---

`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                                                   October 11, 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-Sep.                   1642580             1631005               91604             1550976             2638450               11575
                                                                                                                                         
       Oct.                   1638497             1627286               93361             1545136             2639020               11210
       Nov.                   1591861             1581521               94093             1497768             2598845               10341
       Dec.                   1597064             1587537               94859             1502205             2610727                9526
                                                                                                                                         
  2012-Jan.                   1613898             1605284               94448             1519450             2637100                8614
       Feb.                   1658196             1650263               98076             1560120             2691617                7933
       Mar.                   1607855             1600526               98263             1509593             2650247                7330
                                                                                                                                         
       Apr.                   1584554             1577690               98379             1486176             2633124                6865
       May                    1556169             1549982               98709             1457459             2608950                6187
       June                   1556499             1551285               99025             1457475             2615000                5214
                                                                                                                                         
       July                   1583474             1579216              100425             1483049             2648066                4258
       Aug.                   1582278             1579007              104527             1477750             2653516                3271
       Sep. p                 1516272             1514307              106829             1409443             2597585                1965

 Two weeks ending(7)                                                                                                                           
  2012-Aug.  8                1605409             1601736              102781             1502627             2672365                3673
            22                1586867             1583340              106019             1480847             2657217                3527
                                                                                                                                         
       Sep.  5                1554578             1552062              103759             1450819             2631005                2516
            19                1531128             1529121              106446             1424682             2610546                2007
                                                                                                                                         
       Oct.  3p               1479952             1478291              108711             1371241             2565898                1662
------------------------------------------------------------------------------------------------------------------------------------------------  
 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-Sep.                   11575            19              0             81          11474              0       
                                                                                                                    
       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. p                  1965            62              0            123           1781              0       
                                                                                                                    
 Two weeks ending(4)                                                                                                
  2012-Aug.  8                 3673            17              1            127           3528              0       
            22                 3527            17              0            143           3366              0       
                                                                                                                    
       Sep.  5                 2516            92              0            140           2285              0       
            19                 2007            74              0            122           1812              0       
                                                                                                                    
       Oct.  3p                1662            33              0            117           1513              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-Sep.             1643454      1631879         92478      2636911      1596944        56810        46510         10300
                                                                                                                            
       Oct.             1638918      1627708         93782      2637325      1592447        57229        46471         10757
       Nov.             1592413      1582072         94644      2601982      1546124        57107        46289         10818
       Dec.             1598716      1589189         96511      2617944      1550043        60295        48672         11622
                                                                                                                            
  2012-Jan.             1619192      1610578         99742      2640756      1568915        61180        50277         10903
       Feb.             1659924      1651991         99804      2694530      1609775        61076        50149         10927
       Mar.             1606345      1599016         96753      2654466      1557859        59125        48486         10639
                                                                                                                            
       Apr.             1586705      1579840        100529      2640107      1537808        59005        48896         10108
       May              1558506      1552319        101047      2616307      1510119        58399        48387         10012
       June             1555380      1550166         97905      2618073      1507596        58073        47784         10289
                                                                                                                            
       July             1583770      1579512        100721      2648871      1535052        58741        48718         10023
       Aug.             1582194      1578923        104444      2650424      1532976        58850        49218          9633
       Sep. p           1517508      1515543        108065      2593823      1468681        58469        48826          9642

 Two weeks ending(10)                                                                                                                    
  2012-Aug.  8          1607778      1604105        105150      2672094      1557509        59637        50269          9368         3822
            22          1582359      1578833        101512      2650550      1533574        59211        48786         10425         3953
                                                                                                                                         
       Sep.  5          1559197      1556681        108378      2630966      1510241        57591        48956          8635         3809
            19          1526842      1524835        102160      2603949      1479607        58126        47235         10891         4109
                                                                                                                                         
       Oct.  3p         1486679      1485017        115437      2564053      1435886        59304        50793          8510         3766
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Sep.                        1642407              1630832                91431              2633674
                                                                                                         
       Oct.                        1637712              1626502                92576              2633958
       Nov.                        1591014              1580673                93245              2598489
       Dec.                        1597312              1587786                95107              2614458
                                                                                                         
  2012-Jan.                        1618988              1610374                99537              2638411
       Feb.                        1659772              1651839                99652              2692464
       Mar.                        1606078              1598748                96485              2652344
                                                                                                         
       Apr.                        1586266              1579401               100090              2637871
       May                         1557884              1551698               100425              2613949
       June                        1554655              1549441                97180              2615662
                                                                                                         
       July                        1582875              1578617                99826              2647558
       Aug.                        1581103              1577832               103353              2649626
       Sep. p                      1516266              1514301               106823              2592919

 Two weeks ending(6)                                                       
  2012-Aug.  8                     1606736              1603064               104109              2671326
            22                     1581291              1577764               100443              2649770
                                                                                                         
       Sep.  5                     1558026              1555510               107207              2630115
            19                     1525665              1523658               100983              2603104
                                                                                                         
       Oct.  3p                    1485322              1483660               114081              2563049
 ----------------------------------------------------------------------------------------------------------
 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

---

Home Economic research and data  Accessibility Contact Us  Last update: October 11, 2012