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 January 12, 2023 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 Jan 11, 2023 Federal Reserve Banks Jan 11, 2023 Jan 4, 2023 Jan 12, 2022 Reserve Bank credit 8,471,425 - 30,534 - 265,633 8,472,288 Securities held outright1 8,100,429 - 30,771 - 189,634 8,100,175 U.S. Treasury securities 5,456,680 - 30,771 - 215,475 5,456,426 Bills2 288,359 - 1,112 - 37,685 288,199 Notes and bonds, nominal2 4,688,142 - 29,561 - 196,404 4,688,088 Notes and bonds, inflation-indexed2 377,416 0 - 10,367 377,416 Inflation compensation3 102,763 - 98 + 28,981 102,723 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,641,402 0 + 25,840 2,641,402 Unamortized premiums on securities held outright5 313,151 - 697 - 39,639 312,938 Unamortized discounts on securities held outright5 -27,538 + 45 - 9,445 -27,461 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 15,195 - 1,193 - 17,947 15,207 Primary credit 3,812 - 1,120 + 3,419 3,860 Secondary credit 0 0 0 0 Seasonal credit 0 - 10 0 0 Paycheck Protection Program Liquidity Facility 11,383 - 63 - 21,365 11,347 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,641 + 16 - 6,775 22,659 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,572 + 2 - 2,293 5,574 Net portfolio holdings of TALF II LLC7 1,957 - 3 - 644 1,958 Float -157 + 333 - 28 -163 Central bank liquidity swaps8 191 - 221 - 173 191 Other Federal Reserve assets9 39,983 + 1,955 + 943 41,209 Foreign currency denominated assets10 18,547 - 97 - 1,788 18,623 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,485 + 14 + 728 51,485 Total factors supplying reserve funds 8,557,698 - 30,617 - 266,694 8,558,638 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 Jan 11, 2023 Federal Reserve Banks Jan 11, 2023 Jan 4, 2023 Jan 12, 2022 Currency in circulation11 2,302,550 - 6,149 + 68,134 2,299,041 Reverse repurchase agreements12 2,544,906 - 211,165 + 702,826 2,547,806 Foreign official and international accounts 337,062 + 1,134 + 27,163 348,636 Others 2,207,845 - 212,297 + 675,665 2,199,170 Treasury cash holdings 102 + 3 + 37 107 Deposits with F.R. Banks, other than reserve balances 585,048 - 64,784 - 119,483 550,878 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 372,340 - 51,285 - 84,061 346,426 Foreign official 8,935 0 + 2,757 8,935 Other13 203,773 - 13,499 - 38,179 195,517 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 28,508 + 385 - 19,979 28,628 Total factors, other than reserve balances, absorbing reserve funds 5,476,461 - 281,710 + 625,624 5,441,807 Reserve balances with Federal Reserve Banks 3,081,237 + 251,093 - 892,317 3,116,831 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 Jan 11, 2023 Jan 11, 2023 Jan 4, 2023 Jan 12, 2022 Securities held in custody for foreign official and international accounts 3,331,543 + 6,915 - 102,037 3,331,341 Marketable U.S. Treasury securities1 2,922,674 + 6,847 - 111,925 2,922,395 Federal agency debt and mortgage-backed securities2 327,749 + 44 + 10,311 327,786 Other securities3 81,120 + 24 - 423 81,160 Securities lent to dealers 42,978 - 4,927 + 4,103 41,058 Overnight facility4 42,978 - 4,927 + 4,103 41,058 U.S. Treasury securities 42,957 - 4,927 + 4,082 41,037 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, January 11, 2023 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 2,388 1,479 0 11,340 0 ... 15,207 U.S. Treasury securities2 Holdings 64,646 353,364 721,247 1,915,402 937,178 1,464,589 5,456,426 Weekly changes + 2,194 - 3,588 + 175 - 43 - 34 - 28 - 1,325 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 37 5,721 50,560 2,585,080 2,641,402 Weekly changes 0 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,693 ... ... 11,693 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 191 0 0 0 0 0 191 Reverse repurchase agreements8 2,547,806 0 ... ... ... ... 2,547,806 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 Jan 11, 2023 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 Jan 11, 2023 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 10,345 12,315 22,659 Municipal Liquidity Facility LLC 2,907 2,907 2,666 5,574 TALF II LLC 1,011 996 962 1,958 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 Jan 11, 2023 Jan 4, 2023 Jan 12, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,216 + 26 - 12 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,400,860 - 2,060 - 268,891 Securities held outright1 8,100,175 - 1,325 - 202,476 U.S. Treasury securities 5,456,426 - 1,325 - 228,311 Bills2 288,199 - 1,139 - 37,845 Notes and bonds, nominal2 4,688,088 - 75 - 208,718 Notes and bonds, inflation-indexed2 377,416 0 - 10,495 Inflation compensation3 102,723 - 110 + 28,747 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,641,402 0 + 25,835 Unamortized premiums on securities held outright5 312,938 - 605 - 39,732 Unamortized discounts on securities held outright5 -27,461 + 18 - 9,201 Repurchase agreements6 0 - 1 - 1 Loans7 15,207 - 149 - 17,481 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,659 + 21 - 6,764 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,574 + 3 - 2,292 Net portfolio holdings of TALF II LLC8 1,958 + 1 - 643 Items in process of collection (0) 61 - 51 - 10 Bank premises 468 + 7 - 940 Central bank liquidity swaps9 191 - 221 - 173 Foreign currency denominated assets10 18,623 + 100 - 1,839 Other assets11 40,742 + 3,336 + 1,873 Total assets (0) 8,508,587 + 1,158 - 279,691 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 Jan 11, 2023 Jan 4, 2023 Jan 12, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,248,874 - 8,758 + 65,574 Reverse repurchase agreements12 2,547,806 - 14,077 + 685,761 Deposits (0) 3,667,709 + 23,211 -1,005,373 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,116,831 + 74,902 - 812,102 U.S. Treasury, General Account 346,426 - 33,194 - 143,253 Foreign official 8,935 0 + 3,745 Other13 (0) 195,517 - 18,497 - 53,763 Deferred availability cash items (0) 224 - 91 + 43 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -13,198 + 872 - 21,112 Total liabilities (0) 8,466,761 + 1,155 - 281,020 Capital accounts Capital paid in 35,041 + 3 + 1,329 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 41,826 + 3 + 1,329 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, January 11, 2023 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 1,216 16 28 109 46 188 79 224 24 36 90 158 218 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,400,860 167,967 4,302,530 192,687 337,389 584,594 549,121 573,737 131,733 63,460 131,067 430,196 936,378 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,659 22,659 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,574 0 5,574 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,958 0 1,958 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 191 8 66 7 19 38 6 7 4 1 2 5 27 Foreign currency denominated assets4 18,623 802 6,487 691 1,820 3,734 606 706 375 94 192 447 2,670 Other assets5 41,270 939 19,861 1,035 1,698 3,225 2,754 2,794 782 498 936 2,197 4,553 Interdistrict settlement account 0- 1,997+ 242,153- 48,913- 36,282+ 24,693+ 17,439- 37,671- 9,964- 1,957- 22,955- 25,454 - 99,092 Total assets 8,508,587 190,939 4,583,929 146,152 305,452 617,675 572,251 540,889 123,414 62,394 109,772 408,829 846,890 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, January 11, 2023 (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 2,248,874 77,762 707,335 54,771 111,431 169,043 352,101 121,866 69,092 32,493 49,432 191,021 312,526 Reverse repurchase agreements6 2,547,806 51,007 1,306,264 58,532 101,741 177,548 166,694 174,167 40,014 18,065 39,771 130,625 283,377 Deposits 3,667,709 49,250 2,563,053 31,226 88,328 263,568 51,611 244,439 13,216 11,478 19,982 86,174 245,384 Depository institutions 3,116,831 49,243 2,155,667 31,225 88,304 262,994 51,582 102,022 13,207 11,365 19,955 85,922 245,347 U.S. Treasury, General Account 346,426 0 346,426 0 0 0 0 0 0 0 0 0 0 Foreign official 8,935 2 8,909 1 4 8 1 2 1 0 0 1 6 Other7 195,517 6 52,051 0 21 565 28 142,416 8 113 27 251 32 Earnings remittances due to the U.S. Treasury8 -22,566 -453 -16,259 -112 -339 -2,029 -31 -1,820 -24 -56 -58 -249 -1,137 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 9,591 120 4,819 226 325 1,079 598 760 189 159 203 356 756 Total liabilities 8,466,761 189,140 4,569,107 144,643 301,487 609,209 570,973 539,413 122,488 62,139 109,330 407,928 840,906 Capital Capital paid in 35,041 1,507 12,460 1,258 3,302 7,105 1,057 1,219 789 221 372 738 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 8,508,587 190,939 4,583,929 146,152 305,452 617,675 572,251 540,889 123,414 62,394 109,772 408,829 846,890 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, January 11, 2023 (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 Jan 11, 2023 Federal Reserve notes outstanding 2,621,678 Less: Notes held by F.R. Banks not subject to collateralization 372,804 Federal Reserve notes to be collateralized 2,248,874 Collateral held against Federal Reserve notes 2,248,874 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,637 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,100,175 Less: Face value of securities under reverse repurchase agreements 2,708,530 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,391,645 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.