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`FEDERAL RESERVE statistical release
  
 H.3 (502)
 Table 1                                                                                                For release at 4:30 p.m. Eastern Time
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE                                                       July 9, 2009
 Adjusted for changes in reserve requirements(1)                                                                                              
 Seasonally adjusted unless noted otherwise
 Millions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------------
                                             Reserves of depository institutions                             
                      ---------------------------------------------------------------------------------
                                                                                                                              Total borrowings    
      Date                      Total            Nonborrowed           Required            Excess,            Monetary            from the    
                                 (2)                 (3)                                     NSA                base          Federal Reserve,    
                                                                                             (4)                 (5)                NSA     
------------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2008-June                     44366             -126913               42098                2267              832449              171278
                                                                                                                                         
       July                     44293             -121370               42376                1917              838367              165664
       Aug.                     45458             -122620               43486                1972              842981              168078
       Sep.                    102767             -187338               42713               60054              905164              290105
                                                                                                                                         
       Oct.                    315498             -332821               47594              267904             1130295              648319
       Nov.                    609939              -88846               50901              559039             1433496              698786
       Dec.                    821034              167468               53635              767398             1651270              653565
                                                                                                                                         
  2009-Jan.                    858406              294909               60172              798233             1703114              563496
       Feb.                    700972              118475               57485              643486             1557491              582497
       Mar.                    779951              167840               55319              724632             1643140              612111
                                                                                                                                         
       Apr.                    881553              323359               57176              824378             1749791              558194
       May                     901292              375844               57192              844101             1770195              525448
       June p                  809015              370292               57634              751381             1680624              438722

 Two weeks ending(7)                                                                                                                           
  2009-May   6                 837703              329792               60252              777450             1705897              507911
            20                 932608              377829               55540              877068             1801654              554779
                                                                                                                                         
       June  3                 896121              398438               57625              838497             1765227              497684
            17                 848615              390375               56808              791807             1720109              458240
                                                                                                                                         
       July  1p                746266              342169               58525              687741             1618577              404097
------------------------------------------------------------------------------------------------------------------------------------------------  
 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 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                                                      Primary dealer    Asset-Backed      Credit                            
                          borrowings    Term                                              and other    Commercial Paper  extended to      Term        Other     
                           from the    auction      Primary     Secondary    Seasonal   broker-dealer    Money Market     American    Asset-Backed    credit   
                           Federal     credit                                              credit         Mutual Fund   International  Securities   extensions 
                           Reserve                                                           (2)          Liquidity      Group, Inc.      Loan                
                                                                                                           Facility         (3)         Facility             
 ------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 Month(4)                                                                                                                                                    
  2008-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                          0  
                                                                                                                                                               
       Oct.                 648319       244778        94017           38           28        114953        117457           77047                          0  
       Nov.                 698786       393088        95839          117            8         60655         71009           78070                          0  
       Dec.                 653565       438327        88245           52            3         47631         32102           47206                          0  
                                                                                                                                                               
  2009-Jan.                 563496       403523        70436           39            1         33061         17745           38690                          0  
       Feb.                 582497       438822        65463           11            3         26250         13533           38414                          0  
       Mar.                 612111       477049        62513            9            3         20292          7857           43328          1061            0  
                                                                                                                                                               
       Apr.                 558194       444933        47324           45            2         10918          4267           45057          5649            0  
       May                  525448       403970        40124           14           10           701         23347           44915         12367            0  
       June p               438722       316868        37302           21           32             0         18891           43057         22552            0  
                                                                                                                                                                
 Two weeks ending(5)                                                                                                                                            
  2009-May   6              507911       403573        42865           23            3          3061          7016           44993          6379            0  
            20              554779       428835        39014           10           10           241         28451           45705         12513            0  
                                                                                                                                                               
       June  3              497684       372541        40042           15           14             0         25758           43868         15447            0  
            17              458240       336566        36528            1           18             0         20284           43201         21643            0  
                                                                                                                                                               
       July  1p             404097       282808        37503           44           51             0         15807           42715         25170            0  
--------------------------------------------------------------------------------------------------------------------------------------------------------------  
 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding
    Facility 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 these LLCs have
    been consolidated with the assets and liabilities of the FRBNY because the FRBNY is either the sole or primary beneficiary of the LLCs.  As a consequence
    of this consolidation, the extensions of credit from the FRBNY to these LLCs are eliminated from the Federal Reserve's balance sheet, and, thus, the loans
    are not included in borrowed reserves.
 2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
 3. Excludes credit extended to consolidated LLCs as described in footnote 1 above.
 4. Prorated averages of biweekly averages.
 5. 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     Nonborrowed   Required     Monetary      balances       Total       satisfy      Surplus      carryover
                           (2)                                   base       with F.R.                  required        (7)        of reserve
                                                                 (3)          Banks                    reserves                    balances
                                                                               (4)                        (6)                         (8)  
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2008-June               44936      -126342         42669       839103         9275        49307        35661         13646
                                                                                                                            
       July               45083      -120581         43166       846747         9616        49204        35467         13737
       Aug.               45000      -123078         43028       847472         9663        50146        35337         14809
       Sep.              102552      -187553         42498       908020        67171        50453        35381         15072
                                                                                                                            
       Oct.              314892      -333428         46988      1132509       278021        51747        36870         14877
       Nov.              609510       -89276         50471      1441067       571083        53051        38427         14624
       Dec.              821311       167745         53912      1663932       783639        53691        37671         16019
                                                                                                                            
  2009-Jan.              860676       297180         62443      1712081       820938        53898        39738         14160
       Feb.              701250       118752         57763      1562251       662248        54392        39001         15390
       Mar.              778120       166009         53488      1646934       741005        50758        37115         13643
                                                                                                                            
       Apr.              881833       323638         57455      1752744       844603        49380        37230         12151
       May               902949       377501         58849      1774910       865443        48850        37506         11344
       June p            809861       371139         58480      1684032       772074        49798        37788         12011

 Two weeks ending(10)                                                                                                                    
  2009-May   6           840240       332329         62790      1709328       802223        48947        38017         10930         1765
            20           932992       378213         55924      1805589       896288        49230        36704         12526         2006
                                                                                                                                         
       June  3           898919       401235         60422      1771637       860671        48314        38248         10065         1714
            17           846867       388627         55059      1722762       810993        48765        35874         12890         1945
                                                                                                                                         
       July  1p          749458       345361         61717      1622106       709716        51255        39742         11512         1779
--------------------------------------------------------------------------------------------------------------------------------------------   
 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             Nonborrowed            Required            Monetary
                                      (2)                                        (3)                base
                                                                                                    (4) 
 ----------------------------------------------------------------------------------------------------------
 Month(5)
  2008-June                          44903              -126375                42636               831994
                                                                                                         
       July                          45037              -120627                43120               839507
       Aug.                          44940              -123138                42968               840331
       Sep.                         102491              -187614                42437               900639
                                                                                                         
       Oct.                         314816              -333503                46912              1125955
       Nov.                         609420               -89366                50381              1435235
       Dec.                         821219               167654                53821              1659319
                                                                                                         
  2009-Jan.                         860643               297147                62409              1707648
       Feb.                         701247               118750                57760              1557795
       Mar.                         778115               166004                53483              1642476
                                                                                                         
       Apr.                         881812               323618                57434              1748345
       May                          902914               377466                58813              1770584
       June p                       809824               371102                58443              1679799

 Two weeks ending(6)                                                       
  2009-May   6                      840206               332295                62755              1704960
            20                      932957               378178                55889              1801221
                                                                                                         
       June  3                      898882               401199                60385              1767386
            17                      846830               388590                55023              1718519
                                                                                                         
       July  1p                     749419               345322                61678              1617888
 ----------------------------------------------------------------------------------------------------------
 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. 

 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`

Statistical releases

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