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 December 8, 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 Dec 7, 2022 Federal Reserve Banks Dec 7, 2022 Nov 30, 2022 Dec 8, 2021 Reserve Bank credit 8,546,449 - 22,586 - 75,207 8,546,896 Securities held outright1 8,175,668 - 19,987 + 2,189 8,175,598 U.S. Treasury securities 5,514,565 - 18,083 - 85,653 5,514,496 Bills2 294,364 - 1,695 - 31,680 294,133 Notes and bonds, nominal2 4,741,553 - 18,181 - 84,327 4,741,553 Notes and bonds, inflation-indexed2 377,416 + 1,397 - 1,983 377,416 Inflation compensation3 101,232 + 396 + 32,337 101,392 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,658,756 - 1,904 + 87,842 2,658,756 Unamortized premiums on securities held outright5 316,684 - 668 - 37,234 316,497 Unamortized discounts on securities held outright5 -27,678 - 372 - 10,177 -27,610 Repurchase agreements6 5 + 5 + 5 0 Foreign official 0 0 0 0 Others 5 + 5 + 5 0 Loans 19,682 - 2,236 - 20,541 19,283 Primary credit 7,525 - 1,959 + 7,224 7,158 Secondary credit 0 0 0 0 Seasonal credit 0 - 17 0 0 Primary Dealer Credit Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 12,157 - 259 - 27,764 12,125 Other credit extensions 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 2 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,797 + 19 - 6,789 22,815 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,560 + 3 - 2,395 5,562 Net portfolio holdings of TALF II LLC7 1,978 - 15 - 648 1,980 Float -153 + 163 - 25 -176 Central bank liquidity swaps8 199 - 4 - 73 199 Other Federal Reserve assets9 31,707 + 507 + 481 32,747 Foreign currency denominated assets10 18,215 + 324 - 2,232 18,157 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,468 + 14 + 728 51,468 Total factors supplying reserve funds 8,632,373 - 22,247 - 76,711 8,632,761 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 Dec 7, 2022 Federal Reserve Banks Dec 7, 2022 Nov 30, 2022 Dec 8, 2021 Currency in circulation11 2,295,916 - 1,467 + 75,481 2,296,078 Reverse repurchase agreements12 2,446,768 + 25,259 + 672,849 2,519,549 Foreign official and international accounts 367,306 + 2,593 + 65,130 368,000 Others 2,079,462 + 22,665 + 607,719 2,151,549 Treasury cash holdings 103 + 6 + 34 101 Deposits with F.R. Banks, other than reserve balances 639,961 - 72,865 + 272,179 617,072 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 432,335 - 79,139 + 317,218 410,853 Foreign official 8,436 + 999 + 1,532 8,436 Other13 199,190 + 5,275 - 46,571 197,784 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 35,230 - 3,234 - 14,585 35,525 Total factors, other than reserve balances, absorbing reserve funds 5,433,325 - 52,300 +1,000,047 5,483,673 Reserve balances with Federal Reserve Banks 3,199,048 + 30,053 -1,076,758 3,149,088 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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 Dec 7, 2022 Dec 7, 2022 Nov 30, 2022 Dec 8, 2021 Securities held in custody for foreign official and international accounts 3,306,631 - 5,540 - 139,088 3,312,784 Marketable U.S. Treasury securities1 2,895,286 - 5,023 - 145,008 2,901,385 Federal agency debt and mortgage-backed securities2 329,944 - 44 + 6,717 329,947 Other securities3 81,401 - 474 - 798 81,453 Securities lent to dealers 42,008 + 3,516 + 6,756 44,528 Overnight facility4 42,008 + 3,516 + 6,756 44,528 U.S. Treasury securities 41,987 + 3,510 + 6,735 44,507 Federal agency debt securities 21 + 6 + 21 21 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, December 7, 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 5,633 1,532 0 12,118 0 ... 19,283 U.S. Treasury securities2 Holdings 42,464 383,480 727,025 1,948,280 949,005 1,464,244 5,514,496 Weekly changes - 14,950 + 8,086 + 4,959 + 170 + 136 + 114 - 1,488 Federal agency debt securities3 Holdings 0 0 0 0 2,347 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 3 44 4,149 50,967 2,603,593 2,658,756 Weekly changes 0 + 2 0 + 214 - 91 - 125 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 12,096 ... ... 12,096 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907 Loans held by TALF II LLC7 0 0 974 37 ... ... 1,010 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 199 0 0 0 0 0 199 Reverse repurchase agreements8 2,519,549 0 ... ... ... ... 2,519,549 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 Dec 7, 2022 Mortgage-backed securities held outright1 2,658,756 Residential mortgage-backed securities 2,650,237 Commercial mortgage-backed securities 8,519 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 22 Cash and cash equivalents3 0 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 Dec 7, 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) 11,606 10,710 12,104 22,815 Municipal Liquidity Facility LLC 2,907 2,907 2,654 5,562 TALF II LLC 1,040 1,010 969 1,980 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 September 30, 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 Dec 7, 2022 Nov 30, 2022 Dec 8, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,171 + 12 - 16 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,483,769 - 5,305 - 69,979 Securities held outright1 8,175,598 - 1,489 - 1,837 U.S. Treasury securities 5,514,496 - 1,488 - 89,673 Bills2 294,133 - 1,926 - 31,911 Notes and bonds, nominal2 4,741,553 0 - 86,477 Notes and bonds, inflation-indexed2 377,416 0 - 3,384 Inflation compensation3 101,392 + 438 + 32,096 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,658,756 0 + 87,838 Unamortized premiums on securities held outright5 316,497 - 573 - 37,625 Unamortized discounts on securities held outright5 -27,610 - 196 - 10,116 Repurchase agreements6 0 0 - 1 Loans7 19,283 - 3,049 - 20,402 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 2 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,815 + 20 - 6,777 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,562 + 3 - 2,394 Net portfolio holdings of TALF II LLC8 1,980 + 2 - 646 Items in process of collection (0) 94 - 17 + 12 Bank premises 474 0 - 909 Central bank liquidity swaps9 199 - 5 - 73 Foreign currency denominated assets10 18,157 + 319 - 2,268 Other assets11 32,278 + 3,129 + 1,263 Total assets (0) 8,582,735 - 1,841 - 81,789 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 Dec 7, 2022 Nov 30, 2022 Dec 8, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,245,879 - 1,777 + 75,151 Reverse repurchase agreements12 2,519,549 + 23,043 + 732,322 Deposits (0) 3,766,165 - 19,215 - 868,974 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,149,093 + 96,858 -1,106,507 U.S. Treasury, General Account 410,853 - 121,938 + 285,709 Foreign official 8,436 + 999 + 799 Other13 (0) 197,784 + 4,866 - 48,975 Deferred availability cash items (0) 269 - 906 + 100 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -6,270 - 3,196 - 15,616 Total liabilities (0) 8,540,940 - 2,051 - 82,928 Capital accounts Capital paid in 35,010 + 209 + 1,138 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,795 + 209 + 1,138 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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, December 7, 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 1,171 16 23 108 43 185 62 223 22 35 87 151 217 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,483,769 169,674 4,342,859 194,643 340,581 590,003 554,319 579,154 132,962 64,474 132,513 434,244 948,346 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,815 22,815 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,562 0 5,562 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,980 0 1,980 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 199 9 69 7 19 40 6 8 4 1 2 5 29 Foreign currency denominated assets4 18,157 782 6,325 673 1,774 3,640 591 688 365 91 187 436 2,603 Other assets5 32,846 762 15,623 839 1,352 2,597 2,234 2,212 624 429 793 1,762 3,619 Interdistrict settlement account 0+ 7,644+ 233,905- 47,678- 40,221+ 23,460+ 17,031- 37,773- 8,686- 3,951- 21,453- 27,006 - 95,270 Total assets 8,582,735 202,245 4,611,616 149,129 304,312 621,127 576,490 545,604 125,753 61,341 112,569 410,871 861,679 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, December 7, 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 2,245,879 77,473 706,916 54,723 110,305 163,687 351,897 122,107 69,376 32,654 51,082 191,072 314,587 Reverse repurchase agreements6 2,519,549 50,441 1,291,777 57,882 100,613 175,579 164,845 172,236 39,570 17,865 39,330 129,176 280,234 Deposits 3,766,165 61,320 2,600,905 34,849 89,274 273,804 57,795 250,264 15,670 10,431 21,516 89,504 260,833 Depository institutions 3,149,093 61,309 2,130,911 34,848 89,233 273,320 57,766 104,015 15,658 10,343 21,485 89,397 260,809 U.S. Treasury, General Account 410,853 0 410,853 0 0 0 0 0 0 0 0 0 0 Foreign official 8,436 2 8,410 1 4 8 1 2 1 0 0 1 6 Other7 197,784 10 50,732 0 37 475 28 146,248 12 88 30 106 18 Earnings remittances due to the U.S. Treasury8 -13,170 -240 -9,930 -53 -134 -1,192 54 -1,012 13 -29 -14 -68 -565 Treasury contributions to credit facilities9 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,169 -1 3,234 217 292 799 628 532 198 164 214 286 605 Total liabilities 8,540,940 200,445 4,596,797 147,619 300,349 612,676 575,220 544,128 124,828 61,085 112,128 409,970 855,695 Capital Capital paid in 35,010 1,507 12,457 1,258 3,300 7,090 1,049 1,219 788 221 371 738 5,011 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 8,582,735 202,245 4,611,616 149,129 304,312 621,127 576,490 545,604 125,753 61,341 112,569 410,871 861,679 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, December 7, 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. The Federal Reserve Banks remit residual net earnings 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. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume. 9. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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 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 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 Dec 7, 2022 Federal Reserve notes outstanding 2,615,559 Less: Notes held by F.R. Banks not subject to collateralization 369,680 Federal Reserve notes to be collateralized 2,245,879 Collateral held against Federal Reserve notes 2,245,879 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,229,642 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,175,598 Less: Face value of securities under reverse repurchase agreements 2,736,588 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,439,010 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.