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 December 9, 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 Dec 8, 2021 Federal Reserve Banks Dec 8, 2021 Dec 1, 2021 Dec 9, 2020 Reserve Bank credit 8,621,656 + 11,284 +1,429,638 8,626,506 Securities held outright1 8,173,479 + 11,960 +1,545,647 8,177,435 U.S. Treasury securities 5,600,218 + 17,454 + 978,384 5,604,169 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,825,880 + 14,253 + 879,743 4,828,030 Notes and bonds, inflation-indexed2 379,399 + 2,376 + 73,031 380,800 Inflation compensation3 68,895 + 825 + 25,610 69,296 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,570,914 - 5,493 + 567,263 2,570,918 Unamortized premiums on securities held outright5 353,918 + 3 + 13,347 354,122 Unamortized discounts on securities held outright5 -17,501 - 171 - 12,422 -17,494 Repurchase agreements6 0 0 - 1,000 1 Foreign official 0 0 - 1,000 0 Others 0 0 0 1 Loans 40,223 - 1,676 - 19,782 39,685 Primary credit 301 - 91 - 1,786 378 Secondary credit 0 0 0 0 Seasonal credit 0 - 4 0 0 Primary Dealer Credit Facility 0 0 - 250 0 Money Market Mutual Fund Liquidity Facility 0 0 - 4,462 0 Paycheck Protection Program Liquidity Facility 39,921 - 1,582 - 13,285 39,307 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 0 0 - 8,562 0 Net portfolio holdings of Corporate Credit Facilities LLC7 2 0 - 46,121 2 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,586 + 8 - 14,619 29,592 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,955 + 2 - 8,517 7,956 Net portfolio holdings of TALF II LLC7 2,626 - 17 - 9,639 2,626 Float -128 + 218 - 56 -87 Central bank liquidity swaps8 272 + 4 - 9,061 272 Other Federal Reserve assets9 31,226 + 955 + 426 32,397 Foreign currency denominated assets10 20,447 + 60 - 1,651 20,425 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,886 + 14 + 445 50,886 Total factors supplying reserve funds 8,709,231 + 11,359 +1,428,433 8,714,058 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 Dec 8, 2021 Federal Reserve Banks Dec 8, 2021 Dec 1, 2021 Dec 9, 2020 Currency in circulation11 2,220,582 - 215 + 154,288 2,220,363 Reverse repurchase agreements12 1,773,919 + 9,712 +1,590,767 1,787,227 Foreign official and international accounts 302,176 - 3,336 + 119,025 303,035 Others 1,471,743 + 13,048 +1,471,742 1,484,192 Treasury cash holdings 69 - 1 + 28 68 Deposits with F.R. Banks, other than reserve balances 367,782 - 50,684 -1,379,727 379,539 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 115,117 - 37,534 -1,419,126 125,144 Foreign official 6,904 - 516 - 14,894 7,637 Other13 245,761 - 12,634 + 54,293 246,759 Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258 Other liabilities and capital15 49,815 + 1,606 - 2,507 50,003 Total factors, other than reserve balances, absorbing reserve funds 4,433,425 - 39,582 + 270,107 4,458,459 Reserve balances with Federal Reserve Banks 4,275,806 + 50,941 +1,158,326 4,255,599 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 Dec 8, 2021 Dec 8, 2021 Dec 1, 2021 Dec 9, 2020 Securities held in custody for foreign official and international accounts 3,445,719 - 12,837 - 38,082 3,432,642 Marketable U.S. Treasury securities1 3,040,294 - 12,469 + 4,923 3,027,412 Federal agency debt and mortgage-backed securities2 323,227 + 46 - 38,256 323,255 Other securities3 82,199 - 413 - 4,748 81,974 Securities lent to dealers 35,252 + 2,497 + 3,757 35,791 Overnight facility4 35,252 + 2,497 + 3,757 35,791 U.S. Treasury securities 35,252 + 2,497 + 3,757 35,791 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, December 8, 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 204 174 2,123 37,184 0 ... 39,685 U.S. Treasury securities2 Holdings 49,217 355,839 716,309 2,134,549 1,009,697 1,338,558 5,604,169 Weekly changes - 16,613 + 11,901 + 4,773 + 4,731 + 3,559 + 3,699 + 12,050 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 1 29 1,895 61,735 2,507,258 2,570,918 Weekly changes 0 0 0 + 309 + 340 - 615 + 34 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,767 ... ... 15,767 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 4,228 ... ... 4,228 Loans held by TALF II LLC7 0 0 0 1,360 ... ... 1,360 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 222 50 0 0 0 0 272 Reverse repurchase agreements8 1,787,227 0 ... ... ... ... 1,787,227 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 Dec 8, 2021 Mortgage-backed securities held outright1 2,570,918 Residential mortgage-backed securities 2,561,631 Commercial mortgage-backed securities 9,287 Commitments to buy mortgage-backed securities2 134,170 Commitments to sell mortgage-backed securities2 20 Cash and cash equivalents3 3 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 Dec 8, 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 13,437 16,155 29,592 Municipal Liquidity Facility LLC 4,228 4,228 3,728 7,956 TALF II LLC 1,431 1,360 1,266 2,626 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 Dec 8, 2021 Dec 1, 2021 Dec 9, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,187 0 - 354 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,553,748 + 10,937 +1,520,838 Securities held outright1 8,177,435 + 12,084 +1,540,894 U.S. Treasury securities 5,604,169 + 12,050 + 973,631 Bills2 326,044 0 0 Notes and bonds, nominal2 4,828,030 + 8,226 + 875,378 Notes and bonds, inflation-indexed2 380,800 + 2,802 + 72,374 Inflation compensation3 69,296 + 1,022 + 25,881 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,570,918 + 34 + 567,262 Unamortized premiums on securities held outright5 354,122 + 203 + 13,099 Unamortized discounts on securities held outright5 -17,494 - 44 - 12,414 Repurchase agreements6 1 0 - 999 Loans7 39,685 - 1,305 - 19,741 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 2 0 - 46,136 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,592 + 8 - 15,229 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,956 + 2 - 8,403 Net portfolio holdings of TALF II LLC8 2,626 0 - 9,837 Items in process of collection (0) 82 + 23 + 2 Bank premises 1,383 + 4 - 816 Central bank liquidity swaps9 272 + 4 - 9,293 Foreign currency denominated assets10 20,425 - 63 - 1,602 Other assets11 31,015 + 3,208 + 1,253 Total assets (0) 8,664,524 + 14,122 +1,421,866 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 Dec 8, 2021 Dec 1, 2021 Dec 9, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,170,728 - 1,419 + 152,906 Reverse repurchase agreements12 1,787,227 + 57,950 +1,594,970 Deposits (0) 4,635,139 - 43,891 - 231,408 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,255,600 - 10,422 +1,107,944 U.S. Treasury, General Account 125,144 - 34,004 -1,377,217 Foreign official 7,637 + 1,843 - 14,186 Other13 (0) 246,759 - 1,308 + 52,051 Deferred availability cash items (0) 169 - 471 - 4 Treasury contributions to credit facilities14 21,258 0 - 92,742 Other liabilities and accrued dividends15 9,346 + 1,950 - 3,284 Total liabilities (0) 8,623,868 + 14,119 +1,420,440 Capital accounts Capital paid in 33,872 + 4 + 1,468 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,657 + 4 + 1,428 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, December 8, 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 1,187 13 21 114 45 173 102 222 16 32 85 147 217 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,553,748 142,325 4,818,387 179,965 316,815 571,089 499,095 464,823 111,465 79,317 113,594 376,826 880,047 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 29,592 29,592 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,956 0 7,956 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,626 0 2,626 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 272 12 91 10 23 57 12 11 5 2 3 5 40 Foreign currency denominated assets4 20,425 927 6,866 733 1,766 4,250 924 800 388 174 221 368 3,008 Other assets5 32,480 635 16,840 783 1,234 2,442 2,025 1,796 718 442 725 1,535 3,305 Interdistrict settlement account 0+ 38,563- 552,541+ 2,990+ 63,258+ 68,195+ 81,440+ 107,492+ 27,290+ 1,663+ 22,301+ 55,118 + 84,230 Total assets 8,664,524 212,599 4,305,671 185,118 383,892 647,392 585,785 576,279 140,358 81,903 137,385 435,219 972,922 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, December 8, 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 2,170,728 72,152 692,681 61,737 103,562 154,005 323,007 121,380 64,589 33,014 55,480 192,615 296,504 Reverse repurchase agreements6 1,787,227 29,866 1,010,241 37,748 65,030 119,759 104,717 97,529 23,301 13,829 23,733 79,034 182,440 Deposits 4,635,139 94,661 2,577,130 83,830 210,998 364,581 155,862 355,196 51,417 34,620 57,482 162,164 487,198 Depository institutions 4,255,600 94,646 2,390,991 83,829 210,945 363,970 155,698 164,316 51,404 34,380 56,411 161,883 487,126 U.S. Treasury, General Account 125,144 0 125,144 0 0 0 0 0 0 0 0 0 0 Foreign official 7,637 2 7,611 1 3 8 2 2 1 0 0 1 6 Other7 246,759 13 53,384 0 50 603 161 190,879 12 239 1,070 280 66 Earnings remittances due to the U.S. Treasury8 3,066 27 1,847 58 106 140 190 162 39 20 37 135 304 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 6,450 -1,549 4,112 245 297 702 594 462 210 191 230 334 620 Total liabilities 8,623,868 210,832 4,291,593 183,618 379,994 639,187 584,371 574,730 139,555 81,675 136,962 434,283 967,067 Capital Capital paid in 33,872 1,459 11,797 1,257 3,311 6,793 1,107 1,283 674 170 350 814 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 8,664,524 212,599 4,305,671 185,118 383,892 647,392 585,785 576,279 140,358 81,903 137,385 435,219 972,922 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, December 8, 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 Dec 8, 2021 Federal Reserve notes outstanding 2,431,811 Less: Notes held by F.R. Banks not subject to collateralization 261,083 Federal Reserve notes to be collateralized 2,170,728 Collateral held against Federal Reserve notes 2,170,728 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,154,491 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,177,436 Less: Face value of securities under reverse repurchase agreements 1,730,246 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,447,189 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.