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`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                                                      March 8, 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-Feb.                   1262697             1240764               72686             1190012             2207724               21933
       Mar.                   1436146             1416264               73985             1362161             2389892               19882
                                                                                                                                         
       Apr.                   1526480             1508637               74514             1451966             2489298               17842
       May                    1587576             1572431               75072             1512505             2559321               15146
       June                   1666349             1653106               77615             1588734             2644620               13243
                                                                                                                                         
       July                   1696473             1684077               78344             1618129             2680642               12395
       Aug.                   1666949             1655115               83584             1583365             2657378               11834
       Sep.                   1642710             1631135               91718             1550992             2638581               11575
                                                                                                                                         
       Oct.                   1638605             1627394               93287             1545318             2639137               11210
       Nov.                   1591978             1581637               94059             1497919             2598952               10341
       Dec.                   1597182             1587656               94865             1502317             2610837                9526
                                                                                                                                         
  2012-Jan.                   1614015             1605401               94458             1519557             2637203                8614
       Feb. p                 1658315             1650382               98084             1560231             2691652                7933

 Two weeks ending(7)                                                                                                                           
  2012-Jan. 11                1617706             1608721               93918             1523788             2636476                8985
            25                1602857             1594340               93559             1509298             2627004                8517
                                                                                                                                         
       Feb.  8                1633282             1625119               97545             1535737             2662331                8163
            22                1679215             1671224               98349             1580866             2712565                7992
                                                                                                                                         
       Mar.  7p               1645122             1637568               98169             1546954             2683338                7554
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
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 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-Feb.                   21933            28              0              3          21902              0       
       Mar.                   19882            11              0              6          19864              0       
                                                                                                                    
       Apr.                   17842            14              0              8          17820              0       
       May                    15146            10              1             20          15115              0       
       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. p                  7933            13              0              1           7920              0       
                                                                                                                    
 Two weeks ending(4)                                                                                                
  2012-Jan. 11                 8985            56              0             14           8916              0       
            25                 8517             5              0              4           8508              0       
                                                                                                                    
       Feb.  8                 8163            26              0              3           8134              0       
            22                 7992             6              0              0           7987              0       
                                                                                                                    
       Mar.  7p                7554            12              0              2           7541              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-Feb.             1263705      1241772         73693      2210871      1219258        56616        44446         12170
       Mar.             1434887      1415006         72727      2394703      1391362        55365        43526         11839
                                                                                                                            
       Apr.             1527990      1510148         76025      2496493      1484148        55376        43842         11534
       May              1589835      1574689         77330      2566392      1546511        54769        43324         11445
       June             1665944      1652700         77209      2647989      1622463        55273        43480         11793
                                                                                                                            
       July             1696685      1684289         78556      2683800      1652339        56029        44346         11683
       Aug.             1666693      1654859         83328      2656915      1621202        56772        45491         11281
       Sep.             1643584      1632009         92592      2637039      1597072        56907        46512         10395
                                                                                                                            
       Oct.             1639017      1627806         93699      2637427      1592546        57550        46471         11080
       Nov.             1592522      1582181         94603      2602090      1546226        57412        46296         11116
       Dec.             1598831      1589305         96514      2618061      1550155        60586        48676         11910
                                                                                                                            
  2012-Jan.             1619309      1610695         99752      2640869      1569024        61464        50285         11179
       Feb. p           1660042      1652109         99811      2694564      1609887        61361        50154         11206

 Two weeks ending(10)                                                                                                                    
  2012-Jan. 11          1617313      1608329         93525      2641838      1568759        61624        48555         13070         3682
            25          1611496      1602980        102198      2630067      1561618        59782        49879          9903         3341
                                                                                                                                         
       Feb.  8          1641200      1633037        105463      2664297      1586794        65099        54406         10692         3685
            22          1677094      1669103         96228      2714548      1628009        61235        49086         12149         3765
                                                                                                                                         
       Mar.  7p         1647471      1639917        100517      2689187      1600038        57341        47433          9908         3467
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2011-Feb.                        1263573              1241640                73561              2208453
       Mar.                        1434659              1414777                72498              2392145
                                                                                                         
       Apr.                        1527606              1509763                75640              2493684
       May                         1589302              1574156                76798              2563466
       June                        1665318              1652075                76584              2645014
                                                                                                         
       July                        1695924              1683529                77795              2680745
       Aug.                        1665770              1653936                82405              2653782
       Sep.                        1642536              1630962                91544              2633802
                                                                                                         
       Oct.                        1637815              1626605                92497              2634065
       Nov.                        1591129              1580788                93210              2598604
       Dec.                        1597432              1587906                95115              2614580
                                                                                                         
  2012-Jan.                        1619105              1610491                99548              2638523
       Feb. p                      1659890              1651957                99659              2692499

 Two weeks ending(6)                                                       
  2012-Jan. 11                     1617037              1608053                93249              2639080
            25                     1611306              1602789               102008              2627916
                                                                                                         
       Feb.  8                     1641094              1632931               105357              2662251
            22                     1676946              1668954                96079              2712483
                                                                                                         
       Mar.  7p                    1647262              1639708               100308              2687100
 ----------------------------------------------------------------------------------------------------------
 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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