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 27, 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 26, 2022 Federal Reserve Banks Jan 26, 2022 Jan 19, 2022 Jan 27, 2021 Reserve Bank credit 8,838,501 + 12,857 +1,453,647 8,822,109 Securities held outright1 8,392,869 + 16,533 +1,536,320 8,379,384 U.S. Treasury securities 5,706,684 + 14,396 + 951,875 5,716,217 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,927,899 + 20,949 + 857,648 4,935,214 Notes and bonds, inflation-indexed2 379,784 - 5,724 + 64,165 381,497 Inflation compensation3 72,958 - 828 + 30,063 73,463 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,683,837 + 2,136 + 584,445 2,660,820 Unamortized premiums on securities held outright5 352,342 - 932 + 6,660 351,610 Unamortized discounts on securities held outright5 -18,956 - 475 - 12,807 -18,971 Repurchase agreements6 0 0 - 1,000 0 Foreign official 0 0 - 1,000 0 Others 0 0 0 0 Loans 31,026 - 1,049 - 20,394 30,571 Primary credit 422 - 52 - 1,607 345 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 - 1,905 0 Paycheck Protection Program Liquidity Facility 30,605 - 996 - 16,396 30,226 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 28,938 - 348 - 4,354 28,945 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,868 + 1 - 3,740 7,869 Net portfolio holdings of TALF II LLC7 2,601 0 - 4,077 2,602 Float -200 - 53 - 46 -522 Central bank liquidity swaps8 265 - 1 - 9,516 265 Other Federal Reserve assets9 41,748 - 818 + 1,466 40,357 Foreign currency denominated assets10 20,402 - 74 - 1,742 20,325 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,984 + 14 + 513 50,984 Total factors supplying reserve funds 8,926,128 + 12,797 +1,452,418 8,909,659 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 26, 2022 Federal Reserve Banks Jan 26, 2022 Jan 19, 2022 Jan 27, 2021 Currency in circulation11 2,230,865 - 1,640 + 133,800 2,229,989 Reverse repurchase agreements12 1,940,977 + 14,203 +1,733,594 1,891,190 Foreign official and international accounts 280,425 - 34,063 + 73,925 278,144 Others 1,660,552 + 48,266 +1,659,669 1,613,046 Treasury cash holdings 25 - 39 - 18 27 Deposits with F.R. Banks, other than reserve balances 888,616 + 139,658 -1,015,942 895,818 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 614,877 + 126,180 -1,018,663 639,620 Foreign official 7,923 + 2,251 - 14,034 6,670 Other13 265,816 + 11,227 + 16,754 249,528 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 48,213 - 3,039 - 1,661 46,301 Total factors, other than reserve balances, absorbing reserve funds 5,129,954 + 149,144 + 819,252 5,084,583 Reserve balances with Federal Reserve Banks 3,796,174 - 136,347 + 633,166 3,825,076 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 26, 2022 Jan 26, 2022 Jan 19, 2022 Jan 27, 2021 Securities held in custody for foreign official and international accounts 3,458,192 + 11,310 - 74,740 3,450,969 Marketable U.S. Treasury securities1 3,052,499 + 15,026 - 29,794 3,046,318 Federal agency debt and mortgage-backed securities2 323,558 - 3,904 - 38,419 322,774 Other securities3 82,135 + 188 - 6,526 81,876 Securities lent to dealers 37,619 - 4,522 + 7,407 40,523 Overnight facility4 37,619 - 4,522 + 7,407 40,523 U.S. Treasury securities 37,619 - 4,522 + 7,407 40,523 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 26, 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 156 489 887 29,039 0 ... 30,571 U.S. Treasury securities2 Holdings 91,232 326,564 721,944 2,197,647 1,014,477 1,364,352 5,716,217 Weekly changes - 2,932 + 7,185 - 310 + 14,766 + 2,439 + 1,727 + 22,876 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 29 1,900 59,656 2,599,235 2,660,820 Weekly changes 0 0 - 5 - 97 - 1,245 - 24,095 - 25,442 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,332 ... ... 15,332 Municipal notes held by Municipal Liquidity Facility LLC6 0 451 0 2,907 ... ... 3,358 Loans held by TALF II LLC7 0 0 0 1,291 ... ... 1,291 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 265 0 0 0 0 0 265 Reverse repurchase agreements8 1,891,190 0 ... ... ... ... 1,891,190 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 26, 2022 Mortgage-backed securities held outright1 2,660,820 Residential mortgage-backed securities 2,651,722 Commercial mortgage-backed securities 9,098 Commitments to buy mortgage-backed securities2 66,596 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 11 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 26, 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 13,006 15,938 28,945 Municipal Liquidity Facility LLC 4,131 3,358 4,511 7,869 TALF II LLC 1,405 1,291 1,311 2,602 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 26, 2022 Jan 19, 2022 Jan 27, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,244 + 11 - 334 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,742,593 - 5,330 +1,513,442 Securities held outright1 8,379,384 - 2,566 +1,541,161 U.S. Treasury securities 5,716,217 + 22,876 + 950,110 Bills2 326,044 0 0 Notes and bonds, nominal2 4,935,214 + 20,003 + 853,646 Notes and bonds, inflation-indexed2 381,497 + 1,999 + 65,878 Inflation compensation3 73,463 + 874 + 30,587 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,660,820 - 25,442 + 591,051 Unamortized premiums on securities held outright5 351,610 - 1,492 + 6,611 Unamortized discounts on securities held outright5 -18,971 - 234 - 12,802 Repurchase agreements6 0 - 1 - 1,000 Loans7 30,571 - 1,036 - 20,527 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,558 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,300 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,945 + 9 - 4,356 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,869 + 1 - 3,742 Net portfolio holdings of TALF II LLC8 2,602 + 1 - 4,076 Items in process of collection (0) 49 - 32 - 25 Bank premises 1,383 - 34 - 830 Central bank liquidity swaps9 265 - 1 - 9,302 Foreign currency denominated assets10 20,325 - 77 - 1,735 Other assets11 38,974 - 1,895 + 1,375 Total assets (0) 8,860,485 - 7,349 +1,455,559 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 26, 2022 Jan 19, 2022 Jan 27, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,180,271 - 3,010 + 131,754 Reverse repurchase agreements12 1,891,190 - 72,609 +1,680,612 Deposits (0) 4,720,894 + 69,094 - 324,293 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,825,076 + 3,333 + 596,325 U.S. Treasury, General Account 639,620 + 59,449 - 973,757 Foreign official 6,670 - 737 - 15,166 Other13 (0) 249,528 + 7,050 + 68,305 Deferred availability cash items (0) 571 + 347 - 48 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 5,794 - 1,180 - 3,248 Total liabilities (0) 8,819,978 - 7,357 +1,454,257 Capital accounts Capital paid in 33,722 + 8 + 1,342 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 40,507 + 8 + 1,302 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 26, 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 1,244 16 25 111 50 179 112 230 19 34 88 158 222 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,742,593 145,675 4,928,793 184,072 322,612 584,228 510,527 475,492 113,878 78,554 116,104 385,430 897,230 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,945 28,945 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,869 0 7,869 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,602 0 2,602 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 265 12 89 10 23 55 12 10 5 2 3 5 39 Foreign currency denominated assets4 20,325 923 6,832 730 1,757 4,230 919 796 386 173 220 366 2,993 Other assets5 40,406 778 21,336 956 1,543 3,041 2,467 2,238 679 491 863 1,895 4,119 Interdistrict settlement account 0+ 8,732- 251,666+ 6- 4,856- 9,566+ 57,333+ 84,736+ 22,504- 785+ 22,509+ 64,778 + 6,275 Total assets 8,860,485 185,611 4,721,302 186,407 321,880 583,354 573,558 564,638 137,946 78,742 140,241 453,852 912,953 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 26, 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 2,180,271 72,423 701,997 61,035 102,481 153,167 325,221 122,680 64,168 32,675 56,470 190,599 297,356 Reverse repurchase agreements6 1,891,190 31,603 1,069,007 39,943 68,813 126,725 110,809 103,203 24,656 14,633 25,113 83,631 193,053 Deposits 4,720,894 65,665 2,927,422 83,692 146,353 294,392 135,083 336,700 48,114 31,023 57,991 178,314 416,145 Depository institutions 3,825,076 65,640 2,225,199 83,691 146,309 293,445 134,952 145,624 48,107 30,539 57,455 178,039 416,078 U.S. Treasury, General Account 639,620 0 639,620 0 0 0 0 0 0 0 0 0 0 Foreign official 6,670 2 6,643 1 3 8 2 2 1 0 0 1 6 Other7 249,528 24 55,961 0 40 938 129 191,075 6 484 536 275 61 Earnings remittances due to the U.S. Treasury8 1,462 27 746 25 2 174 168 80 7 41 34 27 130 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 4,903 -1,539 2,387 216 249 743 964 433 182 165 214 302 589 Total liabilities 8,819,978 183,854 4,707,142 184,911 317,898 575,200 572,244 563,096 137,127 78,537 139,822 452,873 907,273 Capital Capital paid in 33,722 1,465 11,797 1,244 3,319 6,793 1,094 1,285 682 171 348 816 4,708 Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 8,860,485 185,611 4,721,302 186,407 321,880 583,354 573,558 564,638 137,946 78,742 140,241 453,852 912,953 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 26, 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 26, 2022 Federal Reserve notes outstanding 2,454,332 Less: Notes held by F.R. Banks not subject to collateralization 274,061 Federal Reserve notes to be collateralized 2,180,271 Collateral held against Federal Reserve notes 2,180,271 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,164,034 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,379,384 Less: Face value of securities under reverse repurchase agreements 1,873,334 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,506,050 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.