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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                                                      June 25, 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-May                      44130             -111650               42119                2011              827171              155780
       June                     43363             -127915               41092                2271              832489              171278
                                                                                                                                         
       July                     43333             -122331               41360                1973              838059              165664
       Aug.                     44565             -123514               42571                1993              842813              168078
       Sep.                    102784             -187322               42726               60057              905168              290105
                                                                                                                                         
       Oct.                    315512             -332807               47606              267907             1130296              648319
       Nov.                    609962              -88824               50920              559042             1433503              698786
       Dec.                    821055              167489               53655              767400             1651278              653565
                                                                                                                                         
  2009-Jan.                    858418              294922               60173              798245             1703117              563496
       Feb.                    700967              118470               57459              643508             1557493              582497
       Mar.                    779955              167843               55321              724633             1643139              612111
                                                                                                                                         
       Apr.                    881555              323361               57175              824380             1749802              558194
       May                     901293              375845               57192              844102             1770208              525448

 Two weeks ending(7)                                                                                                                           
  2009-Apr. 22                 918052              352692               55662              862389             1787481              565360
                                                                                                                                         
       May   6                 837702              329791               60246              777456             1705920              507911
            20                 932610              377831               55542              877068             1801667              554779
                                                                                                                                         
       June  3                 896122              398439               57626              838497             1765236              497684
            17p                848611              390371               56801              791810             1720104              458240
------------------------------------------------------------------------------------------------------------------------------------------------  
 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.      Loan                
                                                                                                           Facility         (3)         Facility             
 ------------------------------------------------------------------------------------------------------------------------------------------------------------- 
 Month(4)                                                                                                                                                    
  2008-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  
                                                                                                                                                               
  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  
                                                                                                                                                                
 Two weeks ending(5)                                                                                                                                            
  2009-Apr. 22              565360       455800        45801           64            2         11050          1823           45045          5777            0  
                                                                                                                                                               
       May   6              507911       403573        42865           23            3          3061          7016           44993          6379            0  
            20              554779       428835        39014           10           10           241         28451           45705         12513            0  
                                                                                                                                                               
       June  3              497684       372541        40042           15           14             0         25758           43868         15447            0  
            17p             458240       336566        36528            1           18             0         20284           43201         21643            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)                                                                                
  2008-May                45108      -110672         43097       833974         9689        48564        35419         13145
       June               43923      -127355         41652       839083         9178        49303        34745         14558
                                                                                                                            
       July               44109      -121555         42136       846453         9336        49196        34773         14423
       Aug.               44112      -123966         42119       847288         9416        50133        34696         15438
       Sep.              102568      -187537         42511       908024        67176        50440        35392         15048
                                                                                                                            
       Oct.              314906      -333414         46999      1132510       278024        51729        36882         14847
       Nov.              609532       -89254         50490      1441072       571088        53033        38444         14590
       Dec.              821331       167766         53932      1663940       783645        53673        37686         15987
                                                                                                                            
  2009-Jan.              860688       297192         62443      1712082       820938        53881        39750         14131
       Feb.              701245       118748         57737      1562253       662250        54353        38995         15358
       Mar.              778124       166013         53490      1646931       741005        50719        37119         13600
                                                                                                                            
       Apr.              881834       323640         57454      1752746       844604        49361        37229         12131
       May               902950       377502         58849      1774911       865443        48846        37507         11339

 Two weeks ending(10)                                                                                                                    
  2009-Apr. 22           918419       353059         56029      1790276       881430        49473        36989         12485         1627
                                                                                                                                         
       May   6           840239       332328         62783      1709329       802223        48935        38016         10919         1764
            20           932994       378215         55926      1805590       896288        49225        36706         12518         2006
                                                                                                                                         
       June  3           898920       401236         60423      1771637       860671        48317        38249         10067         1714
            17p          846862       388622         55052      1722759       810991        48765        35871         12893         1945
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-May                           45077              -110703                43066               826882
       June                          43890              -127388                41619               831974
                                                                                                         
       July                          44063              -121601                42090               839213
       Aug.                          44052              -124026                42059               840146
       Sep.                         102507              -187598                42450               900643
                                                                                                         
       Oct.                         314830              -333489                46924              1125957
       Nov.                         609442               -89343                50400              1435240
       Dec.                         821240               167675                53841              1659327
                                                                                                         
  2009-Jan.                         860655               297159                62410              1707649
       Feb.                         701242               118745                57734              1557797
       Mar.                         778119               166008                53485              1642473
                                                                                                         
       Apr.                         881814               323619                57433              1748347
       May                          902915               377467                58813              1770585

 Two weeks ending(6)                                                       
  2009-Apr. 22                      918398               353039                56009              1785876
                                                                                                         
       May   6                      840205               332294                62748              1704961
            20                      932959               378180                55891              1801222
                                                                                                         
       June  3                      898883               401200                60386              1767386
            17p                     846826               388586                55016              1718517
 ----------------------------------------------------------------------------------------------------------
 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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