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

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Release Date: September 17, 2020
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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.
DateReserve balances requiredReserve balances maintained 4
Reserve balance
requirements 1		Top of penalty-
free band 2		Bottom of penalty-
free band 3		TotalBalances
maintained to
satisfy reserve
balance
requirements 5		Balances
maintained that
exceed the top of
the penalty-
free band 6
Month 7
Aug. 2019134,639148,114121,1671,520,876147,5551,373,321
Sept. 2019134,707148,188121,2271,439,771147,4981,292,273
Oct. 2019134,998148,509121,4891,481,513148,0501,333,462
Nov. 2019140,705154,787126,6251,529,341154,2561,375,085
Dec. 2019138,984152,893125,0761,630,090152,5621,477,528
Jan. 2020144,816159,309130,3261,645,384158,7651,486,619
Feb. 2020138,370152,218124,5241,656,989151,6121,505,377
Mar. 2020113,139124,461101,8172,045,148124,1471,921,000
Apr. 20200002,953,58602,953,586
May 20200003,217,63503,217,635
June 20200003,043,55603,043,556
July 20200002,718,52902,718,529
Aug. 20200002,799,71902,799,719
 
Two weeks ending 8
July 15, 20200002,795,78502,795,785
July 29, 20200002,623,52602,623,526
Aug. 12, 20200002,751,12402,751,124
Aug. 26, 20200002,821,74002,821,740
Sept. 9, 20200002,854,69002,854,690

Footnotes

  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.

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.
DateReservesVault cash 2Monetary base
Total 1RequiredTotalUsed to satisfy
required
reserves 3		Surplus 4Total 5Total balances
maintained 6		Currency in
circulation
Month 7
Aug. 20191,586,844200,60878,45165,96912,4833,271,3781,520,8761,750,502
Sept. 20191,504,805199,74176,55065,03511,5163,202,6681,439,7711,762,898
Oct. 20191,547,136200,62176,66065,62311,0373,252,8071,481,5131,771,294
Nov. 20191,595,222206,58676,92165,88111,0403,315,5511,529,3411,786,209
Dec. 20191,698,344207,23980,16868,25511,9143,426,4641,630,0901,796,375
Jan. 20201,715,219214,65281,21669,83511,3813,442,5691,645,3841,797,185
Feb. 20201,726,943208,32480,73569,95410,7813,454,4741,656,9891,797,485
Mar. 20202,099,369167,36077,11454,22222,8923,883,1552,045,1481,838,007
Apr. 20202,953,586088,104088,1044,844,9402,953,5861,891,355
May 20203,217,6350101,3450101,3455,149,5273,217,6351,931,891
June 20203,043,5560104,2010104,2015,001,9783,043,5561,958,422
July 20202,718,529098,392098,3924,700,3652,718,5291,981,836
Aug. 20202,799,719095,327095,3274,807,3942,799,7192,007,675
 
Two weeks ending 8
July 15, 20202,795,785099,459099,4594,772,5222,795,7851,976,737
July 29, 20202,623,526097,225097,2254,609,1432,623,5261,985,617
Aug. 12, 20202,751,124095,638095,6384,750,9812,751,1241,999,857
Aug. 26, 20202,821,740095,066095,0664,830,9992,821,7402,009,260
Sept. 9, 20202,854,690095,313095,3134,876,6902,854,6902,022,000

Footnotes

  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.

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.
DateBorrowings from the Federal ReserveNonborrowed
reserves 2
TotalPrimarySecondarySeasonalOther credit
extensions 1
Month 3
Aug. 201911716010101,586,727
Sept. 20191011508601,504,704
Oct. 201963405901,547,073
Nov. 201926402201,595,196
Dec. 2019211001101,698,323
Jan. 2020650101,715,213
Feb. 2020330001,726,939
Mar. 202040,55419,5380021,0152,058,816
Apr. 2020124,46138,2990086,1622,829,125
May 2020111,84522,1800289,6633,105,791
June 202097,6718,45601189,2042,945,885
July 202092,9434,67002688,2482,625,585
Aug. 202083,1262,85103880,2372,716,593
 
Two weeks ending 4
July 15, 202094,3265,05502189,2512,701,459
July 29, 202092,4284,37603188,0212,531,099
Aug. 12, 202085,6363,11103782,4882,665,489
Aug. 26, 202082,0302,65104179,3392,739,710
Sept. 9, 202080,1702,78603477,3502,774,520

Footnotes

  1. 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.
  2. Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
  3. Prorated averages of biweekly averages.
  4. Averages of daily figures.
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Last Update: September 17, 2020