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 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 10, 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                               Other borrowings from the Federal Reserve, NSA(6) 
                                                                                                         
                      ------------------------------------------                Term     ------------------------------------------------------
      Date              Total      Non-      Required   Excess,     Monetary   auction     Primary   Secondary  Seasonal    Primary    Other   
                         (2)     borrowed                 NSA         base     credit,                                      dealer     credit  
                                   (3)                    (4)         (5)        NSA                                        credit   extensions
                                                                                                                           facility                                                            
 ----------------------------------------------------------------------------------------------------------------------------------------------
 Month(7)
  2007-June               43373      43186      41624       1749      819829                     43          0        145                      
                                                                                                                                               
       July               41820      41558      40183       1637      821128                     45          0        217                      
       Aug.               45021      44046      40193       4828      824439                    701         19        255                      
       Sep.               42668      41102      40934       1734      821968                   1345          0        221                      
                                                                                                                                               
       Oct.               42438      42184      40977       1462      824649                    126         13        115                      
       Nov.               42658      42293      40954       1704      825457                    315          0         50                      
       Dec.               42693      27263      40918       1775      823369      11613        3787          1         30                      
                                                                                                                                               
  2008-Jan.               42139      -3520      40496       1643      821418      44516        1137          0          6                      
       Feb.               42782     -17375      41054       1728      822509      60000         155          0          3                      
       Mar.               44262     -50261      41269       2993      826997      75484        1617          0          6      16168       1249
                                                                                                                                               
       Apr.               43534     -91876      41607       1927      824412     100000        9624          0         21      25764          0
       May                44157    -111623      42050       2107      826463     127419       14076          0         47      14238          0
       June p             43406    -127872      41025       2381      832586     150000       14225         70         75       6908          0

 Two weeks ending(8)                                                                                                                           
  2008-May   7            43829     -85366      41848       1981      823647     100000       11622          0         31      17544          0
            21            43404    -111014      41411       1993      825175     125000       13976          1         42      15401          0
                                                                                                                                               
       June  4            45439    -130857      43086       2354      830239     150000       15936          1         66      10295          0
            18            41807    -130138      40029       1777      830800     150000       13260        112         69       8505          0
                                                                                                                                               
       July  2p           44594    -124233      41501       3094      835453     150000       14782         43         86       3917          0
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 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. 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.
 7. Prorated averages of biweekly averages.
 8. Averages of daily figures.
 p  preliminary
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 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)
                  --------------------------------------                                ------------------------------------
                                                                            Reserve                   Used to                     Net
      Date               Total        Non-        Required     Monetary     balances      Total       satisfy       Surplus    carryover
                          (2)       borrowed                     base      with F.R.                 required         (7)      of reserve
                                                                 (3)         Banks                   reserves                   balances
                                                                              (4)                       (6)                        (8)  
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2007-June               43658        43470         41908       826507         8738        49432        34919         14513
                                                                                                                            
       July               42598        42336         40962       828306         8276        50207        34323         15885
       Aug.               44570        43595         39742       829676        10922        51043        33649         17395
       Sep.               42237        40670         40503       826562         8754        49633        33483         16150
                                                                                                                            
       Oct.               41501        41247         40040       828375         8288        49755        33213         16542
       Nov.               41882        41517         40178       833087         8539        48996        33343         15652
       Dec.               42721        27290         40946       836453         8200        52161        34521         17640
                                                                                                                            
  2008-Jan.               44053        -1607         42410       831111         8724        53162        35329         17833
       Feb.               42756       -17401         41027       828643         8159        53650        34597         19053
       Mar.               42678       -51845         39685       832363         9759        50445        32919         17526
                                                                                                                            
       Apr.               43477       -91933         41550       830497         9257        49314        34220         15094
       May                45133      -110647         43027       833974         9688        48579        35446         13133
       June p             43965      -127313         41585       839146         9175        49339        34791         14548

 Two weeks ending(10)                                                                                                                    
  2008-May   7            45009       -84187         43028       829815         9629        48940        35380         13560          -42
            21            43852      -110567         41859       832348         8990        48926        34862         14064          -36
                                                                                                                                         
       June  4            47016      -129280         44662       839163        10707        47842        36309         11533          -17
            18            40633      -131312         38855       837272         7997        48535        32636         15899          101
                                                                                                                                         
       July  2p           46837      -121990         43743       841328        10038        50776        36799         13976           34
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 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
1
  
  
  
 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)      Non-        Required        Monetary
                                     borrowed        (3)           base(4) 
 -------------------------------------------------------------------------
 Month(5)
  2007-June                43697        43510        41948          820003
                                                                          
       July                42642        42380        41006          821881
       Aug.                44614        43639        39786          822994
       Sep.                42289        40723        40556          819968
                                                                          
       Oct.                41556        41302        40094          821846
       Nov.                41936        41570        40232          826633
       Dec.                42735        27305        40960          829864
                                                                          
  2008-Jan.                44026        -1633        42383          824422
       Feb.                42753       -17404        41024          821866
       Mar.                42674       -51849        39681          825564
                                                                          
       Apr.                43460       -91949        41533          823381
       May                 45102      -110678        42996          826882
       June p              43932      -127345        41552          832037

 Two weeks ending(6)                                                      
  2008-May   7             44979       -84217        42998          822702
            21             43821      -110597        41828          825281
                                                                          
       June  4             46983      -129313        44629          832049
            18             40601      -131344        38823          830135
                                                                          
       July  2p            46803      -122024        43709          834252
  
 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 
    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 web site (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.