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02/08/2008 01:30 AM
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Recent Declines in Nonborrowed Reserves
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The 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.
Mas Info
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09/18/2007 08:00 PM
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H.3 Data Update
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The 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.
Mas Info
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06/14/2007 11:30 PM
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H.3 - Aggregate Reserves of Depository Institutions and the Monetary Base
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Annual Seasonal Factor Review
Mas Info
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04/30/2007 03:30 PM
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Aggregate Reserves data are now available from the Data Download
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The 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.
Mas Info
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