PrintAggregate Reserves of Depository Institutions and the Monetary Base (H.3)
Announcements
This feed provides information about aggregate reserves data available from the Federal Reserve Board through the Data Download Program (DDP).- July 26, 2012
Simplification of Reserve Requirements, Phase 1For 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.
- November 08, 2011
New graphics options are now available from the Data Download Program (DDP)Users can now view plotted data as column charts, and add U.S. recession shading, while using the "View chart" function of the Data Download Program (DDP).
- October 27, 2011
Annual Review of Break and Seasonal Factors for Reserves and the Monetary BaseFor release at
4:30 P.M. EDT
October 27, 2011
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the result
of annual reviews of seasonal factors and break factors. Revisions to seasonal
factors start in January 1999, while revisions to break factors begin in January
2010. Break factors remove discontinuities (or "breaks") associated with regulatory
changes in reserve requirements, such as the annual indexations of the low-reserve
tranche and the reserve requirement exemption.1 The maximum revision to total
reserves, nonborrowed reserves, required reserves, and the monetary base in any
maintenance period was $2.0 billion; most revisions were less than $700 million.
A more detailed description of the methods for constructing break factors and
seasonal factors is available under "Annual review of break and seasonal factors"
on the Federal Reserve's website (http://www.federalreserve.gov/releases/h3/hist/).
Historical data, updated each week, are available there as well.
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1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent
against the first $25 million in net transaction deposits (low-reserve tranche) at
each depository institution. Since 1982, the low-reserve tranche has been indexed
each January by 80 percent of the previous year's (June 30 to June 30) growth rate
of net transaction deposits at all depository institutions. For all reserve
maintenance periods ending in 2011, the low-reserve tranche is $58.8 million,
rising to $71.0 million for maintenance periods ending in 2012.
Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
million of reservable liabilities of each depository institution was exempted from
reserve requirements. Since 1983, this exemption amount has been indexed each year
by 80 percent of the rate of increase of the reservable liabilities at all
depository institutions over the preceding year (June 30 to June 30). For all
reserve maintenance periods ending in 2011, the reserve requirement exemption is
$10.7 million, rising to $11.5 million for maintenance periods ending in 2012.
- May 26, 2011
Revision to the amount of loans outstanding under the Term Asset-Backed Securities Loan Facility for the two weeks ending May 18, 2011
For release on
May 26, 2011
The Board's H.3 statistical release ("Aggregate Reserves of Depository Institutions and
the Monetary Base") for May 26, 2011, includes a revision to the amount of loans
outstanding under the Term Asset-Backed Securities Loan Facility for the two weeks
ending May 18, 2011. For more information on the revision, please see the cover note
attached to the corrected H.4.1 release dated May 12, 2011.
- January 27, 2011
Closing of the American International Group, Inc. (AIG) Capitalization PlanFor release at
4:30 p.m. EST
January 27, 2011
The Board's H.3 statistical release, "Aggregate Reserves of Depository
Institutions and the Monetary Base," reflects the closing of the American
International Group, Inc. (AIG), recapitalization plan, which occurred on
January 14, 2011. The recapitalization plan was designed to restructure and
facilitate repayment of the financial support provided to AIG by the U.S.
Department of the Treasury and the Federal Reserve. Upon closing of the
recapitalization plan, the credit extended to AIG by the Federal Reserve Bank
of New York under the revolving credit facility (AIG loan), including accrued
interest and fees, was repaid in full. The AIG loan is reported in the "Credit
extended to American International Group, Inc., net" category of total and
other borrowings from the Federal Reserve, which is shown in table 1a of the
H.3 statistical release.
The average value of "Credit extended to American International Group, Inc.,
net" for the two-week period ending January 26, 2011, reflects the closing of
the AIG recapitalization plan. The average value for the two-week period
ending January 26, 2011, is greater than zero because the AIG loan was repaid
in full on January 14, the second day of this two-week period. Table 1a will
continue to show historical values for "Credit extended to American
International Group, Inc., net" to provide a complete disaggregation of total
and other borrowings from the Federal Reserve for past periods.
- December 02, 2010
New interactive graphics feature of Data Download Program (DDP)Users will now be able to create and view interactive graphics of data packages from the program before downloading the underlying data and charts. The charting feature allows users to view multiple data series on a single chart as well as to display individual data points. The charts can be saved as PDFs or in a standard image file format (PNG) for publication and redistribution.
"Graphics play an important role in identifying data trends and relationships," said Federal Reserve Vice Chair Janet L. Yellen. "With the help of this intuitive new user interface, it's now possible to create customized charts directly from Federal Reserve statistical data."
- December 29, 2008
Note on Nonborrowed ReservesThe H.3 statistical release indicates that nonborrowed reserves of depository institutions were negative for much of 2008 but more recently have turned positive.
By definition, nonborrowed reserves are equal to total reserves minus borrowed reserves. Borrowed reserves are equal to the sum of credit extended through the Federal Reserve's regular discount window programs and credit extended through certain Federal Reserve liquidity facilities. Total borrowings from the Federal Reserve are presented in table 1a of the release. Over much of 2008, in order to maintain a level of total reserves consistent with the Federal Open Market Committee's objective for the federal funds rate, increases in borrowed reserves were offset through a nearly commensurate decrease in nonborrowed reserves, which was accomplished through a reduction in the Federal Reserve's holdings of securities and other assets. The negative level of nonborrowed reserves was an arithmetic result of the fact that borrowings from the Federal Reserve liquidity facilities were larger than total reserves.
More recently, nonborrowed reserves have again turned positive. This development is purely an arithmetic result, in this case of the fact that a large volume of reserves has recently been provided through channels that, for purposes of the Federal Reserve's statistical releases, are not considered borrowings. These channels include foreign currency swap arrangements with foreign central banks and certain special purpose vehicles. Credit extended to these special purpose vehicles are not shown on the Federal Reserve's balance sheet. Rather, as noted on the H.4.1 statistical release, the assets of these vehicles are consolidated onto the Federal Reserve's balance sheet, and consequently credit extended to these special purpose entities is not treated as a borrowing for purposes of the H.3 statistical release.
- February 08, 2008
Recent Declines in Nonborrowed ReservesThe H.3 statistical release indicates that nonborrowed reserves of depository institutions have declined substantially since mid-December to a level that is now negative. This development reflects the provision of a large volume of reserves through the Term Auction Facility (TAF) and has no adverse implications for the availability of reserves to the banking system.
By definition, nonborrowed reserves are equal to total reserves minus borrowed reserves. Borrowed reserves are equal to credit extended through the Federal Reserve's regular discount window programs as well as credit extended through the TAF. To maintain a level of total reserves consistent with the Federal Open Market Committee's target federal funds rate, increases in borrowed reserves must generally be met by a commensurate decrease in nonborrowed reserves, which is accomplished through a reduction in the Federal Reserve's holdings of securities and other assets. The negative level of nonborrowed reserves is an arithmetic result of the fact that TAF borrowings are larger than total reserves.
- September 18, 2007
H.3 Data UpdateThe DDP values for 09/5/07 and 09/12/07 for Total borrowings of Depository Institutions from the Federal Reserve (RESBR14A_N.WW) have been updated to reflect the correct values as posted on the H.3 release and H.3 Weekly Historical Aggregate Table 6: Memorandum Items dated 09/13/2007.
- June 14, 2007
H.3 - Aggregate Reserves of Depository Institutions and the Monetary BaseAnnual Seasonal Factor Review - April 30, 2007
Aggregate Reserves data are now available from the Data DownloadThe Federal Reserve Board announces that data from the Aggregate Reserves of Depository Institutions and the Monetary Base release (H.3) are now available for customizeable download through the Data Download Program (DDP). These data will updated weekly with the H.3 release on Thursday afternoon after 4:30 p.m.
