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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      December 27, 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-Nov.                     43180        43020        41489         1691       810080          160           48            0          112
       Dec.                     43313        43122        41508         1805       812576          191          111            0           80
                                                                                                                                             
  2007-Jan.                     42171        41960        40667         1504       813385          211          187            0           24
       Feb.                     42422        42392        40925         1497       812166           30            8            0           22
       Mar.                     42320        42266        40685         1635       813793           54           21            5           28
                                                                                                                                             
       Apr.                     42711        42632        41183         1528       816077           79           32            0           48
       May                      43153        43050        41715         1439       817891          103           14            0           90
       June                     43602        43415        41897         1705       819299          187           43            0          145
                                                                                                                                             
       July                     41915        41653        40241         1674       821320          262           45            0          217
       Aug.                     44921        43946        40098         4823       824863          975          701           19          255
       Sep.                     42538        40972        40792         1747       822426         1567         1345            0          221
                                                                                                                                             
       Oct.                     42493        42239        41041         1453       826815          254          126           13          115
       Nov.                     42634        42268        40936         1698       827927          366          315            0           50
 2 weeks ending(7)
  2007-Oct. 24                  39700        39433        38905          794       825751          267          134           29          105
                                                                                                                                             
       Nov.  7                  42500        42236        40634         1866       828158          264          191            0           74
            21                  41830        41306        40312         1518       828690          524          479            0           45
                                                                                                                                             
       Dec.  5                  43989        43790        42141         1848       826561          199          158            0           41
            19p                 40830        36997        39656         1173       823434         3833         3798            2           34
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Nov.                42229        42069        40538       815377         8450        48957        33779        15179
       Dec.                43280        43089        41475       825286         8477        50897        34804        16093
                                                                                                                           
  2007-Jan.                44631        44420        43127       823691         8773        52160        35858        16303
       Feb.                42652        42622        41154       819691         7718        53728        34934        18794
       Mar.                40752        40698        39117       820791         7516        49732        33236        16495
                                                                                                                           
       Apr.                42538        42459        41010       822628         8558        48808        33980        14828
       May                 44021        43918        42582       825068         9203        48655        34818        13837
       June                43648        43461        41944       826503         8735        49428        34914        14514
                                                                                                                           
       July                42730        42469        41057       828449         8417        50197        34314        15883
       Aug.                44619        43644        39796       829735        10980        51033        33639        17394
       Sep.                42078        40511        40331       826414         8606        49622        33472        16150
                                                                                                                           
       Oct.                41463        41209        40011       828349         8261        49745        33202        16542
       Nov.                41852        41486        40153       833075         8527        48985        33324        15661
 2 weeks ending(10)
  2007-Oct. 24             39879        39612        39084       827710         6990        49294        32889        16405          324
                                                                                                                                        
       Nov.  7             41276        41012        39410       829004         8733        48339        32544        15796         -125
            21             40531        40007        39013       833691         7814        49711        32717        16994           73
                                                                                                                                        
       Dec.  5             44355        44156        42506       835285         9478        48359        34877        13482           43
            19p            38673        34840        37499       831794         6613        52080        32060        20020          358
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Nov.                42365        42206        40674         808592
       Dec.                43360        43169        41555         818397
                                                                         
  2007-Jan.                44619        44408        43115         816797
       Feb.                42678        42648        41181         812907
       Mar.                40793        40739        39158         813938
                                                                         
       Apr.                42593        42514        41066         815953
       May                 44090        43987        42652         818596
       June                43732        43545        42027         820028
                                                                         
       July                42828        42566        41154         822059
       Aug.                44726        43751        39903         823097
       Sep.                42200        40634        40454         819867
                                                                         
       Oct.                41599        41344        40146         821877
       Nov.                41995        41630        40297         826683
 2 weeks ending(6)
  2007-Oct. 24             40010        39743        39216         821201
                                                                         
       Nov.  7             41412        41148        39546         822490
            21             40669        40145        39151         827370
                                                                         
       Dec.  5             44513        44314        42664         828878
            19p            38813        34980        37640         825286
  
 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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