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`For release at
4:30 p.m. EDT
November 5, 2009

SPECIAL NOTICE

    Data on reserves and the monetary base have been revised to reflect the result of annual
reviews of seasonal factors and break factors.  Revisions to seasonal factors start in January
1999, while revisions to break factors begin in January 2008.  Break factors remove
discontinuities (or "breaks") associated with regulatory changes in reserve requirements,
such as the annual indexations of the low reserve tranche and the reserve requirement
exemption.1  Revisions to both types of factors are unusually large this year due to
extraordinarily strong growth in net transaction accounts that did not follow the usual seasonal
pattern over the year ending June 30, 2009. 
    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 deposits (low-reserve tranche) at each depository institution.
Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous
year's (June 30 to June 30) growth rate of net transaction deposits at all depository
institutions.  For all reserve maintenance periods ending in 2009, the low-reserve tranche is
$44.4 million, rising to $55.2 million for maintenance periods ending in 2010. 
    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 rate of
increase of the reservable liabilities at all depository institutions over the preceding year
(June 30 to June 30).  For all reserve maintenance periods ending in 2009, the reserve
requirement exemption is $10.3 million, rising to $10.7 million for maintenance periods ending
in 2010. 


  
  
  
 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 5, 2009
 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)
  2008-Oct.                    315531             -332789               47629              267902             1130376              648319
       Nov.                    609675              -89110               50639              559036             1433199              698786
       Dec.                    820732              167166               53334              767397             1650883              653565
                                                                                                                                         
  2009-Jan.                    857422              293925               59189              798233             1701886              563496
       Feb.                    700386              117889               56904              643482             1556513              582497
       Mar.                    779588              167476               54964              724623             1642732              612111
                                                                                                                                         
       Apr.                    881019              322825               56652              824367             1749274              558194
       May                     900866              375418               56790              844076             1769674              525448
       June                    809188              370465               57824              751364             1680624              438722
                                                                                                                                         
       July                    794987              428026               61991              732996             1665695              366961
       Aug.                    828456              497006               62599              765857             1704364              331450
       Sep.                    922466              615640               62393              860073             1801234              306827
                                                                                                                                         
       Oct. p                 1056393              791335               61659              994734             1936456              265058

 Two weeks ending(7)                                                                                                                           
  2009-Sep.  9                 887847              567553               64663              823184             1762864              320295
            23                 915864              608564               61251              854612             1795771              307300
                                                                                                                                         
       Oct.  7                 980181              691617               61758              918424             1861492              288565
            21                1047900              782671               61097              986803             1928687              265229
                                                                                                                                         
       Nov.  4p               1121632              873268               62376             1059256             1999807              248364
------------------------------------------------------------------------------------------------------------------------------------------------  
 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       Credit                             
                          borrowings    Term                                              and other    Commercial Paper   extended to       Term       Other     
                           from the    auction      Primary     Secondary    Seasonal   broker-dealer    Money Market      American     Asset-Backed   credit   
                           Federal     credit                                              credit         Mutual Fund    International   Securities  extensions 
                           Reserve                                                           (2)          Liquidity    Group, Inc., net     Loan                
                                                                                                           Facility          (3)          Facility             
 -------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 Month(4)                                                                                                                                                 
  2008-Oct.                 648319       244778        94017           38           28        114953        117457            77047                        0  
       Nov.                 698786       393088        95839          117            8         60655         71009            78070                        0  
       Dec.                 653565       438327        88245           52            3         47631         32102            47206                        0  
                                                                                                                                                              
  2009-Jan.                 563496       403523        70436           39            1         33061         17745            38690                        0  
       Feb.                 582497       438822        65463           11            3         26250         13533            38414                        0  
       Mar.                 612111       477049        62513            9            3         20292          7857            43328           1061         0  
                                                                                                                                                              
       Apr.                 558194       444933        47324           45            2         10918          4267            45057           5649         0  
       May                  525448       403970        40124           14           10           701         23347            44915          12367         0  
       June                 438722       316868        37302           21           32             0         18891            43057          22552         0  
                                                                                                                                                              
       July                 366961       255119        34366           66           80             0          6230            43108          27993         0  
       Aug.                 331450       224490        32147          600          110             0           184            40021          33898         0  
       Sep.                 306827       196731        29243          554          111             0            79            39074          41036         0  
                                                                                                                                                              
       Oct. p               265058       155396        25163          402           82             0            28            41222          42765         0  
                                                                                                                                                               
 Two weeks ending(5)                                                                                                                                           
  2009-Sep.  9              320295       212110        31517          586          110             0            79            38849          37045         0  
            23              307300       196020        28434          569          117             0            79            39269          42813         0  
                                                                                                                                                              
       Oct.  7              288565       178379        27938          482          102             0            79            38973          42614         0  
            21              265229       155442        25610          446           83             0            22            40578          43049         0  
                                                                                                                                                              
       Nov.  4p             248364       139245        22594          286           67             0             0            43697          42475         0  
---------------------------------------------------------------------------------------------------------------------------------------------------------------  
 1. The Federal Reserve Bank of New York (FRBNY) has extended credit to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and Commercial Paper Funding
    Facility 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 these LLCs have
    been consolidated with the assets and liabilities of the FRBNY because the FRBNY is either the sole or primary beneficiary of the LLCs.  As a consequence
    of this consolidation, the extensions of credit from the FRBNY to these 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes credit 
    extended to consolidated LLCs as described in footnote 1 above.
 4. Prorated averages of biweekly averages.
 5. 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)                                                                                
  2008-Oct.              314888      -333431         46986      1132506       278021        54243        36867         17375
       Nov.              609503       -89282         50467      1441062       571079        55575        38424         17151
       Dec.              821302       167736         53904      1663927       783635        56215        37667         18548
                                                                                                                            
  2009-Jan.              860670       297174         62437      1712076       820933        56361        39737         16624
       Feb.              701261       118764         57779      1562247       662244        56797        39017         17780
       Mar.              778125       166014         53502      1646927       740998        53157        37127         16030
                                                                                                                            
       Apr.              881836       323642         57469      1752736       844596        51850        37240         14610
       May               902944       377496         58868      1774877       865427        51390        37517         13873
       June              809853       371131         58489      1684029       772066        52343        37787         14556
                                                                                                                            
       July              796543       429581         63546      1673101       758883        51724        37660         14064
       Aug.              828786       497336         62929      1706189       790765        51986        38021         13965
       Sep.              922620       615794         62547      1800107       884159        52087        38461         13626
                                                                                                                            
       Oct. p           1056817       791760         62083      1935852      1017782        53057        39036         14021

 Two weeks ending(10)                                                                                                                    
  2009-Sep.  9           886635       566340         63450      1763203       848300        51365        38335         13030         2118
            23           916573       609274         61961      1794811       878503        52143        38070         14073         1823
                                                                                                                                         
       Oct.  7           980983       692419         62559      1858146       941578        52904        39405         13498         2021
            21          1046556       781328         59753      1928142      1007849        54167        38708         15459         2024
                                                                                                                                         
       Nov.  4p         1124268       875904         65012      2001040      1085031        51609        39237         12372         1970
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2008-Oct.                         314703              -333617                46801              1125885
       Nov.                         609284               -89502                50248              1435147
       Dec.                         821071               167505                53673              1659224
                                                                                                         
  2009-Jan.                         860593               297097                62360              1707612
       Feb.                         701139               118641                57657              1557721
       Mar.                         777895               165784                53271              1642329
                                                                                                         
       Apr.                         881422               323228                57055              1748069
       May                          902370               376922                58294              1770180
       June                         809175               370453                57811              1679359
                                                                                                         
       July                         795667               428706                62671              1667802
       Aug.                         827715               496265                61858              1700700
       Sep.                         921398               614571                61325              1795423
                                                                                                         
       Oct. p                      1055411               790354                60677              1931500

 Two weeks ending(6)                                                       
  2009-Sep.  9                      885455               565161                62271              1758289
            23                      915370               608070                60757              1790105
                                                                                                         
       Oct.  7                      979666               691102                61243              1853802
            21                     1045206               779978                58403              1923786
                                                                                                         
       Nov.  4p                    1122720               874356                63465              1996689
 ----------------------------------------------------------------------------------------------------------
 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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