---

`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                                                      April 8, 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-Mar.                    779496              167385               54891              724604             1640731              612111
                                                                                                                                         
       Apr.                    881019              322825               56657              824361             1747297              558194
       May                     900865              375417               56798              844067             1768831              525448
       June                    809196              370473               57841              751355             1679686              438722
                                                                                                                                         
       July                    794994              428033               62015              732979             1666475              366961
       Aug.                    828466              497017               62639              765827             1703378              331450
       Sep.                    922473              615646               62408              860065             1800960              306827
                                                                                                                                         
       Oct.                   1056405              791347               61673              994732             1936564              265058
       Nov.                   1140488              923181               63200             1077288             2018817              217307
       Dec.                   1138597              968670               63187             1075410             2017692              169927
                                                                                                                                         
  2010-Jan.                   1108869              966727               62856             1046013             1986809              142142
       Feb.                   1224492             1113265               62415             1162077             2109326              111227
       Mar. p                 1186308             1094664               65701             1120607             2075197               91644

 Two weeks ending(7)                                                                                                                           
  2010-Feb. 10                1182345             1055471               62918             1119427             2061905              126874
            24                1253688             1150794               61454             1192234             2141193              102895
                                                                                                                                         
       Mar. 10                1227673             1126399               64522             1163151             2116341              101275
            24                1169902             1081577               66268             1103634             2058897               88326
                                                                                                                                         
       Apr.  7p               1160027             1075503               66250             1093777             2049021               84524
------------------------------------------------------------------------------------------------------------------------------------------------  
 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          Term                           
                          borrowings    Term                                              and other    Commercial Paper   extended to   Asset-Backed   Other     
                           from the    auction      Primary     Secondary    Seasonal   broker-dealer    Money Market      American      Securities    credit   
                           Federal     credit                                              credit         Mutual Fund    International      Loan     extensions 
                           Reserve                                                           (2)          Liquidity      Group, Inc.,    Facility(4)           
                                                                                                           Facility         net(3)               
 -------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 Month(5)                                                                                                                                                 
  2009-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  
       Sep.                 306827       196731        29243          554          111             0            79            39074          41036         0  
                                                                                                                                                              
       Oct.                 265058       155396        25163          402           82             0            28            41222          42765         0  
       Nov.                 217307       110049        20434           38           67             0             0            43222          43497         0  
       Dec.                 169927        82014        19025          518           37             0             0            22023          46310         0  
                                                                                                                                                              
  2010-Jan.                 142142        54209        16407          965            5             0             0            23213          47342         0  
       Feb.                 111227        23677        14258          873            1             0             0            25544          46874         0  
       Mar. p                91644         7286        11136          658            7             0             0            25252          47306         0  
                                                                                                                                                               
 Two weeks ending(6)                                                                                                                                           
  2010-Feb. 10              126874        38531        14665          932            1             0             0            25788          46956         0  
            24              102895        15426        14112          857            0             0             0            25499          47002         0  
                                                                                                                                                              
       Mar. 10              101275        15425        13752          779            7             0             0            25093          46221         0  
            24               88326         3410        11120          600            8             0             0            25083          48106         0  
                                                                                                                                                              
       Apr.  7p              84524         3410         7435          600            8             0             0            25817          47255         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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
 5. Prorated averages of biweekly averages.
 6. 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-Mar.              778036       165925         53432      1646837       740908        53154        37128         16026
                                                                                                                            
       Apr.              881835       323641         57474      1752736       844594        51843        37241         14602
       May               902944       377496         58876      1774877       865426        51384        37518         13866
       June              809862       371139         58507      1684026       772065        52336        37797         14540
                                                                                                                            
       July              796551       429590         63572      1673096       758878        51721        37673         14048
       Aug.              828798       497349         62971      1706184       790761        51986        38038         13948
       Sep.              922627       615801         62562      1800143       884158        52094        38469         13625
                                                                                                                            
       Oct.             1056820       791762         62088      1935893      1017783        53053        39037         14016
       Nov.             1141516       924209         64228      2022198      1102297        52829        39219         13610
       Dec.             1140469       970542         65059      2026252      1099826        55212        40643         14568
                                                                                                                            
  2010-Jan.             1112369       970227         66356      1994864      1070730        55807        41639         14168
       Feb.             1225441      1114214         63364      2114545      1183766        56643        41674         14969
       Mar. p           1184485      1092841         63878      2079575      1143658        55621        40828         14793

 Two weeks ending(10)                                                                                                                    
  2010-Feb. 10          1184729      1057856         65302      2065805      1140386        59029        44343         14686         2299
            24          1254260      1151365         62025      2147633      1214148        55734        40112         15623         1926
                                                                                                                                         
       Mar. 10          1226354      1125079         63202      2120589      1185881        53862        40473         13389         1994
            24          1167492      1079167         63858      2062910      1126381        57333        41111         16222         1980
                                                                                                                                         
       Apr.  7p         1158661      1074137         64885      2054317      1117892        54712        40770         13942         2003
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Mar.                         777805               165694                53201              1642238
                                                                                                         
       Apr.                         881422               323228                57061              1748069
       May                          902369               376921                58302              1770180
       June                         809183               370461                57828              1679356
                                                                                                         
       July                         795674               428713                62695              1667795
       Aug.                         827725               496276                61898              1700693
       Sep.                         921404               614578                61339              1795459
                                                                                                         
       Oct.                        1055423               790366                60691              1931552
       Nov.                        1139921               922614                62633              2017961
       Dec.                        1138730               968803                63320              2021919
                                                                                                         
  2010-Jan.                        1112258               970116                66245              1991886
       Feb.                        1225419              1114192                63342              2111782
       Mar. p                      1184445              1092801                63838              2076838

 Two weeks ending(6)                                                       
  2010-Feb. 10                     1184713              1057839                65286              2063041
            24                     1254236              1151342                62002              2144871
                                                                                                         
       Mar. 10                     1226322              1125047                63170              2117826
            24                     1167452              1079126                63817              2060189
                                                                                                         
       Apr.  7p                    1158610              1074086                64833              2051580
 ----------------------------------------------------------------------------------------------------------
 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: April 8, 2010