary baseTotal 1 
 Required 
 Total 
 Used to satisfy  
 required  
 reserves 3 
 Surplus 4 
 Total 5 
 Total balances  
maintained 6 
 Currency in  
circulationMonth 7June 2014 
 2,722,268 
 135,357 
 63,523 
 53,914 
 9,609 
 3,948,691 
 2,668,354 
 1,280,337July 2014 
 2,759,023 
 139,609 
 64,041 
 55,019 
 9,022 
 3,989,083 
 2,704,004 
 1,285,079Aug. 2014 
 2,842,040 
 142,072 
 64,598 
 55,173 
 9,426 
 4,075,039 
 2,786,867 
 1,288,172Sept. 2014 
 2,814,487 
 137,095 
 64,831 
 55,203 
 9,628 
 4,049,189 
 2,759,284 
 1,289,905Oct. 2014 
 2,760,317 
 139,675 
 64,834 
 54,648 
 10,186 
 4,001,451 
 2,705,668 
 1,295,783Nov. 2014 
 2,575,099 
 141,945 
 65,217 
 55,521 
 9,697 
 3,830,424 
 2,519,578 
 1,310,846Dec. 2014 
 2,665,936 
 142,006 
 69,361 
 59,236 
 10,125 
 3,934,455 
 2,606,700 
 1,327,755Jan. 2015 
 2,745,584 
 152,397 
 71,383 
 61,875 
 9,507 
 4,017,103 
 2,683,709 
 1,333,394Feb. 2015 
 2,556,071 
 148,321 
 70,098 
 59,203 
 10,895 
 3,840,464 
 2,496,868 
 1,343,596Mar. 2015 
 2,732,862 
 149,155 
 68,041 
 57,660 
 10,381 
 4,030,632 
 2,675,202 
 1,355,430Apr. 2015 
 2,756,739 
 150,248 
 67,909 
 57,779 
 10,130 
 4,059,374 
 2,698,960 
 1,360,414May 2015 
 2,641,733 
 149,733 
 67,237 
 57,374 
 9,863 
 3,949,351 
 2,584,359 
 1,364,992June 2015 
 2,611,128 
 145,872 
 67,714 
 57,990 
 9,723 
 3,919,581 
 2,553,138 
 1,366,443Two weeks ending 8May 27, 2015 
 2,631,584 
 154,981 
 67,405 
 58,629 
 8,776 
 3,939,234 
 2,572,955 
 1,366,279June 10, 2015 
 2,605,600 
 144,443 
 66,111 
 56,077 
 10,034 
 3,917,045 
 2,549,523 
 1,367,522June 24, 2015 
 2,634,488 
 146,115 
 68,158 
 58,674 
 9,484 
 3,940,478 
 2,575,814 
 1,364,664July 8, 2015 
 2,565,836 
 147,689 
 69,348 
 59,583 
 9,765 
 3,875,050 
 2,506,253 
 1,368,797July 22, 2015 
 2,683,421 
 146,339 
 67,279 
 57,581 
 9,698 
 3,995,883 
 2,625,840 
 1,370,043 Footnotes Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves. 
 Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements. 
 All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 
 Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 
 Equals total balances maintained plus currency in circulation. 
 Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.
 Back to top  Table 3 Not seasonally adjusted. Millions of dollars.Date 
 Borrowings from the Federal Reserve 
 Nonborrowed  
 reserves 2Total 
 Primary 
 Secondary 
 Seasonal 
 Term Asset-Backed  
Securities Loan  
Facility 1 
 Other credit  
extensionsMonth 3June 2014 
 179 
 17 
 0 
 102 
 60 
 0 
 2,722,088July 2014 
 231 
 11 
 0 
 174 
 45 
 0 
 2,758,793Aug. 2014 
 278 
 15 
 0 
 229 
 34 
 0 
 2,841,761Sept. 2014 
 300 
 18 
 0 
 253 
 29 
 0 
 2,814,187Oct. 2014 
 221 
 8 
 0 
 200 
 13 
 0 
 2,760,096Nov. 2014 
 130 
 12 
 0 
 119 
 0 
 0 
 2,574,969Dec. 2014 
 102 
 22 
 0 
 80 
 0 
 0 
 2,665,835Jan. 2015 
 66 
 48 
 0 
 18 
 0 
 0 
 2,745,518Feb. 2015 
 18 
 13 
 0 
 5 
 0 
 0 
 2,556,053Mar. 2015 
 20 
 11 
 0 
 9 
 0 
 0 
 2,732,842Apr. 2015 
 52 
 24 
 0 
 28 
 0 
 0 
 2,756,687May 2015 
 87 
 6 
 0 
 81 
 0 
 0 
 2,641,646June 2015 
 150 
 14 
 0 
 135 
 0 
 0 
 2,610,979Two weeks ending 4May 27, 2015 
 95 
 3 
 0 
 92 
 0 
 0 
 2,631,489June 10, 2015 
 115 
 10 
 0 
 105 
 0 
 0 
 2,605,485June 24, 2015 
 163 
 19 
 0 
 144 
 0 
 0 
 2,634,326July 8, 2015 
 178 
 11 
 0 
 166 
 0 
 0 
 2,565,659July 22, 2015 
 181 
 2 
 0 
 179 
 0 
 0 
 2,683,240 Footnotes Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 
 Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.
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