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 17, 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 16, 2022 Federal Reserve Banks Mar 16, 2022 Mar 9, 2022 Mar 17, 2021 Reserve Bank credit 8,895,469 + 25,350 +1,259,121 8,916,848 Securities held outright1 8,468,693 + 23,696 +1,351,291 8,490,545 U.S. Treasury securities 5,757,944 + 6,653 + 860,137 5,758,267 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,966,485 + 5,771 + 767,125 4,966,485 Notes and bonds, inflation-indexed2 388,233 0 + 60,610 388,233 Inflation compensation3 77,181 + 881 + 32,402 77,505 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,708,402 + 17,044 + 491,153 2,729,931 Unamortized premiums on securities held outright5 347,231 - 465 - 4,514 346,944 Unamortized discounts on securities held outright5 -20,819 - 407 - 12,629 -21,273 Repurchase agreements6 0 0 - 429 1 Foreign official 0 0 - 429 1 Others 0 0 0 0 Loans 27,424 - 246 - 29,610 26,978 Primary credit 2,442 + 381 + 1,267 2,215 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 188 0 Money Market Mutual Fund Liquidity Facility 0 0 - 591 0 Paycheck Protection Program Liquidity Facility 24,982 - 627 - 30,098 24,763 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 - 26,024 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,959 - 39 - 2,004 28,847 Net portfolio holdings of Municipal Liquidity Facility LLC7 6,650 - 257 - 4,898 6,651 Net portfolio holdings of TALF II LLC7 2,526 0 - 3,122 2,526 Float -172 - 27 - 57 -147 Central bank liquidity swaps8 284 - 9 - 961 284 Other Federal Reserve assets9 34,693 + 3,103 + 635 35,490 Foreign currency denominated assets10 19,768 - 127 - 1,711 19,727 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,967 + 14 + 450 50,967 Total factors supplying reserve funds 8,982,445 + 25,236 +1,257,860 9,003,783 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 16, 2022 Federal Reserve Banks Mar 16, 2022 Mar 9, 2022 Mar 17, 2021 Currency in circulation11 2,261,034 + 7,048 + 151,578 2,263,839 Reverse repurchase agreements12 1,831,688 + 78,338 +1,622,174 1,864,637 Foreign official and international accounts 253,497 + 1,862 + 48,577 251,000 Others 1,578,190 + 76,475 +1,573,596 1,613,637 Treasury cash holdings 69 + 33 - 39 70 Deposits with F.R. Banks, other than reserve balances 856,424 - 63,343 - 764,044 913,218 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 570,606 - 81,433 - 701,977 621,527 Foreign official 7,707 + 202 - 18,603 6,433 Other13 278,111 + 17,888 - 43,465 285,257 Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258 Other liabilities and capital15 50,251 + 1,098 - 1,980 47,349 Total factors, other than reserve balances, absorbing reserve funds 5,020,724 + 23,174 + 977,169 5,110,371 Reserve balances with Federal Reserve Banks 3,961,721 + 2,062 + 280,691 3,893,412 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 16, 2022 Mar 16, 2022 Mar 9, 2022 Mar 17, 2021 Securities held in custody for foreign official and international accounts 3,434,801 + 2,109 - 141,250 3,446,959 Marketable U.S. Treasury securities1 3,022,135 - 2,881 - 111,540 3,027,331 Federal agency debt and mortgage-backed securities2 331,396 + 4,969 - 22,826 337,879 Other securities3 81,270 + 20 - 6,883 81,749 Securities lent to dealers 39,291 + 232 - 290 32,888 Overnight facility4 39,291 + 232 - 290 32,888 U.S. Treasury securities 39,291 + 232 - 290 32,888 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 16, 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 1,970 933 10 24,064 0 ... 26,978 U.S. Treasury securities2 Holdings 77,418 311,189 778,665 2,183,315 1,007,789 1,399,891 5,758,267 Weekly changes + 20,609 - 37,698 + 7,110 + 5,301 + 5,977 + 3,583 + 4,882 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 2,115 65,416 2,662,356 2,729,931 Weekly changes 0 0 0 - 10 - 538 + 39,119 + 38,570 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 14,859 ... ... 14,859 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 284 0 0 0 0 0 284 Reverse repurchase agreements8 1,864,637 0 ... ... ... ... 1,864,637 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 16, 2022 Mortgage-backed securities held outright1 2,729,931 Residential mortgage-backed securities 2,720,899 Commercial mortgage-backed securities 9,032 Commitments to buy mortgage-backed securities2 52,033 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 177 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 16, 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) 14,563 12,836 16,012 28,847 Municipal Liquidity Facility LLC 2,907 2,907 3,744 6,651 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 16, 2022 Mar 9, 2022 Mar 17, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,284 + 1 - 250 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,843,195 + 41,280 +1,306,782 Securities held outright1 8,490,545 + 43,452 +1,355,136 U.S. Treasury securities 5,758,267 + 4,882 + 846,634 Bills2 326,044 0 0 Notes and bonds, nominal2 4,966,485 + 4,001 + 753,429 Notes and bonds, inflation-indexed2 388,233 0 + 60,610 Inflation compensation3 77,505 + 881 + 32,595 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,729,931 + 38,570 + 508,502 Unamortized premiums on securities held outright5 346,944 - 682 - 5,251 Unamortized discounts on securities held outright5 -21,273 - 821 - 12,918 Repurchase agreements6 1 0 + 1 Loans7 26,978 - 670 - 30,186 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,563 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,010 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,847 - 158 - 2,093 Net portfolio holdings of Municipal Liquidity Facility LLC8 6,651 + 1 - 4,899 Net portfolio holdings of TALF II LLC8 2,526 0 - 3,122 Items in process of collection (0) 64 + 5 + 6 Bank premises 1,361 - 10 - 557 Central bank liquidity swaps9 284 - 9 - 506 Foreign currency denominated assets10 19,727 - 258 - 1,693 Other assets11 34,130 + 2,705 + 1,707 Total assets (0) 8,954,306 + 43,558 +1,260,800 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 16, 2022 Mar 9, 2022 Mar 17, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,214,221 + 4,814 + 148,852 Reverse repurchase agreements12 1,864,637 + 78,391 +1,659,121 Deposits (0) 4,806,630 - 38,356 - 515,866 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,893,412 - 60,239 + 20,089 U.S. Treasury, General Account 621,527 + 12,158 - 467,974 Foreign official 6,433 - 1,173 - 23,769 Other13 (0) 285,257 + 10,895 - 44,213 Deferred availability cash items (0) 211 - 97 + 69 Treasury contributions to credit facilities14 21,258 0 - 30,520 Other liabilities and accrued dividends15 6,241 - 1,193 - 2,744 Total liabilities (0) 8,913,198 + 43,559 +1,258,911 Capital accounts Capital paid in 34,324 0 + 1,890 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,109 0 + 1,890 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 16, 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 1,284 18 21 116 52 187 104 235 22 41 92 160 235 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,843,195 147,343 4,988,712 186,229 325,311 591,080 516,570 481,131 115,142 77,523 117,402 389,980 906,773 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,847 28,847 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 6,651 0 6,651 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 284 13 95 10 25 59 13 11 5 2 3 5 42 Foreign currency denominated assets4 19,727 895 6,631 708 1,706 4,105 892 773 375 168 213 355 2,905 Other assets5 35,554 684 18,723 843 1,345 2,670 2,158 1,940 783 436 758 1,655 3,559 Interdistrict settlement account 0+ 12,531- 316,085- 2,273+ 3,339+ 26,737+ 50,667+ 104,920+ 26,112+ 1,681+ 15,725+ 76,198 + 448 Total assets 8,954,306 190,862 4,712,697 186,157 332,529 626,026 572,591 590,146 142,914 80,126 134,649 469,573 916,037 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 16, 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 2,214,221 72,890 704,867 59,384 104,738 154,172 334,900 129,939 65,193 33,844 57,269 191,300 305,724 Reverse repurchase agreements6 1,864,637 31,160 1,053,997 39,383 67,847 124,946 109,253 101,754 24,310 14,428 24,761 82,457 190,342 Deposits 4,806,630 70,408 2,930,930 85,643 155,697 337,702 126,375 356,414 52,350 31,432 51,973 194,406 413,301 Depository institutions 3,893,412 70,384 2,232,731 85,642 155,643 337,142 126,281 144,433 52,342 30,968 50,804 193,815 413,228 U.S. Treasury, General Account 621,527 0 621,527 0 0 0 0 0 0 0 0 0 0 Foreign official 6,433 2 6,407 1 3 8 2 2 1 0 0 1 6 Other7 285,257 23 70,265 0 51 551 91 211,979 7 464 1,168 591 67 Earnings remittances due to the U.S. Treasury8 2,981 36 1,782 55 102 162 181 157 26 20 30 137 292 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 3,470 -1,219 1,494 195 221 608 552 375 170 154 191 259 471 Total liabilities 8,913,198 188,948 4,698,654 184,661 328,605 617,589 571,261 588,638 142,050 79,878 134,224 468,559 910,130 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 8,954,306 190,862 4,712,697 186,157 332,529 626,026 572,591 590,146 142,914 80,126 134,649 469,573 916,037 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 16, 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 16, 2022 Federal Reserve notes outstanding 2,483,965 Less: Notes held by F.R. Banks not subject to collateralization 269,744 Federal Reserve notes to be collateralized 2,214,221 Collateral held against Federal Reserve notes 2,214,221 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,197,984 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,490,546 Less: Face value of securities under reverse repurchase agreements 1,902,154 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,588,393 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.