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`For Release at
4:30 P.M. Eastern time
  September 25, 2008


The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," has been modified to include data
on the Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility, which was announced by the Federal Reserve on September 19,
2008.  In addition, credit extended to Goldman Sachs, Morgan Stanley, and Merrill Lynch against an expanded set of collateral and credit 
extended to the London-based broker-dealer subsidiaries of these firms, as authorized by the Board of Governors on September 21, 2008, is
 reported along with borrowing through the Primary Dealer Credit Facility in the category "Primary dealer and other broker-dealer credit."



1
   
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For release at 4:30 p.m. Eastern Time
                                                                                                                     September 25, 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                             
                      ---------------------------------------------------------------------------------
                                                                                                                              Total borrowings    
      Date                      Total            Nonborrowed           Required            Excess,            Monetary            from the    
                                 (2)                 (3)                                     NSA                base          Federal Reserve,    
                                                                                             (4)                 (5)                NSA     
------------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2007-Aug.                     45021               44046               40193                4828              824439                 975
       Sep.                     42668               41102               40934                1734              821968                1567
                                                                                                                                         
       Oct.                     42438               42184               40977                1462              824649                 254
       Nov.                     42658               42293               40954                1704              825457                 366
       Dec.                     42693               27263               40918                1775              823369               15430
                                                                                                                                         
  2008-Jan.                     42139               -3520               40496                1643              821418               45660
       Feb.                     42782              -17375               41054                1728              822509               60157
       Mar.                     44262              -50261               41269                2993              826997               94523
                                                                                                                                         
       Apr.                     43534              -91876               41607                1927              824411              135410
       May                      44156             -111624               42050                2106              826461              155780
       June                     43411             -127867               41025                2386              832525              171278
                                                                                                                                         
       July                     43387             -122277               41402                1984              838145              165664
       Aug.                     44573             -123505               42586                1986              841732              168078

 Two weeks ending(7)                                                                                                                           
  2008-July 30                  43088             -123989               41071                2017              839115              167077
                                                                                                                                         
       Aug. 13                  44335             -123300               42486                1848              841763              167635
            27                  44069             -124021               42026                2042              841106              168090
                                                                                                                                         
       Sep. 10                  47112             -122369               44872                2240              843825              169481
            24p                109516             -158345               40748               68768              911350              267861
------------------------------------------------------------------------------------------------------------------------------------------------  
 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
   
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 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-Aug.                       975                           701             19            255                                             
       Sep.                      1567                          1345              0            221                                             
                                                                                                                                              
       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

 Two weeks ending(4)                                                                                                                           
  2008-July 30                 167077         150000          16917             62             99              2                             0
                                                                                                                                              
       Aug. 13                 167635         150000          17535              4             97              0                             0
            27                 168090         150000          17991              0             98              0                             0
                                                                                                                                              
       Sep. 10                 169481         150000          19386              0             94              0                             0
            24p                267861         150000          30478             14             96          54208          10880          22188
------------------------------------------------------------------------------------------------------------------------------------------------- 
 1. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane 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 the LLC have been consolidated with the assets and
    liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC.  As a consequence of this consolidation, the
    extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is 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-Aug.               44570        43595         39742       829676        10922        51043        33649         17395
       Sep.               42237        40670         40503       826562         8754        49633        33483         16150
                                                                                                                            
       Oct.               41501        41247         40040       828375         8288        49755        33213         16542
       Nov.               41882        41517         40178       833087         8539        48996        33343         15652
       Dec.               42721        27290         40946       836453         8200        52161        34521         17640
                                                                                                                            
  2008-Jan.               44053        -1607         42410       831111         8724        53162        35329         17833
       Feb.               42756       -17401         41027       828643         8159        53650        34597         19053
       Mar.               42678       -51845         39685       832363         9759        50445        32919         17526
                                                                                                                            
       Apr.               43477       -91933         41550       830497         9257        49314        34220         15094
       May                45133      -110647         43026       833974         9688        48579        35445         13134
       June               43970      -127308         41584       839085         9180        49339        34790         14549
                                                                                                                            
       July               44162      -121502         42178       846462         9344        49230        34818         14412
       Aug.               44121      -123957         42135       847326         9430        50141        34692         15450

 Two weeks ending(10)                                                                                                                    
  2008-July 30            46616      -120462         44599       846788         9945        49124        36671         12453           -7
                                                                                                                                         
       Aug. 13            41972      -125663         40124       847596         9135        51141        32838         18303          206
            27            46106      -121984         44063       846335         9705        49474        36401         13073          181
                                                                                                                                         
       Sep. 10            44162      -125318         41922       849918         9426        49230        34737         14493          144
            24p          111334      -156527         42566       914933        75751        50225        35583         14642          226
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Aug.                          44614                43639                39786               822994
       Sep.                          42289                40723                40556               819968
                                                                                                         
       Oct.                          41556                41302                40094               821846
       Nov.                          41936                41570                40232               826633
       Dec.                          42735                27305                40960               829864
                                                                                                         
  2008-Jan.                          44026                -1633                42383               824422
       Feb.                          42753               -17404                41024               821866
       Mar.                          42674               -51849                39681               825564
                                                                                                         
       Apr.                          43460               -91949                41533               823381
       May                           45102              -110678                42995               826882
       June                          43937              -127341                41551               831975
                                                                                                         
       July                          44115              -121548                42131               839222
       Aug.                          44061              -124017                42075               840184

 Two weeks ending(6)                                                       
  2008-July 30                       46555              -120522                44538               839488
                                                                                                         
       Aug. 13                       41913              -125722                40065               840538
            27                       46044              -122045                44002               839111
                                                                                                         
       Sep. 10                       44101              -125379                41861               842786
            24p                     111273              -156588                42506               907528
  
 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     

 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.`

Statistical releases

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