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 April 21, 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 Apr 20, 2022 Federal Reserve Banks Apr 20, 2022 Apr 13, 2022 Apr 21, 2021 Reserve Bank credit 8,916,249 + 10,135 +1,154,428 8,919,111 Securities held outright1 8,492,347 + 9,412 +1,260,018 8,496,070 U.S. Treasury securities 5,752,453 - 9,233 + 761,063 5,763,035 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,963,585 - 294 + 674,530 4,975,463 Notes and bonds, inflation-indexed2 382,287 - 8,553 + 52,757 380,862 Inflation compensation3 80,537 - 386 + 33,776 80,667 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,737,547 + 18,645 + 498,955 2,730,687 Unamortized premiums on securities held outright5 343,055 - 726 - 8,387 342,411 Unamortized discounts on securities held outright5 -22,385 - 725 - 11,272 -23,052 Repurchase agreements6 0 - 9 0 0 Foreign official 0 0 0 0 Others 0 - 9 0 0 Loans 23,589 + 329 - 43,417 24,354 Primary credit 1,268 + 825 + 399 2,181 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 4 0 Money Market Mutual Fund Liquidity Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 22,321 - 496 - 43,813 22,173 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 - 25,961 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,708 - 169 - 2,179 28,476 Net portfolio holdings of Municipal Liquidity Facility LLC7 6,655 + 1 - 4,761 6,656 Net portfolio holdings of TALF II LLC7 2,512 + 1 - 2,771 2,512 Float -105 + 28 - 11 -155 Central bank liquidity swaps8 237 + 4 - 436 237 Other Federal Reserve assets9 41,636 + 1,990 + 2,162 41,600 Foreign currency denominated assets10 19,003 - 197 - 2,577 19,001 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,037 + 14 + 490 51,037 Total factors supplying reserve funds 9,002,530 + 9,951 +1,152,341 9,005,390 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 Apr 20, 2022 Federal Reserve Banks Apr 20, 2022 Apr 13, 2022 Apr 21, 2021 Currency in circulation11 2,270,105 - 186 + 111,936 2,270,489 Reverse repurchase agreements12 2,023,558 + 21,741 +1,747,148 2,164,277 Foreign official and international accounts 273,563 + 24,724 + 47,342 297,717 Others 1,749,996 - 2,982 +1,699,807 1,866,560 Treasury cash holdings 81 + 5 + 14 86 Deposits with F.R. Banks, other than reserve balances 986,273 + 158,780 - 501,918 1,175,344 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 711,406 + 164,098 - 304,496 907,526 Foreign official 10,348 + 2,486 - 20,898 10,077 Other13 264,520 - 7,803 - 176,523 257,741 Treasury contributions to credit facilities14 21,258 0 - 29,020 21,258 Other liabilities and capital15 49,153 + 1,154 - 2,467 47,079 Total factors, other than reserve balances, absorbing reserve funds 5,350,429 + 181,495 +1,325,695 5,678,533 Reserve balances with Federal Reserve Banks 3,652,101 - 171,543 - 173,354 3,326,857 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 Apr 20, 2022 Apr 20, 2022 Apr 13, 2022 Apr 21, 2021 Securities held in custody for foreign official and international accounts 3,445,586 - 15,402 - 114,180 3,448,822 Marketable U.S. Treasury securities1 3,026,090 - 24,166 - 91,333 3,033,083 Federal agency debt and mortgage-backed securities2 337,538 + 8,805 - 17,037 333,808 Other securities3 81,957 - 42 - 5,810 81,932 Securities lent to dealers 42,684 - 2,059 + 9,505 38,894 Overnight facility4 42,684 - 2,059 + 9,505 38,894 U.S. Treasury securities 42,684 - 2,059 + 9,505 38,894 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, April 20, 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 1,678 889 0 21,786 0 ... 24,354 U.S. Treasury securities2 Holdings 83,731 327,570 769,484 2,158,441 1,016,826 1,406,984 5,763,035 Weekly changes + 3,510 + 2,043 - 7,949 - 10,060 + 10,271 + 3,168 + 981 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 49 2,095 63,789 2,664,754 2,730,687 Weekly changes 0 0 + 1 - 10 - 575 - 8,914 - 9,498 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 14,511 ... ... 14,511 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 0 1,250 ... ... 1,250 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 237 0 0 0 0 0 237 Reverse repurchase agreements8 2,164,277 0 ... ... ... ... 2,164,277 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 (PPPLF) and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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 Apr 20, 2022 Mortgage-backed securities held outright1 2,730,687 Residential mortgage-backed securities 2,721,694 Commercial mortgage-backed securities 8,993 Commitments to buy mortgage-backed securities2 40,900 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 95 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 Apr 20, 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) 14,147 12,496 15,980 28,476 Municipal Liquidity Facility LLC 2,907 2,907 3,749 6,656 TALF II LLC 1,311 1,250 1,262 2,512 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 Apr 20, 2022 Apr 13, 2022 Apr 21, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,284 - 6 - 115 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,839,783 - 9,765 +1,180,838 Securities held outright1 8,496,070 - 8,516 +1,246,428 U.S. Treasury securities 5,763,035 + 981 + 762,729 Bills2 326,044 0 0 Notes and bonds, nominal2 4,975,463 + 11,584 + 678,389 Notes and bonds, inflation-indexed2 380,862 - 9,978 + 50,647 Inflation compensation3 80,667 - 625 + 33,694 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,730,687 - 9,498 + 483,698 Unamortized premiums on securities held outright5 342,411 - 1,148 - 8,863 Unamortized discounts on securities held outright5 -23,052 - 1,196 - 11,785 Repurchase agreements6 0 - 1 0 Loans7 24,354 + 1,096 - 44,942 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,556 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 25,975 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,476 - 410 - 2,416 Net portfolio holdings of Municipal Liquidity Facility LLC8 6,656 + 1 - 4,762 Net portfolio holdings of TALF II LLC8 2,512 0 - 2,771 Items in process of collection (0) 64 - 22 + 1 Bank premises 1,070 - 47 - 848 Central bank liquidity swaps9 237 + 4 - 436 Foreign currency denominated assets10 19,001 - 151 - 2,643 Other assets11 40,530 + 757 + 2,585 Total assets (0) 8,955,851 - 9,636 +1,134,903 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 Apr 20, 2022 Apr 13, 2022 Apr 21, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,220,817 - 820 + 109,639 Reverse repurchase agreements12 2,164,277 + 93,945 +1,861,487 Deposits (0) 4,502,201 - 100,948 - 803,574 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,326,857 - 466,462 - 440,597 U.S. Treasury, General Account 907,526 + 363,990 - 95,917 Foreign official 10,077 + 905 - 19,787 Other13 (0) 257,741 + 619 - 247,272 Deferred availability cash items (0) 218 - 52 + 55 Treasury contributions to credit facilities14 21,258 0 - 29,020 Other liabilities and accrued dividends15 5,835 - 1,787 - 5,660 Total liabilities (0) 8,914,606 - 9,663 +1,132,927 Capital accounts Capital paid in 34,460 + 27 + 1,976 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,245 + 27 + 1,976 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, 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, April 20, 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 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136 Coin 1,284 19 26 113 50 188 104 234 25 44 94 157 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,839,783 176,520 4,524,783 202,538 356,285 614,555 576,770 602,768 138,597 70,708 137,872 452,055 986,334 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,476 28,476 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 6,656 0 6,656 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,512 0 2,512 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 237 10 83 9 23 48 8 9 5 1 2 6 34 Foreign currency denominated assets4 19,001 818 6,619 705 1,857 3,810 618 720 382 96 196 456 2,724 Other assets5 41,664 919 20,292 1,044 1,717 3,189 2,779 2,796 777 474 940 2,197 4,541 Interdistrict settlement account 0- 14,440+ 260,202- 24,981- 59,726- 77,593+ 2,012+ 10,593+ 6,237+ 2,245- 3,833+ 2,071 - 102,789 Total assets 8,955,851 192,866 4,826,442 179,965 300,969 545,399 584,538 618,213 146,484 73,831 135,711 458,222 893,210 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, April 20, 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 2,220,817 72,958 703,976 60,287 103,831 153,171 333,945 129,546 67,563 34,227 58,367 192,733 310,213 Reverse repurchase agreements6 2,164,277 43,329 1,109,628 49,721 86,426 150,821 141,601 147,949 33,991 15,346 33,785 110,962 240,719 Deposits 4,502,201 60,051 2,990,406 68,213 106,466 232,203 106,933 338,649 43,831 23,826 42,899 153,119 335,607 Depository institutions 3,326,857 60,036 2,024,745 68,212 106,414 231,350 106,890 130,815 43,825 23,315 42,868 152,817 335,571 U.S. Treasury, General Account 907,526 0 907,526 0 0 0 0 0 0 0 0 0 0 Foreign official 10,077 2 10,051 1 4 8 1 2 1 0 0 1 6 Other7 257,741 13 48,084 0 48 845 41 207,832 5 511 31 300 31 Earnings remittances due to the U.S. Treasury8 2,639 47 1,353 60 108 175 185 176 39 20 38 143 294 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 3,414 -1,163 1,440 188 215 591 543 385 169 155 192 252 447 Total liabilities 8,914,606 190,895 4,812,387 178,469 297,045 536,962 583,207 616,706 145,593 73,574 135,281 457,208 887,281 Capital Capital paid in 34,460 1,679 11,693 1,244 3,261 7,077 1,110 1,250 755 223 361 850 4,957 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 8,955,851 192,866 4,826,442 179,965 300,969 545,399 584,538 618,213 146,484 73,831 135,711 458,222 893,210 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, April 20, 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 Apr 20, 2022 Federal Reserve notes outstanding 2,506,454 Less: Notes held by F.R. Banks not subject to collateralization 285,637 Federal Reserve notes to be collateralized 2,220,817 Collateral held against Federal Reserve notes 2,220,817 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,204,580 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,496,070 Less: Face value of securities under reverse repurchase agreements 2,269,005 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,227,065 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.