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For Release at
4:30 P.M. Eastern time
March 27, 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 Primary Dealer Credit Facility, which was approved by the Board of
Governors on March 16, 2008, and began operations on March 17, 2008.  The release also includes data on
�other credit extensions.�  This category includes credit extensions such as the arrangements involving
JPMorgan Chase & Co. and The Bear Stearns Companies Inc. that were approved by the Board of Governors on
March 14, 2008, and March 16, 2008.


1
   
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For Release at 4:30 p.m. Eastern Time
                                                                                                                         March 27, 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-Feb.               42454      42424      40956       1498      813448                      8          0         22                      
       Mar.               42321      42267      40686       1635      814991                     21          5         28                      
                                                                                                                                               
       Apr.               42715      42635      41189       1525      817205                     32          0         48                      
       May                43197      43093      41760       1436      818799                     14          0         90                      
       June               43606      43419      41904       1702      820085                     43          0        145                      
                                                                                                                                               
       July               41915      41653      40251       1664      821476                     45          0        217                      
       Aug.               44922      43948      40100       4822      824512                    701         19        255                      
       Sep.               42540      40973      40798       1742      821732                   1345          0        221                      
                                                                                                                                               
       Oct.               42507      42252      41056       1450      824713                    126         13        115                      
       Nov.               42646      42281      40970       1676      825653                    315          0         50                      
       Dec.               42585      27154      40839       1746      823386      11613        3787          1         30                      
                                                                                                                                               
  2008-Jan.               41780      -3879      40146       1634      821174      44516        1137          0          6                      
       Feb.               42566     -17591      40857       1709      822461      60000         155          0          3                      
 2 weeks ending(7)	  		 		   			 		   			 		    			 		   			 		    			 	 
  2008-Jan. 30            41630      -8760      40186       1444      821076      50000         385          0          5                      
                                                                                                                                               
       Feb. 13            42092     -18010      40433       1658      822294      60000         101          0          1                      
            27            42936     -17262      41137       1799      822423      60000         195          0          4                      
                                                                                                                                               
       Mar. 12            43057     -17174      41654       1403      823819      60000         227          0          3                      
            26p           44477     -61788      39856       4621      829648      80000         316          1          7      23178       2765
-----------------------------------------------------------------------------------------------------------------------------------------------  
 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-Feb.               42685        42656         41187       819693         7720        53728        34966         18762
       Mar.               40753        40699         39118       820793         7518        49732        33236         16496
                                                                                                                            
       Apr.               42541        42462         41016       822629         8560        48809        33981         14828
       May                44066        43963         42630       825071         9205        48659        34861         13798
       June               43652        43465         41951       826508         8739        49432        34913         14519
                                                                                                                            
       July               42731        42469         41067       828452         8420        50206        34311         15896
       Aug.               44621        43646         39799       829739        10983        51040        33637         17402
       Sep.               42079        40513         40338       826415         8606        49628        33473         16155
                                                                                                                            
       Oct.               41476        41222         40026       828353         8264        49747        33212         16535
       Nov.               41863        41497         40187       833075         8526        48985        33337         15649
       Dec.               42715        27285         40970       836339         8193        52153        34523         17630
                                                                                                                            
  2008-Jan.               44058        -1602         42423       831105         8737        53158        35321         17837
       Feb.               42816       -17341         41108       828675         8168        53647        34648         18999
 2 weeks ending(10)							 																  			    
  2008-Jan. 30            47957        -2433         46513       827095         9506        54540        38451         16089          -91
                                                                                                                                         
       Feb. 13            40943       -19159         39285       826885         7341        56549        33602         22947           37
            27            44889       -15309         43090       830243         8901        51578        35988         15590           88
                                                                                                                                         
       Mar. 12            40490       -19741         39087       829334         8416        49273        32074         17199          103
            26p           44534       -61731         39913       834482        10928        51783        33606         18176         -170
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Feb.                42711        42682        41214          812909
       Mar.                40794        40740        39159          813940
                                                                          
       Apr.                42597        42518        41072          815954
       May                 44135        44032        42699          818599
       June                43736        43549        42034          820033
                                                                          
       July                42828        42566        41164          822062
       Aug.                44728        43753        39906          823101
       Sep.                42202        40635        40460          819869
                                                                          
       Oct.                41612        41357        40161          821880
       Nov.                42007        41641        40331          826683
       Dec.                42794        27364        41048          829796
                                                                          
  2008-Jan.                44055        -1605        42420          824435
       Feb.                42842       -17315        41133          821912
 2 weeks ending(6)                                                 	   
  2008-Jan. 30             47973        -2417        46529          820430
                                                                          
       Feb. 13             40963       -19139        39304          820085
            27             44917       -15281        43118          823510
                                                                          
       Mar. 12             40523       -19708        39120          822602
            26p            44574       -61691        39953          827750
  
 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.`

Statistical releases

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