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 10, 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 9, 2022 Federal Reserve Banks Mar 9, 2022 Mar 2, 2022 Mar 10, 2021 Reserve Bank credit 8,870,119 + 3,683 +1,339,194 8,872,934 Securities held outright1 8,444,997 + 2,740 +1,429,618 8,447,093 U.S. Treasury securities 5,751,291 + 6,510 + 871,660 5,753,385 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,960,714 + 4,290 + 778,291 4,962,484 Notes and bonds, inflation-indexed2 388,233 + 1,396 + 61,467 388,233 Inflation compensation3 76,300 + 824 + 31,902 76,624 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,691,358 - 3,772 + 557,956 2,691,361 Unamortized premiums on securities held outright5 347,696 - 681 - 1,981 347,626 Unamortized discounts on securities held outright5 -20,412 - 19 - 12,823 -20,452 Repurchase agreements6 0 0 - 500 1 Foreign official 0 0 - 500 1 Others 0 0 0 0 Loans 27,670 - 228 - 28,755 27,648 Primary credit 2,061 + 496 + 610 2,306 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 251 0 Money Market Mutual Fund Liquidity Facility 0 0 - 665 0 Paycheck Protection Program Liquidity Facility 25,609 - 723 - 28,448 25,342 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 - 26,075 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,998 + 8 - 1,971 29,005 Net portfolio holdings of Municipal Liquidity Facility LLC7 6,907 - 193 - 4,638 6,650 Net portfolio holdings of TALF II LLC7 2,526 - 9 - 3,121 2,526 Float -145 + 416 - 42 -248 Central bank liquidity swaps8 293 + 68 - 2,883 293 Other Federal Reserve assets9 31,590 + 1,583 + 923 32,795 Foreign currency denominated assets10 19,895 - 276 - 1,610 19,985 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,953 + 14 + 442 50,953 Total factors supplying reserve funds 8,957,209 + 3,422 +1,338,027 8,960,114 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 9, 2022 Federal Reserve Banks Mar 9, 2022 Mar 2, 2022 Mar 10, 2021 Currency in circulation11 2,253,986 + 11,449 + 149,804 2,259,013 Reverse repurchase agreements12 1,753,350 - 89,911 +1,557,156 1,786,246 Foreign official and international accounts 251,635 - 818 + 56,187 243,742 Others 1,501,715 - 89,093 +1,500,969 1,542,504 Treasury cash holdings 36 + 3 - 60 69 Deposits with F.R. Banks, other than reserve balances 919,767 - 35,167 - 708,425 891,336 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 652,039 - 30,864 - 708,025 609,369 Foreign official 7,505 - 2,464 - 15,897 7,606 Other13 260,223 - 1,839 + 15,496 274,362 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 49,153 + 2,106 + 2,424 48,542 Total factors, other than reserve balances, absorbing reserve funds 4,997,550 - 111,521 + 970,379 5,006,464 Reserve balances with Federal Reserve Banks 3,959,659 + 114,943 + 367,649 3,953,650 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 9, 2022 Mar 9, 2022 Mar 2, 2022 Mar 10, 2021 Securities held in custody for foreign official and international accounts 3,432,692 - 20,295 - 136,887 3,431,973 Marketable U.S. Treasury securities1 3,025,016 - 18,765 - 102,374 3,024,206 Federal agency debt and mortgage-backed securities2 326,427 - 872 - 26,673 326,590 Other securities3 81,250 - 657 - 7,840 81,177 Securities lent to dealers 39,059 - 39 + 2,863 38,854 Overnight facility4 39,059 - 39 + 2,863 38,854 U.S. Treasury securities 39,059 - 39 + 2,863 38,854 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 9, 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 2,175 850 39 24,585 0 ... 27,648 U.S. Treasury securities2 Holdings 56,809 348,887 771,555 2,178,014 1,001,812 1,396,308 5,753,385 Weekly changes - 9,111 + 9,343 - 183 + 344 + 1,863 + 2,022 + 4,279 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 43 2,125 65,954 2,623,237 2,691,361 Weekly changes 0 + 1 - 1 0 + 830 - 827 + 3 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 14,997 ... ... 14,997 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 293 0 0 0 0 0 293 Reverse repurchase agreements8 1,786,246 0 ... ... ... ... 1,786,246 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 9, 2022 Mortgage-backed securities held outright1 2,691,361 Residential mortgage-backed securities 2,682,309 Commercial mortgage-backed securities 9,052 Commitments to buy mortgage-backed securities2 82,787 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 9, 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 12,973 16,031 29,005 Municipal Liquidity Facility LLC 2,907 2,907 3,743 6,650 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 9, 2022 Mar 2, 2022 Mar 10, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,283 0 - 257 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,801,915 + 3,534 +1,378,681 Securities held outright1 8,447,093 + 4,282 +1,422,303 U.S. Treasury securities 5,753,385 + 4,279 + 864,378 Bills2 326,044 0 0 Notes and bonds, nominal2 4,962,484 + 3,398 + 771,697 Notes and bonds, inflation-indexed2 388,233 0 + 60,610 Inflation compensation3 76,624 + 882 + 32,071 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,691,361 + 3 + 557,925 Unamortized premiums on securities held outright5 347,626 - 427 - 2,094 Unamortized discounts on securities held outright5 -20,452 - 48 - 12,375 Repurchase agreements6 1 0 - 499 Loans7 27,648 - 272 - 28,653 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,556 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,027 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 29,005 + 9 - 1,973 Net portfolio holdings of Municipal Liquidity Facility LLC8 6,650 - 451 - 4,898 Net portfolio holdings of TALF II LLC8 2,526 0 - 3,122 Items in process of collection (0) 59 - 1 - 4 Bank premises 1,371 + 3 - 545 Central bank liquidity swaps9 293 + 68 - 2,481 Foreign currency denominated assets10 19,985 - 157 - 1,482 Other assets11 31,425 + 3,288 + 1,510 Total assets (0) 8,910,748 + 6,293 +1,330,847 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 9, 2022 Mar 2, 2022 Mar 10, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,209,407 + 10,471 + 151,788 Reverse repurchase agreements12 1,786,246 + 10,594 +1,592,496 Deposits (0) 4,844,986 - 15,189 - 384,175 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,953,651 + 34,167 + 306,919 U.S. Treasury, General Account 609,369 - 76,122 - 700,904 Foreign official 7,606 + 1,322 - 15,868 Other13 (0) 274,362 + 25,446 + 25,680 Deferred availability cash items (0) 308 - 399 + 134 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 7,434 + 816 - 776 Total liabilities (0) 8,869,639 + 6,293 +1,328,946 Capital accounts Capital paid in 34,324 0 + 1,900 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,109 0 + 1,900 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 9, 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 18 24 115 51 187 107 234 22 38 91 159 236 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,801,915 146,638 4,965,435 185,343 323,894 588,328 514,112 478,842 114,616 77,350 116,851 388,151 902,355 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 29,005 29,005 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 6,650 0 6,650 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 293 13 98 11 25 61 13 11 6 2 3 5 43 Foreign currency denominated assets4 19,985 907 6,718 718 1,728 4,159 904 783 380 170 216 360 2,943 Other assets5 32,855 637 17,190 786 1,238 2,482 1,995 1,792 751 445 723 1,535 3,282 Interdistrict settlement account 0+ 15,249- 297,977- 4,652+ 16,651+ 11,694+ 49,404+ 101,433+ 27,062+ 2,719+ 16,791+ 67,891 - 6,265 Total assets 8,910,748 192,999 4,706,086 182,843 344,340 608,097 568,723 584,232 143,312 80,999 135,130 459,320 904,669 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 9, 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 2,209,407 72,724 703,476 59,485 104,698 153,740 333,366 129,383 64,846 33,757 57,115 191,612 305,204 Reverse repurchase agreements6 1,786,246 29,850 1,009,686 37,727 64,994 119,693 104,660 97,476 23,288 13,821 23,720 78,991 182,340 Deposits 4,844,986 74,017 2,968,858 83,881 170,401 325,417 128,552 355,331 54,115 33,001 53,647 187,315 410,451 Depository institutions 3,953,651 73,993 2,290,104 83,880 170,310 324,790 128,420 146,588 54,107 32,566 52,416 186,126 410,350 U.S. Treasury, General Account 609,369 0 609,369 0 0 0 0 0 0 0 0 0 0 Foreign official 7,606 2 7,579 1 3 8 2 2 1 0 0 1 6 Other7 274,362 22 61,806 0 87 619 131 208,741 7 435 1,231 1,188 95 Earnings remittances due to the U.S. Treasury8 3,273 44 1,939 65 110 203 185 174 32 18 37 141 325 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 4,468 -1,225 2,499 189 213 607 630 360 166 153 187 247 442 Total liabilities 8,869,639 191,085 4,692,043 181,347 340,416 599,660 567,393 582,724 142,447 80,751 134,705 458,306 898,762 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 8,910,748 192,999 4,706,086 182,843 344,340 608,097 568,723 584,232 143,312 80,999 135,130 459,320 904,669 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 9, 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 9, 2022 Federal Reserve notes outstanding 2,480,112 Less: Notes held by F.R. Banks not subject to collateralization 270,705 Federal Reserve notes to be collateralized 2,209,407 Collateral held against Federal Reserve notes 2,209,407 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,193,170 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,447,094 Less: Face value of securities under reverse repurchase agreements 1,796,165 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,650,929 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.