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 29, 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 28, 2022 Federal Reserve Banks Dec 28, 2022 Dec 21, 2022 Dec 29, 2021 Reserve Bank credit 8,525,696 - 4,860 - 215,952 8,514,705 Securities held outright1 8,153,117 - 6,310 - 136,214 8,144,582 U.S. Treasury securities 5,500,925 - 115 - 151,035 5,500,834 Bills2 291,417 - 633 - 34,627 291,192 Notes and bonds, nominal2 4,729,518 + 53 - 141,291 4,729,518 Notes and bonds, inflation-indexed2 377,416 0 - 5,784 377,416 Inflation compensation3 102,573 + 465 + 30,666 102,707 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,649,845 - 6,196 + 14,821 2,641,402 Unamortized premiums on securities held outright5 314,576 - 835 - 39,193 314,178 Unamortized discounts on securities held outright5 -27,355 + 179 - 9,367 -27,288 Repurchase agreements6 0 - 2 0 0 Foreign official 0 0 0 0 Others 0 - 2 0 0 Loans 16,142 + 312 - 19,854 16,129 Primary credit 4,566 + 419 + 4,081 4,638 Secondary credit 0 0 0 0 Seasonal credit 9 + 6 + 9 19 Paycheck Protection Program Liquidity Facility 11,567 - 114 - 23,944 11,472 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,599 + 15 - 6,800 22,617 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,567 + 3 - 2,365 5,569 Net portfolio holdings of TALF II LLC7 1,983 + 2 - 644 1,984 Float -200 - 50 - 61 -527 Central bank liquidity swaps8 412 + 202 - 2,937 412 Other Federal Reserve assets9 38,856 + 1,627 + 1,483 37,049 Foreign currency denominated assets10 18,466 + 128 - 1,891 18,402 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,457 + 14 + 717 51,457 Total factors supplying reserve funds 8,611,861 - 4,718 - 217,125 8,600,805 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 28, 2022 Federal Reserve Banks Dec 28, 2022 Dec 21, 2022 Dec 29, 2021 Currency in circulation11 2,303,411 + 7,794 + 69,947 2,307,340 Reverse repurchase agreements12 2,575,944 + 76,568 + 699,769 2,627,152 Foreign official and international accounts 347,008 - 8,832 + 66,695 334,149 Others 2,228,936 + 85,400 + 633,074 2,293,003 Treasury cash holdings 103 + 8 + 31 99 Deposits with F.R. Banks, other than reserve balances 664,931 - 19,912 + 133,182 637,310 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 427,926 - 31,854 + 216,077 409,809 Foreign official 8,469 + 30 - 2,229 8,434 Other13 228,536 + 11,911 - 80,666 219,068 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 34,235 + 1,555 - 15,836 33,819 Total factors, other than reserve balances, absorbing reserve funds 5,593,972 + 66,014 + 881,182 5,621,067 Reserve balances with Federal Reserve Banks 3,017,889 - 70,732 -1,098,307 2,979,738 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 28, 2022 Dec 28, 2022 Dec 21, 2022 Dec 29, 2021 Securities held in custody for foreign official and international accounts 3,318,182 + 9,425 - 94,502 3,320,038 Marketable U.S. Treasury securities1 2,908,870 + 10,680 - 104,290 2,910,992 Federal agency debt and mortgage-backed securities2 327,925 - 1,253 + 9,677 327,705 Other securities3 81,387 - 1 + 110 81,341 Securities lent to dealers 47,266 + 5,798 + 14,169 46,895 Overnight facility4 47,266 + 5,798 + 14,169 46,895 U.S. Treasury securities 47,245 + 5,798 + 14,148 46,874 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 28, 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 3,073 1,591 0 11,465 0 ... 16,129 U.S. Treasury securities2 Holdings 91,924 326,728 733,494 1,934,693 949,410 1,464,585 5,500,834 Weekly changes + 7,572 - 6,873 - 1,314 + 170 + 135 + 114 - 196 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 2 36 4,020 49,979 2,587,366 2,641,402 Weekly changes 0 - 1 - 7 - 98 - 665 - 11,049 - 11,820 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,893 ... ... 11,893 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 0 996 0 ... ... 996 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 412 0 0 0 0 0 412 Reverse repurchase agreements8 2,627,152 0 ... ... ... ... 2,627,152 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 28, 2022 Mortgage-backed securities held outright1 2,641,402 Residential mortgage-backed securities 2,632,908 Commercial mortgage-backed securities 8,494 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 28, 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 10,545 12,072 22,617 Municipal Liquidity Facility LLC 2,907 2,907 2,662 5,569 TALF II LLC 1,040 996 988 1,984 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 28, 2022 Dec 21, 2022 Dec 29, 2021 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,195 + 6 - 17 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,447,601 - 12,828 - 192,382 Securities held outright1 8,144,582 - 12,018 - 125,529 U.S. Treasury securities 5,500,834 - 196 - 151,438 Bills2 291,192 - 635 - 34,852 Notes and bonds, nominal2 4,729,518 0 - 141,291 Notes and bonds, inflation-indexed2 377,416 0 - 5,784 Inflation compensation3 102,707 + 438 + 30,488 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,641,402 - 11,820 + 25,910 Unamortized premiums on securities held outright5 314,178 - 909 - 38,715 Unamortized discounts on securities held outright5 -27,288 + 178 - 9,315 Repurchase agreements6 0 0 0 Loans7 16,129 - 80 - 18,823 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,617 + 21 - 6,789 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,569 + 3 - 2,295 Net portfolio holdings of TALF II LLC8 1,984 + 1 - 643 Items in process of collection (0) 100 + 7 + 41 Bank premises 473 - 17 - 929 Central bank liquidity swaps9 412 + 202 - 2,929 Foreign currency denominated assets10 18,402 - 73 - 1,951 Other assets11 36,579 - 563 + 1,603 Total assets (0) 8,551,169 - 13,242 - 206,291 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 28, 2022 Dec 21, 2022 Dec 29, 2021 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,257,171 + 8,026 + 70,294 Reverse repurchase agreements12 2,627,152 + 64,790 + 706,363 Deposits (0) 3,617,052 - 87,341 - 962,454 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,979,742 - 69,590 -1,060,118 U.S. Treasury, General Account 409,809 - 25,113 + 125,814 Foreign official 8,434 0 - 1,238 Other13 (0) 219,068 + 7,362 - 26,912 Deferred availability cash items (0) 627 + 372 + 28 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -7,980 + 911 - 15,749 Total liabilities (0) 8,509,370 - 13,242 - 207,429 Capital accounts Capital paid in 35,014 0 + 1,138 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,799 0 + 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 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 28, 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 1,195 15 24 109 45 188 72 223 24 34 89 154 219 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,447,601 168,977 4,326,180 193,767 339,222 587,721 552,167 576,850 132,450 63,847 132,159 432,483 941,778 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,617 22,617 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,569 0 5,569 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,984 0 1,984 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 412 18 144 15 40 83 13 16 8 2 4 10 59 Foreign currency denominated assets4 18,402 792 6,410 683 1,798 3,690 599 698 370 93 190 442 2,638 Other assets5 37,152 855 17,778 940 1,534 2,907 2,527 2,517 692 447 874 1,986 4,097 Interdistrict settlement account 0+ 4,330+ 190,926- 47,733- 40,502+ 24,699+ 26,127- 8,110- 9,777- 2,345- 21,404- 19,806 - 96,407 Total assets 8,551,169 198,148 4,554,286 148,318 302,901 620,489 583,752 573,286 124,229 62,341 112,353 416,547 854,520 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 28, 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 2,257,171 77,800 708,768 55,165 112,384 167,120 354,326 122,751 69,377 32,811 49,942 192,053 314,675 Reverse repurchase agreements6 2,627,152 52,595 1,346,945 60,354 104,910 183,077 171,885 179,591 41,260 18,628 41,010 134,693 292,202 Deposits 3,617,052 54,751 2,488,055 31,112 81,482 262,260 55,247 270,117 12,477 10,524 20,768 88,664 241,596 Depository institutions 2,979,742 54,740 2,014,694 31,110 81,450 261,888 55,218 106,930 12,468 10,385 20,726 88,567 241,565 U.S. Treasury, General Account 409,809 0 409,809 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 219,068 9 55,144 0 28 364 27 163,186 8 139 41 96 25 Earnings remittances due to the U.S. Treasury8 -18,002 -337 -13,352 -67 -200 -1,624 11 -1,448 -1 -47 -25 -137 -775 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 10,649 86 5,157 244 359 1,205 1,012 799 192 170 215 373 838 Total liabilities 8,509,370 196,349 4,539,467 146,808 298,936 612,038 582,481 571,810 123,304 62,085 111,911 415,646 848,536 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 8,551,169 198,148 4,554,286 148,318 302,901 620,489 583,752 573,286 124,229 62,341 112,353 416,547 854,520 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 28, 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 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 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 28, 2022 Federal Reserve notes outstanding 2,619,315 Less: Notes held by F.R. Banks not subject to collateralization 362,144 Federal Reserve notes to be collateralized 2,257,171 Collateral held against Federal Reserve notes 2,257,171 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,240,934 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,144,582 Less: Face value of securities under reverse repurchase agreements 2,848,062 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,296,521 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.