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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                                                  November 20, 2008
 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)
  2007-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              841709              168078
       Sep.                    102800             -187306               42749               60051              903524              290105
                                                                                                                                         
       Oct.                    315523             -332797               47619              267904             1128477              648319

 Two weeks ending(7)                                                                                                                           
  2008-Sep. 24                 109519             -158342               40756               68762              911422              267861
                                                                                                                                         
       Oct.  8                 179935             -363114               43885              136050              984689              543050
            22                 328574             -362573               46867              281706             1141681              691147
                                                                                                                                         
       Nov.  5                 415743             -259529               52106              363637             1235750              675272
            19p                652858              -72319               48131              604726             1475856              725177
------------------------------------------------------------------------------------------------------------------------------------------------  
 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             
                              borrowings      Term                                                      and other    commercial paper    Other    
                               from the      auction         Primary        Secondary      Seasonal   broker-dealer    money market      credit  
                               Federal       credit                                                      credit         mutual fund    extensions
                               Reserve                                                                     (2)          liquidity                     
                                                                                                                         facility 
 ------------------------------------------------------------------------------------------------------------------------------------------------
 Month(3)
  2007-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
                                                                                                                                              
       Oct.                    648319         244778          94017             38             28         114953         117457          77047

 Two weeks ending(4)                                                                                                                           
  2008-Sep. 24                 267861         150000          30478             14             96          54208          10880          22188
                                                                                                                                              
       Oct.  8                 543050         149072          59737            145             57         140879         133997          59164
            22                 691147         263092         102707              2             22         121190         121918          82217
                                                                                                                                              
       Nov.  5                 675272         301363         110970              1             14          82207          95816          84903
            19p                725177         415302          93466            101             10          57552          75021          83726
------------------------------------------------------------------------------------------------------------------------------------------------- 
 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC and to Commercial Paper Funding Facility LLC (CPFF 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 both
    Maiden Lane LLC and CPFF LLC have been consolidated with the assets and liabilities of the FRBNY because the FRBNY is the primary beneficiary
    of the two LLCs.  As a consequence of this consolidation, the extensions of credit from the FRBNY to both 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. Prorated averages of biweekly averages.
 4. 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)                                                                                
  2007-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.              102584      -187521         42533       908025        67173        50443        35411         15032
                                                                                                                            
       Oct.              314916      -333404         47012      1132548       278029        51720        36887         14833

 Two weeks ending(10)                                                                                                                    
  2008-Sep. 24           111337      -156524         42575       915040        75753        50225        35584         14641          227
                                                                                                                                         
       Oct.  8           179529      -363521         43479       988598       143396        52973        36133         16840          614
            22           327595      -363552         45888      1146349       291159        51721        36436         15285          852
                                                                                                                                         
       Nov.  5           415538      -259734         51901      1239035       377279        50605        38259         12346         1151
            19p          650470       -74707         45744      1482854       613007        54300        37463         16836         1268
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2007-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.                         102523              -187582                42472               900644
                                                                                                         
       Oct.                         314841              -333479                46937              1125994

 Two weeks ending(6)                                                       
  2008-Sep. 24                      111276              -156585                42514               907634
                                                                                                         
       Oct.  8                      179467              -363583                43417               980859
            22                      327520              -363627                45814              1140158
                                                                                                         
       Nov.  5                      415449              -259823                51812              1232969
            19p                     650380               -74797                45654              1476471
  
 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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