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 July 7, 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 Jul 6, 2022 Federal Reserve Banks Jul 6, 2022 Jun 29, 2022 Jul 7, 2021 Reserve Bank credit 8,855,279 - 34,340 + 807,473 8,856,240 Securities held outright1 8,455,658 - 30,980 + 943,090 8,456,027 U.S. Treasury securities 5,743,982 - 19,747 + 553,399 5,744,344 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,941,958 - 22,121 + 485,923 4,941,958 Notes and bonds, inflation-indexed2 384,342 + 1,376 + 31,456 384,342 Inflation compensation3 91,638 + 998 + 36,019 92,000 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,709,329 - 11,234 + 389,692 2,709,336 Unamortized premiums on securities held outright5 333,291 - 969 - 18,207 333,109 Unamortized discounts on securities held outright5 -25,208 - 88 - 10,851 -25,183 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 19,701 - 1,515 - 70,137 19,403 Primary credit 1,949 - 933 + 1,558 1,765 Secondary credit 0 - 1 0 0 Seasonal credit 9 - 4 - 11 10 Primary Dealer Credit Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 17,742 - 577 - 71,685 17,628 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 25,906 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 26,391 + 15 - 4,157 26,401 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,542 + 2 - 5,198 5,543 Net portfolio holdings of TALF II LLC7 2,179 - 18 - 2,510 2,179 Float -215 + 95 - 92 -202 Central bank liquidity swaps8 347 + 163 - 174 347 Other Federal Reserve assets9 37,596 - 1,041 + 1,618 38,617 Foreign currency denominated assets10 18,067 - 162 - 3,135 17,833 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,191 + 14 + 595 51,191 Total factors supplying reserve funds 8,940,779 - 34,488 + 804,935 8,941,506 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 Jul 6, 2022 Federal Reserve Banks Jul 6, 2022 Jun 29, 2022 Jul 7, 2021 Currency in circulation11 2,283,569 + 4,881 + 96,803 2,284,935 Reverse repurchase agreements12 2,458,018 - 8,402 +1,449,767 2,440,650 Foreign official and international accounts 271,677 + 8,842 + 10,135 272,624 Others 2,186,341 - 17,244 +1,439,632 2,168,026 Treasury cash holdings 98 0 + 56 102 Deposits with F.R. Banks, other than reserve balances 942,387 - 90,600 - 37,254 926,609 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 700,457 - 56,170 - 52,907 687,943 Foreign official 7,669 + 235 + 2,406 8,462 Other13 234,261 - 34,664 + 13,247 230,204 Treasury contributions to credit facilities14 17,940 0 - 22,338 17,940 Other liabilities and capital15 48,140 - 908 - 2,157 48,340 Total factors, other than reserve balances, absorbing reserve funds 5,750,152 - 95,028 +1,484,877 5,718,575 Reserve balances with Federal Reserve Banks 3,190,627 + 60,540 - 679,941 3,222,930 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 Jul 6, 2022 Jul 6, 2022 Jun 29, 2022 Jul 7, 2021 Securities held in custody for foreign official and international accounts 3,376,705 - 14,139 - 151,680 3,365,309 Marketable U.S. Treasury securities1 2,978,880 - 11,797 - 108,656 2,967,655 Federal agency debt and mortgage-backed securities2 314,998 - 2,106 - 36,763 314,930 Other securities3 82,827 - 236 - 6,261 82,725 Securities lent to dealers 45,691 + 870 + 8,122 39,804 Overnight facility4 45,691 + 870 + 8,122 39,804 U.S. Treasury securities 45,691 + 870 + 8,122 39,804 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, July 6, 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 871 920 0 17,612 0 ... 19,403 U.S. Treasury securities2 Holdings 82,799 335,728 813,570 2,056,844 1,023,242 1,432,162 5,744,344 Weekly changes - 10,571 + 10,705 + 2,696 - 27,174 + 3,408 + 1,348 - 19,589 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 2 55 2,066 59,594 2,647,619 2,709,336 Weekly changes 0 + 1 + 9 + 82 + 57 - 142 + 8 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 13,798 ... ... 13,798 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 0 1,126 ... ... 1,126 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 347 0 0 0 0 0 347 Reverse repurchase agreements8 2,440,650 0 ... ... ... ... 2,440,650 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 Jul 6, 2022 Mortgage-backed securities held outright1 2,709,336 Residential mortgage-backed securities 2,700,572 Commercial mortgage-backed securities 8,764 Commitments to buy mortgage-backed securities2 48,348 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 9 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 Jul 6, 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) 13,591 11,929 14,472 26,401 Municipal Liquidity Facility LLC 2,907 2,907 2,635 5,543 TALF II LLC 1,152 1,126 1,053 2,179 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 Jul 6, 2022 Jun 29, 2022 Jul 7, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,240 - 8 + 5 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,783,356 - 22,584 + 833,762 Securities held outright1 8,456,027 - 19,581 + 932,318 U.S. Treasury securities 5,744,344 - 19,589 + 542,619 Bills2 326,044 0 0 Notes and bonds, nominal2 4,941,958 - 22,099 + 475,008 Notes and bonds, inflation-indexed2 384,342 + 1,376 + 31,456 Inflation compensation3 92,000 + 1,135 + 36,155 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,709,336 + 8 + 389,699 Unamortized premiums on securities held outright5 333,109 - 602 - 18,323 Unamortized discounts on securities held outright5 -25,183 - 101 - 10,834 Repurchase agreements6 0 - 1 0 Loans7 19,403 - 2,299 - 69,399 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 25,931 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 26,401 + 14 - 4,154 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,543 + 2 - 5,199 Net portfolio holdings of TALF II LLC8 2,179 - 19 - 2,510 Items in process of collection (0) 99 + 47 - 14 Bank premises 610 - 11 - 1,270 Central bank liquidity swaps9 347 + 163 - 174 Foreign currency denominated assets10 17,833 - 284 - 3,356 Other assets11 38,007 + 979 + 2,919 Total assets (0) 8,891,851 - 21,702 + 794,078 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 Jul 6, 2022 Jun 29, 2022 Jul 7, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,235,081 + 3,759 + 95,679 Reverse repurchase agreements12 2,440,650 - 47,597 +1,391,318 Deposits (0) 4,149,540 + 23,026 - 668,539 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,222,931 + 104,317 - 633,272 U.S. Treasury, General Account 687,943 - 71,902 - 36,955 Foreign official 8,462 + 1,028 + 3,232 Other13 (0) 230,204 - 10,418 - 1,544 Deferred availability cash items (0) 301 - 936 + 88 Treasury contributions to credit facilities14 17,940 0 - 22,338 Other liabilities and accrued dividends15 6,636 + 46 - 4,229 Total liabilities (0) 8,850,147 - 21,702 + 791,977 Capital accounts Capital paid in 34,919 0 + 2,101 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,704 0 + 2,101 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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, July 6, 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 1,240 18 22 107 48 191 95 222 25 41 91 152 227 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,783,356 175,558 4,496,436 201,608 353,456 610,851 573,487 599,290 137,725 68,615 137,133 449,364 979,832 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 26,401 26,401 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,543 0 5,543 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,179 0 2,179 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 347 15 121 13 34 69 11 13 7 2 4 8 50 Foreign currency denominated assets4 17,833 768 6,212 661 1,743 3,575 580 676 359 90 184 428 2,556 Other assets5 38,716 866 18,722 974 1,595 2,979 2,615 2,591 734 472 896 2,049 4,223 Interdistrict settlement account 0- 9,071+ 284,076- 27,385- 70,852- 42,038+ 7,939- 31,181+ 2,719- 748- 11,426- 4,588 - 97,443 Total assets 8,891,851 195,098 4,818,581 176,516 286,787 576,831 586,975 572,704 142,030 68,734 127,322 448,693 891,581 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, July 6, 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 2,235,081 75,266 704,562 59,992 103,529 152,420 339,278 127,083 71,160 33,936 58,488 196,416 312,952 Reverse repurchase agreements6 2,440,650 48,862 1,251,325 56,070 97,462 170,080 159,683 166,842 38,331 17,305 38,099 125,131 271,459 Deposits 4,149,540 56,196 2,840,439 58,723 81,562 245,276 85,865 276,721 31,409 17,061 30,071 125,684 300,532 Depository institutions 3,222,931 56,184 2,093,814 58,722 81,528 244,685 85,817 97,938 31,359 16,766 30,032 125,577 300,508 U.S. Treasury, General Account 687,943 0 687,943 0 0 0 0 0 0 0 0 0 0 Foreign official 8,462 2 8,435 1 4 8 1 2 1 0 0 1 6 Other7 230,204 10 50,245 0 30 582 47 178,782 49 296 39 105 19 Earnings remittances due to the U.S. Treasury8 1,444 5 736 30 39 7 162 103 40 17 27 103 175 Treasury contributions to credit facilities9 17,940 13,891 4,049 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 5,493 -888 2,923 205 224 607 651 444 185 158 203 282 501 Total liabilities 8,850,147 193,332 4,804,034 175,019 282,816 568,390 585,639 571,193 141,125 68,477 126,888 447,616 885,618 Capital Capital paid in 34,919 1,474 12,184 1,245 3,308 7,081 1,115 1,254 769 222 364 915 4,990 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 8,891,851 195,098 4,818,581 176,516 286,787 576,831 586,975 572,704 142,030 68,734 127,322 448,693 891,581 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, July 6, 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 Jul 6, 2022 Federal Reserve notes outstanding 2,534,887 Less: Notes held by F.R. Banks not subject to collateralization 299,806 Federal Reserve notes to be collateralized 2,235,081 Collateral held against Federal Reserve notes 2,235,081 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,218,844 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,456,027 Less: Face value of securities under reverse repurchase agreements 2,599,107 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,856,920 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.