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 January 6, 2022 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 Jan 5, 2022 Federal Reserve Banks Jan 5, 2022 Dec 29, 2021 Jan 6, 2021 Reserve Bank credit 8,720,173 - 21,475 +1,413,297 8,727,779 Securities held outright1 8,272,636 - 16,695 +1,539,145 8,279,184 U.S. Treasury securities 5,654,741 + 2,781 + 963,065 5,661,277 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,870,629 - 180 + 862,956 4,874,800 Notes and bonds, inflation-indexed2 385,394 + 2,194 + 71,087 387,010 Inflation compensation3 72,674 + 767 + 29,022 73,423 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,615,548 - 19,476 + 576,080 2,615,560 Unamortized premiums on securities held outright5 352,781 - 988 + 9,882 352,781 Unamortized discounts on securities held outright5 -18,034 - 46 - 12,504 -18,063 Repurchase agreements6 2 + 2 - 998 0 Foreign official 0 0 - 1,000 0 Others 2 + 2 + 2 0 Loans 34,254 - 1,742 - 21,212 33,857 Primary credit 494 + 9 - 1,083 370 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 - 3,264 0 Paycheck Protection Program Liquidity Facility 33,760 - 1,751 - 16,380 33,487 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 - 37,911 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,409 + 10 - 24,710 29,414 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,864 - 68 - 9,300 7,865 Net portfolio holdings of TALF II LLC7 2,604 - 23 - 7,214 2,601 Float -424 - 285 - 52 -160 Central bank liquidity swaps8 3,340 - 9 - 14,404 3,340 Other Federal Reserve assets9 35,740 - 1,633 + 1,132 36,960 Foreign currency denominated assets10 20,369 + 12 - 1,946 20,277 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,942 + 14 + 487 50,942 Total factors supplying reserve funds 8,807,725 - 21,449 +1,411,839 8,815,239 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 Jan 5, 2022 Federal Reserve Banks Jan 5, 2022 Dec 29, 2021 Jan 6, 2021 Currency in circulation11 2,236,960 + 3,307 + 146,548 2,237,208 Reverse repurchase agreements12 1,992,542 + 116,367 +1,779,763 1,795,618 Foreign official and international accounts 281,367 + 1,054 + 74,104 302,831 Others 1,711,175 + 115,313 +1,705,659 1,492,787 Treasury cash holdings 65 - 7 + 37 65 Deposits with F.R. Banks, other than reserve balances 648,552 + 116,803 -1,223,766 685,472 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 389,751 + 177,902 -1,279,576 434,757 Foreign official 7,679 - 3,019 - 14,160 5,374 Other13 251,122 - 58,080 + 69,970 245,341 Treasury contributions to credit facilities14 21,258 0 - 80,944 21,258 Other liabilities and capital15 48,617 - 1,454 - 1,247 47,156 Total factors, other than reserve balances, absorbing reserve funds 4,947,994 + 235,016 + 620,392 4,786,778 Reserve balances with Federal Reserve Banks 3,859,731 - 256,465 + 791,447 4,028,460 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. 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 Jan 5, 2022 Jan 5, 2022 Dec 29, 2021 Jan 6, 2021 Securities held in custody for foreign official and international accounts 3,415,057 + 2,373 - 74,062 3,418,348 Marketable U.S. Treasury securities1 3,016,054 + 2,894 - 31,877 3,019,323 Federal agency debt and mortgage-backed securities2 317,559 - 689 - 37,049 317,516 Other securities3 81,444 + 167 - 5,135 81,509 Securities lent to dealers 38,218 + 5,121 + 6,913 37,937 Overnight facility4 38,218 + 5,121 + 6,913 37,937 U.S. Treasury securities 38,218 + 5,121 + 6,913 37,937 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, January 5, 2022 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 85 310 1,365 32,097 0 ... 33,857 U.S. Treasury securities2 Holdings 71,797 334,601 727,418 2,154,584 1,019,378 1,353,499 5,661,277 Weekly changes - 17,260 + 14,381 + 12,601 + 556 - 4,141 + 2,868 + 9,005 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 34 2,009 61,449 2,552,068 2,615,560 Weekly changes 0 + 1 + 8 + 207 + 1,126 - 1,273 + 68 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,398 ... ... 15,398 Municipal notes held by Municipal Liquidity Facility LLC6 482 291 0 3,358 ... ... 4,131 Loans held by TALF II LLC7 0 0 0 1,346 ... ... 1,346 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 3,290 50 0 0 0 0 3,340 Reverse repurchase agreements8 1,795,618 0 ... ... ... ... 1,795,618 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 Jan 5, 2022 Mortgage-backed securities held outright1 2,615,560 Residential mortgage-backed securities 2,606,322 Commercial mortgage-backed securities 9,237 Commitments to buy mortgage-backed securities2 109,173 Commitments to sell mortgage-backed securities2 83 Cash and cash equivalents3 2 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 Jan 5, 2022 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 13,072 16,342 29,414 Municipal Liquidity Facility LLC 4,131 4,131 3,734 7,865 TALF II LLC 1,405 1,346 1,255 2,601 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 Jan 5, 2022 Dec 29, 2021 Jan 6, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,212 0 - 351 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,647,759 + 7,776 +1,513,858 Securities held outright1 8,279,184 + 9,073 +1,537,947 U.S. Treasury securities 5,661,277 + 9,005 + 961,856 Bills2 326,044 0 0 Notes and bonds, nominal2 4,874,800 + 3,991 + 859,355 Notes and bonds, inflation-indexed2 387,010 + 3,810 + 72,703 Inflation compensation3 73,423 + 1,204 + 29,798 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,615,560 + 68 + 576,091 Unamortized premiums on securities held outright5 352,781 - 112 + 9,788 Unamortized discounts on securities held outright5 -18,063 - 90 - 12,519 Repurchase agreements6 0 0 - 1,000 Loans7 33,857 - 1,095 - 20,359 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,371 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,414 + 8 - 24,741 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,865 + 1 - 3,815 Net portfolio holdings of TALF II LLC8 2,601 - 26 - 4,075 Items in process of collection (0) 56 - 3 - 9 Bank premises 1,400 - 2 - 807 Central bank liquidity swaps9 3,340 - 1 - 13,571 Foreign currency denominated assets10 20,277 - 76 - 2,063 Other assets11 35,560 + 584 + 1,417 Total assets (0) 8,765,721 + 8,261 +1,430,912 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 Jan 5, 2022 Dec 29, 2021 Jan 6, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,187,539 + 662 + 144,097 Reverse repurchase agreements12 1,795,618 - 125,171 +1,589,283 Deposits (0) 4,713,933 + 134,427 - 247,313 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 4,028,460 - 11,400 + 864,681 U.S. Treasury, General Account 434,757 + 150,762 -1,172,639 Foreign official 5,374 - 4,298 - 16,465 Other13 (0) 245,341 - 639 + 77,109 Deferred availability cash items (0) 217 - 382 + 40 Treasury contributions to credit facilities14 21,258 0 - 51,448 Other liabilities and accrued dividends15 6,659 - 1,110 - 5,040 Total liabilities (0) 8,725,223 + 8,424 +1,429,619 Capital accounts Capital paid in 33,713 - 163 + 1,333 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,498 - 163 + 1,293 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, January 5, 2022 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 46 177 107 224 18 34 87 149 224 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,647,759 144,011 4,873,762 181,999 319,836 577,698 504,838 470,143 112,690 78,770 114,822 381,141 888,050 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,414 29,414 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,865 0 7,865 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,601 0 2,601 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 3,340 152 1,122 120 289 695 151 131 64 28 36 60 492 Foreign currency denominated assets4 20,277 920 6,816 728 1,753 4,219 917 794 386 172 219 365 2,986 Other assets5 37,016 714 19,466 885 1,413 2,777 2,277 2,054 626 479 799 1,747 3,780 Interdistrict settlement account 0+ 18,155- 466,642+ 3,799+ 16,377+ 79,822+ 71,411+ 93,153+ 24,357+ 2,160+ 28,252+ 71,481 + 57,675 Total assets 8,765,721 193,909 4,450,434 188,167 340,467 666,574 581,888 567,636 138,616 81,917 144,669 456,162 955,282 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, January 5, 2022 (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 2,187,539 73,279 699,474 62,387 103,809 155,124 327,057 121,789 65,017 33,249 56,136 192,658 297,561 Reverse repurchase agreements6 1,795,618 30,006 1,014,984 37,925 65,336 120,321 105,209 97,987 23,410 13,894 23,844 79,405 183,297 Deposits 4,713,933 74,711 2,712,086 86,117 167,129 382,231 147,508 345,783 49,174 34,358 64,037 182,770 468,028 Depository institutions 4,028,460 74,695 2,224,864 86,116 167,084 381,523 147,376 153,809 49,163 33,155 60,168 182,551 467,957 U.S. Treasury, General Account 434,757 0 434,757 0 0 0 0 0 0 0 0 0 0 Foreign official 5,374 2 5,347 1 3 8 2 2 1 0 0 1 6 Other7 245,341 14 47,117 0 42 700 131 191,973 10 1,203 3,868 218 66 Earnings remittances due to the U.S. Treasury8 1,658 14 1,039 27 43 55 103 93 13 12 25 81 153 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 5,217 -1,549 3,190 223 252 639 611 435 191 175 205 311 535 Total liabilities 8,725,223 192,135 4,436,356 186,679 336,569 658,369 580,488 566,086 137,805 81,689 144,247 455,226 949,573 Capital Capital paid in 33,713 1,465 11,797 1,244 3,311 6,793 1,093 1,284 682 170 348 814 4,709 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 8,765,721 193,909 4,450,434 188,167 340,467 666,574 581,888 567,636 138,616 81,917 144,669 456,162 955,282 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, January 5, 2022 (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 Jan 5, 2022 Federal Reserve notes outstanding 2,439,311 Less: Notes held by F.R. Banks not subject to collateralization 251,772 Federal Reserve notes to be collateralized 2,187,539 Collateral held against Federal Reserve notes 2,187,539 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,171,302 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,279,184 Less: Face value of securities under reverse repurchase agreements 1,750,689 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,528,495 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.