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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1                                                                                                For Release at 4:30 p.m. Eastern Time
                                                                                                                           July 3, 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(6) 
                                                                                                         
                      ------------------------------------------                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(7)
  2007-June               43369      43182      41618       1751      819825                     43          0        145                      
                                                                                                                                               
       July               41816      41554      40179       1637      821128                     45          0        217                      
       Aug.               45018      44043      40189       4828      824439                    701         19        255                      
       Sep.               42668      41101      40942       1726      821972                   1345          0        221                      
                                                                                                                                               
       Oct.               42443      42188      41008       1435      824655                    126         13        115                      
       Nov.               42672      42306      40976       1696      825471                    315          0         50                      
       Dec.               42704      27273      40952       1752      823268      11613        3787          1         30                      
                                                                                                                                               
  2008-Jan.               42152      -3507      40519       1633      821416      44516        1137          0          6                      
       Feb.               42856     -17301      41146       1709      822524      60000         155          0          3                      
       Mar.               44259     -50264      41269       2990      826999      75484        1617          0          6      16168       1249
                                                                                                                                               
       Apr.               43535     -91875      41607       1928      824420     100000        9624          0         21      25764          0
       May                44156    -111624      42049       2107      826473     127419       14076          0         47      14238          0
       June p             43405    -127873      41025       2380      832285     150000       14225         70         75       6908          0

 Two weeks ending(8)                                                                                                                           
  2008-May   7            43828     -85367      41845       1983      823664     100000       11622          0         31      17544          0
            21            43404    -111014      41411       1993      825185     125000       13976          1         42      15401          0
                                                                                                                                               
       June  4            45438    -130858      43086       2353      830243     150000       15936          1         66      10295          0
            18            41805    -130140      40029       1776      830797     150000       13260        112         69       8505          0
                                                                                                                                               
       July  2p           44593    -124234      41500       3093      834703     150000       14782         43         86       3917          0
-----------------------------------------------------------------------------------------------------------------------------------------------  
 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. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane 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 the LLC have been consolidated with the assets and
    liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC.  As a consequence of this consolidation, the
    extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
    borrowed reserves.
 7. Prorated averages of biweekly averages.
 8. 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-June               43653        43466         41902       826502         8734        49432        34919         14513
                                                                                                                            
       July               42594        42332         40957       828306         8276        50207        34319         15889
       Aug.               44567        43592         39739       829677        10922        51043        33645         17398
       Sep.               42236        40669         40510       826566         8757        49633        33479         16154
                                                                                                                            
       Oct.               41505        41251         40070       828380         8293        49755        33212         16543
       Nov.               41895        41530         40199       833101         8553        48995        33342         15653
       Dec.               42730        27300         40978       836350         8203        52162        34527         17635
                                                                                                                            
  2008-Jan.               44064        -1596         42430       831106         8738        53162        35325         17837
       Feb.               42829       -17328         41120       828657         8172        53650        34657         18993
       Mar.               42675       -51848         39685       832364         9760        50447        32915         17532
                                                                                                                            
       Apr.               43477       -91933         41550       830497         9257        49315        34220         15096
       May                45133      -110647         43026       833974         9688        48579        35445         13134
       June p             43964      -127314         41584       838856         9174        49339        34790         14548

 Two weeks ending(10)                                                                                                                    
  2008-May   7            45008       -84188         43025       829815         9629        48941        35379         13562          -42
            21            43852      -110567         41859       832348         8990        48925        34862         14063          -35
                                                                                                                                         
       June  4            47015      -129281         44662       839163        10707        47842        36308         11534          -17
            18            40631      -131314         38855       837270         7996        48535        32636         15899          102
                                                                                                                                         
       July  2p           46836      -121991         43743       840605        10037        50776        36799         13977           35
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-June                43693        43506        41942          819999
                                                                          
       July                42638        42376        41001          821881
       Aug.                44611        43636        39783          822994
       Sep.                42289        40722        40563          819971
                                                                          
       Oct.                41560        41306        40125          821851
       Nov.                41949        41584        40253          826646
       Dec.                42745        27314        40993          829761
                                                                          
  2008-Jan.                44037        -1623        42404          824418
       Feb.                42826       -17331        41117          821880
       Mar.                42671       -51852        39681          825566
                                                                          
       Apr.                43461       -91949        41533          823382
       May                 45102      -110678        42995          826882
       June p              43931      -127347        41552          831747

 Two weeks ending(6)                                                      
  2008-May   7             44978       -84218        42995          822702
            21             43821      -110597        41828          825281
                                                                          
       June  4             46982      -129314        44629          832049
            18             40599      -131346        38823          830133
                                                                          
       July  2p            46801      -122026        43708          833528
  
 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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