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Release Date: December 26, 2019

Not seasonally adjusted. Millions of dollars unless otherwise noted.  
  
  
 Date 
 Reserve balances required 
 Reserve balances maintained  4 
 
  
 Reserve balance  
requirements  1 
 Top of penalty-  
free band  2 
 Bottom of penalty-  
free band  3 
 Total 
 Balances  
maintained to  
satisfy reserve  
balance  
requirements  5 
 Balances  
maintained that  
exceed the top of  
the penalty-  
free band  6 
 
 
  
  
  Month  7 
 
  
 Nov. 2018 
 126,537 
 139,202 
 113,872 
 1,775,291 
 138,700 
 1,636,591 
 
  
 Dec. 2018 
 123,703 
 136,085 
 111,322 
 1,691,394 
 135,698 
 1,555,696 
 
  
 Jan. 2019 
 131,130 
 144,255 
 118,006 
 1,639,030 
 143,615 
 1,495,414 
 
  
 Feb. 2019 
 125,129 
 137,655 
 112,606 
 1,645,233 
 137,128 
 1,508,105 
 
  
 Mar. 2019 
 128,423 
 141,279 
 115,569 
 1,661,297 
 140,926 
 1,520,371 
 
  
 Apr. 2019 
 130,120 
 143,144 
 117,098 
 1,559,450 
 142,641 
 1,416,809 
 
  
 May 2019 
 134,717 
 148,200 
 121,237 
 1,511,285 
 147,792 
 1,363,493 
 
  
 June 2019 
 134,908 
 148,409 
 121,408 
 1,535,857 
 148,025 
 1,387,832 
 
  
 July 2019 
 135,103 
 148,624 
 121,584 
 1,513,550 
 148,191 
 1,365,359 
 
  
 Aug. 2019 
 134,639 
 148,114 
 121,167 
 1,520,876 
 147,555 
 1,373,321 
 
  
 Sept. 2019 
 134,707 
 148,188 
 121,227 
 1,439,771 
 147,498 
 1,292,273 
 
  
 Oct. 2019 
 134,998 
 148,509 
 121,489 
 1,481,513 
 148,050 
 1,333,462 
 
  
 Nov. 2019 
 140,705 
 154,787 
 126,625 
 1,529,341 
 154,256 
 1,375,085 
 
  
   
 
  
  Two weeks ending  8 
 
  
 Oct. 23, 2019 
 130,460 
 143,517 
 117,404 
 1,464,706 
 143,079 
 1,321,627 
 
  
 Nov. 6, 2019 
 142,357 
 156,604 
 128,113 
 1,503,821 
 156,121 
 1,347,700 
 
  
 Nov. 20, 2019 
 133,993 
 147,404 
 120,584 
 1,525,538 
 146,925 
 1,378,613 
 
  
 Dec. 4, 2019 
 149,112 
 164,034 
 134,191 
 1,549,979 
 163,400 
 1,386,579 
 
  
 Dec. 18, 2019 
 129,562 
 142,529 
 116,596 
 1,649,453 
 142,171 
 1,507,282 
 
 
 
  
 Footnotes 
  
 Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4). 
 Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000. 
 Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000. 
 Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release. 
 Equals the sum of balances maintained up to the top of each institution's penalty-free band. 
 Equals the sum of balances maintained that exceed the top of each institution's penalty-free band. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.

Not seasonally adjusted. Millions of dollars.  
  
  
 Date 
 Reserves 
 Vault cash  2 
 Monetary base 
 
  
 Total  1 
 Required 
 Total 
 Used to satisfy  
 required  
 reserves  3 
 Surplus  4 
 Total  5 
 Total balances  
maintained  6 
 Currency in  
circulation 
 
 
  
  
  Month  7 
 
  
 Nov. 2018 
 1,840,828 
 192,074 
 76,555 
 65,537 
 11,018 
 3,476,330 
 1,775,291 
 1,701,039 
 
  
 Dec. 2018 
 1,759,856 
 192,165 
 80,800 
 68,462 
 12,338 
 3,400,747 
 1,691,394 
 1,709,353 
 
  
 Jan. 2019 
 1,707,256 
 199,356 
 80,373 
 68,226 
 12,147 
 3,346,879 
 1,639,030 
 1,707,849 
 
  
 Feb. 2019 
 1,713,683 
 193,579 
 81,281 
 68,450 
 12,831 
 3,353,467 
 1,645,233 
 1,708,234 
 
  
 Mar. 2019 
 1,725,938 
 193,064 
 76,799 
 64,640 
 12,159 
 3,381,455 
 1,661,297 
 1,720,158 
 
  
 Apr. 2019 
 1,623,904 
 194,575 
 76,130 
 64,455 
 11,675 
 3,286,650 
 1,559,450 
 1,727,201 
 
  
 May 2019 
 1,576,309 
 199,742 
 75,816 
 65,024 
 10,792 
 3,244,460 
 1,511,285 
 1,733,175 
 
  
 June 2019 
 1,601,309 
 200,360 
 76,098 
 65,452 
 10,647 
 3,274,825 
 1,535,857 
 1,738,968 
 
  
 July 2019 
 1,578,615 
 200,169 
 76,484 
 65,065 
 11,419 
 3,260,316 
 1,513,550 
 1,746,765 
 
  
 Aug. 2019 
 1,586,844 
 200,608 
 78,520 
 65,969 
 12,552 
 3,271,378 
 1,520,876 
 1,750,502 
 
  
 Sept. 2019 
 1,504,805 
 199,741 
 76,527 
 65,035 
 11,493 
 3,202,682 
 1,439,771 
 1,762,911 
 
  
 Oct. 2019 
 1,547,136 
 200,621 
 76,645 
 65,623 
 11,022 
 3,252,830 
 1,481,513 
 1,771,317 
 
  
 Nov. 2019 
 1,595,222 
 206,586 
 76,905 
 65,881 
 11,024 
 3,315,572 
 1,529,341 
 1,786,231 
 
  
   
 
  
  Two weeks ending  8 
 
  
 Oct. 23, 2019 
 1,529,486 
 195,240 
 76,459 
 64,780 
 11,679 
 3,235,872 
 1,464,706 
 1,771,167 
 
  
 Nov. 6, 2019 
 1,568,205 
 206,741 
 74,791 
 64,384 
 10,407 
 3,282,999 
 1,503,821 
 1,779,178 
 
  
 Nov. 20, 2019 
 1,590,972 
 199,427 
 77,677 
 65,434 
 12,243 
 3,311,727 
 1,525,538 
 1,786,189 
 
  
 Dec. 4, 2019 
 1,617,384 
 216,517 
 77,094 
 67,405 
 9,689 
 3,340,500 
 1,549,979 
 1,790,521 
 
  
 Dec. 18, 2019 
 1,715,858 
 195,967 
 80,569 
 66,405 
 14,164 
 3,441,873 
 1,649,453 
 1,792,420 
 
 
 
  
 Footnotes 
  
 Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves. 
 Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements. 
 All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 
 Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 
 Equals total balances maintained plus currency in circulation. 
 Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.

Not seasonally adjusted. Millions of dollars.  
  
  
 Date 
 Borrowings from the Federal Reserve 
 Nonborrowed  
 reserves  1 
 
  
 Total 
 Primary 
 Secondary 
 Seasonal 
 Other credit  
extensions 
 
 
  
  
  Month  2 
 
  
 Nov. 2018 
 97 
 11 
 0 
 86 
 0 
 1,840,731 
 
  
 Dec. 2018 
 76 
 18 
 0 
 58 
 0 
 1,759,780 
 
  
 Jan. 2019 
 26 
 20 
 0 
 6 
 0 
 1,707,230 
 
  
 Feb. 2019 
 19 
 7 
 0 
 12 
 0 
 1,713,664 
 
  
 Mar. 2019 
 15 
 7 
 0 
 8 
 0 
 1,725,923 
 
  
 Apr. 2019 
 30 
 14 
 0 
 15 
 0 
 1,623,875 
 
  
 May 2019 
 56 
 18 
 0 
 38 
 0 
 1,576,254 
 
  
 June 2019 
 80 
 20 
 0 
 60 
 0 
 1,601,229 
 
  
 July 2019 
 120 
 9 
 0 
 111 
 0 
 1,578,495 
 
  
 Aug. 2019 
 117 
 16 
 0 
 101 
 0 
 1,586,727 
 
  
 Sept. 2019 
 101 
 15 
 0 
 86 
 0 
 1,504,704 
 
  
 Oct. 2019 
 63 
 4 
 0 
 59 
 0 
 1,547,073 
 
  
 Nov. 2019 
 26 
 4 
 0 
 22 
 0 
 1,595,196 
 
  
   
 
  
  Two weeks ending  3 
 
  
 Oct. 23, 2019 
 60 
 2 
 0 
 58 
 0 
 1,529,426 
 
  
 Nov. 6, 2019 
 40 
 7 
 0 
 34 
 0 
 1,568,165 
 
  
 Nov. 20, 2019 
 25 
 4 
 0 
 21 
 0 
 1,590,947 
 
  
 Dec. 4, 2019 
 20 
 4 
 0 
 17 
 0 
 1,617,364 
 
  
 Dec. 18, 2019 
 23 
 13 
 0 
 10 
 0 
 1,715,835 
 
 
 
  
 Footnotes 
  
 Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve. 
 Prorated averages of biweekly averages. 
 Averages of daily figures.

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# Board of Governors of the Federal Reserve System

## Aggregate Reserves of Depository Institutions and the Monetary Base - H.3

### Current Release    PDF   RSS   DDP

#### Table 1

### Footnotes

#### Table 2

### Footnotes

#### Table 3

### Footnotes

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1. Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
2. Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
3. Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
4. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
5. Equals the sum of balances maintained up to the top of each institution's penalty-free band.
6. Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.

1. Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
2. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements.
3. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.
4. Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
5. Equals total balances maintained plus currency in circulation.
6. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.

1. Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
2. Prorated averages of biweekly averages.
3. Averages of daily figures.

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| Date | Reserve balances required | Reserve balances maintained  4 |
| --- | --- | --- |
| Reserve balance  
requirements  1 | Top of penalty-  
free band  2 | Bottom of penalty-  
free band  3 | Total | Balances  
maintained to  
satisfy reserve  
balance  
requirements  5 | Balances  
maintained that  
exceed the top of  
the penalty-  
free band  6 |
| Month  7 |
| Nov. 2018 | 126,537 | 139,202 | 113,872 | 1,775,291 | 138,700 | 1,636,591 |
| Dec. 2018 | 123,703 | 136,085 | 111,322 | 1,691,394 | 135,698 | 1,555,696 |
| Jan. 2019 | 131,130 | 144,255 | 118,006 | 1,639,030 | 143,615 | 1,495,414 |
| Feb. 2019 | 125,129 | 137,655 | 112,606 | 1,645,233 | 137,128 | 1,508,105 |
| Mar. 2019 | 128,423 | 141,279 | 115,569 | 1,661,297 | 140,926 | 1,520,371 |
| Apr. 2019 | 130,120 | 143,144 | 117,098 | 1,559,450 | 142,641 | 1,416,809 |
| May 2019 | 134,717 | 148,200 | 121,237 | 1,511,285 | 147,792 | 1,363,493 |
| June 2019 | 134,908 | 148,409 | 121,408 | 1,535,857 | 148,025 | 1,387,832 |
| July 2019 | 135,103 | 148,624 | 121,584 | 1,513,550 | 148,191 | 1,365,359 |
| Aug. 2019 | 134,639 | 148,114 | 121,167 | 1,520,876 | 147,555 | 1,373,321 |
| Sept. 2019 | 134,707 | 148,188 | 121,227 | 1,439,771 | 147,498 | 1,292,273 |
| Oct. 2019 | 134,998 | 148,509 | 121,489 | 1,481,513 | 148,050 | 1,333,462 |
| Nov. 2019 | 140,705 | 154,787 | 126,625 | 1,529,341 | 154,256 | 1,375,085 |
|   |
| Two weeks ending  8 |
| Oct. 23, 2019 | 130,460 | 143,517 | 117,404 | 1,464,706 | 143,079 | 1,321,627 |
| Nov. 6, 2019 | 142,357 | 156,604 | 128,113 | 1,503,821 | 156,121 | 1,347,700 |
| Nov. 20, 2019 | 133,993 | 147,404 | 120,584 | 1,525,538 | 146,925 | 1,378,613 |
| Dec. 4, 2019 | 149,112 | 164,034 | 134,191 | 1,549,979 | 163,400 | 1,386,579 |
| Dec. 18, 2019 | 129,562 | 142,529 | 116,596 | 1,649,453 | 142,171 | 1,507,282 |

| Date | Reserves | Vault cash  2 | Monetary base |
| --- | --- | --- | --- |
| Total  1 | Required | Total | Used to satisfy  
 required  
 reserves  3 | Surplus  4 | Total  5 | Total balances  
maintained  6 | Currency in  
circulation |
| Month  7 |
| Nov. 2018 | 1,840,828 | 192,074 | 76,555 | 65,537 | 11,018 | 3,476,330 | 1,775,291 | 1,701,039 |
| Dec. 2018 | 1,759,856 | 192,165 | 80,800 | 68,462 | 12,338 | 3,400,747 | 1,691,394 | 1,709,353 |
| Jan. 2019 | 1,707,256 | 199,356 | 80,373 | 68,226 | 12,147 | 3,346,879 | 1,639,030 | 1,707,849 |
| Feb. 2019 | 1,713,683 | 193,579 | 81,281 | 68,450 | 12,831 | 3,353,467 | 1,645,233 | 1,708,234 |
| Mar. 2019 | 1,725,938 | 193,064 | 76,799 | 64,640 | 12,159 | 3,381,455 | 1,661,297 | 1,720,158 |
| Apr. 2019 | 1,623,904 | 194,575 | 76,130 | 64,455 | 11,675 | 3,286,650 | 1,559,450 | 1,727,201 |
| May 2019 | 1,576,309 | 199,742 | 75,816 | 65,024 | 10,792 | 3,244,460 | 1,511,285 | 1,733,175 |
| June 2019 | 1,601,309 | 200,360 | 76,098 | 65,452 | 10,647 | 3,274,825 | 1,535,857 | 1,738,968 |
| July 2019 | 1,578,615 | 200,169 | 76,484 | 65,065 | 11,419 | 3,260,316 | 1,513,550 | 1,746,765 |
| Aug. 2019 | 1,586,844 | 200,608 | 78,520 | 65,969 | 12,552 | 3,271,378 | 1,520,876 | 1,750,502 |
| Sept. 2019 | 1,504,805 | 199,741 | 76,527 | 65,035 | 11,493 | 3,202,682 | 1,439,771 | 1,762,911 |
| Oct. 2019 | 1,547,136 | 200,621 | 76,645 | 65,623 | 11,022 | 3,252,830 | 1,481,513 | 1,771,317 |
| Nov. 2019 | 1,595,222 | 206,586 | 76,905 | 65,881 | 11,024 | 3,315,572 | 1,529,341 | 1,786,231 |
|   |
| Two weeks ending  8 |
| Oct. 23, 2019 | 1,529,486 | 195,240 | 76,459 | 64,780 | 11,679 | 3,235,872 | 1,464,706 | 1,771,167 |
| Nov. 6, 2019 | 1,568,205 | 206,741 | 74,791 | 64,384 | 10,407 | 3,282,999 | 1,503,821 | 1,779,178 |
| Nov. 20, 2019 | 1,590,972 | 199,427 | 77,677 | 65,434 | 12,243 | 3,311,727 | 1,525,538 | 1,786,189 |
| Dec. 4, 2019 | 1,617,384 | 216,517 | 77,094 | 67,405 | 9,689 | 3,340,500 | 1,549,979 | 1,790,521 |
| Dec. 18, 2019 | 1,715,858 | 195,967 | 80,569 | 66,405 | 14,164 | 3,441,873 | 1,649,453 | 1,792,420 |

| Date | Borrowings from the Federal Reserve | Nonborrowed  
 reserves  1 |
| --- | --- | --- |
| Total | Primary | Secondary | Seasonal | Other credit  
extensions |
| Month  2 |
| Nov. 2018 | 97 | 11 | 0 | 86 | 0 | 1,840,731 |
| Dec. 2018 | 76 | 18 | 0 | 58 | 0 | 1,759,780 |
| Jan. 2019 | 26 | 20 | 0 | 6 | 0 | 1,707,230 |
| Feb. 2019 | 19 | 7 | 0 | 12 | 0 | 1,713,664 |
| Mar. 2019 | 15 | 7 | 0 | 8 | 0 | 1,725,923 |
| Apr. 2019 | 30 | 14 | 0 | 15 | 0 | 1,623,875 |
| May 2019 | 56 | 18 | 0 | 38 | 0 | 1,576,254 |
| June 2019 | 80 | 20 | 0 | 60 | 0 | 1,601,229 |
| July 2019 | 120 | 9 | 0 | 111 | 0 | 1,578,495 |
| Aug. 2019 | 117 | 16 | 0 | 101 | 0 | 1,586,727 |
| Sept. 2019 | 101 | 15 | 0 | 86 | 0 | 1,504,704 |
| Oct. 2019 | 63 | 4 | 0 | 59 | 0 | 1,547,073 |
| Nov. 2019 | 26 | 4 | 0 | 22 | 0 | 1,595,196 |
|   |
| Two weeks ending  3 |
| Oct. 23, 2019 | 60 | 2 | 0 | 58 | 0 | 1,529,426 |
| Nov. 6, 2019 | 40 | 7 | 0 | 34 | 0 | 1,568,165 |
| Nov. 20, 2019 | 25 | 4 | 0 | 21 | 0 | 1,590,947 |
| Dec. 4, 2019 | 20 | 4 | 0 | 17 | 0 | 1,617,364 |
| Dec. 18, 2019 | 23 | 13 | 0 | 10 | 0 | 1,715,835 |