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 20, 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 19, 2022 Federal Reserve Banks Jan 19, 2022 Jan 12, 2022 Jan 20, 2021 Reserve Bank credit 8,825,644 + 88,586 +1,453,669 8,829,738 Securities held outright1 8,376,336 + 86,273 +1,533,864 8,381,950 U.S. Treasury securities 5,692,288 + 20,133 + 959,598 5,693,341 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,906,950 + 22,404 + 857,194 4,915,211 Notes and bonds, inflation-indexed2 385,508 - 2,275 + 71,620 379,498 Inflation compensation3 73,786 + 4 + 30,785 72,589 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,681,701 + 66,139 + 574,266 2,686,262 Unamortized premiums on securities held outright5 353,274 + 484 + 7,575 353,102 Unamortized discounts on securities held outright5 -18,481 - 388 - 12,467 -18,737 Repurchase agreements6 0 0 - 1,000 1 Foreign official 0 0 - 1,000 1 Others 0 0 0 0 Loans 32,075 - 1,067 - 19,616 31,607 Primary credit 474 + 81 - 1,221 469 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 - 1,916 0 Paycheck Protection Program Liquidity Facility 31,601 - 1,147 - 15,994 31,138 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 - 26,310 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 29,286 - 130 - 3,996 28,936 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,867 + 2 - 3,738 7,868 Net portfolio holdings of TALF II LLC7 2,601 0 - 4,076 2,601 Float -147 - 18 - 57 -143 Central bank liquidity swaps8 266 - 98 - 10,643 266 Other Federal Reserve assets9 42,566 + 3,526 + 2,689 42,286 Foreign currency denominated assets10 20,476 + 141 - 1,628 20,402 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,970 + 14 + 504 50,970 Total factors supplying reserve funds 8,913,331 + 88,741 +1,452,546 8,917,351 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 19, 2022 Federal Reserve Banks Jan 19, 2022 Jan 12, 2022 Jan 20, 2021 Currency in circulation11 2,232,505 - 2,110 + 137,518 2,232,997 Reverse repurchase agreements12 1,926,774 + 84,694 +1,716,924 1,963,799 Foreign official and international accounts 314,488 + 4,589 + 104,982 307,223 Others 1,612,286 + 80,106 +1,611,942 1,656,576 Treasury cash holdings 64 - 1 + 28 25 Deposits with F.R. Banks, other than reserve balances 748,958 + 44,427 -1,149,310 830,057 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 488,697 + 32,296 -1,138,209 580,171 Foreign official 5,672 - 506 - 16,396 7,407 Other13 254,589 + 12,637 + 5,295 242,478 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 51,252 + 2,765 + 11 47,473 Total factors, other than reserve balances, absorbing reserve funds 4,980,810 + 129,774 + 674,649 5,095,608 Reserve balances with Federal Reserve Banks 3,932,521 - 41,033 + 777,897 3,821,743 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 19, 2022 Jan 19, 2022 Jan 12, 2022 Jan 20, 2021 Securities held in custody for foreign official and international accounts 3,446,882 + 13,302 - 94,431 3,453,991 Marketable U.S. Treasury securities1 3,037,473 + 2,874 - 62,921 3,044,251 Federal agency debt and mortgage-backed securities2 327,462 + 10,024 - 25,103 327,465 Other securities3 81,947 + 404 - 6,407 82,275 Securities lent to dealers 42,141 + 3,266 + 12,686 38,777 Overnight facility4 42,141 + 3,266 + 12,686 38,777 U.S. Treasury securities 42,141 + 3,266 + 12,686 38,777 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 19, 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 231 425 1,066 29,885 0 ... 31,607 U.S. Treasury securities2 Holdings 94,164 319,379 722,254 2,182,881 1,012,038 1,362,625 5,693,341 Weekly changes + 16,829 - 10,307 - 5,732 + 17,616 - 15,258 + 5,455 + 8,604 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 1,997 60,901 2,623,330 2,686,262 Weekly changes 0 0 0 - 12 - 548 + 71,255 + 70,695 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,356 ... ... 15,356 Municipal notes held by Municipal Liquidity Facility LLC6 291 451 0 2,907 ... ... 3,649 Loans held by TALF II LLC7 0 0 0 1,345 ... ... 1,345 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 216 50 0 0 0 0 266 Reverse repurchase agreements8 1,963,799 0 ... ... ... ... 1,963,799 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 19, 2022 Mortgage-backed securities held outright1 2,686,262 Residential mortgage-backed securities 2,677,064 Commercial mortgage-backed securities 9,198 Commitments to buy mortgage-backed securities2 69,032 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 452 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 19, 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) 15,011 13,030 15,907 28,936 Municipal Liquidity Facility LLC 4,131 3,649 4,219 7,868 TALF II LLC 1,405 1,345 1,257 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 19, 2022 Jan 12, 2022 Jan 20, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,233 + 5 - 341 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,747,923 + 78,172 +1,509,878 Securities held outright1 8,381,950 + 79,299 +1,536,202 U.S. Treasury securities 5,693,341 + 8,604 + 949,789 Bills2 326,044 0 0 Notes and bonds, nominal2 4,915,211 + 18,405 + 853,780 Notes and bonds, inflation-indexed2 379,498 - 8,413 + 66,280 Inflation compensation3 72,589 - 1,387 + 29,730 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,686,262 + 70,695 + 586,413 Unamortized premiums on securities held outright5 353,102 + 432 + 7,598 Unamortized discounts on securities held outright5 -18,737 - 477 - 12,682 Repurchase agreements6 1 0 - 999 Loans7 31,607 - 1,081 - 20,241 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,557 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,311 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,936 - 487 - 4,354 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,868 + 2 - 3,740 Net portfolio holdings of TALF II LLC8 2,601 0 - 4,077 Items in process of collection (0) 81 + 10 - 21 Bank premises 1,417 + 9 - 793 Central bank liquidity swaps9 266 - 98 - 10,643 Foreign currency denominated assets10 20,402 - 60 - 1,716 Other assets11 40,869 + 2,000 + 3,566 Total assets (0) 8,867,834 + 79,556 +1,452,892 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 19, 2022 Jan 12, 2022 Jan 20, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,183,281 - 19 + 134,631 Reverse repurchase agreements12 1,963,799 + 101,754 +1,757,167 Deposits (0) 4,651,800 - 21,282 - 407,681 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,821,743 - 107,190 + 671,936 U.S. Treasury, General Account 580,171 + 90,492 -1,058,160 Foreign official 7,407 + 2,217 - 16,060 Other13 (0) 242,478 - 6,802 - 5,397 Deferred availability cash items (0) 224 + 43 + 36 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 6,974 - 940 - 2,033 Total liabilities (0) 8,827,335 + 79,554 +1,451,598 Capital accounts Capital paid in 33,714 + 2 + 1,334 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,499 + 2 + 1,294 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 19, 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 1,233 15 24 111 47 178 112 228 18 34 88 155 225 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,747,923 145,732 4,931,340 184,165 322,846 584,566 510,818 475,807 113,980 79,012 116,169 385,628 897,860 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,936 28,936 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,868 0 7,868 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 266 12 89 10 23 55 12 10 5 2 3 5 39 Foreign currency denominated assets4 20,402 926 6,858 733 1,764 4,245 923 799 388 173 221 368 3,004 Other assets5 42,367 809 22,456 997 1,605 3,162 2,612 2,345 704 495 875 1,982 4,323 Interdistrict settlement account 0+ 10,686- 318,572+ 2,136+ 1,474+ 6,774+ 61,771+ 85,860+ 24,809+ 405+ 22,820+ 58,779 + 43,058 Total assets 8,867,834 187,647 4,658,085 188,675 328,511 600,169 578,435 566,186 140,379 80,395 140,631 448,137 950,584 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 19, 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 2,183,281 72,832 701,866 61,551 102,718 153,731 326,050 121,650 64,405 33,182 56,559 191,047 297,691 Reverse repurchase agreements6 1,963,799 32,817 1,110,049 41,477 71,455 131,590 115,063 107,165 25,603 15,195 26,078 86,842 200,465 Deposits 4,651,800 66,047 2,822,884 83,864 150,067 305,705 135,096 335,211 49,338 31,586 57,324 168,844 445,836 Depository institutions 3,821,743 66,030 2,184,674 83,862 150,020 305,227 134,963 145,357 49,330 31,333 56,709 168,467 445,770 U.S. Treasury, General Account 580,171 0 580,171 0 0 0 0 0 0 0 0 0 0 Foreign official 7,407 2 7,380 1 3 8 2 2 1 0 0 1 6 Other7 242,478 15 50,657 0 44 469 132 189,852 7 252 614 376 61 Earnings remittances due to the U.S. Treasury8 2,741 46 1,597 59 94 160 170 144 31 25 25 130 258 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 4,457 -1,542 2,028 236 278 778 656 466 191 178 224 337 627 Total liabilities 8,827,335 185,874 4,644,008 187,187 324,613 591,964 577,035 564,636 139,567 80,166 140,209 447,199 944,877 Capital Capital paid in 33,714 1,465 11,797 1,244 3,311 6,793 1,093 1,285 682 171 348 816 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 8,867,834 187,647 4,658,085 188,675 328,511 600,169 578,435 566,186 140,379 80,395 140,631 448,137 950,584 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 19, 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 19, 2022 Federal Reserve notes outstanding 2,449,093 Less: Notes held by F.R. Banks not subject to collateralization 265,812 Federal Reserve notes to be collateralized 2,183,281 Collateral held against Federal Reserve notes 2,183,281 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,167,044 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,381,952 Less: Face value of securities under reverse repurchase agreements 1,949,117 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,432,834 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.