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`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                                                   January 29, 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)
  2007-Dec.                     42674               27244               40905                1769              822357               15430
                                                                                                                                         
  2008-Jan.                     42150               -3510               40509                1640              820174               45660
       Feb.                     42826              -17331               41100                1726              821355               60157
       Mar.                     44299              -50224               41321                2978              825910               94523
                                                                                                                                         
       Apr.                     43561              -91848               41716                1846              824631              135410
       May                      44128             -111652               42115                2013              827170              155780
       June                     43364             -127914               41089                2275              832490              171278
                                                                                                                                         
       July                     43330             -122334               41353                1977              838062              165664
       Aug.                     44559             -123520               42568                1991              842815              168078
       Sep.                    102784             -187321               42733               60051              905174              290105
                                                                                                                                         
       Oct.                    315516             -332803               47612              267904             1130304              648319
       Nov.                    609937              -88849               50883              559053             1433490              698786
       Dec.                    820946              167380               53533              767412             1651203              653565

 Two weeks ending(7)                                                                                                                           
  2008-Dec.  3                 643645              -32239               53924              589721             1468590              675885
            17                 827669              153152               53230              774439             1657731              674517
            31                 852215              224384               53754              798462             1683806              627832
                                                                                                                                         
  2009-Jan. 14                 904000              341642               60514              843486             1740587              562358
            28p                852393              287295               59347              793046             1697962              565099
                                                                                                                                         
------------------------------------------------------------------------------------------------------------------------------------------------  
 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     Other    
                           from the    auction      Primary     Secondary    Seasonal   broker-dealer    money market     American       credit  
                           Federal     credit                                              credit         mutual fund   International  extensions
                           Reserve                                                           (2)          liquidity      Group, Inc.   
                                                                                                           facility         (3)
 ------------------------------------------------------------------------------------------------------------------------------------------------
 Month(4)
  2007-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
       Sep.                 290105       149814        32632           35           87         53473         31877           22187             0
                                                                                                                                                
       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

 Two weeks ending(5)                                                                                                                           
  2008-Dec.  3              675885       406508        91981          192            5         54808         54627           67765             0
            17              674517       447959        89284           41            2         51648         35050           50535             0
            31              627832       435513        86405           35            4         42078         24328           39471             0
                                                                                                                                                
  2009-Jan. 14              562358       389096        78518           29            1         34834         20818           39064             0
            28p             565099       415945        63304           54            1         32367         15038           38391             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. 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)                                                                                
  2007-Dec.               42701        27271         40932       836432         8179        52161        34522         17639
                                                                                                                            
  2008-Jan.               44065        -1595         42425       831104         8715        53163        35350         17813
       Feb.               42799       -17358         41073       828694         8148        53645        34651         18994
       Mar.               42714       -51810         39735       832358         9754        50439        32960         17479
                                                                                                                            
       Apr.               43504       -91906         41658       830495         9255        49306        34250         15057
       May                45106      -110674         43093       833974         9689        48564        35417         13147
       June               43923      -127355         41649       839084         9178        49302        34745         14557
                                                                                                                            
       July               44106      -121558         42129       846455         9338        49195        34768         14427
       Aug.               44107      -123972         42116       847290         9419        50132        34688         15445
       Sep.              102568      -187537         42517       908029        67178        50440        35390         15049
                                                                                                                            
       Oct.              314909      -333410         47005      1132519       278033        51722        36876         14846
       Nov.              609506       -89280         50453      1441048       571066        53021        38440         14581
       Dec.              821230       167665         53818      1663861       783537        53672        37693         15979

 Two weeks ending(10)                                                                                                                    
  2008-Dec.  3           645600       -30285         55879      1479146       605767        52478        39833         12645         1249
            17           824046       149529         49607      1665056       788936        53763        35110         18653         1644
            31           856050       228219         57588      1702248       816233        53838        39818         14020         1519
                                                                                                                                         
  2009-Jan. 14           900997       338639         57510      1752006       862901        53539        38096         15442         1734
            28p          860563       295464         67517      1705848       819337        53517        41226         12291         1860
                                                                                                                                         
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                          42716                27286                40947               829843
                                                                                                         
  2008-Jan.                          44038                -1621                42398               824416
       Feb.                          42796               -17361                41070               821917
       Mar.                          42709               -51814                39731               825559
                                                                                                         
       Apr.                          43487               -91922                41642               823379
       May                           45075              -110705                43062               826882
       June                          43890              -127388                41616               831974
                                                                                                         
       July                          44059              -121605                42083               839215
       Aug.                          44046              -124032                42055               840149
       Sep.                         102507              -187598                42456               900649
                                                                                                         
       Oct.                         314834              -333485                46930              1125965
       Nov.                         609416               -89369                50363              1435217
       Dec.                         821139               167574                53727              1659248

 Two weeks ending(6)                                                       
  2008-Dec.  3                      645508               -30377                55786              1474121
            17                      823956               149440                49517              1660384
            31                      855957               228126                57495              1697781
                                                                                                         
  2009-Jan. 14                      900925               338567                57439              1747546
            28p                     860561               295463                67515              1701447
                                                                                                         
 ----------------------------------------------------------------------------------------------------------
 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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