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 May 19, 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 May 18, 2022 Federal Reserve Banks May 18, 2022 May 11, 2022 May 19, 2021 Reserve Bank credit 8,919,394 + 14,755 +1,044,314 8,909,605 Securities held outright1 8,504,281 + 20,801 +1,168,369 8,504,191 U.S. Treasury securities 5,767,508 + 1,395 + 705,090 5,768,021 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,975,463 0 + 628,368 4,975,463 Notes and bonds, inflation-indexed2 380,862 0 + 41,035 380,862 Inflation compensation3 85,139 + 1,395 + 35,687 85,652 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,734,426 + 19,405 + 463,279 2,733,823 Unamortized premiums on securities held outright5 339,574 - 617 - 10,563 339,307 Unamortized discounts on securities held outright5 -23,974 - 548 - 10,835 -24,301 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 21,531 - 654 - 60,147 21,397 Primary credit 846 - 309 + 230 856 Secondary credit 0 0 0 0 Seasonal credit 3 + 1 + 2 4 Primary Dealer Credit Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 20,682 - 346 - 60,378 20,537 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 - 25,910 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 28,557 - 85 - 2,059 28,438 Net portfolio holdings of Municipal Liquidity Facility LLC7 6,660 + 1 - 4,465 6,661 Net portfolio holdings of TALF II LLC7 2,466 + 1 - 2,456 2,466 Float -142 - 8 - 36 -124 Central bank liquidity swaps8 219 - 3 - 417 219 Other Federal Reserve assets9 40,222 - 4,134 + 1,388 31,351 Foreign currency denominated assets10 18,479 - 46 - 3,201 18,581 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,093 + 14 + 520 51,093 Total factors supplying reserve funds 9,005,208 + 14,723 +1,041,634 8,995,520 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 May 18, 2022 Federal Reserve Banks May 18, 2022 May 11, 2022 May 19, 2021 Currency in circulation11 2,272,470 - 257 + 103,899 2,273,025 Reverse repurchase agreements12 2,160,782 + 12,933 +1,698,063 2,241,622 Foreign official and international accounts 277,934 - 8,529 + 58,815 268,249 Others 1,882,848 + 21,462 +1,639,248 1,973,373 Treasury cash holdings 90 + 8 + 51 92 Deposits with F.R. Banks, other than reserve balances 1,142,570 - 67,114 - 166,091 1,112,579 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 886,964 - 58,694 + 20,845 866,726 Foreign official 7,879 + 373 - 20,282 7,436 Other13 247,728 - 8,792 - 166,653 238,417 Treasury contributions to credit facilities14 21,258 0 - 29,020 21,258 Other liabilities and capital15 51,660 + 1,327 - 1,839 49,803 Total factors, other than reserve balances, absorbing reserve funds 5,648,831 - 53,102 +1,605,064 5,698,378 Reserve balances with Federal Reserve Banks 3,356,377 + 67,825 - 563,430 3,297,142 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 May 18, 2022 May 18, 2022 May 11, 2022 May 19, 2021 Securities held in custody for foreign official and international accounts 3,422,780 + 383 - 108,438 3,421,963 Marketable U.S. Treasury securities1 3,006,172 - 14,789 - 81,275 3,005,181 Federal agency debt and mortgage-backed securities2 333,637 + 14,824 - 21,881 333,727 Other securities3 82,970 + 346 - 5,283 83,055 Securities lent to dealers 39,477 - 2,452 + 2,928 44,907 Overnight facility4 39,477 - 2,452 + 2,928 44,907 U.S. Treasury securities 39,477 - 2,452 + 2,928 44,907 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, May 18, 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 328 633 0 20,437 0 ... 21,397 U.S. Treasury securities2 Holdings 82,052 346,689 768,924 2,116,508 1,027,982 1,425,865 5,768,021 Weekly changes - 43,843 + 60,184 - 33,350 - 7,229 + 9,883 + 15,751 + 1,396 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 53 2,055 62,055 2,669,658 2,733,823 Weekly changes 0 0 0 - 12 - 576 + 19,388 + 18,802 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 14,298 ... ... 14,298 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 0 1,159 ... ... 1,159 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 219 0 0 0 0 0 219 Reverse repurchase agreements8 2,241,622 0 ... ... ... ... 2,241,622 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 May 18, 2022 Mortgage-backed securities held outright1 2,733,823 Residential mortgage-backed securities 2,724,920 Commercial mortgage-backed securities 8,903 Commitments to buy mortgage-backed securities2 49,119 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 27 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 May 18, 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) 13,926 12,429 16,009 28,438 Municipal Liquidity Facility LLC 2,907 2,907 3,754 6,661 TALF II LLC 1,264 1,159 1,307 2,466 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 March 31, 2022. 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 May 18, 2022 May 11, 2022 May 19, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,275 - 9 + 5 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,840,594 + 18,248 +1,068,598 Securities held outright1 8,504,191 + 20,198 +1,152,462 U.S. Treasury securities 5,768,021 + 1,396 + 696,200 Bills2 326,044 0 0 Notes and bonds, nominal2 4,975,463 0 + 620,281 Notes and bonds, inflation-indexed2 380,862 0 + 40,007 Inflation compensation3 85,652 + 1,396 + 35,912 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,733,823 + 18,802 + 456,262 Unamortized premiums on securities held outright5 339,307 - 680 - 10,982 Unamortized discounts on securities held outright5 -24,301 - 900 - 10,981 Repurchase agreements6 0 0 0 Loans7 21,397 - 369 - 61,900 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 - 8,554 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 25,966 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 28,438 - 213 - 2,112 Net portfolio holdings of Municipal Liquidity Facility LLC8 6,661 + 1 - 4,466 Net portfolio holdings of TALF II LLC8 2,466 0 - 2,456 Items in process of collection (0) 76 + 12 + 21 Bank premises 622 + 2 - 1,297 Central bank liquidity swaps9 219 - 3 - 433 Foreign currency denominated assets10 18,581 + 64 - 3,204 Other assets11 30,729 - 14,213 + 2,879 Total assets (0) 8,945,898 + 3,890 +1,023,015 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 May 18, 2022 May 11, 2022 May 19, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,223,294 - 739 + 103,450 Reverse repurchase agreements12 2,241,622 + 66,859 +1,719,466 Deposits (0) 4,409,721 - 62,906 - 770,459 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,297,142 + 1,461 - 526,839 U.S. Treasury, General Account 866,726 - 52,605 + 5,893 Foreign official 7,436 + 1 - 20,314 Other13 (0) 238,417 - 11,763 - 229,199 Deferred availability cash items (0) 199 - 43 + 38 Treasury contributions to credit facilities14 21,258 0 - 29,020 Other liabilities and accrued dividends15 8,189 + 717 - 2,653 Total liabilities (0) 8,904,284 + 3,890 +1,020,822 Capital accounts Capital paid in 34,829 0 + 2,192 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,614 0 + 2,192 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, 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, May 18, 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 1,275 21 25 110 48 190 104 231 25 46 93 154 229 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,840,594 176,624 4,524,990 202,618 356,248 614,754 577,059 603,004 138,636 70,071 137,918 452,215 986,457 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 28,438 28,438 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 6,661 0 6,661 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,466 0 2,466 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 219 9 76 8 21 44 7 8 4 1 2 5 31 Foreign currency denominated assets4 18,581 800 6,472 689 1,816 3,725 605 704 374 93 192 446 2,664 Other assets5 31,427 711 14,970 808 1,289 2,477 2,109 2,089 753 387 771 1,665 3,398 Interdistrict settlement account 0- 21,320+ 351,976- 23,842- 70,390- 77,792- 430- 31,150+ 618- 2,370- 11,072- 4,951 - 109,276 Total assets 8,945,898 185,828 4,912,909 180,928 289,795 544,600 581,700 575,980 140,871 68,491 128,343 450,813 885,639 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, May 18, 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 2,223,294 72,838 702,544 60,658 103,221 151,106 335,358 128,216 69,465 34,145 58,618 195,737 311,389 Reverse repurchase agreements6 2,241,622 44,877 1,149,283 51,498 89,514 156,211 146,662 153,237 35,205 15,894 34,992 114,927 249,322 Deposits 4,409,721 51,354 3,036,981 66,992 92,734 227,915 97,571 292,367 35,067 18,006 34,036 138,619 318,079 Depository institutions 3,297,142 51,339 2,111,754 66,991 92,650 226,948 97,549 106,617 35,061 17,847 33,997 138,341 318,049 U.S. Treasury, General Account 866,726 0 866,726 0 0 0 0 0 0 0 0 0 0 Foreign official 7,436 2 7,410 1 4 8 1 2 1 0 0 1 6 Other7 238,417 13 51,092 0 80 959 21 185,748 5 159 38 277 24 Earnings remittances due to the U.S. Treasury8 3,180 68 1,516 76 143 259 234 206 50 24 61 170 373 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 5,208 -976 2,745 207 239 669 544 447 178 156 203 281 515 Total liabilities 8,904,284 183,835 4,898,653 179,431 285,852 536,159 580,368 574,472 139,966 68,225 127,910 449,734 879,678 Capital Capital paid in 34,829 1,701 11,893 1,245 3,280 7,080 1,111 1,251 769 232 363 916 4,989 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 8,945,898 185,828 4,912,909 180,928 289,795 544,600 581,700 575,980 140,871 68,491 128,343 450,813 885,639 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, May 18, 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 May 18, 2022 Federal Reserve notes outstanding 2,519,411 Less: Notes held by F.R. Banks not subject to collateralization 296,116 Federal Reserve notes to be collateralized 2,223,294 Collateral held against Federal Reserve notes 2,223,294 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,207,057 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,504,191 Less: Face value of securities under reverse repurchase agreements 2,379,684 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,124,507 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.