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`For Release at
4:30 P.M. Eastern time
  December 18, 2008

Publication Note

The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," for the week ended
December 24, 2008, will be published on Monday, December 29, 2008, because the federal government is closed on both Thursday,
December 25 and Friday, December 26.



1
   
  
  
  
 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                                                  December 18, 2008
 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-Nov.                     42623               42258               40927                1696              825422                 366
       Dec.                     42675               27244               40905                1770              823348               15430
                                                                                                                                         
  2008-Jan.                     42149               -3510               40509                1640              821406               45660
       Feb.                     42804              -17353               41080                1724              822560               60157
       Mar.                     44292              -50232               41313                2978              826994               94523
                                                                                                                                         
       Apr.                     43563              -91847               41719                1844              824408              135410
       May                      44133             -111648               42122                2011              826461              155780
       June                     43373             -127905               41100                2272              832528              171278
                                                                                                                                         
       July                     43348             -122316               41371                1977              838142              165664
       Aug.                     44586             -123492               42599                1988              841709              168078
       Sep.                    102800             -187306               42749               60051              903524              290105
                                                                                                                                         
       Oct.                    315523             -332797               47618              267905             1128479              648319
       Nov.                    609938              -88848               50885              559053             1433556              698786

 Two weeks ending(7)                                                                                                                           
  2008-Oct. 22                 328574             -362573               46867              281707             1141680              691147
                                                                                                                                         
       Nov.  5                 415743             -259529               52104              363639             1235755              675272
            19                 652808              -72369               48060              604748             1476355              725177
                                                                                                                                         
       Dec.  3                 643645              -32239               53925              589720             1468993              675885
            17p                827724              153207               53291              774432             1658848              674517
------------------------------------------------------------------------------------------------------------------------------------------------  
 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-Nov.                    366                       315            0           50                                                          
       Dec.                  15430        11613         3787            1           30                                                          
                                                                                                                                                
  2008-Jan.                  45660        44516         1137            0            6                                                          
       Feb.                  60157        60000          155            0            3                                                          
       Mar.                  94523        75484         1617            0            6         16168                                        1249
                                                                                                                                                
       Apr.                 135410       100000         9624            0           21         25764                                           0
       May                  155780       127419        14076            0           47         14238                                           0
       June                 171278       150000        14225           70           75          6908                                           0
                                                                                                                                                
       July                 165664       150000        15204          107           98           255                                           0
       Aug.                 168078       150000        17980            1           97             0                                           0
       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

 Two weeks ending(5)                                                                                                                           
  2008-Oct. 22              691147       263092       102707            2           22        121190        121918           82217             0
                                                                                                                                                
       Nov.  5              675272       301363       110970            1           14         82207         95816           84903             0
            19              725177       415302        93466          101           10         57552         75021           83726             0
                                                                                                                                                
       Dec.  3              675885       406508        91981          192            5         54808         54627           67765             0
            17p             674517       447959        89284           41            2         51648         35050           50535             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-Nov.               41847        41481         40150       833052         8503        48996        33343         15652
       Dec.               42701        27271         40932       836432         8179        52161        34522         17639
                                                                                                                            
  2008-Jan.               44065        -1595         42424       831104         8715        53163        35349         17813
       Feb.               42778       -17379         41053       828692         8147        53651        34631         19021
       Mar.               42706       -51817         39728       832358         9754        50446        32952         17494
                                                                                                                            
       Apr.               43506       -91904         41661       830494         9254        49315        34252         15063
       May                45111      -110669         43100       833974         9688        48576        35423         13153
       June               43933      -127345         41660       839085         9181        49333        34752         14581
                                                                                                                            
       July               44124      -121539         42147       846462         9343        49225        34781         14444
       Aug.               44134      -123944         42146       847302         9430        50142        34704         15438
       Sep.              102584      -187521         42533       908025        67173        50443        35411         15032
                                                                                                                            
       Oct.              314916      -333404         47011      1132548       278031        51720        36885         14835
       Nov.              609507       -89279         50454      1441141       571065        53013        38441         14572

 Two weeks ending(10)                                                                                                                    
  2008-Oct. 22           327595      -363553         45888      1146348       291159        51721        36436         15285          852
                                                                                                                                         
       Nov.  5           415538      -259735         51898      1239039       377285        50605        38253         12352         1151
            19           650423       -74754         45675      1483369       613009        54300        37414         16886         1270
                                                                                                                                         
       Dec.  3           645600       -30284         55880      1479262       605766        52470        39835         12635         1249
            17p          824098       149582         49666      1666038       788949        53763        35149         18613         1644
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Nov.                          41901                41535                40204               826597
       Dec.                          42716                27286                40947               829843
                                                                                                         
  2008-Jan.                          44038                -1622                42398               824416
       Feb.                          42775               -17382                41050               821916
       Mar.                          42702               -51822                39724               825559
                                                                                                         
       Apr.                          43489               -91921                41645               823378
       May                           45080              -110701                43069               826882
       June                          43900              -127378                41627               831976
                                                                                                         
       July                          44078              -121586                42101               839222
       Aug.                          44074              -124005                42086               840160
       Sep.                         102523              -187582                42472               900644
                                                                                                         
       Oct.                         314841              -333479                46936              1125995
       Nov.                         609417               -89368                50364              1435310

 Two weeks ending(6)                                                       
  2008-Oct. 22                      327520              -363627                45813              1140157
                                                                                                         
       Nov.  5                      415449              -259823                51809              1232973
            19                      650335               -74842                45587              1476988
                                                                                                         
       Dec.  3                      645508               -30377                55788              1474236
            17p                     824007               149491                49575              1661363
 ----------------------------------------------------------------------------------------------------------
 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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