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 13, 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 12, 2022 Federal Reserve Banks Jan 12, 2022 Jan 5, 2022 Jan 13, 2021 Reserve Bank credit 8,737,058 + 16,885 +1,455,651 8,750,170 Securities held outright1 8,290,063 + 17,427 +1,538,997 8,302,651 U.S. Treasury securities 5,672,155 + 17,414 + 962,967 5,684,737 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,884,546 + 13,917 + 861,271 4,896,806 Notes and bonds, inflation-indexed2 387,783 + 2,389 + 71,589 387,911 Inflation compensation3 73,782 + 1,108 + 30,107 73,976 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,615,562 + 14 + 576,030 2,615,567 Unamortized premiums on securities held outright5 352,790 + 9 + 9,423 352,670 Unamortized discounts on securities held outright5 -18,093 - 59 - 12,542 -18,260 Repurchase agreements6 0 - 2 - 1,000 1 Foreign official 0 0 - 1,000 1 Others 0 - 2 0 0 Loans 33,142 - 1,112 - 19,594 32,688 Primary credit 393 - 101 - 1,068 411 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 - 2,129 0 Paycheck Protection Program Liquidity Facility 32,748 - 1,012 - 15,913 32,277 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 - 26,306 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,416 + 7 - 6,847 29,423 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,865 + 1 - 3,737 7,866 Net portfolio holdings of TALF II LLC7 2,601 - 3 - 4,075 2,601 Float -129 + 295 - 40 -111 Central bank liquidity swaps8 364 - 2,976 - 10,786 364 Other Federal Reserve assets9 39,040 + 3,300 + 717 40,277 Foreign currency denominated assets10 20,335 - 34 - 1,865 20,462 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,956 + 14 + 496 50,956 Total factors supplying reserve funds 8,824,590 + 16,865 +1,454,282 8,837,829 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 12, 2022 Federal Reserve Banks Jan 12, 2022 Jan 5, 2022 Jan 13, 2021 Currency in circulation11 2,234,615 - 2,345 + 142,941 2,232,962 Reverse repurchase agreements12 1,842,080 - 150,462 +1,639,214 1,862,045 Foreign official and international accounts 309,899 + 28,532 + 107,033 325,064 Others 1,532,180 - 178,995 +1,532,180 1,536,981 Treasury cash holdings 65 0 + 33 70 Deposits with F.R. Banks, other than reserve balances 704,531 + 55,979 -1,081,379 744,149 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 456,401 + 66,650 -1,133,020 489,679 Foreign official 6,178 - 1,501 - 15,670 5,190 Other13 241,952 - 9,170 + 67,311 249,280 Treasury contributions to credit facilities14 21,258 0 - 33,510 21,258 Other liabilities and capital15 48,487 - 130 - 2,653 48,411 Total factors, other than reserve balances, absorbing reserve funds 4,851,036 - 96,958 + 664,645 4,908,896 Reserve balances with Federal Reserve Banks 3,973,554 + 113,823 + 789,637 3,928,933 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 12, 2022 Jan 12, 2022 Jan 5, 2022 Jan 13, 2021 Securities held in custody for foreign official and international accounts 3,433,580 + 18,523 - 83,311 3,432,267 Marketable U.S. Treasury securities1 3,034,599 + 18,545 - 40,897 3,033,713 Federal agency debt and mortgage-backed securities2 317,438 - 121 - 37,116 317,234 Other securities3 81,543 + 99 - 5,299 81,320 Securities lent to dealers 38,875 + 657 + 7,874 37,044 Overnight facility4 38,875 + 657 + 7,874 37,044 U.S. Treasury securities 38,875 + 657 + 7,874 37,044 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 12, 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 127 342 1,287 30,932 0 ... 32,688 U.S. Treasury securities2 Holdings 77,335 329,686 727,986 2,165,265 1,027,296 1,357,170 5,684,737 Weekly changes + 5,538 - 4,915 + 568 + 10,681 + 7,918 + 3,671 + 23,460 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 2,552,075 2,615,567 Weekly changes 0 0 0 0 0 + 7 + 7 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,380 ... ... 15,380 Municipal notes held by Municipal Liquidity Facility LLC6 773 0 0 3,358 ... ... 4,131 Loans held by TALF II LLC7 0 0 0 1,346 ... ... 1,346 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 314 50 0 0 0 0 364 Reverse repurchase agreements8 1,862,045 0 ... ... ... ... 1,862,045 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 12, 2022 Mortgage-backed securities held outright1 2,615,567 Residential mortgage-backed securities 2,606,329 Commercial mortgage-backed securities 9,237 Commitments to buy mortgage-backed securities2 129,911 Commitments to sell mortgage-backed securities2 81 Cash and cash equivalents3 5 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 12, 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 13,054 16,368 29,423 Municipal Liquidity Facility LLC 4,131 4,131 3,735 7,866 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 12, 2022 Jan 5, 2022 Jan 13, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,228 + 16 - 344 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,669,751 + 21,992 +1,512,915 Securities held outright1 8,302,651 + 23,467 +1,537,029 U.S. Treasury securities 5,684,737 + 23,460 + 961,004 Bills2 326,044 0 0 Notes and bonds, nominal2 4,896,806 + 22,006 + 860,825 Notes and bonds, inflation-indexed2 387,911 + 901 + 70,002 Inflation compensation3 73,976 + 553 + 30,176 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,615,567 + 7 + 576,025 Unamortized premiums on securities held outright5 352,670 - 111 + 9,038 Unamortized discounts on securities held outright5 -18,260 - 197 - 12,690 Repurchase agreements6 1 + 1 - 999 Loans7 32,688 - 1,169 - 19,464 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,310 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,423 + 9 - 3,859 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,866 + 1 - 3,739 Net portfolio holdings of TALF II LLC8 2,601 0 - 4,076 Items in process of collection (0) 71 + 15 - 22 Bank premises 1,408 + 8 - 802 Central bank liquidity swaps9 364 - 2,976 - 10,786 Foreign currency denominated assets10 20,462 + 185 - 1,679 Other assets11 38,869 + 3,309 + 1,572 Total assets (0) 8,788,278 + 22,557 +1,454,310 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 12, 2022 Jan 5, 2022 Jan 13, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,183,300 - 4,239 + 139,913 Reverse repurchase agreements12 1,862,045 + 66,427 +1,647,872 Deposits (0) 4,673,082 - 40,851 - 301,404 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,928,933 - 99,527 + 728,064 U.S. Treasury, General Account 489,679 + 54,922 -1,086,196 Foreign official 5,190 - 184 - 16,652 Other13 (0) 249,280 + 3,939 + 73,380 Deferred availability cash items (0) 181 - 36 - 6 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 7,914 + 1,255 - 2,838 Total liabilities (0) 8,747,781 + 22,558 +1,453,018 Capital accounts Capital paid in 33,712 - 1 + 1,332 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,497 - 1 + 1,292 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 12, 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 1,228 15 24 111 47 177 115 226 18 34 87 153 223 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,669,751 144,403 4,886,614 182,487 320,255 579,261 506,196 471,431 112,950 78,704 115,123 382,131 890,195 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,423 29,423 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,866 0 7,866 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 364 17 122 13 31 76 16 14 7 3 4 7 54 Foreign currency denominated assets4 20,462 929 6,879 735 1,769 4,258 925 802 389 174 221 369 3,013 Other assets5 40,348 774 21,318 955 1,532 3,013 2,484 2,235 670 513 843 1,893 4,118 Interdistrict settlement account 0+ 13,502- 402,866+ 5,308+ 18,294+ 29,635+ 69,541+ 85,746+ 26,443+ 1,873+ 23,986+ 65,160 + 63,378 Total assets 8,788,278 189,593 4,527,980 190,132 342,681 617,606 581,466 561,590 140,951 81,574 140,718 450,932 963,056 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 12, 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 2,183,300 72,994 700,321 61,813 102,911 153,930 326,424 121,638 64,862 33,132 56,473 191,437 297,364 Reverse repurchase agreements6 1,862,045 31,116 1,052,532 39,328 67,753 124,772 109,101 101,612 24,276 14,408 24,726 82,343 190,078 Deposits 4,673,082 69,517 2,750,901 87,213 167,744 329,696 143,777 336,187 50,774 33,611 58,858 175,770 469,035 Depository institutions 3,928,933 69,501 2,199,035 87,211 167,689 328,882 143,665 146,614 50,766 32,928 58,066 175,611 468,964 U.S. Treasury, General Account 489,679 0 489,679 0 0 0 0 0 0 0 0 0 0 Foreign official 5,190 2 5,164 1 3 8 2 2 1 0 0 1 6 Other7 249,280 14 57,023 0 51 806 110 189,571 7 682 792 159 65 Earnings remittances due to the U.S. Treasury8 2,990 41 1,711 61 115 212 173 157 36 16 32 124 314 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 5,106 -1,523 2,853 230 261 791 590 445 192 180 207 322 559 Total liabilities 8,747,781 187,819 4,513,902 188,644 338,783 609,401 580,065 560,039 140,140 81,346 140,296 449,996 957,349 Capital Capital paid in 33,712 1,465 11,797 1,244 3,311 6,793 1,093 1,285 682 171 348 814 4,708 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 8,788,278 189,593 4,527,980 190,132 342,681 617,606 581,466 561,590 140,951 81,574 140,718 450,932 963,056 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 12, 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 12, 2022 Federal Reserve notes outstanding 2,444,903 Less: Notes held by F.R. Banks not subject to collateralization 261,604 Federal Reserve notes to be collateralized 2,183,300 Collateral held against Federal Reserve notes 2,183,300 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,167,063 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,302,652 Less: Face value of securities under reverse repurchase agreements 1,826,002 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,476,651 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.