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 23, 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 22, 2021 Federal Reserve Banks Dec 22, 2021 Dec 15, 2021 Dec 23, 2020 Reserve Bank credit 8,741,797 + 66,694 +1,396,214 8,752,398 Securities held outright1 8,291,042 + 66,131 +1,533,769 8,301,831 U.S. Treasury securities 5,643,962 + 18,429 + 971,379 5,649,823 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,864,736 + 15,876 + 872,593 4,869,208 Notes and bonds, inflation-indexed2 382,215 + 1,415 + 71,390 383,200 Inflation compensation3 70,967 + 1,138 + 27,396 71,371 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,644,732 + 47,701 + 562,389 2,649,661 Unamortized premiums on securities held outright5 354,591 + 267 + 10,302 354,624 Unamortized discounts on securities held outright5 -17,989 - 208 - 12,528 -17,995 Repurchase agreements6 0 - 1 - 1,001 0 Foreign official 0 0 - 1,001 0 Others 0 - 1 0 0 Loans 37,788 - 1,141 - 20,436 37,082 Primary credit 703 + 288 - 1,442 733 Secondary credit 0 - 1 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 419 0 Money Market Mutual Fund Liquidity Facility 0 0 - 4,389 0 Paycheck Protection Program Liquidity Facility 37,085 - 1,428 - 14,186 36,350 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 0 - 1 - 46,348 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,394 - 170 - 20,491 29,398 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,958 + 2 - 13,310 7,959 Net portfolio holdings of TALF II LLC7 2,626 0 - 9,923 2,627 Float -145 - 38 - 22 -198 Central bank liquidity swaps8 256 - 22 - 16,122 265 Other Federal Reserve assets9 36,276 + 1,876 + 880 36,804 Foreign currency denominated assets10 20,385 - 19 - 1,872 20,385 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,914 + 14 + 466 50,914 Total factors supplying reserve funds 8,829,336 + 66,688 +1,394,806 8,839,938 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 22, 2021 Federal Reserve Banks Dec 22, 2021 Dec 15, 2021 Dec 23, 2020 Currency in circulation11 2,225,001 + 5,110 + 153,650 2,230,824 Reverse repurchase agreements12 2,005,627 + 149,503 +1,809,472 1,982,915 Foreign official and international accounts 294,628 - 14,807 + 98,731 283,638 Others 1,710,998 + 164,309 +1,710,740 1,699,277 Treasury cash holdings 70 + 1 + 39 73 Deposits with F.R. Banks, other than reserve balances 341,345 - 19,973 -1,517,432 451,259 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 84,954 - 19,844 -1,517,453 197,516 Foreign official 5,260 - 2,443 - 16,566 5,189 Other13 251,130 + 2,313 + 16,585 248,553 Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258 Other liabilities and capital15 51,027 - 1,531 - 147 48,695 Total factors, other than reserve balances, absorbing reserve funds 4,644,327 + 133,109 + 352,838 4,735,024 Reserve balances with Federal Reserve Banks 4,185,009 - 66,422 +1,041,968 4,104,914 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 22, 2021 Dec 22, 2021 Dec 15, 2021 Dec 23, 2020 Securities held in custody for foreign official and international accounts 3,424,975 - 12,925 - 74,116 3,416,366 Marketable U.S. Treasury securities1 3,022,499 - 10,382 - 28,765 3,016,506 Federal agency debt and mortgage-backed securities2 321,285 - 1,885 - 39,962 318,840 Other securities3 81,191 - 658 - 5,388 81,019 Securities lent to dealers 32,297 - 9,009 + 4,694 33,864 Overnight facility4 32,297 - 9,009 + 4,694 33,864 U.S. Treasury securities 32,297 - 9,009 + 4,694 33,864 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 22, 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 370 363 1,911 34,439 0 ... 37,082 U.S. Treasury securities2 Holdings 78,069 329,799 716,163 2,153,742 1,023,231 1,348,818 5,649,823 Weekly changes + 35,388 - 35,405 + 78 + 2,502 + 5,141 + 3,830 + 11,534 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 30 1,896 61,464 2,586,271 2,649,661 Weekly changes 0 0 + 1 + 12 + 289 + 21,230 + 21,531 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,760 ... ... 15,760 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 4,131 ... ... 4,131 Loans held by TALF II LLC7 0 0 0 1,359 ... ... 1,359 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 215 50 0 0 0 0 265 Reverse repurchase agreements8 1,982,915 0 ... ... ... ... 1,982,915 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 22, 2021 Mortgage-backed securities held outright1 2,649,661 Residential mortgage-backed securities 2,640,421 Commercial mortgage-backed securities 9,240 Commitments to buy mortgage-backed securities2 78,620 Commitments to sell mortgage-backed securities2 83 Cash and cash equivalents3 80 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 22, 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 13,430 15,968 29,398 Municipal Liquidity Facility LLC 4,228 4,131 3,828 7,959 TALF II LLC 1,431 1,359 1,267 2,627 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 22, 2021 Dec 15, 2021 Dec 23, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,204 + 9 - 366 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,675,543 + 31,853 +1,505,403 Securities held outright1 8,301,831 + 33,065 +1,530,028 U.S. Treasury securities 5,649,823 + 11,534 + 966,942 Bills2 326,044 0 0 Notes and bonds, nominal2 4,869,208 + 7,901 + 868,016 Notes and bonds, inflation-indexed2 383,200 + 2,400 + 71,176 Inflation compensation3 71,371 + 1,233 + 27,750 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,649,661 + 21,531 + 563,087 Unamortized premiums on securities held outright5 354,624 + 11 + 9,605 Unamortized discounts on securities held outright5 -17,995 - 16 - 12,552 Repurchase agreements6 0 0 - 1,000 Loans7 37,082 - 1,208 - 20,679 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 46,410 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,398 + 5 - 22,756 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,959 + 1 - 13,316 Net portfolio holdings of TALF II LLC8 2,627 + 1 - 10,036 Items in process of collection (0) 62 - 13 + 1 Bank premises 1,396 + 9 - 810 Central bank liquidity swaps9 265 - 13 - 16,568 Foreign currency denominated assets10 20,385 + 39 - 1,829 Other assets11 35,420 + 1,941 + 1,702 Total assets (0) 8,790,495 + 33,829 +1,386,456 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 22, 2021 Dec 15, 2021 Dec 23, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,181,183 + 9,444 + 152,964 Reverse repurchase agreements12 1,982,915 + 55,036 +1,784,391 Deposits (0) 4,556,184 - 29,836 - 457,340 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,104,926 - 168,708 + 927,616 U.S. Treasury, General Account 197,516 + 139,222 -1,385,792 Foreign official 5,189 0 - 16,637 Other13 (0) 248,553 - 350 + 17,474 Deferred availability cash items (0) 260 + 86 - 3 Treasury contributions to credit facilities14 21,258 0 - 92,742 Other liabilities and accrued dividends15 8,034 - 897 - 2,235 Total liabilities (0) 8,749,834 + 33,833 +1,385,034 Capital accounts Capital paid in 33,876 - 4 + 1,462 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,661 - 4 + 1,422 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 22, 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 1,204 12 21 114 47 177 105 224 17 33 88 148 220 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,675,543 144,411 4,888,285 182,709 320,817 579,397 506,283 471,582 113,056 79,635 115,187 382,283 891,897 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 29,398 29,398 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,959 0 7,959 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,627 0 2,627 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 265 12 89 10 23 55 12 10 5 2 3 5 39 Foreign currency denominated assets4 20,385 925 6,852 732 1,762 4,242 922 799 388 173 221 367 3,002 Other assets5 36,878 723 19,410 880 1,407 2,781 2,273 2,046 603 460 788 1,736 3,771 Interdistrict settlement account 0+ 33,693- 576,787+ 3,997+ 38,400+ 84,285+ 81,338+ 112,304+ 26,096+ 3,311+ 26,398+ 67,453 + 99,511 Total assets 8,790,495 209,705 4,353,878 188,965 363,208 672,124 593,121 588,101 140,640 83,887 143,139 453,212 1,000,516 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 22, 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 2,181,183 72,725 697,482 61,978 103,418 154,556 326,431 121,396 64,788 32,986 55,793 192,882 296,746 Reverse repurchase agreements6 1,982,915 33,136 1,120,855 41,881 72,151 132,871 116,183 108,208 25,852 15,343 26,332 87,688 202,416 Deposits 4,556,184 87,906 2,511,282 83,299 183,334 375,575 148,222 356,325 48,954 35,116 60,335 171,240 494,598 Depository institutions 4,104,926 87,890 2,256,169 83,297 183,255 374,839 148,088 162,590 48,942 34,878 59,462 170,987 494,526 U.S. Treasury, General Account 197,516 0 197,516 0 0 0 0 0 0 0 0 0 0 Foreign official 5,189 2 5,162 1 3 8 2 2 1 0 0 1 6 Other7 248,553 14 52,434 0 75 727 131 193,733 11 237 872 252 66 Earnings remittances due to the U.S. Treasury8 2,682 41 1,515 55 102 179 159 144 37 26 38 119 266 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 5,612 -1,546 3,082 253 306 737 716 479 197 189 219 347 634 Total liabilities 8,749,834 207,938 4,339,800 187,465 359,310 663,918 591,711 586,552 139,829 83,659 142,716 452,276 994,660 Capital Capital paid in 33,876 1,459 11,797 1,257 3,311 6,793 1,102 1,283 682 170 350 814 4,857 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 8,790,495 209,705 4,353,878 188,965 363,208 672,124 593,121 588,101 140,640 83,887 143,139 453,212 1,000,516 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 22, 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 22, 2021 Federal Reserve notes outstanding 2,437,489 Less: Notes held by F.R. Banks not subject to collateralization 256,306 Federal Reserve notes to be collateralized 2,181,183 Collateral held against Federal Reserve notes 2,181,183 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,164,946 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,301,831 Less: Face value of securities under reverse repurchase agreements 1,922,483 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,379,348 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.