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Release Date: October 23, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For release at 4:30 p.m. Eastern Time
October 23, 2008
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions    
Date Total
(2)
Nonborrowed
(3)
Required (4)
Excess,
NSA
(5)
Monetary
base
Federal Reserve,
NSA
Total borrowings
from the
Month(6)                             
 2007-Sep.                        42668              41101              40934               1733             821968               1567     
                                                                                                                                           
      Oct.                        42436              42182              40977               1459             824647                254     
      Nov.                        42623              42258              40927               1696             825422                366     
      Dec.                        42674              27244              40905               1769             823348              15430     
                                                                                                                                           
 2008-Jan.                        42149              -3510              40509               1640             821406              45660     
      Feb.                        42804             -17353              41080               1724             822560              60157     
      Mar.                        44292             -50232              41313               2978             826994              94523     
                                                                                                                                           
      Apr.                        43563             -91847              41719               1844             824408             135410     
      May                         44133            -111648              42122               2011             826461             155780     
      June                        43373            -127905              41100               2272             832528             171278     
                                                                                                                                           
      July                        43348            -122316              41371               1977             838142             165664     
      Aug.                        44586            -123492              42599               1988             841710             168078     
      Sep.                       102793            -187312              42751              60043             903545             290105     
             
Two weeks ending(7)                  
 2008-Aug. 27                     44067            -124023              42025               2041             841073             168090     
                                                                                                                                           
      Sep. 10                     47111            -122369              44856               2255             843772             169481     
           24                    109518            -158343              40760              68759             911454             267861     
                                                                                                                                           
      Oct.  8                    179905            -363145              43888             136017             984712             543050     
           22p                   328597            -362550              46890             281707            1143873             691147     
 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



H.3 (502)
Table 1a

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not seasonally adjusted
Millions of dollars
      Other borrowings from the Federal Reserve(1)
Date Total
borrowings
from the
Federal
Reserve
Term
auction
credit
Primary Secondary Seasonal Primary dealer
and other
broker-dealer
credit
(2)
Asset-backed
commercial paper
money market
mutual fund
liquidity
facility
Other
credit
extensions
Month(3)                                 
 2007-Sep.                        1567                            1345               0             221                                                   
                                                                                                                                                         
      Oct.                         254                             126              13             115                                                   
      Nov.                         366                             315               0              50                                                   
      Dec.                       15430           11613            3787               1              30                                                   
                                                                                                                                                          
 2008-Jan.                       45660           44516            1137               0               6                                                   
      Feb.                       60157           60000             155               0               3                                                   
      Mar.                       94523           75484            1617               0               6           16168                            1249   
                                                                                                                                                         
      Apr.                      135410          100000            9624               0              21           25764                               0   
      May                       155780          127419           14076               0              47           14238                               0   
      June                      171278          150000           14225              70              75            6908                               0   
                                                                                                                                                         
      July                      165664          150000           15204             107              98             255                               0   
      Aug.                      168078          150000           17980               1              97               0                               0   
      Sep.                      290105          149814           32632              35              87           53473           31877           22187   
                 
Two weeks ending(4)                      
 2008-Aug. 27                   168090          150000           17991               0              98               0                               0   
                                                                                                                                                         
      Sep. 10                   169481          150000           19386               0              94               0                               0   
           24                   267861          150000           30478              14              96           54208           10880           22188   
                                                                                                                                                         
      Oct.  8                   543050          149072           59737             145              57          140879          133997           59164   
           22p                  691147          263092          102707               2              22          121190          121918           82217   
 1. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane 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 the LLC have been consolidated with the assets and
liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the
extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
borrowed reserves.
2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Prorated averages of biweekly averages.
4. Averages of daily figures.
 

p preliminary



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)  
Date Total
(2)
Nonborrowed Required Monetary
base
(3)
Reserve
balances
with F.R.
Banks
(4)
Total Used to
satisfy
required
reserves
(6)
Surplus
(7)
Net
carryover
of reserve
balances
(8)
Month(9)                                                                                                      
 2007-Sep.                  42236         40670          40503        826562         8753         49633         33483          16150              
                                                                                                                                                  
      Oct.                  41499         41245          40040        828373         8286         49755         33213          16542              
      Nov.                  41847         41481          40150        833052         8503         48996         33343          15652              
      Dec.                  42701         27271          40932        836432         8179         52161         34522          17639              
                                                                                                                                                  
 2008-Jan.                  44065         -1595          42424        831104         8715         53163         35349          17813              
      Feb.                  42778        -17379          41053        828692         8147         53651         34631          19021              
      Mar.                  42706        -51817          39728        832358         9754         50446         32952          17494              
                                                                                                                                                  
      Apr.                  43506        -91904          41661        830494         9254         49315         34252          15063              
      May                   45111       -110669          43100        833974         9688         48576         35423          13153              
      June                  43933       -127345          41660        839085         9181         49333         34752          14581              
                                                                                                                                                  
      July                  44124       -121539          42147        846462         9343         49225         34781          14444              
      Aug.                  44134       -123944          42146        847302         9430         50142         34704          15438              
      Sep.                 102578       -187527          42535        908051        67167         50443         35411          15032              
                   
Two weeks ending(10)                  
 2008-Aug. 27               46104       -121986          44062        846302         9705         49474         36399          13076           181
                                                                                                                                                  
      Sep. 10               44163       -125318          41908        849866         9429         49230         34735          14496           144
           24              111337       -156524          42578        915072        75753         50225         35584          14641           227
                                                                                                                                                  
      Oct.  8              179498       -363551          43481        988643       143364         52973         36135          16838           613
           22p             327618       -363529          45911       1148603       291170         51720         36448          15271           851
 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



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
(2)
Nonborrowed Required
(3)
Monetary
base
(4)
Month(5)                         
 2007-Sep.                       42289           40722           40556          819967   
                                                                                         
      Oct.                       41554           41299           40094          821844   
      Nov.                       41901           41535           40204          826597   
      Dec.                       42716           27286           40947          829843   
                                                                                         
 2008-Jan.                       44038           -1622           42398          824416   
      Feb.                       42775          -17382           41050          821916   
      Mar.                       42702          -51822           39724          825559   
                                                                                         
      Apr.                       43489          -91921           41645          823378   
      May                        45080         -110701           43069          826882   
      June                       43900         -127378           41627          831976   
                                                                                         
      July                       44078         -121586           42101          839222   
      Aug.                       44074         -124005           42086          840160   
      Sep.                      102517         -187588           42474          900666   
         
Two weeks ending(6)              
 2008-Aug. 27                    46042         -122047           44001          839079   
                                                                                         
      Sep. 10                    44102         -125378           41847          842735   
           24                   111276         -156585           42518          907667   
                                                                                         
      Oct.  8                   179436         -363613           43419          980881   
           22p                  327543         -363604           45836         1142410   
 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
 

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. For information about individual copies or
subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245,
fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at
1-800-782-8872 or 202-482-1986.

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