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 March 3, 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 Mar 2, 2022 Federal Reserve Banks Mar 2, 2022 Feb 23, 2022 Mar 3, 2021 Reserve Bank credit 8,866,436 - 19,158 +1,359,734 8,866,087 Securities held outright1 8,442,257 - 14,840 +1,450,424 8,442,811 U.S. Treasury securities 5,744,781 + 4,373 + 888,545 5,749,106 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,956,424 + 2,226 + 794,823 4,959,086 Notes and bonds, inflation-indexed2 386,837 + 1,605 + 62,128 388,233 Inflation compensation3 75,476 + 543 + 31,594 75,742 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,695,130 - 19,212 + 561,880 2,691,358 Unamortized premiums on securities held outright5 348,377 - 1,451 - 575 348,053 Unamortized discounts on securities held outright5 -20,393 - 84 - 13,045 -20,404 Repurchase agreements6 0 0 - 500 1 Foreign official 0 0 - 500 1 Others 0 0 0 0 Loans 27,898 - 529 - 28,266 27,920 Primary credit 1,565 + 146 - 176 1,827 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 255 0 Money Market Mutual Fund Liquidity Facility 0 0 - 1,101 0 Paycheck Protection Program Liquidity Facility 26,332 - 676 - 26,734 26,093 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 - 26,156 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,990 + 9 - 1,971 28,996 Net portfolio holdings of Municipal Liquidity Facility LLC7 7,100 + 2 - 4,443 7,101 Net portfolio holdings of TALF II LLC7 2,535 - 7 - 3,220 2,526 Float -561 - 423 - 115 -647 Central bank liquidity swaps8 225 + 14 - 4,870 225 Other Federal Reserve assets9 30,007 - 1,849 + 1,025 29,505 Foreign currency denominated assets10 20,171 - 157 - 1,691 20,142 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,939 + 14 + 435 50,939 Total factors supplying reserve funds 8,953,787 - 19,301 +1,358,477 8,953,409 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 Mar 2, 2022 Federal Reserve Banks Mar 2, 2022 Feb 23, 2022 Mar 3, 2021 Currency in circulation11 2,242,537 + 5,197 + 140,268 2,248,566 Reverse repurchase agreements12 1,843,261 - 101,491 +1,621,968 1,775,652 Foreign official and international accounts 252,453 - 8,774 + 37,458 249,441 Others 1,590,808 - 92,717 +1,584,510 1,526,211 Treasury cash holdings 33 - 1 - 52 31 Deposits with F.R. Banks, other than reserve balances 954,934 + 3,195 - 717,095 940,691 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 682,903 - 14,935 - 746,646 685,491 Foreign official 9,969 + 2,731 - 12,148 6,284 Other13 262,062 + 15,400 + 41,699 248,916 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 47,047 - 1,049 + 2,310 47,727 Total factors, other than reserve balances, absorbing reserve funds 5,109,071 - 94,147 +1,016,880 5,033,925 Reserve balances with Federal Reserve Banks 3,844,716 + 74,847 + 341,596 3,919,484 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 Mar 2, 2022 Mar 2, 2022 Feb 23, 2022 Mar 3, 2021 Securities held in custody for foreign official and international accounts 3,452,987 + 3,703 - 91,374 3,442,756 Marketable U.S. Treasury securities1 3,043,781 + 4,369 - 57,934 3,035,026 Federal agency debt and mortgage-backed securities2 327,299 + 330 - 25,777 326,087 Other securities3 81,907 - 996 - 7,663 81,643 Securities lent to dealers 39,098 - 1,265 + 1,726 40,452 Overnight facility4 39,098 - 1,265 + 1,726 40,452 U.S. Treasury securities 39,098 - 1,265 + 1,726 40,452 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, March 2, 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 1,357 1,168 86 25,308 0 ... 27,920 U.S. Treasury securities2 Holdings 65,920 339,544 771,738 2,177,670 999,949 1,394,286 5,749,106 Weekly changes - 16,988 + 7,318 + 40,636 - 14,744 - 14,440 + 5,547 + 7,328 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 0 44 2,125 65,124 2,624,064 2,691,358 Weekly changes 0 - 1 + 7 + 30 - 1,306 - 25,240 - 26,509 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 15,025 ... ... 15,025 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 0 1,275 ... ... 1,275 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 225 0 0 0 0 0 225 Reverse repurchase agreements8 1,775,652 0 ... ... ... ... 1,775,652 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 Mar 2, 2022 Mortgage-backed securities held outright1 2,691,358 Residential mortgage-backed securities 2,682,306 Commercial mortgage-backed securities 9,052 Commitments to buy mortgage-backed securities2 68,863 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 2 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLCs Millions of dollars Wednesday Mar 2, 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 13,001 15,995 28,996 Municipal Liquidity Facility LLC 3,358 2,907 4,193 7,101 TALF II LLC 1,327 1,275 1,251 2,526 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 Mar 2, 2022 Feb 23, 2022 Mar 3, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,283 + 1 - 262 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,798,381 - 21,002 +1,396,888 Securities held outright1 8,442,811 - 19,181 +1,439,785 U.S. Treasury securities 5,749,106 + 7,328 + 881,827 Bills2 326,044 0 0 Notes and bonds, nominal2 4,959,086 + 4,659 + 788,436 Notes and bonds, inflation-indexed2 388,233 + 2,143 + 61,811 Inflation compensation3 75,742 + 526 + 31,579 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,691,358 - 26,509 + 557,958 Unamortized premiums on securities held outright5 348,053 - 1,457 - 1,294 Unamortized discounts on securities held outright5 -20,404 - 78 - 12,949 Repurchase agreements6 1 + 1 - 499 Loans7 27,920 - 287 - 28,155 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,556 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,135 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,996 + 8 - 1,972 Net portfolio holdings of Municipal Liquidity Facility LLC8 7,101 + 2 - 4,444 Net portfolio holdings of TALF II LLC8 2,526 - 17 - 3,121 Items in process of collection (0) 60 - 5 - 2 Bank premises 1,368 - 18 - 546 Central bank liquidity swaps9 225 + 14 - 4,638 Foreign currency denominated assets10 20,142 - 164 - 1,647 Other assets11 28,137 - 2,492 + 1,366 Total assets (0) 8,904,455 - 23,674 +1,346,931 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 Mar 2, 2022 Feb 23, 2022 Mar 3, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,198,936 + 8,066 + 144,521 Reverse repurchase agreements12 1,775,652 - 217,459 +1,572,313 Deposits (0) 4,860,175 + 184,165 - 341,385 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,919,484 + 173,508 + 354,634 U.S. Treasury, General Account 685,491 + 10,694 - 734,747 Foreign official 6,284 - 252 - 15,589 Other13 (0) 248,916 + 214 + 54,316 Deferred availability cash items (0) 707 + 460 + 349 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 6,618 + 518 - 254 Total liabilities (0) 8,863,346 - 24,250 +1,345,023 Capital accounts Capital paid in 34,324 + 576 + 1,908 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,109 + 576 + 1,908 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, March 2, 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 1,283 17 26 116 51 184 110 235 22 38 91 161 233 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,798,381 146,582 4,962,869 185,263 323,887 588,083 513,889 478,650 114,575 77,628 116,806 387,981 902,168 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,996 28,996 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 7,101 0 7,101 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,526 0 2,526 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 225 10 76 8 19 47 10 9 4 2 2 4 33 Foreign currency denominated assets4 20,142 910 6,838 720 1,733 4,170 906 785 381 170 217 361 2,951 Other assets5 29,565 581 15,333 715 1,118 2,262 1,801 1,612 710 416 680 1,389 2,947 Interdistrict settlement account 0+ 24,084- 257,620- 6,679+ 22,149- 20,767+ 48,789+ 81,777+ 25,540+ 2,728+ 17,229+ 66,792 - 4,021 Total assets 8,904,455 201,711 4,742,569 180,665 349,710 575,166 567,694 564,203 141,707 81,255 135,480 457,908 906,386 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, March 2, 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 2,198,936 72,326 701,816 59,300 103,789 152,919 332,081 128,073 64,866 33,321 56,579 190,730 303,135 Reverse repurchase agreements6 1,775,652 29,673 1,003,698 37,503 64,609 118,983 104,039 96,898 23,150 13,739 23,579 78,522 181,259 Deposits 4,860,175 83,338 3,013,310 82,137 177,115 294,166 129,077 337,245 52,613 33,774 54,668 187,290 415,442 Depository institutions 3,919,484 83,307 2,267,201 82,135 176,928 293,573 128,771 147,063 52,602 33,469 53,149 185,970 415,315 U.S. Treasury, General Account 685,491 0 685,491 0 0 0 0 0 0 0 0 0 0 Foreign official 6,284 2 6,258 1 3 8 2 2 1 0 0 1 6 Other7 248,916 30 54,359 0 184 585 304 190,181 11 305 1,518 1,319 120 Earnings remittances due to the U.S. Treasury8 2,313 27 1,325 44 68 126 147 127 45 26 45 112 220 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 5,012 -1,241 2,793 185 204 536 1,020 352 169 147 185 240 424 Total liabilities 8,863,346 199,797 4,728,526 179,169 345,786 566,729 566,364 562,696 140,843 81,008 135,056 456,894 900,480 Capital Capital paid in 34,324 1,621 11,680 1,244 3,261 7,077 1,110 1,250 728 214 354 851 4,934 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 8,904,455 201,711 4,742,569 180,665 349,710 575,166 567,694 564,203 141,707 81,255 135,480 457,908 906,386 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, March 2, 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 Mar 2, 2022 Federal Reserve notes outstanding 2,474,999 Less: Notes held by F.R. Banks not subject to collateralization 276,063 Federal Reserve notes to be collateralized 2,198,936 Collateral held against Federal Reserve notes 2,198,936 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,182,699 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,442,812 Less: Face value of securities under reverse repurchase agreements 1,776,261 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,666,551 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.