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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                     September 20, 2007
 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                          Borrowings of depository institutions from
                                                                                                        the Federal Reserve, NSA
                          --------------------------------------------------               --------------------------------------------------
                                                                                                                                          
      Date                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)  
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2006-Aug.                     42832        42463        41447         1385       804592          369           26            0          343
       Sep.                     43088        42685        41460         1628       805323          403           66            0          338
                                                                                                                                             
       Oct.                     42891        42662        41268         1623       806897          229           24            0          205
       Nov.                     43185        43025        41493         1691       810082          160           48            0          112
       Dec.                     43314        43123        41510         1804       812574          191          111            0           80
                                                                                                                                             
  2007-Jan.                     42180        41969        40670         1510       813387          211          187            0           24
       Feb.                     42437        42407        40934         1502       812166           30            8            0           22
       Mar.                     42337        42283        40697         1640       813792           54           21            5           28
                                                                                                                                             
       Apr.                     42715        42636        41187         1528       816071           79           32            0           48
       May                      43155        43052        41715         1440       817886          103           14            0           90
       June                     43606        43418        41896         1710       819298          187           43            0          145
                                                                                                                                             
       July                     41920        41658        40235         1685       821321          262           45            0          217
       Aug. p                   44922        43947        40099         4823       824868          975          701           19          255
 2 weeks ending(7)
  2007-July 18                  41007        40708        39319         1688       819884          299           94            0          206
                                                                                                                                             
       Aug.  1                  41992        41747        40416         1576       823100          245            3            0          243
            15                  49418        49157        40105         9313       829404          261            6            0          255
            29                  41110        39551        40053         1057       820972         1559         1258           43          259
                                                                                                                                             
       Sep. 12p                 41595        39345        40216         1379       821274         2250         2018            0          232
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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, see Table 3).
 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess 
    reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.)
 3. Seasonally  adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
    borrowings of depository institutions from the Federal Reserve.
 4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted 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 see footnote 3 on Table 2 and footnote 4 on 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 carryover
      Date              total(2) nonborrowed     required     Monetary     balances       total      satisfy      surplus(7)  of reserve
                                                               base(3)     with F.R.                required                  balances(8)
                                                                            Banks(4)                reserves(6)
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2006-Aug.                42676        42307        41291       809728         8786        50244        33890        16354
       Sep.                42585        42182        40957       809961         9082        49402        33503        15899
                                                                                                                           
       Oct.                41752        41523        40129       809227         8247        50093        33505        16588
       Nov.                42234        42074        40542       815378         8451        48958        33782        15176
       Dec.                43282        43091        41478       825284         8474        50901        34807        16094
                                                                                                                           
  2007-Jan.                44641        44430        43131       823694         8777        52165        35864        16301
       Feb.                42666        42637        41164       819692         7718        53733        34948        18785
       Mar.                40769        40715        39129       820790         7515        49729        33254        16475
                                                                                                                           
       Apr.                42542        42463        41014       822625         8554        48805        33988        14817
       May                 44023        43920        42583       825066         9201        48651        34823        13828
       June                43652        43464        41942       826502         8734        49422        34918        14504
                                                                                                                           
       July                42735        42473        41050       828451         8419        50196        34316        15881
       Aug. p              44620        43645        39797       829743        10980        51033        33640        17393
 2 weeks ending(10)
  2007-July 18             39519        39220        37831       829312         7432        49976        32087        17889          -37
                                                                                                                                        
       Aug.  1             45210        44965        43633       827975         9268        50098        35942        14156           77
            15             46783        46522        37469       834536        14653        52407        32130        20278          144
            29             43311        41752        42253       825444         7950        50014        35361        14653          719
                                                                                                                                        
       Sep. 12p            38356        36106        36977       827177         7335        49025        31021        18004          158
--------------------------------------------------------------------------------------------------------------------------------------------   
 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) nonborrowed    required(3)  Monetary base(4)
 ----------------------------------------------------------------------------------
 Month(5)
  2006-Aug.                42793        42424        41408         802718
       Sep.                42711        42308        41083         803140
                                                                         
       Oct.                41879        41650        40256         802349
       Nov.                42370        42211        40679         808594
       Dec.                43361        43170        41557         818395
                                                                         
  2007-Jan.                44629        44418        43119         816800
       Feb.                42693        42663        41190         812908
       Mar.                40810        40756        39170         813937
                                                                         
       Apr.                42598        42518        41070         815950
       May                 44092        43989        42652         818594
       June                43735        43548        42026         820027
                                                                         
       July                42832        42570        41147         822061
       Aug. p              44727        43752        39904         823105
 2 weeks ending(6)
  2007-July 18             39609        39310        37921         822928
                                                                         
       Aug.  1             45315        45070        43738         821564
            15             46879        46618        37565         828025
            29             43428        41869        42371         818651
                                                                         
       Sep. 12p            38465        36215        37086         820621
  
 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 5).
 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.`

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