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`For release at
4:30 p.m. EDT
July 26, 2012

As stated in the April 5, 2012, press release, the Federal Reserve Board 
is in the process of simplifying the administration of reserve requirements.  The first steps in this 
process include discontinuing "as of" adjustments related to deposit revisions, replacing all other 
as-of adjustments with direct compensation, and eliminating the contractual clearing balance program.
As a result, 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.  These items are referenced in several footnotes in table 2 of the release.



  
 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                                                      July 26, 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-June                   1666349             1653106               77615             1588734             2644620               13243
                                                                                                                                         
       July                   1696473             1684077               78344             1618129             2680642               12395
       Aug.                   1666949             1655115               83585             1583364             2657378               11834
       Sep.                   1642710             1631135               91718             1550992             2638581               11575
                                                                                                                                         
       Oct.                   1638605             1627395               93287             1545318             2639138               11210
       Nov.                   1591978             1581637               94060             1497919             2598948               10341
       Dec.                   1597183             1587657               94866             1502318             2610832                9526
                                                                                                                                         
  2012-Jan.                   1614015             1605401               94458             1519557             2637185                8614
       Feb.                   1658308             1650375               98083             1560226             2691730                7933
       Mar.                   1607992             1600663               98290             1509703             2650393                7330
                                                                                                                                         
       Apr.                   1584744             1577879               98482             1486262             2633314                6865
       May                    1556344             1550157               98873             1457471             2609120                6187
       June                   1556500             1551286               99025             1457476             2615020                5214

 Two weeks ending(7)                                                                                                                           
  2012-May  30                1560539             1554631               98719             1461820             2614246                5908
                                                                                                                                         
       June 13                1589444             1583990               98721             1490722             2645684                5454
            27                1525494             1520374               99015             1426479             2585325                5120
                                                                                                                                         
       July 11                1558444             1553827              100387             1458057             2620722                4617
            25p               1593744             1589517               99454             1494290             2657919                4227
------------------------------------------------------------------------------------------------------------------------------------------------  
 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-June                   13243            24              0             42          13178              0       
                                                                                                                    
       July                   12395             7              0             73          12315              0       
       Aug.                   11834             5              0             92          11737              0       
       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       
                                                                                                                    
 Two weeks ending(4)                                                                                                
  2012-May  30                 5908            16              0             29           5862              0       
                                                                                                                    
       June 13                 5454            12              0             41           5401              0       
            27                 5120            27              0             67           5027              0       
                                                                                                                    
       July 11                 4617            12              0             75           4530              0       
            25p                4227            41              0            102           4085              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-June             1665944      1652700         77209      2647989      1622463        55273        43480         11793
                                                                                                                            
       July             1696685      1684289         78556      2683800      1652339        56029        44346         11683
       Aug.             1666693      1654859         83329      2656915      1621202        56772        45492         11280
       Sep.             1643584      1632009         92592      2637039      1597072        56907        46512         10395
                                                                                                                            
       Oct.             1639017      1627807         93699      2637427      1592546        57552        46471         11081
       Nov.             1592522      1582181         94604      2602090      1546226        57416        46296         11120
       Dec.             1598832      1589306         96514      2618061      1550155        60590        48677         11913
                                                                                                                            
  2012-Jan.             1619310      1610696         99752      2640859      1569024        61467        50286         11181
       Feb.             1660035      1652102         99810      2694636      1609888        61361        50148         11213
       Mar.             1606482      1599152         96779      2654611      1558004        59244        48478         10767
                                                                                                                            
       Apr.             1586897      1580032        100635      2640305      1538003        58992        48894         10099
       May              1558684      1552498        101213      2616486      1510303        58388        48381         10006
       June             1555381      1550167         97905      2618096      1507596        58063        47785         10277

 Two weeks ending(10)                                                                                                                    
  2012-May  30          1567586      1561679        105766      2625084      1518226        58188        49360          8828         3410
                                                                                                                                         
       June 13          1584542      1579089         93820      2647693      1538651        57088        45892         11196         3701
            27          1528213      1523093        101733      2589455      1478871        58632        49342          9290         3329
                                                                                                                                         
       July 11          1555805      1551188         97748      2623499      1507079        59632        48727         10905         3631
            25p         1595457      1591230        101167      2657650      1547406        57695        48052          9643         3465
--------------------------------------------------------------------------------------------------------------------------------------------   
 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.
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-June                        1665318              1652075                76584              2645014
                                                                                                         
       July                        1695924              1683529                77795              2680745
       Aug.                        1665771              1653937                82407              2653782
       Sep.                        1642536              1630961                91544              2633802
                                                                                                         
       Oct.                        1637816              1626605                92498              2634065
       Nov.                        1591130              1580789                93211              2598604
       Dec.                        1597433              1587907                95115              2614580
                                                                                                         
  2012-Jan.                        1619106              1610492                99548              2638513
       Feb.                        1659884              1651951                99658              2692571
       Mar.                        1606215              1598886                96513              2652491
                                                                                                         
       Apr.                        1586460              1579595               100198              2638070
       May                         1558063              1551876               100592              2614129
       June                        1554656              1549442                97180              2615684

 Two weeks ending(6)                                                       
  2012-May  30                     1566915              1561008               105095              2622696
                                                                                                         
       June 13                     1583874              1578420                93151              2645322
            27                     1527448              1522328               100969              2587013
                                                                                                         
       July 11                     1555012              1550395                96954              2621050
            25p                    1594544              1590317               100254              2657003
 ----------------------------------------------------------------------------------------------------------
 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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