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 22, 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 21, 2022 Federal Reserve Banks Dec 21, 2022 Dec 14, 2022 Dec 22, 2021 Reserve Bank credit 8,530,556 - 16,395 - 211,241 8,528,248 Securities held outright1 8,159,427 - 15,507 - 131,615 8,156,600 U.S. Treasury securities 5,501,040 - 12,826 - 142,922 5,501,030 Bills2 292,050 - 1,177 - 33,994 291,827 Notes and bonds, nominal2 4,729,465 - 12,088 - 135,271 4,729,518 Notes and bonds, inflation-indexed2 377,416 0 - 4,799 377,416 Inflation compensation3 102,108 + 438 + 31,141 102,269 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,656,041 - 2,680 + 11,309 2,653,222 Unamortized premiums on securities held outright5 315,411 - 694 - 39,180 315,087 Unamortized discounts on securities held outright5 -27,534 + 71 - 9,545 -27,466 Repurchase agreements6 2 + 2 + 2 0 Foreign official 0 0 0 0 Others 2 + 2 + 2 0 Loans 15,830 - 2,363 - 21,958 16,209 Primary credit 4,147 - 2,078 + 3,444 4,571 Secondary credit 0 0 0 0 Seasonal credit 3 + 3 + 3 4 Primary Dealer Credit Facility 0 0 0 0 Paycheck Protection Program Liquidity Facility 11,681 - 286 - 25,404 11,634 Other credit extensions 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,584 - 234 - 6,810 22,596 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,564 + 2 - 2,394 5,566 Net portfolio holdings of TALF II LLC7 1,981 + 1 - 645 1,983 Float -150 + 1 - 5 -162 Central bank liquidity swaps8 210 + 2 - 46 210 Other Federal Reserve assets9 37,229 + 2,322 + 953 37,626 Foreign currency denominated assets10 18,338 + 88 - 2,047 18,475 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,443 + 14 + 707 51,443 Total factors supplying reserve funds 8,616,579 - 16,293 - 212,580 8,614,408 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 21, 2022 Federal Reserve Banks Dec 21, 2022 Dec 14, 2022 Dec 22, 2021 Currency in circulation11 2,295,617 + 1,135 + 70,794 2,299,300 Reverse repurchase agreements12 2,499,376 - 29,399 + 493,749 2,562,362 Foreign official and international accounts 355,840 - 8,896 + 61,212 355,397 Others 2,143,536 - 20,503 + 432,538 2,206,965 Treasury cash holdings 95 - 5 + 25 104 Deposits with F.R. Banks, other than reserve balances 684,843 + 116,108 + 343,498 655,061 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 459,780 + 104,263 + 374,826 434,922 Foreign official 8,439 + 3 + 3,179 8,434 Other13 216,625 + 11,843 - 34,505 211,706 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 32,680 - 4,119 - 18,347 32,908 Total factors, other than reserve balances, absorbing reserve funds 5,527,958 + 83,720 + 883,808 5,565,082 Reserve balances with Federal Reserve Banks 3,088,621 - 100,013 -1,096,388 3,049,325 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 21, 2022 Dec 21, 2022 Dec 14, 2022 Dec 22, 2021 Securities held in custody for foreign official and international accounts 3,308,757 + 312 - 116,218 3,306,225 Marketable U.S. Treasury securities1 2,898,190 + 984 - 124,309 2,896,818 Federal agency debt and mortgage-backed securities2 329,178 - 592 + 7,893 328,014 Other securities3 81,388 - 80 + 197 81,393 Securities lent to dealers 41,468 - 1,881 + 9,171 45,089 Overnight facility4 41,468 - 1,881 + 9,171 45,089 U.S. Treasury securities 41,447 - 1,881 + 9,150 45,068 Federal agency debt securities 21 0 + 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 21, 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 2,984 1,599 0 11,626 0 ... 16,209 U.S. Treasury securities2 Holdings 84,352 333,601 734,808 1,934,523 949,275 1,464,471 5,501,030 Weekly changes + 32,605 - 39,032 + 7,380 - 13,926 + 135 + 114 - 12,724 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 43 4,118 50,644 2,598,415 2,653,222 Weekly changes 0 0 - 1 - 31 - 323 - 5,055 - 5,411 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,940 ... ... 11,940 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 0 1,010 0 ... ... 1,010 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 210 0 0 0 0 0 210 Reverse repurchase agreements8 2,562,362 0 ... ... ... ... 2,562,362 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 21, 2022 Mortgage-backed securities held outright1 2,653,222 Residential mortgage-backed securities 2,644,716 Commercial mortgage-backed securities 8,506 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 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 21, 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) 11,353 10,580 12,016 22,596 Municipal Liquidity Facility LLC 2,907 2,907 2,659 5,566 TALF II LLC 1,040 1,010 973 1,983 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 21, 2022 Dec 14, 2022 Dec 22, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,189 + 8 - 15 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,460,429 - 20,270 - 215,114 Securities held outright1 8,156,600 - 18,134 - 145,231 U.S. Treasury securities 5,501,030 - 12,724 - 148,793 Bills2 291,827 - 1,127 - 34,217 Notes and bonds, nominal2 4,729,518 - 12,035 - 139,690 Notes and bonds, inflation-indexed2 377,416 0 - 5,784 Inflation compensation3 102,269 + 438 + 30,898 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,653,222 - 5,411 + 3,561 Unamortized premiums on securities held outright5 315,087 - 790 - 39,537 Unamortized discounts on securities held outright5 -27,466 + 71 - 9,471 Repurchase agreements6 0 - 3 0 Loans7 16,209 - 1,414 - 20,873 Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,596 - 239 - 6,802 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,566 + 2 - 2,393 Net portfolio holdings of TALF II LLC8 1,983 + 2 - 644 Items in process of collection (0) 93 + 4 + 31 Bank premises 490 + 1 - 906 Central bank liquidity swaps9 210 + 2 - 55 Foreign currency denominated assets10 18,475 + 77 - 1,910 Other assets11 37,142 + 1,409 + 1,722 Total assets (0) 8,564,411 - 19,002 - 226,084 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 21, 2022 Dec 14, 2022 Dec 22, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,249,145 + 4,628 + 67,962 Reverse repurchase agreements12 2,562,362 + 10,922 + 579,447 Deposits (0) 3,704,393 - 30,306 - 851,791 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,049,332 - 121,475 -1,055,594 U.S. Treasury, General Account 434,922 + 92,818 + 237,406 Foreign official 8,434 - 2 + 3,245 Other13 (0) 211,706 - 1,646 - 36,847 Deferred availability cash items (0) 255 - 35 - 5 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -8,891 - 4,213 - 16,925 Total liabilities (0) 8,522,612 - 19,003 - 227,222 Capital accounts Capital paid in 35,014 + 1 + 1,138 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,799 + 1 + 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 21, 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 1,189 14 23 109 45 184 71 222 24 35 90 152 221 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,460,429 169,158 4,332,666 194,058 339,745 588,651 552,983 577,916 132,632 63,941 132,054 433,149 943,476 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,596 22,596 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,566 0 5,566 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,983 0 1,983 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 210 9 73 8 21 42 7 8 4 1 2 5 30 Foreign currency denominated assets4 18,475 796 6,436 685 1,806 3,704 601 700 372 93 191 444 2,648 Other assets5 37,725 862 18,100 951 1,557 2,970 2,554 2,549 699 444 867 2,014 4,160 Interdistrict settlement account 0+ 12,104+ 216,778- 48,808- 39,015+ 17,854+ 18,037- 16,094- 11,230- 3,432- 22,655- 19,991 - 103,549 Total assets 8,564,411 206,083 4,586,895 147,540 304,922 614,608 576,499 566,394 122,962 61,345 110,988 417,052 849,123 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 21, 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 2,249,145 77,408 707,937 54,873 111,538 166,323 353,163 122,103 69,052 32,611 49,587 191,239 313,311 Reverse repurchase agreements6 2,562,362 51,298 1,313,727 58,866 102,322 178,562 167,646 175,162 40,243 18,168 39,999 131,371 284,996 Deposits 3,704,393 64,406 2,555,155 32,129 86,955 261,829 53,788 268,351 12,558 10,191 20,793 93,347 244,891 Depository institutions 3,049,332 64,395 2,060,507 32,127 86,925 261,420 53,756 108,826 12,549 10,088 20,766 93,124 244,849 U.S. Treasury, General Account 434,922 0 434,922 0 0 0 0 0 0 0 0 0 0 Foreign official 8,434 2 8,408 1 4 8 1 2 1 0 0 1 6 Other7 211,706 10 51,318 0 26 401 31 159,524 8 102 27 222 37 Earnings remittances due to the U.S. Treasury8 -16,040 -295 -12,038 -52 -152 -1,418 30 -1,274 3 -40 -33 -100 -670 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 7,404 14 3,400 215 293 862 600 574 182 160 200 293 611 Total liabilities 8,522,612 204,284 4,572,075 146,030 300,956 606,158 575,228 564,917 122,038 61,090 110,546 416,150 843,139 Capital Capital paid in 35,014 1,507 12,457 1,258 3,302 7,090 1,050 1,219 788 221 372 738 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 8,564,411 206,083 4,586,895 147,540 304,922 614,608 576,499 566,394 122,962 61,345 110,988 417,052 849,123 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 21, 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 21, 2022 Federal Reserve notes outstanding 2,620,491 Less: Notes held by F.R. Banks not subject to collateralization 371,347 Federal Reserve notes to be collateralized 2,249,145 Collateral held against Federal Reserve notes 2,249,145 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,908 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,156,600 Less: Face value of securities under reverse repurchase agreements 2,786,334 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,370,266 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.