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`For release at
4:30 P.M. EST
November 29, 2012SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the result of annual
reviews of seasonal factors and break factors. Revisions to seasonal factors start in
January 1999, while revisions to break factors begin in January 2011. Break factors remove
discontinuities (or "breaks") associated with regulatory changes in reserve requirements,
such as the annual indexations 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 $956 million; most revisions were less than $500 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/annualreview.htm). Historical
data, updated each week, are available from the Data Download Program website
(http://www.federalreserve.gov/datadownload/default.htm).

--------------------------------------------------------------------------------------------
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 2012, the
low-reserve tranche is $71.0 million, rising to $79.5 million for maintenance periods ending
in 2013.
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 2012,
the reserve requirement exemption is $11.5 million, rising to $12.4 million for maintenance
periods ending in 2013.


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 29, 2012
 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)
  2011-Oct.                   1638130             1626919               92993             1545136             2638479               11210
       Nov.                   1591703             1581362               93934             1497769             2598612               10341
       Dec.                   1597100             1587574               94894             1502206             2610726                9526
                                                                                                                                         
  2012-Jan.                   1614301             1605687               94850             1519451             2637395                8614
       Feb.                   1657931             1649998               97811             1560121             2691185                7933
       Mar.                   1607819             1600490               98226             1509593             2650084                7330
                                                                                                                                         
       Apr.                   1584770             1577905               98593             1486176             2633126                6865
       May                    1556689             1550503               99230             1457460             2609257                6187
       June                   1557175             1551961               99699             1457475             2615482                5214
                                                                                                                                         
       July                   1584049             1579791              101000             1483049             2648426                4258
       Aug.                   1582288             1579017              104538             1477750             2653352                3271
       Sep.                   1515888             1513923              106447             1409441             2596996                1965
                                                                                                                                         
       Oct.                   1525144             1523679              106870             1418274             2616179                1466

 Two weeks ending(7)                                                                                                                           
  2012-Oct.  3                1479191             1477530              107956             1371236             2564875                1662
            17                1531240             1529714              107531             1423710             2621481                1527
            31                1528896             1527533              105976             1422919             2621870                1363
                                                                                                                                         
       Nov. 14                1549977             1548849              111198             1438778             2645038                1128
            28p               1539549             1538559              111790             1427758             2634846                 990
                                                                                                                                         
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
 --------------------------------------------------------------------------------------------------------------
                                                              Borrowings from the Federal Reserve(1)                    
                           ------------------------------------------------------------------------------------
      Date                                                                             Term                    
                                                                                   Asset-Backed      Other     
                            Total        Primary        Secondary     Seasonal      Securities       credit   
                                                                                       Loan        extensions 
                                                                                    Facility(2)                                                                                               
 --------------------------------------------------------------------------------------------------------------
 Month(3)                                                                                                               
  2011-Oct.                   11210            19              0             50          11140              0       
       Nov.                   10341            20              0             20          10301              0       
       Dec.                    9526           103              0             23           9400              0       
                                                                                                                    
  2012-Jan.                    8614            27              0              7           8580              0       
       Feb.                    7933            13              0              1           7920              0       
       Mar.                    7330            12              0              4           7314              0       
                                                                                                                    
       Apr.                    6865            21              0              9           6834              0       
       May                     6187            16              0             27           6143              0       
       June                    5214            19              0             56           5139              0       
                                                                                                                    
       July                    4258            26              0             97           4135              0       
       Aug.                    3271            39              0            138           3094              0       
       Sep.                    1965            62              0            123           1781              0       
                                                                                                                    
       Oct.                    1466            17              0             66           1383              0       
                                                                                                                    
 Two weeks ending(4)                                                                                                
  2012-Oct.  3                 1662            33              0            117           1513              0       
            17                 1527            15              0             74           1439              0       
            31                 1363            15              0             48           1300              0       
                                                                                                                    
       Nov. 14                 1128            11              0             46           1071              0       
            28p                 990             8              0             30            953              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 credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term 
    Asset-Backed Securities Loan Facility.
 3. Prorated averages of biweekly averages.
 4. 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)                                                                                
  2011-Oct.             1638918      1627708         93782      2637325      1592447        57229        46471         10757
       Nov.             1592413      1582072         94644      2601982      1546124        57107        46289         10818
       Dec.             1598716      1589189         96510      2617944      1550043        60295        48672         11622
                                                                                                                            
  2012-Jan.             1619192      1610578         99741      2640756      1568915        61180        50277         10903
       Feb.             1659924      1651991         99803      2694530      1609775        61076        50149         10927
       Mar.             1606345      1599016         96752      2654466      1557859        59125        48486         10639
                                                                                                                            
       Apr.             1586705      1579840        100528      2640107      1537808        59006        48896         10109
       May              1558506      1552319        101046      2616307      1510119        58402        48387         10015
       June             1555380      1550166         97905      2618073      1507596        58076        47784         10292
                                                                                                                            
       July             1583770      1579512        100721      2648865      1535052        58744        48718         10026
       Aug.             1582193      1578923        104443      2650395      1532976        58853        49217          9636
       Sep.             1517507      1515542        108066      2593773      1468681        58472        48826          9646
                                                                                                                            
       Oct.             1525583      1524117        107308      2611529      1476730        59313        48853         10460

 Two weeks ending(10)                                                                                                                    
  2012-Oct.  3          1486679      1485017        115443      2564001      1435885        59307        50793          8514         3766
            17          1524503      1522976        100793      2612796      1476330        60413        48173         12240         4271
            31          1535000      1533637        112081      2620448      1485882        58215        49118          9096         3738
                                                                                                                                         
       Nov. 14          1544030      1542902        105251      2639735      1496638        59649        47392         12257         4244
            28p         1544203      1543213        116445      2639564      1494708        58300        49495          8805         3908
                                                                                                                                         
--------------------------------------------------------------------------------------------------------------------------------------------   
 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. See note on simplification of 
    reserve requirements.
 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments.
    See note on simplification of reserve requirements.
 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

    Note on Simplification of Reserve Requirements
    On July 12, 2012, the contractual clearing balance program was eliminated and the issuance of as-of adjustments was discontinued. Required 
    clearing balances and adjustments to compensate for float are zero beginning with the two weeks ending July 25, 2012.  All other as-of 
    adjustments are zero beginning with the two weeks ending August 8, 2012.
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)
  2011-Oct.                        1637786              1626576                92650              2633986
       Nov.                        1591099              1580758                93330              2598521
       Dec.                        1597402              1587876                95196              2614495
                                                                                                         
  2012-Jan.                        1618994              1610380                99543              2638410
       Feb.                        1659832              1651898                99711              2692502
       Mar.                        1606183              1598853                96589              2652410
                                                                                                         
       Apr.                        1586434              1579569               100257              2637985
       May                         1558118              1551931               100658              2614113
       June                        1554929              1549715                97454              2615850
                                                                                                         
       July                        1583212              1578954               100163              2647786
       Aug.                        1581510              1578239               103760              2649885
       Sep.                        1516731              1514766               107290              2593196
                                                                                                         
       Oct.                        1524699              1523233               106425              2610863

 Two weeks ending(6)                                                       
  2012-Oct.  3                     1485829              1484167               114593              2563359
            17                     1523702              1522175                99992              2612203
            31                     1534026              1532663               111106              2619702
                                                                                                         
       Nov. 14                     1543070              1541943               104292              2639016
            28p                    1543137              1542147               115378              2638782
                                                                                                         
 ----------------------------------------------------------------------------------------------------------
 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. 

 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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