H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 28, 2021 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Oct 27, 2021 Federal Reserve Banks Oct 27, 2021 Oct 20, 2021 Oct 28, 2020 Reserve Bank credit 8,538,370 + 20,961 +1,413,476 8,517,364 Securities held outright1 8,061,500 + 23,325 +1,514,111 8,043,453 U.S. Treasury securities 5,507,120 + 25,934 + 989,358 5,513,329 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,745,517 + 23,546 + 891,590 4,750,574 Notes and bonds, inflation-indexed2 369,814 + 1,886 + 73,852 370,842 Inflation compensation3 65,745 + 501 + 23,915 65,870 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,552,034 - 2,608 + 524,754 2,527,777 Unamortized premiums on securities held outright5 355,311 - 495 + 16,634 354,669 Unamortized discounts on securities held outright5 -16,254 - 249 - 11,659 -16,315 Repurchase agreements6 0 0 - 1,000 0 Foreign official 0 0 - 1,000 0 Others 0 0 0 0 Loans 51,580 - 2,114 - 20,826 50,546 Primary credit 496 + 26 - 2,160 605 Secondary credit 0 0 0 0 Seasonal credit 13 - 1 + 9 12 Primary Dealer Credit Facility 0 0 - 236 0 Money Market Mutual Fund Liquidity Facility 0 0 - 5,627 0 Paycheck Protection Program Liquidity Facility 51,071 - 2,139 - 12,812 49,930 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 0 0 - 8,561 0 Net portfolio holdings of Corporate Credit Facilities LLC7 515 0 - 44,920 515 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 30,285 - 23 - 10,857 30,289 Net portfolio holdings of Municipal Liquidity Facility LLC7 9,781 + 2 - 6,769 9,782 Net portfolio holdings of TALF II LLC7 4,496 + 1 - 7,266 4,496 Float -185 - 74 + 71 -593 Central bank liquidity swaps8 323 - 22 - 6,476 323 Other Federal Reserve assets9 41,017 + 610 + 994 40,198 Foreign currency denominated assets10 20,747 + 44 - 972 20,722 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,824 + 14 + 422 50,824 Total factors supplying reserve funds 8,626,182 + 21,019 +1,412,926 8,605,151 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Oct 27, 2021 Federal Reserve Banks Oct 27, 2021 Oct 20, 2021 Oct 28, 2020 Currency in circulation11 2,203,941 - 157 + 161,083 2,205,482 Reverse repurchase agreements12 1,702,952 - 54,207 +1,508,060 1,721,484 Foreign official and international accounts 283,321 - 6,072 + 88,430 288,114 Others 1,419,632 - 48,134 +1,419,631 1,433,370 Treasury cash holdings 59 0 + 16 52 Deposits with F.R. Banks, other than reserve balances 567,839 + 135,226 -1,364,338 482,061 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 213,291 + 129,905 -1,467,642 236,495 Foreign official 5,293 - 508 - 15,956 5,266 Other13 349,255 + 5,830 + 119,259 240,300 Treasury contributions to credit facilities14 26,397 0 - 87,603 26,397 Other liabilities and capital15 47,824 - 2,298 - 681 46,521 Total factors, other than reserve balances, absorbing reserve funds 4,549,012 + 78,563 + 216,536 4,481,997 Reserve balances with Federal Reserve Banks 4,077,170 - 57,544 +1,196,389 4,123,154 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 9. Includes bank premises, accrued interest, and other accounts receivable. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. 15. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Oct 27, 2021 Oct 27, 2021 Oct 20, 2021 Oct 28, 2020 Securities held in custody for foreign official and international accounts 3,486,909 + 5,257 + 91,968 3,482,872 Marketable U.S. Treasury securities1 3,076,535 + 9,063 + 122,643 3,073,611 Federal agency debt and mortgage-backed securities2 329,244 + 4,983 - 25,797 328,318 Other securities3 81,130 - 8,788 - 4,878 80,943 Securities lent to dealers 40,234 + 435 + 15,380 37,855 Overnight facility4 40,234 + 435 + 15,380 37,855 U.S. Treasury securities 40,234 + 435 + 15,380 37,855 Federal agency debt securities 0 0 0 0 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6. 2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. 3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. 4. Face value. Fully collateralized by U.S. Treasury securities.

H.4.1 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, October 27, 2021 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 473 143 2,939 46,991 0 ... 50,546 U.S. Treasury securities2 Holdings 66,945 318,997 706,530 2,113,812 1,006,665 1,300,380 5,513,329 Weekly changes - 13,911 + 14,130 - 205 + 5,012 + 5,163 + 3,871 + 14,062 Federal agency debt securities3 Holdings 0 0 0 0 2,134 213 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 20 1,604 62,722 2,463,432 2,527,777 Weekly changes 0 0 - 3 - 153 - 1,329 - 17,669 - 19,155 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,913 ... ... 15,913 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 4,373 ... ... 4,373 Loans held by TALF II LLC7 0 0 0 1,403 ... ... 1,403 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 223 100 0 0 0 0 323 Reverse repurchase agreements8 1,721,484 0 ... ... ... ... 1,721,484 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under generally accepted accounting principles. 2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities. 3. Face value. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Book value of the loan participations held by the MS Facilities LLC. 6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC. 7. Book value of the loans held by the TALF II LLC. 8. Cash value of agreements. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Oct 27, 2021 Mortgage-backed securities held outright1 2,527,777 Residential mortgage-backed securities 2,518,385 Commercial mortgage-backed securities 9,392 Commitments to buy mortgage-backed securities2 98,009 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 40 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLCs Millions of dollars Wednesday Oct 27, 2021 Net portfolio holdings of Credit Facilities LLCs Outstanding Credit Facilities LLCs: principal Outstanding amount amount of Treasury of loan facility contributions extended to asset and the LLC1 purchases2 other assets3 Total Corporate Credit Facilities LLC 0 0 515 515 MS Facilities LLC (Main Street Lending Program) 15,736 13,375 16,914 30,289 Municipal Liquidity Facility LLC 4,373 4,373 5,409 9,782 TALF II LLC 1,462 1,403 3,093 4,496 Note: Components may not sum to totals because of rounding. 1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity. 2. Outstanding amount of facility asset purchases: a. For the Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at fair value. b. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses updated as of June 30, 2021. c. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. d. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. 3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Oct 27, 2021 Oct 20, 2021 Oct 28, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,210 + 5 - 268 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,432,354 - 8,557 +1,495,406 Securities held outright1 8,043,453 - 5,093 +1,513,614 U.S. Treasury securities 5,513,329 + 14,062 + 986,143 Bills2 326,044 0 0 Notes and bonds, nominal2 4,750,574 + 12,602 + 887,311 Notes and bonds, inflation-indexed2 370,842 + 1,199 + 74,880 Inflation compensation3 65,870 + 261 + 23,952 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,527,777 - 19,155 + 527,472 Unamortized premiums on securities held outright5 354,669 - 993 + 16,433 Unamortized discounts on securities held outright5 -16,315 - 257 - 11,726 Repurchase agreements6 0 0 - 1,000 Loans7 50,546 - 2,215 - 21,916 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,576 Net portfolio holdings of Corporate Credit Facilities LLC8 515 0 - 44,962 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 30,289 + 4 - 10,984 Net portfolio holdings of Municipal Liquidity Facility LLC8 9,782 + 2 - 6,769 Net portfolio holdings of TALF II LLC8 4,496 + 1 - 7,267 Items in process of collection (0) 55 0 - 4 Bank premises 1,465 + 3 - 734 Central bank liquidity swaps9 323 - 13 - 6,476 Foreign currency denominated assets10 20,722 - 13 - 950 Other assets11 38,733 - 193 + 1,459 Total assets (0) 8,556,181 - 8,762 +1,409,875 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Oct 27, 2021 Oct 20, 2021 Oct 28, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,155,915 + 1,135 + 159,868 Reverse repurchase agreements12 1,721,484 - 64,884 +1,519,591 Deposits (0) 4,605,215 + 55,195 - 180,889 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,123,154 + 72,811 +1,175,898 U.S. Treasury, General Account 236,495 + 119,131 -1,416,544 Foreign official 5,266 - 3,502 - 15,985 Other13 (0) 240,300 - 133,245 + 75,742 Deferred availability cash items (0) 648 + 467 - 168 Treasury contributions to credit facilities14 26,397 0 - 87,603 Other liabilities and accrued dividends15 6,659 - 678 - 1,563 Total liabilities (0) 8,516,318 - 8,765 +1,409,236 Capital accounts Capital paid in 33,077 + 3 + 678 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 39,862 + 3 + 638 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. 15. Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, October 27, 2021 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075 Coin 1,210 15 21 114 48 176 104 229 17 32 88 147 220 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,432,354 140,101 4,744,461 177,560 314,859 562,417 491,451 457,801 109,837 81,840 111,981 371,119 868,927 Net portfolio holdings of Corporate Credit Facilities LLC2 515 0 515 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 30,289 30,289 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 9,782 0 9,782 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 4,496 0 4,496 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 323 15 109 12 28 67 15 13 6 3 3 6 48 Foreign currency denominated assets4 20,722 941 6,965 744 1,792 4,312 937 812 394 176 224 373 3,052 Other assets5 40,253 769 21,343 949 1,531 2,952 2,466 2,228 666 494 853 1,887 4,115 Interdistrict settlement account 0+ 40,602- 473,334+ 14,394+ 37,359+ 5,389+ 68,477+ 118,745+ 24,357- 2,389+ 18,853+ 58,896 + 88,651 Total assets 8,556,181 213,261 4,319,779 194,296 356,368 576,501 565,639 580,963 135,752 80,429 132,457 433,648 967,087 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, October 27, 2021 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes, net 2,155,915 70,912 690,202 61,444 103,266 153,442 317,448 120,451 64,265 32,685 54,712 194,540 292,549 Reverse repurchase agreements6 1,721,484 28,767 973,079 36,359 62,638 115,353 100,865 93,942 22,444 13,320 22,860 76,127 175,729 Deposits 4,605,215 97,046 2,628,730 94,749 186,273 298,710 144,753 364,559 48,104 34,009 54,233 161,728 492,320 Depository institutions 4,123,154 97,026 2,340,824 94,748 185,997 298,070 144,620 172,150 48,098 33,755 54,074 161,539 492,253 U.S. Treasury, General Account 236,495 0 236,495 0 0 0 0 0 0 0 0 0 0 Foreign official 5,266 2 5,239 1 3 8 2 2 1 0 0 1 6 Other7 240,300 19 46,172 0 272 632 132 192,408 6 253 158 188 61 Earnings remittances due to the U.S. Treasury8 897 3 589 14 28 25 44 53 3 1 3 41 92 Treasury contributions to credit facilities9 26,397 16,572 9,825 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 6,410 -1,807 4,012 229 268 766 1,062 417 194 187 228 304 550 Total liabilities 8,516,318 211,494 4,306,437 192,796 352,473 568,296 564,173 579,422 135,010 80,202 132,036 432,739 961,240 Capital Capital paid in 33,077 1,458 11,062 1,256 3,309 6,793 1,158 1,275 613 170 348 786 4,847 Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 8,556,181 213,261 4,319,779 194,296 356,368 576,501 565,639 580,963 135,752 80,429 132,457 433,648 967,087 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, October 27, 2021 (continued) 1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions. 2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 4. Revalued daily at current foreign currency exchange rates. 5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. 9. Book value. Amount of equity investments in MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollardenominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB. The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Oct 27, 2021 Federal Reserve notes outstanding 2,408,191 Less: Notes held by F.R. Banks not subject to collateralization 252,275 Federal Reserve notes to be collateralized 2,155,915 Collateral held against Federal Reserve notes 2,155,915 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,139,679 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,043,453 Less: Face value of securities under reverse repurchase agreements 1,680,380 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,363,073 Note: Components may not sum to totals because of rounding. 1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.