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

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Source material from Federal Reserve. The wording below is the issuer’s statement.

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

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Release Date: September 17, 2020

​

For release at

4:30 p.m. Eastern Time

September 17, 2020

H.3 (502)

Final H.3 Statistical Release

This is the final publication of the H.3 statistical release. Certain H.3 release items will be consolidated onto the H.6 statistical release as of September 24, 2020. For more information on the consolidation and related changes, please see the announcement posted on August 20, 2020.

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Table 1

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

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

Dec. 2019

138,984

152,893

125,076

1,630,090

152,562

1,477,528

Jan. 2020

144,816

159,309

130,326

1,645,384

158,765

1,486,619

Feb. 2020

138,370

152,218

124,524

1,656,989

151,612

1,505,377

Mar. 2020

113,139

124,461

101,817

2,045,148

124,147

1,921,000

Apr. 2020

0

0

0

2,953,586

0

2,953,586

May 2020

0

0

0

3,217,635

0

3,217,635

June 2020

0

0

0

3,043,556

0

3,043,556

July 2020

0

0

0

2,718,529

0

2,718,529

Aug. 2020

0

0

0

2,799,719

0

2,799,719

Two weeks ending 8

July 15, 2020

0

0

0

2,795,785

0

2,795,785

July 29, 2020

0

0

0

2,623,526

0

2,623,526

Aug. 12, 2020

0

0

0

2,751,124

0

2,751,124

Aug. 26, 2020

0

0

0

2,821,740

0

2,821,740

Sept. 9, 2020

0

0

0

2,854,690

0

2,854,690

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.

Note on the Elimination of Reserve Requirements

The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, release items reported under "Reserve balances required" (reserve balance requirements and the top and bottom of penalty-free band) and "Balances maintained to satisfy reserve balance requirements" are zero beginning with the two weeks ending April 8, 2020.

Table 2

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

Aug. 2019

1,586,844

200,608

78,451

65,969

12,483

3,271,378

1,520,876

1,750,502

Sept. 2019

1,504,805

199,741

76,550

65,035

11,516

3,202,668

1,439,771

1,762,898

Oct. 2019

1,547,136

200,621

76,660

65,623

11,037

3,252,807

1,481,513

1,771,294

Nov. 2019

1,595,222

206,586

76,921

65,881

11,040

3,315,551

1,529,341

1,786,209

Dec. 2019

1,698,344

207,239

80,168

68,255

11,914

3,426,464

1,630,090

1,796,375

Jan. 2020

1,715,219

214,652

81,216

69,835

11,381

3,442,569

1,645,384

1,797,185

Feb. 2020

1,726,943

208,324

80,735

69,954

10,781

3,454,474

1,656,989

1,797,485

Mar. 2020

2,099,369

167,360

77,114

54,222

22,892

3,883,155

2,045,148

1,838,007

Apr. 2020

2,953,586

0

88,104

0

88,104

4,844,940

2,953,586

1,891,355

May 2020

3,217,635

0

101,345

0

101,345

5,149,527

3,217,635

1,931,891

June 2020

3,043,556

0

104,201

0

104,201

5,001,978

3,043,556

1,958,422

July 2020

2,718,529

0

98,392

0

98,392

4,700,365

2,718,529

1,981,836

Aug. 2020

2,799,719

0

95,327

0

95,327

4,807,394

2,799,719

2,007,675

Two weeks ending 8

July 15, 2020

2,795,785

0

99,459

0

99,459

4,772,522

2,795,785

1,976,737

July 29, 2020

2,623,526

0

97,225

0

97,225

4,609,143

2,623,526

1,985,617

Aug. 12, 2020

2,751,124

0

95,638

0

95,638

4,750,981

2,751,124

1,999,857

Aug. 26, 2020

2,821,740

0

95,066

0

95,066

4,830,999

2,821,740

2,009,260

Sept. 9, 2020

2,854,690

0

95,313

0

95,313

4,876,690

2,854,690

2,022,000

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.

Note on the Elimination of Reserve Requirements

The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, required reserves and vault cash used to satisfy required reserves are zero beginning with the two weeks ending April 8, 2020.

Table 3

Not seasonally adjusted. Millions of dollars.

Date

Borrowings from the Federal Reserve

Nonborrowed

reserves 2

Total

Primary

Secondary

Seasonal

Other credit

extensions 1

Month 3

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

Dec. 2019

21

10

0

11

0

1,698,323

Jan. 2020

6

5

0

1

0

1,715,213

Feb. 2020

3

3

0

0

0

1,726,939

Mar. 2020

40,554

19,538

0

0

21,015

2,058,816

Apr. 2020

124,461

38,299

0

0

86,162

2,829,125

May 2020

111,845

22,180

0

2

89,663

3,105,791

June 2020

97,671

8,456

0

11

89,204

2,945,885

July 2020

92,943

4,670

0

26

88,248

2,625,585

Aug. 2020

83,126

2,851

0

38

80,237

2,716,593

Two weeks ending 4

July 15, 2020

94,326

5,055

0

21

89,251

2,701,459

July 29, 2020

92,428

4,376

0

31

88,021

2,531,099

Aug. 12, 2020

85,636

3,111

0

37

82,488

2,665,489

Aug. 26, 2020

82,030

2,651

0

41

79,339

2,739,710

Sept. 9, 2020

80,170

2,786

0

34

77,350

2,774,520

Footnotes

Includes borrowings associated with facilities other than the primary, secondary, and seasonal credit lending programs. Detail on borrowings contained in this item is available under "Loans" in table 1 of the H.4.1 statistical release.

Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.

Prorated averages of biweekly averages.

Averages of daily figures.

Release text attributed to Federal Reserve. Consult the official publication for any subsequent corrections or updates.