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 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 Jul 20, 2022 Federal Reserve Banks Jul 20, 2022 Jul 13, 2022 Jul 21, 2021 Reserve Bank credit 8,870,097 + 11,230 + 695,866 8,863,752 Securities held outright1 8,467,758 + 10,982 + 827,775 8,461,636 U.S. Treasury securities 5,734,555 - 10,538 + 497,541 5,733,027 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,940,673 - 1,285 + 431,248 4,940,459 Notes and bonds, inflation-indexed2 376,094 - 8,248 + 30,178 374,719 Inflation compensation3 91,744 - 1,005 + 36,116 91,806 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,730,856 + 21,520 + 330,234 2,726,261 Unamortized premiums on securities held outright5 332,196 - 598 - 21,103 331,733 Unamortized discounts on securities held outright5 -25,747 - 511 - 11,209 -25,759 Repurchase agreements6 0 - 1 0 0 Foreign official 0 0 0 0 Others 0 - 1 0 0 Loans 19,575 - 53 - 67,881 19,930 Primary credit 2,589 + 332 + 2,111 3,064 Secondary credit 0 0 0 0 Seasonal credit 11 + 1 - 5 10 Primary Dealer Credit Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 16,975 - 386 - 69,988 16,855 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 - 22,642 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 26,084 - 319 - 4,349 26,038 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,544 + 1 - 4,214 5,546 Net portfolio holdings of TALF II LLC7 2,180 + 1 - 2,510 2,181 Float -135 - 3 - 25 -140 Central bank liquidity swaps8 195 + 10 - 280 195 Other Federal Reserve assets9 42,448 + 1,721 + 2,306 42,394 Foreign currency denominated assets10 17,646 - 97 - 3,588 17,753 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,219 + 14 + 604 51,219 Total factors supplying reserve funds 8,955,204 + 11,147 + 692,883 8,948,965 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 20, 2022 Federal Reserve Banks Jul 20, 2022 Jul 13, 2022 Jul 21, 2021 Currency in circulation11 2,276,828 - 5,105 + 91,625 2,275,924 Reverse repurchase agreements12 2,484,465 + 48,934 +1,398,272 2,534,475 Foreign official and international accounts 297,212 + 14,953 + 42,981 294,271 Others 2,187,253 + 33,980 +1,355,291 2,240,204 Treasury cash holdings 99 - 3 + 52 98 Deposits with F.R. Banks, other than reserve balances 841,950 - 43,337 - 84,264 837,012 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 613,878 - 38,694 - 64,225 616,348 Foreign official 10,155 + 171 + 4,351 10,752 Other13 217,918 - 4,813 - 24,389 209,911 Treasury contributions to credit facilities14 17,940 0 - 22,338 17,940 Other liabilities and capital15 49,596 - 233 - 1,849 48,344 Total factors, other than reserve balances, absorbing reserve funds 5,670,879 + 258 +1,381,498 5,713,793 Reserve balances with Federal Reserve Banks 3,284,324 + 10,888 - 688,616 3,235,172 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 20, 2022 Jul 20, 2022 Jul 13, 2022 Jul 21, 2021 Securities held in custody for foreign official and international accounts 3,352,458 - 13,438 - 174,016 3,355,648 Marketable U.S. Treasury securities1 2,954,064 - 14,214 - 128,444 2,959,853 Federal agency debt and mortgage-backed securities2 315,666 + 755 - 38,322 312,714 Other securities3 82,728 + 21 - 7,250 83,081 Securities lent to dealers 36,968 - 6,552 + 5,698 39,408 Overnight facility4 36,968 - 6,552 + 5,698 39,408 U.S. Treasury securities 36,968 - 6,552 + 5,698 39,408 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 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 1,646 1,444 0 16,840 0 ... 19,930 U.S. Treasury securities2 Holdings 85,856 322,875 816,212 2,053,774 1,019,129 1,435,181 5,733,027 Weekly changes + 4,046 - 19,253 + 7,982 - 3,507 - 4,489 + 2,720 - 12,501 Federal agency debt securities3 Holdings 0 0 0 0 2,347 0 2,347 Weekly changes 0 0 0 0 + 213 - 213 0 Mortgage-backed securities4 Holdings 0 2 55 2,066 59,136 2,665,003 2,726,261 Weekly changes 0 0 0 0 - 458 + 17,383 + 16,924 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 13,665 ... ... 13,665 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 66 1,040 ... ... 1,107 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 195 0 0 0 0 0 195 Reverse repurchase agreements8 2,534,475 0 ... ... ... ... 2,534,475 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 20, 2022 Mortgage-backed securities held outright1 2,726,261 Residential mortgage-backed securities 2,717,517 Commercial mortgage-backed securities 8,745 Commitments to buy mortgage-backed securities2 27,774 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 2 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 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) 13,204 11,796 14,242 26,038 Municipal Liquidity Facility LLC 2,907 2,907 2,638 5,546 TALF II LLC 1,152 1,107 1,074 2,181 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 20, 2022 Jul 13, 2022 Jul 21, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,266 + 14 + 18 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,787,540 + 3,162 + 694,164 Securities held outright1 8,461,636 + 4,424 + 794,126 U.S. Treasury securities 5,733,027 - 12,501 + 490,040 Bills2 326,044 0 0 Notes and bonds, nominal2 4,940,459 - 1,499 + 426,432 Notes and bonds, inflation-indexed2 374,719 - 9,623 + 27,775 Inflation compensation3 91,806 - 1,378 + 35,834 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,726,261 + 16,924 + 304,084 Unamortized premiums on securities held outright5 331,733 - 854 - 21,906 Unamortized discounts on securities held outright5 -25,759 - 556 - 11,138 Repurchase agreements6 0 - 2 0 Loans7 19,930 + 149 - 66,918 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 22,648 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 26,038 - 376 - 4,401 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,546 + 2 - 4,214 Net portfolio holdings of TALF II LLC8 2,181 + 1 - 2,509 Items in process of collection (0) 65 - 6 + 12 Bank premises 609 + 2 - 1,258 Central bank liquidity swaps9 195 + 10 - 280 Foreign currency denominated assets10 17,753 + 106 - 3,460 Other assets11 41,785 + 432 + 3,262 Total assets (0) 8,899,213 + 3,346 + 658,683 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 20, 2022 Jul 13, 2022 Jul 21, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,226,065 - 3,915 + 90,308 Reverse repurchase agreements12 2,534,475 + 91,635 +1,397,597 Deposits (0) 4,072,184 - 82,932 - 805,032 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,235,172 - 71,349 - 739,375 U.S. Treasury, General Account 616,348 - 2,392 + 54 Foreign official 10,752 + 677 + 4,915 Other13 (0) 209,911 - 9,869 - 70,628 Deferred availability cash items (0) 206 - 30 + 44 Treasury contributions to credit facilities14 17,940 0 - 22,338 Other liabilities and accrued dividends15 6,637 - 1,413 - 3,996 Total liabilities (0) 8,857,506 + 3,345 + 656,582 Capital accounts Capital paid in 34,922 0 + 2,102 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,707 0 + 2,102 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 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 1,266 18 26 108 49 190 109 224 25 39 92 154 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,787,540 175,619 4,498,588 201,764 353,451 611,097 573,774 599,855 137,777 68,389 137,010 449,615 980,600 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 26,038 26,038 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,546 0 5,546 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 2,181 0 2,181 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 195 8 68 7 19 39 6 7 4 1 2 5 28 Foreign currency denominated assets4 17,753 764 6,184 658 1,735 3,559 578 673 357 89 183 426 2,545 Other assets5 42,459 944 20,649 1,062 1,756 3,259 2,829 2,851 791 474 955 2,244 4,644 Interdistrict settlement account 0- 12,734+ 298,493- 28,239- 73,007- 25,871+ 5,444- 44,369- 818- 921- 10,496- 1,895 - 105,586 Total assets 8,899,213 191,203 4,837,005 175,897 284,766 593,476 584,987 560,335 138,598 68,334 128,186 451,827 884,598 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 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 2,226,065 76,418 703,463 58,072 102,749 151,573 339,835 125,418 71,002 33,885 58,304 195,217 310,130 Reverse repurchase agreements6 2,534,475 50,740 1,299,430 58,225 101,209 176,619 165,822 173,256 39,805 17,971 39,563 129,942 281,894 Deposits 4,072,184 49,203 2,812,386 57,843 76,510 256,007 77,257 259,578 26,663 16,049 29,648 125,191 285,848 Depository institutions 3,235,172 49,195 2,138,197 57,842 76,474 255,550 77,224 97,720 26,656 15,867 29,618 125,010 285,819 U.S. Treasury, General Account 616,348 0 616,348 0 0 0 0 0 0 0 0 0 0 Foreign official 10,752 2 10,726 1 4 8 1 2 1 0 0 1 6 Other7 209,911 6 47,115 0 31 449 32 161,857 6 181 30 180 24 Earnings remittances due to the U.S. Treasury8 1,921 45 813 52 98 170 160 128 47 17 32 112 247 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 4,921 -861 2,318 209 230 667 577 444 175 156 204 286 515 Total liabilities 8,857,506 189,436 4,822,459 174,401 280,795 585,035 583,651 558,824 137,693 68,078 127,752 450,747 878,635 Capital Capital paid in 34,922 1,474 12,184 1,245 3,308 7,081 1,115 1,254 769 222 364 917 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 8,899,213 191,203 4,837,005 175,897 284,766 593,476 584,987 560,335 138,598 68,334 128,186 451,827 884,598 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 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 $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 20, 2022 Federal Reserve notes outstanding 2,540,701 Less: Notes held by F.R. Banks not subject to collateralization 314,636 Federal Reserve notes to be collateralized 2,226,065 Collateral held against Federal Reserve notes 2,226,065 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,209,828 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,461,636 Less: Face value of securities under reverse repurchase agreements 2,635,729 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,825,907 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.