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 16, 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 15, 2021 Federal Reserve Banks Dec 15, 2021 Dec 8, 2021 Dec 16, 2020 Reserve Bank credit 8,675,103 + 53,447 +1,423,000 8,718,713 Securities held outright1 8,224,911 + 51,432 +1,543,600 8,268,766 U.S. Treasury securities 5,625,533 + 25,315 + 982,401 5,638,289 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,848,860 + 22,980 + 883,634 4,861,307 Notes and bonds, inflation-indexed2 380,800 + 1,401 + 72,374 380,800 Inflation compensation3 69,829 + 934 + 26,393 70,138 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,597,031 + 26,117 + 561,199 2,628,130 Unamortized premiums on securities held outright5 354,324 + 406 + 12,139 354,613 Unamortized discounts on securities held outright5 -17,781 - 280 - 12,505 -17,979 Repurchase agreements6 1 + 1 - 999 0 Foreign official 0 0 - 1,000 0 Others 1 + 1 + 1 0 Loans 38,929 - 1,294 - 19,771 38,290 Primary credit 415 + 114 - 1,351 469 Secondary credit 1 + 1 + 1 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 264 0 Money Market Mutual Fund Liquidity Facility 0 0 - 4,449 0 Paycheck Protection Program Liquidity Facility 38,513 - 1,408 - 13,709 37,821 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 1 - 1 - 46,201 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,564 - 22 - 16,464 29,393 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,956 + 1 - 9,104 7,958 Net portfolio holdings of TALF II LLC7 2,626 0 - 9,837 2,626 Float -107 + 21 + 79 -99 Central bank liquidity swaps8 278 + 6 - 10,089 278 Other Federal Reserve assets9 34,400 + 3,174 + 709 34,866 Foreign currency denominated assets10 20,404 - 43 - 1,713 20,346 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,900 + 14 + 455 50,900 Total factors supplying reserve funds 8,762,648 + 53,417 +1,421,743 8,806,201 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 15, 2021 Federal Reserve Banks Dec 15, 2021 Dec 8, 2021 Dec 16, 2020 Currency in circulation11 2,219,891 - 691 + 153,494 2,221,378 Reverse repurchase agreements12 1,856,124 + 82,205 +1,664,488 1,927,879 Foreign official and international accounts 309,435 + 7,259 + 117,817 306,782 Others 1,546,689 + 74,946 +1,546,671 1,621,097 Treasury cash holdings 69 0 + 31 69 Deposits with F.R. Banks, other than reserve balances 361,318 - 6,464 -1,385,099 312,386 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 104,798 - 10,319 -1,424,900 58,294 Foreign official 7,703 + 799 - 14,120 5,189 Other13 248,817 + 3,056 + 53,922 248,903 Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258 Other liabilities and capital15 52,558 + 2,743 - 1,619 49,596 Total factors, other than reserve balances, absorbing reserve funds 4,511,218 + 77,793 + 338,552 4,532,567 Reserve balances with Federal Reserve Banks 4,251,431 - 24,375 +1,083,191 4,273,634 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 15, 2021 Dec 15, 2021 Dec 8, 2021 Dec 16, 2020 Securities held in custody for foreign official and international accounts 3,437,900 - 7,819 - 63,664 3,446,667 Marketable U.S. Treasury securities1 3,032,881 - 7,413 - 19,452 3,042,425 Federal agency debt and mortgage-backed securities2 323,170 - 57 - 39,076 322,910 Other securities3 81,849 - 350 - 5,136 81,332 Securities lent to dealers 41,306 + 6,054 + 16,188 34,246 Overnight facility4 41,306 + 6,054 + 16,188 34,246 U.S. Treasury securities 41,306 + 6,054 + 16,188 34,246 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 15, 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 232 236 2,004 35,818 0 ... 38,290 U.S. Treasury securities2 Holdings 42,681 365,204 716,085 2,151,240 1,018,090 1,344,988 5,638,289 Weekly changes - 6,536 + 9,365 - 224 + 16,691 + 8,393 + 6,430 + 34,120 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 1,884 61,175 2,565,041 2,628,130 Weekly changes 0 0 0 - 11 - 560 + 57,783 + 57,212 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,851 ... ... 15,851 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 0 0 ... ... ... ... 0 Central bank liquidity swaps9 228 50 0 0 0 0 278 Reverse repurchase agreements8 1,927,879 0 ... ... ... ... 1,927,879 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 15, 2021 Mortgage-backed securities held outright1 2,628,130 Residential mortgage-backed securities 2,618,843 Commercial mortgage-backed securities 9,287 Commitments to buy mortgage-backed securities2 94,403 Commitments to sell mortgage-backed securities2 88 Cash and cash equivalents3 329 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 15, 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 0 0 MS Facilities LLC (Main Street Lending Program) 15,478 13,521 15,872 29,393 Municipal Liquidity Facility LLC 4,228 4,228 3,730 7,958 TALF II LLC 1,431 1,360 1,267 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 15, 2021 Dec 8, 2021 Dec 16, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,195 + 8 - 365 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,643,690 + 89,942 +1,501,260 Securities held outright1 8,268,766 + 91,331 +1,524,485 U.S. Treasury securities 5,638,289 + 34,120 + 975,448 Bills2 326,044 0 0 Notes and bonds, nominal2 4,861,307 + 33,277 + 876,385 Notes and bonds, inflation-indexed2 380,800 0 + 72,374 Inflation compensation3 70,138 + 842 + 26,690 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,628,130 + 57,212 + 549,037 Unamortized premiums on securities held outright5 354,613 + 491 + 10,792 Unamortized discounts on securities held outright5 -17,979 - 485 - 12,497 Repurchase agreements6 0 - 1 - 1,000 Loans7 38,290 - 1,395 - 20,519 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 - 2 - 46,286 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,393 - 199 - 18,122 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,958 + 2 - 13,309 Net portfolio holdings of TALF II LLC8 2,626 0 - 9,838 Items in process of collection (0) 75 - 7 - 3 Bank premises 1,387 + 4 - 814 Central bank liquidity swaps9 278 + 6 - 9,770 Foreign currency denominated assets10 20,346 - 79 - 1,843 Other assets11 33,479 + 2,464 + 1,718 Total assets (0) 8,756,666 + 92,142 +1,394,074 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 15, 2021 Dec 8, 2021 Dec 16, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,171,739 + 1,011 + 152,590 Reverse repurchase agreements12 1,927,879 + 140,652 +1,737,019 Deposits (0) 4,586,020 - 49,119 - 396,632 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,273,634 + 18,034 +1,104,808 U.S. Treasury, General Account 58,294 - 66,850 -1,557,579 Foreign official 5,189 - 2,448 - 16,636 Other13 (0) 248,903 + 2,144 + 72,775 Deferred availability cash items (0) 174 + 5 - 10 Treasury contributions to credit facilities14 21,258 0 - 92,742 Other liabilities and accrued dividends15 8,931 - 415 - 7,577 Total liabilities (0) 8,716,001 + 92,133 +1,392,648 Capital accounts Capital paid in 33,880 + 8 + 1,466 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,665 + 8 + 1,426 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 15, 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 19 114 46 176 104 224 17 32 87 145 220 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,643,690 143,864 4,869,787 181,855 320,053 577,237 504,419 469,709 112,630 79,537 114,797 380,850 888,950 Net portfolio holdings of Corporate Credit Facilities LLC2 0 0 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,393 29,393 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,958 0 7,958 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 278 13 93 10 24 58 13 11 5 2 3 5 41 Foreign currency denominated assets4 20,346 923 6,839 731 1,759 4,234 920 797 387 173 220 367 2,996 Other assets5 34,942 679 18,350 840 1,331 2,626 2,175 1,942 577 430 761 1,653 3,578 Interdistrict settlement account 0+ 46,926- 613,252+ 3,594+ 51,392+ 78,983+ 86,650+ 111,076+ 28,124+ 2,761+ 25,238+ 65,458 + 113,048 Total assets 8,756,666 222,343 4,297,843 187,666 375,358 664,501 596,469 584,895 142,215 83,208 141,561 449,698 1,010,908 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 15, 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 2,171,739 72,512 693,197 61,873 103,224 153,968 324,254 120,901 64,544 32,806 55,543 192,500 296,417 Reverse repurchase agreements6 1,927,879 32,216 1,089,745 40,718 70,148 129,183 112,959 105,205 25,134 14,917 25,601 85,254 196,798 Deposits 4,586,020 101,686 2,489,795 83,273 197,680 372,192 157,052 356,615 51,505 35,056 59,751 170,531 510,883 Depository institutions 4,273,634 101,670 2,375,912 83,271 197,614 371,785 156,912 160,619 51,493 34,951 58,355 170,240 510,811 U.S. Treasury, General Account 58,294 0 58,294 0 0 0 0 0 0 0 0 0 0 Foreign official 5,189 2 5,163 1 3 8 2 2 1 0 0 1 6 Other7 248,903 14 50,427 0 62 399 138 195,995 11 105 1,396 290 66 Earnings remittances due to the U.S. Treasury8 2,722 38 1,634 48 95 172 156 132 19 10 22 121 274 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 6,383 -1,551 3,811 254 313 780 634 494 201 191 222 356 680 Total liabilities 8,716,001 220,576 4,283,766 186,165 371,460 656,296 595,055 583,346 141,404 82,980 141,138 448,762 1,005,052 Capital Capital paid in 33,880 1,459 11,797 1,257 3,311 6,793 1,107 1,283 682 170 350 814 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 8,756,666 222,343 4,297,843 187,666 375,358 664,501 596,469 584,895 142,215 83,208 141,561 449,698 1,010,908 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 15, 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 15, 2021 Federal Reserve notes outstanding 2,436,477 Less: Notes held by F.R. Banks not subject to collateralization 264,739 Federal Reserve notes to be collateralized 2,171,739 Collateral held against Federal Reserve notes 2,171,739 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,155,502 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,268,766 Less: Face value of securities under reverse repurchase agreements 1,866,775 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,401,990 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.