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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 22, 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 
                                                                                                         
                      ------------------------------------------                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(6)
  2007-Apr.               42659      42580      41072       1587      817149                     32          0         48                      
       May                43114      43010      41661       1453      818712                     14          0         90                      
       June               43607      43420      41856       1751      820080                     43          0        145                      
                                                                                                                                               
       July               41783      41521      40145       1637      821336                     45          0        217                      
       Aug.               44870      43895      40042       4828      824451                    701         19        255                      
       Sep.               42698      41132      40972       1726      821885                   1345          0        221                      
                                                                                                                                               
       Oct.               42537      42283      41102       1435      824742                    126         13        115                      
       Nov.               42679      42313      40982       1696      825673                    315          0         50                      
       Dec.               42599      27169      40848       1752      823387      11613        3787          1         30                      
                                                                                                                                               
  2008-Jan.               41786      -3874      40153       1633      821160      44516        1137          0          6                      
       Feb.               42579     -17578      40869       1709      822450      60000         155          0          3                      
       Mar.               44033     -50490      41043       2990      827183      75484        1617          0          6      16168       1249
                                                                                                                                               
       Apr.               43472     -91938      41544       1928      824761     100000        9624          0         21      25764          0
 2 weeks ending(7)	  		 		   			 		   			 		    			 		   			 		    			 	 
  2008-Mar. 26            44467     -61798      39844       4623      830190      80000         316          1          7      23178       2765
                                                                                                                                               
       Apr.  9            45033     -98917      42820       2213      826876     100000        8598          0         12      35340          0
            23            42115     -90912      40398       1717      823796     100000        9286          0         22      23719          0
                                                                                                                                               
       May   7            44178     -85018      42196       1982      823973     100000       11622          0         31      17544          0
            21p           42563    -111855      40572       1991      824571     125000       13976          1         42      15401          0
-----------------------------------------------------------------------------------------------------------------------------------------------  
 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
1        
   
   
   
 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-Apr.               42485        42406         40898       822572         8504        48809        33981         14827
       May                43982        43878         42529       824982         9117        48659        34864         13794
       June               43653        43466         41902       826502         8734        49432        34919         14513
                                                                                                                            
       July               42594        42332         40957       828306         8276        50207        34319         15889
       Aug.               44567        43592         39739       829677        10922        51043        33645         17398
       Sep.               42236        40669         40510       826566         8757        49633        33479         16154
                                                                                                                            
       Oct.               41505        41251         40070       828380         8293        49755        33212         16543
       Nov.               41895        41530         40199       833101         8553        48995        33342         15653
       Dec.               42730        27300         40978       836350         8203        52162        34527         17635
                                                                                                                            
  2008-Jan.               44064        -1596         42430       831106         8738        53162        35325         17837
       Feb.               42829       -17328         41120       828657         8172        53650        34657         18993
       Mar.               42675       -51848         39685       832364         9760        50447        32915         17532
                                                                                                                            
       Apr.               43476       -91934         41548       830498         9257        49315        34218         15097
 2 weeks ending(10)							 																  			    
  2008-Mar. 26            44523       -61742         39900       834981        10929        51783        33595         18188         -171
                                                                                                                                         
       Apr.  9            42625      -101326         40412       832337         9590        49527        33035         16492          413
            23            43259       -89768         41541       829657         8859        49367        34400         14966         -184
                                                                                                                                         
       May   7            45005       -84191         43023       829816         9628        48941        35377         13564          -42
            21p           43853      -110565         41862       831742         8991        48925        34863         14062          -35
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Apr.                42541        42462        40954          815897
       May                 44051        43948        42598          818511
       June                43737        43549        41986          820028
                                                                          
       July                42692        42430        41055          821918
       Aug.                44674        43699        39846          823039
       Sep.                42359        40792        40633          820020
                                                                          
       Oct.                41640        41386        40206          821908
       Nov.                42039        41673        40343          826710
       Dec.                42809        27379        41057          829808
                                                                          
  2008-Jan.                44061        -1599        42427          824436
       Feb.                42854       -17303        41145          821894
       Mar.                42714       -51809        39724          825587
                                                                          
       Apr.                43527       -91883        41599          823419
 2 weeks ending(6)                                                 	   
  2008-Mar. 26             44563       -61702        39940          828250
                                                                          
       Apr.  9             42673      -101277        40460          825319
            23             43309       -89718        41592          822531
                                                                          
       May   7             45060       -84135        43079          822753
            21p            43919      -110499        41928          824733
  
 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.`

Statistical releases

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