H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time November 26, 2021 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 19, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 26, 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 Nov 24, 2021 Federal Reserve Banks Nov 24, 2021 Nov 17, 2021 Nov 25, 2020 Reserve Bank credit 8,651,373 + 24,845 +1,437,093 8,643,861 Securities held outright1 8,197,571 + 39,783 +1,549,988 8,190,973 U.S. Treasury securities 5,576,349 + 16,833 + 981,146 5,578,900 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,808,006 + 15,657 + 882,759 4,809,232 Notes and bonds, inflation-indexed2 374,792 + 750 + 73,687 375,793 Inflation compensation3 67,507 + 425 + 24,701 67,832 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,618,874 + 22,949 + 568,841 2,609,726 Unamortized premiums on securities held outright5 355,606 + 5 + 14,070 355,086 Unamortized discounts on securities held outright5 -17,306 - 310 - 12,322 -17,302 Repurchase agreements6 0 0 - 1,000 0 Foreign official 0 0 - 1,000 0 Others 0 0 0 0 Loans 43,288 - 2,493 - 21,481 42,255 Primary credit 348 - 1 - 2,285 315 Secondary credit 0 0 0 0 Seasonal credit 5 - 1 + 5 5 Primary Dealer Credit Facility 0 0 - 253 0 Money Market Mutual Fund Liquidity Facility 0 0 - 5,199 0 Paycheck Protection Program Liquidity Facility 42,935 - 2,491 - 13,749 41,934 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 0 0 - 8,557 0 Net portfolio holdings of Corporate Credit Facilities LLC7 75 - 440 - 45,827 2 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,698 - 796 - 13,394 29,576 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,952 - 1,833 - 8,602 7,953 Net portfolio holdings of TALF II LLC7 2,650 - 1,841 - 9,643 2,650 Float -150 + 10 - 4 -199 Central bank liquidity swaps8 268 - 6 - 7,405 268 Other Federal Reserve assets9 31,723 - 7,231 + 1,272 32,599 Foreign currency denominated assets10 20,342 - 159 - 1,465 20,171 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,880 + 14 + 450 50,880 Total factors supplying reserve funds 8,738,836 + 24,700 +1,436,077 8,731,152 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 Nov 24, 2021 Federal Reserve Banks Nov 24, 2021 Nov 17, 2021 Nov 25, 2020 Currency in circulation11 2,216,286 + 1,637 + 154,210 2,219,525 Reverse repurchase agreements12 1,854,008 + 116,318 +1,657,933 1,758,815 Foreign official and international accounts 295,595 - 2,085 + 99,875 305,918 Others 1,558,414 + 118,405 +1,558,059 1,452,897 Treasury cash holdings 62 0 + 9 71 Deposits with F.R. Banks, other than reserve balances 434,387 - 39,200 -1,361,421 510,868 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 164,087 - 47,366 -1,353,128 141,042 Foreign official 6,406 - 602 - 14,868 7,737 Other13 263,894 + 8,768 + 6,575 362,089 Treasury contributions to credit facilities14 21,992 - 4,405 - 92,008 21,258 Other liabilities and capital15 49,291 - 2,659 - 1,821 47,809 Total factors, other than reserve balances, absorbing reserve funds 4,576,026 + 71,692 + 356,903 4,558,345 Reserve balances with Federal Reserve Banks 4,162,810 - 46,992 +1,079,174 4,172,807 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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 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 Nov 24, 2021 Nov 24, 2021 Nov 17, 2021 Nov 25, 2020 Securities held in custody for foreign official and international accounts 3,475,070 + 7,180 + 16,382 3,465,883 Marketable U.S. Treasury securities1 3,063,377 + 7,192 + 56,485 3,058,738 Federal agency debt and mortgage-backed securities2 328,664 + 2 - 37,676 324,442 Other securities3 83,030 - 13 - 2,426 82,703 Securities lent to dealers 32,297 - 9,457 + 4,915 30,186 Overnight facility4 32,297 - 9,457 + 4,915 30,186 U.S. Treasury securities 32,297 - 9,457 + 4,915 30,186 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, November 24, 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 76 244 2,352 39,582 0 ... 42,255 U.S. Treasury securities2 Holdings 70,490 322,968 715,450 2,129,829 1,009,204 1,330,959 5,578,900 Weekly changes - 7,367 + 7,529 - 138 + 1,937 + 356 + 3,058 + 5,375 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 27 1,672 62,713 2,545,313 2,609,726 Weekly changes 0 0 0 0 0 + 6,295 + 6,295 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,793 ... ... 15,793 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 4,228 ... ... 4,228 Loans held by TALF II LLC7 0 0 0 1,368 ... ... 1,368 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 218 50 0 0 0 0 268 Reverse repurchase agreements8 1,758,815 0 ... ... ... ... 1,758,815 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 Nov 24, 2021 Mortgage-backed securities held outright1 2,609,726 Residential mortgage-backed securities 2,600,360 Commercial mortgage-backed securities 9,366 Commitments to buy mortgage-backed securities2 95,315 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 198 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 Nov 24, 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 2 2 MS Facilities LLC (Main Street Lending Program) 15,684 13,463 16,114 29,576 Municipal Liquidity Facility LLC 4,228 4,228 3,725 7,953 TALF II LLC 1,456 1,368 1,283 2,650 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 September 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 Nov 24, 2021 Nov 17, 2021 Nov 25, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,195 - 4 - 327 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,571,012 + 9,341 +1,558,583 Securities held outright1 8,190,973 + 11,670 +1,578,455 U.S. Treasury securities 5,578,900 + 5,375 + 972,320 Bills2 326,044 0 0 Notes and bonds, nominal2 4,809,232 + 2,977 + 874,917 Notes and bonds, inflation-indexed2 375,793 + 1,751 + 72,631 Inflation compensation3 67,832 + 648 + 24,773 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,609,726 + 6,295 + 606,134 Unamortized premiums on securities held outright5 355,086 - 563 + 15,068 Unamortized discounts on securities held outright5 -17,302 + 19 - 12,332 Repurchase agreements6 0 0 - 1,000 Loans7 42,255 - 1,785 - 21,609 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 2 - 513 - 45,980 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,576 - 890 - 13,795 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,953 - 1,833 - 8,602 Net portfolio holdings of TALF II LLC8 2,650 - 1,841 - 9,644 Items in process of collection (0) 109 + 40 + 14 Bank premises 1,444 - 18 - 754 Central bank liquidity swaps9 268 + 3 - 7,577 Foreign currency denominated assets10 20,171 - 208 - 1,662 Other assets11 31,155 + 2,725 + 3,593 Total assets (0) 8,681,771 + 6,801 +1,465,291 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 Nov 24, 2021 Nov 17, 2021 Nov 25, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,169,906 + 4,151 + 152,828 Reverse repurchase agreements12 1,758,815 - 55,477 +1,560,911 Deposits (0) 4,683,675 + 64,513 - 154,279 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,172,807 - 16,030 +1,028,944 U.S. Treasury, General Account 141,042 - 37,930 -1,342,994 Foreign official 7,737 - 31 - 13,537 Other13 (0) 362,089 + 118,504 + 173,308 Deferred availability cash items (0) 308 + 125 - 12 Treasury contributions to credit facilities14 21,258 - 5,139 - 92,742 Other liabilities and accrued dividends15 7,162 - 1,378 - 2,838 Total liabilities (0) 8,641,125 + 6,795 +1,463,869 Capital accounts Capital paid in 33,861 + 6 + 1,461 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,646 + 6 + 1,421 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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 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, November 24, 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 1,195 12 21 115 44 174 104 226 17 32 86 145 219 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,571,012 142,563 4,826,879 180,237 317,938 572,102 500,019 465,710 111,674 80,149 113,818 377,499 882,422 Net portfolio holdings of Corporate Credit Facilities LLC2 2 0 2 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,576 29,576 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,953 0 7,953 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,650 0 2,650 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 268 12 90 10 23 56 12 10 5 2 3 5 39 Foreign currency denominated assets4 20,171 916 6,780 724 1,744 4,197 912 790 384 171 218 363 2,970 Other assets5 32,708 642 16,975 789 1,237 2,456 2,064 1,809 703 425 730 1,544 3,335 Interdistrict settlement account 0+ 31,633- 456,261+ 5,106+ 52,282+ 20,323+ 72,386+ 106,268+ 25,361+ 1,433+ 21,636+ 52,923 + 66,911 Total assets 8,681,771 205,886 4,410,509 187,503 374,019 600,496 577,685 575,950 138,619 82,486 136,947 433,699 957,972 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, November 24, 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 2,169,906 71,594 692,523 61,306 104,183 154,074 321,159 121,967 64,743 33,080 55,207 193,564 296,506 Reverse repurchase agreements6 1,758,815 29,391 994,181 37,148 63,996 117,855 103,053 95,979 22,930 13,609 23,356 77,778 179,540 Deposits 4,683,675 89,003 2,700,084 87,264 201,583 319,457 151,179 355,881 49,939 35,363 57,697 160,987 475,238 Depository institutions 4,172,807 88,990 2,386,167 87,263 201,536 318,877 151,046 162,021 49,928 35,097 56,450 160,258 475,174 U.S. Treasury, General Account 141,042 0 141,042 0 0 0 0 0 0 0 0 0 0 Foreign official 7,737 2 7,710 1 3 8 2 2 1 0 0 1 6 Other7 362,089 12 165,164 0 43 572 131 193,858 10 266 1,247 728 59 Earnings remittances due to the U.S. Treasury8 2,057 20 1,244 39 58 108 126 107 10 17 31 97 200 Treasury contributions to credit facilities9 21,258 15,674 5,584 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 5,413 -1,564 2,825 245 303 797 754 466 195 189 233 338 632 Total liabilities 8,641,125 204,119 4,396,441 186,002 370,123 592,291 576,270 574,400 137,817 82,258 136,524 432,763 952,117 Capital Capital paid in 33,861 1,459 11,789 1,256 3,310 6,793 1,108 1,284 673 170 349 814 4,856 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 8,681,771 205,886 4,410,509 187,503 374,019 600,496 577,685 575,950 138,619 82,486 136,947 433,699 957,972 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, November 24, 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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 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 Nov 24, 2021 Federal Reserve notes outstanding 2,421,418 Less: Notes held by F.R. Banks not subject to collateralization 251,512 Federal Reserve notes to be collateralized 2,169,906 Collateral held against Federal Reserve notes 2,169,906 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,153,669 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,190,973 Less: Face value of securities under reverse repurchase agreements 1,714,543 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,476,430 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.