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 February 24, 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 Feb 23, 2022 Federal Reserve Banks Feb 23, 2022 Feb 16, 2022 Feb 24, 2021 Reserve Bank credit 8,885,594 + 27,049 +1,334,180 8,890,058 Securities held outright1 8,457,097 + 39,261 +1,428,420 8,461,992 U.S. Treasury securities 5,740,408 + 5,120 + 905,261 5,741,778 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,954,198 + 4,573 + 810,544 4,954,427 Notes and bonds, inflation-indexed2 385,232 + 143 + 63,266 386,090 Inflation compensation3 74,933 + 404 + 31,450 75,216 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,714,342 + 34,141 + 523,159 2,717,867 Unamortized premiums on securities held outright5 349,828 - 800 - 981 349,510 Unamortized discounts on securities held outright5 -20,309 - 791 - 13,562 -20,326 Repurchase agreements6 0 0 - 500 0 Foreign official 0 0 - 500 0 Others 0 0 0 0 Loans 28,427 - 199 - 26,982 28,207 Primary credit 1,419 + 661 - 612 1,584 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 265 0 Money Market Mutual Fund Liquidity Facility 0 0 - 1,715 0 Paycheck Protection Program Liquidity Facility 27,008 - 860 - 24,389 26,623 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 0 0 - 8,556 0 Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 26,233 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,981 - 196 - 3,954 28,988 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,098 + 1 - 4,441 7,099 Net portfolio holdings of TALF II LLC7 2,542 0 - 3,864 2,543 Float -138 + 1 - 120 -181 Central bank liquidity swaps8 211 - 3 - 6,554 211 Other Federal Reserve assets9 31,856 - 10,226 + 1,506 32,015 Foreign currency denominated assets10 20,328 - 16 - 1,641 20,306 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,954 + 14 + 457 50,954 Total factors supplying reserve funds 8,973,116 + 27,047 +1,332,995 8,977,558 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 Feb 23, 2022 Federal Reserve Banks Feb 23, 2022 Feb 16, 2022 Feb 24, 2021 Currency in circulation11 2,237,368 + 5,311 + 135,257 2,240,512 Reverse repurchase agreements12 1,944,752 + 47,150 +1,741,239 1,993,111 Foreign official and international accounts 261,227 + 837 + 57,934 254,789 Others 1,683,525 + 46,313 +1,683,305 1,738,322 Treasury cash holdings 34 + 3 - 45 34 Deposits with F.R. Banks, other than reserve balances 951,739 + 4,304 - 911,473 930,034 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 697,838 + 5,297 - 832,139 674,797 Foreign official 7,238 + 1,448 - 14,852 6,536 Other13 246,662 - 2,442 - 64,483 248,702 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 48,096 + 384 - 2,311 46,633 Total factors, other than reserve balances, absorbing reserve funds 5,203,247 + 57,151 + 932,146 5,231,583 Reserve balances with Federal Reserve Banks 3,769,869 - 30,104 + 400,849 3,745,976 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 Feb 23, 2022 Feb 23, 2022 Feb 16, 2022 Feb 24, 2021 Securities held in custody for foreign official and international accounts 3,449,284 + 1,395 - 97,586 3,458,719 Marketable U.S. Treasury securities1 3,039,412 - 1,956 - 55,661 3,040,862 Federal agency debt and mortgage-backed securities2 326,969 + 3,369 - 34,827 335,008 Other securities3 82,903 - 18 - 7,098 82,849 Securities lent to dealers 40,363 + 751 + 9,900 39,395 Overnight facility4 40,363 + 751 + 9,900 39,395 U.S. Treasury securities 40,363 + 751 + 9,900 39,395 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, February 23, 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 585 1,687 140 25,794 0 ... 28,207 U.S. Treasury securities2 Holdings 82,908 332,226 731,102 2,192,414 1,014,389 1,388,739 5,741,778 Weekly changes - 3,664 + 8,039 - 4,355 + 1,065 + 22,769 - 20,694 + 3,159 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 37 2,095 66,430 2,649,304 2,717,867 Weekly changes 0 0 0 + 1 0 + 13,253 + 13,254 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,098 ... ... 15,098 Municipal notes held by Municipal Liquidity Facility LLC6 451 0 0 2,907 ... ... 3,358 Loans held by TALF II LLC7 0 0 0 1,286 ... ... 1,286 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 211 0 0 0 0 0 211 Reverse repurchase agreements8 1,993,111 0 ... ... ... ... 1,993,111 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 Feb 23, 2022 Mortgage-backed securities held outright1 2,717,867 Residential mortgage-backed securities 2,708,791 Commercial mortgage-backed securities 9,077 Commitments to buy mortgage-backed securities2 54,960 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 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 Feb 23, 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) 14,727 13,075 15,913 28,988 Municipal Liquidity Facility LLC 3,358 3,358 3,741 7,099 TALF II LLC 1,345 1,286 1,256 2,543 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 December 31, 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 Feb 23, 2022 Feb 16, 2022 Feb 24, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,282 + 11 - 269 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,819,383 + 14,958 +1,391,068 Securities held outright1 8,461,992 + 16,413 +1,434,393 U.S. Treasury securities 5,741,778 + 3,159 + 897,204 Bills2 326,044 0 0 Notes and bonds, nominal2 4,954,427 + 1,601 + 803,648 Notes and bonds, inflation-indexed2 386,090 + 1,001 + 62,067 Inflation compensation3 75,216 + 557 + 31,488 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,717,867 + 13,254 + 537,189 Unamortized premiums on securities held outright5 349,510 - 814 - 1,157 Unamortized discounts on securities held outright5 -20,326 - 141 - 13,554 Repurchase agreements6 0 0 - 500 Loans7 28,207 - 499 - 28,114 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,556 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,194 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,988 + 8 - 1,970 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,099 + 1 - 4,442 Net portfolio holdings of TALF II LLC8 2,543 + 1 - 3,863 Items in process of collection (0) 65 + 12 - 571 Bank premises 1,386 - 1 - 582 Central bank liquidity swaps9 211 - 3 - 6,554 Foreign currency denominated assets10 20,306 - 50 - 1,641 Other assets11 30,629 + 2,157 + 1,590 Total assets (0) 8,928,129 + 17,096 +1,338,018 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 Feb 23, 2022 Feb 16, 2022 Feb 24, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,190,870 + 6,162 + 137,159 Reverse repurchase agreements12 1,993,111 + 91,649 +1,787,738 Deposits (0) 4,676,010 - 81,364 - 557,349 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,745,976 - 50,744 + 361,714 U.S. Treasury, General Account 674,797 - 34,464 - 764,849 Foreign official 6,536 - 715 - 15,857 Other13 (0) 248,702 + 4,561 - 138,355 Deferred availability cash items (0) 247 + 27 + 61 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 6,100 + 551 - 409 Total liabilities (0) 8,887,596 + 17,024 +1,336,679 Capital accounts Capital paid in 33,748 + 72 + 1,338 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 40,533 + 72 + 1,338 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, February 23, 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 1,282 17 25 116 51 183 112 233 20 38 90 162 235 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,819,383 146,976 4,974,166 185,702 324,703 589,518 515,103 479,774 114,838 77,944 117,108 388,897 904,655 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,988 28,988 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,099 0 7,099 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,543 0 2,543 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 211 10 71 8 18 44 10 8 4 2 2 4 31 Foreign currency denominated assets4 20,306 922 6,826 729 1,756 4,225 918 796 386 173 220 366 2,990 Other assets5 32,080 627 16,771 770 1,211 2,452 1,957 1,752 719 411 702 1,499 3,209 Interdistrict settlement account 0+ 14,168- 229,725- 9,332- 1,962- 3,676+ 50,781+ 77,707+ 26,363+ 1,262+ 18,157+ 54,719 + 1,537 Total assets 8,928,129 192,238 4,783,196 178,516 326,529 593,934 571,070 561,406 142,806 80,102 136,735 446,868 914,731 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, February 23, 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 2,190,870 72,161 701,791 59,427 102,994 152,626 329,298 127,011 64,463 33,253 56,308 189,888 301,650 Reverse repurchase agreements6 1,993,111 33,307 1,126,618 42,096 72,522 133,554 116,781 108,764 25,985 15,422 26,467 88,139 203,457 Deposits 4,676,010 70,413 2,932,019 75,248 146,716 298,775 122,925 323,606 51,268 31,009 53,326 167,482 403,224 Depository institutions 3,745,976 70,388 2,197,721 75,247 146,660 298,206 122,761 130,124 51,258 30,569 52,634 167,255 403,154 U.S. Treasury, General Account 674,797 0 674,797 0 0 0 0 0 0 0 0 0 0 Foreign official 6,536 2 6,509 1 3 8 2 2 1 0 0 1 6 Other7 248,702 24 52,992 0 53 561 162 193,481 9 439 691 226 63 Earnings remittances due to the U.S. Treasury8 2,078 17 1,271 37 68 115 121 107 19 8 18 89 209 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 4,268 -1,221 1,911 211 245 710 628 421 180 161 198 291 532 Total liabilities 8,887,596 190,352 4,769,194 177,020 322,545 585,780 569,752 559,910 141,914 79,853 136,316 445,888 909,071 Capital Capital paid in 33,748 1,594 11,639 1,244 3,321 6,793 1,097 1,239 755 215 348 817 4,687 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 8,928,129 192,238 4,783,196 178,516 326,529 593,934 571,070 561,406 142,806 80,102 136,735 446,868 914,731 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, February 23, 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 Feb 23, 2022 Federal Reserve notes outstanding 2,471,708 Less: Notes held by F.R. Banks not subject to collateralization 280,839 Federal Reserve notes to be collateralized 2,190,870 Collateral held against Federal Reserve notes 2,190,870 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,174,633 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,461,992 Less: Face value of securities under reverse repurchase agreements 2,006,868 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,455,124 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.