Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date: September 25, 2008
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For Release at
4:30 P.M. Eastern time
  September 25, 2008


The Board's H.3 statistical release, "Aggregate Reserves of Depository Institutions and the Monetary Base," has been modified to include
data on the Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility, which was announced by the Federal Reserve on
September 19, 2008.  In addition, credit extended to Goldman Sachs, Morgan Stanley, and Merrill Lynch against an expanded set of 
collateral and credit extended to the London-based broker-dealer subsidiaries of these firms, as authorized by the Board of Governors
on September 21, 2008, is reported along with borrowing through the Primary Dealer Credit Facility in the category "Primary dealer and
other broker-dealer credit."



1

 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For release at 4:30 p.m. Eastern Time
September 25, 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    
Date Total
(2)
Nonborrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Total borrowings
from the
Federal Reserve,
NSA
Month(6)                             
 2007-Aug.                        45021              44046              40193               4828             824439                975     
      Sep.                        42668              41102              40934               1734             821968               1567     
                                                                                                                                           
      Oct.                        42438              42184              40977               1462             824649                254     
      Nov.                        42658              42293              40954               1704             825457                366     
      Dec.                        42693              27263              40918               1775             823369              15430     
                                                                                                                                           
 2008-Jan.                        42139              -3520              40496               1643             821418              45660     
      Feb.                        42782             -17375              41054               1728             822509              60157     
      Mar.                        44262             -50261              41269               2993             826997              94523     
                                                                                                                                           
      Apr.                        43534             -91876              41607               1927             824411             135410     
      May                         44156            -111624              42050               2106             826461             155780     
      June                        43411            -127867              41025               2386             832525             171278     
                                                                                                                                           
      July                        43387            -122277              41402               1984             838145             165664     
      Aug.                        44573            -123505              42586               1986             841732             168078     
             
Two weeks ending(7)                  
  2008-July 30                   43088             -123989              41071               2017             839115             167077     
                                                                                                                                           
      Aug. 13                     44335            -123300              42486               1848             841763             167635     
           27                     44069            -124021              42026               2042             841106             168090     
                                                                                                                                           
      Sep. 10                     47112            -122369              44872               2240             843825             169481     
           24p                   109516            -158345              40748              68768             911350             267861     
 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.
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
borrowings
from the
Federal
Reserve
Term
auction
credit
Primary Secondary Seasonal Primary dealer
and other
broker-dealer
credit
(2)
Asset-backed
commercial paper
money market
mutual fund
liquidity
facility
Other
credit
extensions
Month(3)                                 
 2007-Aug.                         975                             701              19             255                                                   
      Sep.                        1567                            1345               0             221                                                   
                                                                                                                                                         
      Oct.                         254                             126              13             115                                                   
      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   
                 
Two weeks ending(4)                      
 2008-July 30                   167077          150000           16917              62              99               2                               0   
                                                                                                                                                         
      Aug. 13                   167635          150000           17535               4              97               0                               0   
           27                   168090          150000           17991               0              98               0                               0   
                                                                                                                                                         
      Sep. 10                   169481          150000           19386               0              94               0                               0   
           24p                  267861          150000           30478              14              96           54208           10880           22188   
 1. 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.
2. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
3. Prorated averages of biweekly averages.
4. Averages of daily figures.
 

p preliminary



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)  
Date Total
(2)
Nonborrowed Required Monetary
base
(3)
Reserve
balances
with F.R.
Banks
(4)
Total Used to
satisfy
required
reserves
(6)
Surplus
(7)
Net
carryover
of reserve
balances
(8)
Month(9)                                                                                                      
 2007-Aug.                  44570         43595          39742        829676        10922         51043         33649          17395              
      Sep.                  42237         40670          40503        826562         8754         49633         33483          16150              
                                                                                                                                                  
      Oct.                  41501         41247          40040        828375         8288         49755         33213          16542              
      Nov.                  41882         41517          40178        833087         8539         48996         33343          15652              
      Dec.                  42721         27290          40946        836453         8200         52161         34521          17640              
                                                                                                                                                  
 2008-Jan.                  44053         -1607          42410        831111         8724         53162         35329          17833              
      Feb.                  42756        -17401          41027        828643         8159         53650         34597          19053              
      Mar.                  42678        -51845          39685        832363         9759         50445         32919          17526              
                                                                                                                                                  
      Apr.                  43477        -91933          41550        830497         9257         49314         34220          15094              
      May                   45133       -110647          43026        833974         9688         48579         35445          13134              
      June                  43970       -127308          41584        839085         9180         49339         34790          14549              
                                                                                                                                                  
      July                  44162       -121502          42178        846462         9344         49230         34818          14412              
      Aug.                  44121       -123957          42135        847326         9430         50141         34692          15450              
                   
Two weeks ending(10)                  
 2008-July 30               46616       -120462          44599        846788         9945         49124         36671          12453            -7
                                                                                                                                                  
      Aug. 13               41972       -125663          40124        847596         9135         51141         32838          18303           206
           27               46106       -121984          44063        846335         9705         49474         36401          13073           181
                                                                                                                                                  
      Sep. 10               44162       -125318          41922        849918         9426         49230         34737          14493           144
           24p             111334       -156527          42566        914933        75751         50225         35583          14642           226
 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.
 

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
(2)
Required
(3)
Monetary
base
(4)
Month(5)                         
 2007-Aug.                       44614           43639           39786          822994   
      Sep.                       42289           40723           40556          819968   
                                                                                         
      Oct.                       41556           41302           40094          821846   
      Nov.                       41936           41570           40232          826633   
      Dec.                       42735           27305           40960          829864   
                                                                                         
 2008-Jan.                       44026           -1633           42383          824422   
      Feb.                       42753          -17404           41024          821866   
      Mar.                       42674          -51849           39681          825564   
                                                                                         
      Apr.                       43460          -91949           41533          823381   
      May                        45102         -110678           42995          826882   
      June                       43937         -127341           41551          831975   
                                                                                         
      July                       44115         -121548           42131          839222   
      Aug.                       44061         -124017           42075          840184   
         
Two weeks ending(6)              
 2008-July 30                    46555         -120522           44538          839488   
                                                                                         
      Aug. 13                    41913         -125722           40065          840538   
           27                    46044         -122045           44002          839111   
                                                                                         
      Sep. 10                    44101         -125379           41861          842786   
           24p                  111273         -156588           42506          907528   
 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
 

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.

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