H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time December 30, 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 closing the Corporate Credit Facilities LLC (CCF LLC). CCF LLC related lines were removed from table 4 and table 6. Footnote 2 in Information on Principal Amounts of Credit Facilities LLCs (table 4) was revised accordingly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 30, 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 29, 2021 Federal Reserve Banks Dec 29, 2021 Dec 22, 2021 Dec 30, 2020 Reserve Bank credit 8,741,648 - 149 +1,391,238 8,719,059 Securities held outright1 8,289,331 - 1,711 +1,531,670 8,270,111 U.S. Treasury securities 5,651,960 + 7,998 + 963,054 5,652,272 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,870,809 + 6,073 + 863,616 4,870,809 Notes and bonds, inflation-indexed2 383,200 + 985 + 71,176 383,200 Inflation compensation3 71,907 + 940 + 28,263 72,219 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,635,024 - 9,708 + 568,615 2,615,492 Unamortized premiums on securities held outright5 353,769 - 822 + 9,634 352,893 Unamortized discounts on securities held outright5 -17,988 + 1 - 12,549 -17,973 Repurchase agreements6 0 0 - 1,000 0 Foreign official 0 0 - 1,000 0 Others 0 0 0 0 Loans 35,996 - 1,792 - 20,981 34,952 Primary credit 485 - 218 - 1,300 640 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 485 0 Money Market Mutual Fund Liquidity Facility 0 0 - 3,873 0 Paycheck Protection Program Liquidity Facility 35,511 - 1,574 - 15,323 34,312 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 0 - 46,455 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,399 + 5 - 24,118 29,406 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,932 - 26 - 13,343 7,864 Net portfolio holdings of TALF II LLC7 2,627 + 1 - 10,036 2,627 Float -139 + 6 + 53 -540 Central bank liquidity swaps8 3,349 + 3,093 - 13,634 3,341 Other Federal Reserve assets9 37,373 + 1,097 + 557 36,379 Foreign currency denominated assets10 20,357 - 28 - 1,881 20,353 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,928 + 14 + 476 50,928 Total factors supplying reserve funds 8,829,174 - 162 +1,389,833 8,806,581 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 29, 2021 Federal Reserve Banks Dec 29, 2021 Dec 22, 2021 Dec 30, 2020 Currency in circulation11 2,233,653 + 8,652 + 152,182 2,236,532 Reverse repurchase agreements12 1,876,175 - 129,452 +1,671,158 1,920,789 Foreign official and international accounts 280,313 - 14,315 + 75,560 278,283 Others 1,595,862 - 115,136 +1,595,598 1,642,506 Treasury cash holdings 72 + 2 + 42 65 Deposits with F.R. Banks, other than reserve balances 531,749 + 190,404 -1,334,507 539,646 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 211,849 + 126,895 -1,379,206 283,995 Foreign official 10,698 + 5,438 - 11,132 9,672 Other13 309,202 + 58,072 + 55,830 245,980 Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258 Other liabilities and capital15 50,071 - 956 - 341 48,430 Total factors, other than reserve balances, absorbing reserve funds 4,712,978 + 68,651 + 395,793 4,766,721 Reserve balances with Federal Reserve Banks 4,116,196 - 68,813 + 994,040 4,039,860 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 29, 2021 Dec 29, 2021 Dec 22, 2021 Dec 30, 2020 Securities held in custody for foreign official and international accounts 3,412,684 - 12,291 - 77,894 3,410,373 Marketable U.S. Treasury securities1 3,013,160 - 9,339 - 33,478 3,011,488 Federal agency debt and mortgage-backed securities2 318,248 - 3,037 - 39,111 317,484 Other securities3 81,277 + 86 - 5,304 81,401 Securities lent to dealers 33,097 + 800 + 3,970 36,072 Overnight facility4 33,097 + 800 + 3,970 36,072 U.S. Treasury securities 33,097 + 800 + 3,970 36,072 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 29, 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 332 308 1,486 32,826 0 ... 34,952 U.S. Treasury securities2 Holdings 89,057 320,220 714,817 2,154,028 1,023,519 1,350,631 5,652,272 Weekly changes + 10,988 - 9,579 - 1,346 + 286 + 288 + 1,813 + 2,449 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 26 1,802 60,323 2,553,341 2,615,492 Weekly changes 0 - 1 - 4 - 94 - 1,141 - 32,930 - 34,169 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,666 ... ... 15,666 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 4,131 ... ... 4,131 Loans held by TALF II LLC7 0 0 0 1,346 ... ... 1,346 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 3,291 50 0 0 0 0 3,341 Reverse repurchase agreements8 1,920,789 0 ... ... ... ... 1,920,789 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 29, 2021 Mortgage-backed securities held outright1 2,615,492 Residential mortgage-backed securities 2,606,255 Commercial mortgage-backed securities 9,237 Commitments to buy mortgage-backed securities2 94,748 Commitments to sell mortgage-backed securities2 83 Cash and cash equivalents3 6 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 29, 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 MS Facilities LLC (Main Street Lending Program) 15,478 13,340 16,066 29,406 Municipal Liquidity Facility LLC 4,131 4,131 3,733 7,864 TALF II LLC 1,431 1,346 1,281 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 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. b. 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. c. 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 29, 2021 Dec 22, 2021 Dec 30, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,212 + 8 - 350 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,639,983 - 35,560 +1,514,058 Securities held outright1 8,270,111 - 31,720 +1,539,380 U.S. Treasury securities 5,652,272 + 2,449 + 963,356 Bills2 326,044 0 0 Notes and bonds, nominal2 4,870,809 + 1,601 + 863,616 Notes and bonds, inflation-indexed2 383,200 0 + 71,176 Inflation compensation3 72,219 + 848 + 28,565 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,615,492 - 34,169 + 576,024 Unamortized premiums on securities held outright5 352,893 - 1,731 + 9,970 Unamortized discounts on securities held outright5 -17,973 + 22 - 12,543 Repurchase agreements6 0 0 - 1,000 Loans7 34,952 - 2,130 - 21,749 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 46,532 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,406 + 8 - 24,667 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,864 - 95 - 13,414 Net portfolio holdings of TALF II LLC8 2,627 0 - 10,037 Items in process of collection (0) 59 - 3 - 23 Bank premises 1,402 + 6 - 820 Central bank liquidity swaps9 3,341 + 3,076 - 14,542 Foreign currency denominated assets10 20,353 - 32 - 2,076 Other assets11 34,976 - 444 + 1,070 Total assets (0) 8,757,460 - 33,035 +1,394,109 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 29, 2021 Dec 22, 2021 Dec 30, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,186,877 + 5,694 + 148,904 Reverse repurchase agreements12 1,920,789 - 62,126 +1,711,026 Deposits (0) 4,579,506 + 23,322 - 371,861 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,039,860 - 65,066 + 896,883 U.S. Treasury, General Account 283,995 + 86,479 -1,329,519 Foreign official 9,672 + 4,483 - 12,159 Other13 (0) 245,980 - 2,573 + 72,935 Deferred availability cash items (0) 599 + 339 - 244 Treasury contributions to credit facilities14 21,258 0 - 92,742 Other liabilities and accrued dividends15 7,769 - 265 - 2,434 Total liabilities (0) 8,716,799 - 33,035 +1,392,649 Capital accounts Capital paid in 33,876 0 + 1,500 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,661 0 + 1,460 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 29, 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 1,212 12 22 113 45 178 107 225 17 33 87 149 225 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,639,983 143,830 4,869,042 181,939 319,560 577,160 504,323 469,711 112,576 78,836 114,740 380,752 887,515 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,406 29,406 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,864 0 7,864 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 3,341 152 1,123 120 289 695 151 131 64 28 36 60 492 Foreign currency denominated assets4 20,353 923 6,847 731 1,759 4,234 920 797 387 173 220 367 2,996 Other assets5 36,437 705 19,155 872 1,393 2,738 2,245 2,025 598 467 795 1,721 3,724 Interdistrict settlement account 0+ 34,164- 565,312+ 2,594+ 22,931+ 110,661+ 77,462+ 108,948+ 25,155+ 2,932+ 25,839+ 71,569 + 83,056 Total assets 8,757,460 209,722 4,346,789 186,891 346,729 696,853 587,396 582,973 139,272 82,741 142,173 455,837 980,083 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 29, 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 2,186,877 73,001 698,633 62,187 103,904 155,038 327,429 121,912 65,002 33,156 56,013 193,264 297,339 Reverse repurchase agreements6 1,920,789 32,098 1,085,738 40,569 69,890 128,708 112,543 104,818 25,042 14,862 25,507 84,940 196,074 Deposits 4,579,506 88,705 2,538,067 82,352 168,681 403,948 144,882 354,126 48,206 34,297 59,984 176,282 479,977 Depository institutions 4,039,860 88,688 2,192,315 82,351 168,635 403,224 144,747 162,787 48,194 33,931 59,066 176,017 479,906 U.S. Treasury, General Account 283,995 0 283,995 0 0 0 0 0 0 0 0 0 0 Foreign official 9,672 2 9,646 1 3 8 2 2 1 0 0 1 6 Other7 245,980 16 52,112 0 42 716 132 191,337 11 366 917 265 66 Earnings remittances due to the U.S. Treasury8 1,931 15 1,230 32 53 80 91 98 17 12 19 78 207 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 6,437 -1,538 3,460 252 304 874 1,042 470 194 185 228 337 630 Total liabilities 8,716,799 207,956 4,332,711 185,391 342,831 688,648 585,987 581,423 138,461 82,513 141,750 454,901 974,227 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 8,757,460 209,722 4,346,789 186,891 346,729 696,853 587,396 582,973 139,272 82,741 142,173 455,837 980,083 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 29, 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 29, 2021 Federal Reserve notes outstanding 2,437,093 Less: Notes held by F.R. Banks not subject to collateralization 250,216 Federal Reserve notes to be collateralized 2,186,877 Collateral held against Federal Reserve notes 2,186,877 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,170,640 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,270,111 Less: Face value of securities under reverse repurchase agreements 1,863,367 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,406,744 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.