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`H.3 (502)								June 26, 2008

                                    SPECIAL NOTICE

      Data on reserves and the monetary base have been revised to reflect the results
      of annual reviews of break factors and seasonal factors.  Revisions to seasonal
      factors start in January 1999, and they are the major source of revisions to the
      data.  Revisions to break factors begin in January 2007, and revisions to
      break-adjusted data do not exceed $100 million in any maintenance period.  The
      maximum revision to total reserves, nonborrowed reserves, required reserves, and
      the monetary base (Table 1) in any maintenance period was $1.0 billion; most
      revisions were less than $600 million.
 
      Break factors remove discontinuities (or "breaks") associated with regulatory
      changes in reserve requirements, such as the annual indexation of the low reserve
      tranche and the reserve requirement exemption levels.(1)  Seasonal factors for
      required reserves and the surplus vault cash component of the monetary base have
      been reestimated with the revised break-adjusted data.
  
      A more detailed description of the methods for constructing break factors and
      seasonal factors is available under "Annual review of break and seasonal factors"
      on the Federal Reserve's website (http://www.federalreserve.gov/releases/h3/hist/).
      Historical data, updated each week, are available there as well.  For paid
      electronic access to current and historical data, call STAT-USA at 1-800-782-8872
      or 202-482-1986.  

      1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent 
      against the first $25 million in net transaction accounts (low reserve tranche)
      at each depository institution.  Since 1982, the low reserve tranche has been
      indexed each year by 80 percent of the growth in net transaction accounts of all
      depository institutions over the one-year period ending on the most recent June 30.
      For all reserve maintenance periods ending in 2008, the low reserve tranche is
      $43.9 million.
	 Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
      million of reservable liabilities of each depository institution was exempted from
      reserve requirements.  Since 1983, this exemption amount has been indexed each year
      by 80 percent of the growth in total reservable liabilities of all depository
      institutions measured over the one-year period ending on the most recent June 30.
      For all reserve maintenance periods ending in 2008, the reserve exemption level is
      $9.3 million.


1
   
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For Release at 4:30 p.m. Eastern Time
                                                                                                                          June 26, 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-May                43181      43077      41728       1453      818680                     14          0         90                      
       June               43369      43182      41618       1751      819825                     43          0        145                      
                                                                                                                                               
       July               41816      41554      40179       1637      821128                     45          0        217                      
       Aug.               45018      44043      40189       4828      824439                    701         19        255                      
       Sep.               42668      41101      40942       1726      821972                   1345          0        221                      
                                                                                                                                               
       Oct.               42443      42188      41008       1435      824655                    126         13        115                      
       Nov.               42672      42306      40976       1696      825471                    315          0         50                      
       Dec.               42704      27273      40952       1752      823268      11613        3787          1         30                      
                                                                                                                                               
  2008-Jan.               42152      -3507      40519       1633      821416      44516        1137          0          6                      
       Feb.               42856     -17301      41146       1709      822524      60000         155          0          3                      
       Mar.               44259     -50264      41269       2990      826999      75484        1617          0          6      16168       1249
                                                                                                                                               
       Apr.               43535     -91875      41607       1928      824420     100000        9624          0         21      25764          0
       May                44158    -111622      42050       2108      826473     127419       14076          0         47      14238          0
 2 weeks ending(7)	  		 		   			 		   			 		    			 		   			 		    			 	 
  2008-Apr. 23            42643     -90384      40926       1716      823487     100000        9286          0         22      23719          0
                                                                                                                                               
       May   7            43828     -85367      41845       1983      823663     100000       11622          0         31      17544          0
            21            43406    -111012      41413       1994      825186     125000       13976          1         42      15401          0
                                                                                                                                               
       June  4            45441    -130855      43087       2355      830242     150000       15936          1         66      10295          0
            18p           41805    -130140      40030       1775      830797     150000       13260        112         69       8505          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-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.               43477       -91933         41550       830497         9257        49315        34220         15096
       May                45135      -110645         43027       833974         9688        48579        35447         13132
 2 weeks ending(10)							 																  			    
  2008-Apr. 23            43261       -89767         41544       829656         8859        49367        34402         14965         -184
                                                                                                                                         
       May   7            45008       -84188         43025       829815         9629        48941        35379         13562          -42
            21            43854      -110564         41860       832349         8990        48925        34864         14061          -35
                                                                                                                                         
       June  4            47018      -129278         44663       839162        10707        47842        36311         11531          -17
            18p           40630      -131315         38855       837270         7996        48535        32635         15900          101
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-May                 44013        43909        42560          818484
       June                43693        43506        41942          819999
                                                                          
       July                42638        42376        41001          821881
       Aug.                44611        43636        39783          822994
       Sep.                42289        40722        40563          819971
                                                                          
       Oct.                41560        41306        40125          821851
       Nov.                41949        41584        40253          826646
       Dec.                42745        27314        40993          829761
                                                                          
  2008-Jan.                44037        -1623        42404          824418
       Feb.                42826       -17331        41117          821880
       Mar.                42671       -51852        39681          825566
                                                                          
       Apr.                43461       -91949        41533          823382
       May                 45104      -110676        42996          826882
 2 weeks ending(6)                                                 	   
  2008-Apr. 23             43243       -89784        41527          822493
                                                                          
       May   7             44978       -84218        42995          822702
            21             43823      -110595        41829          825282
                                                                          
       June  4             46985      -129311        44630          832048
            18p            40599      -131346        38824          830133
  
 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.`

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