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 February 9, 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 Feb 8, 2023 Federal Reserve Banks Feb 8, 2023 Feb 1, 2023 Feb 9, 2022 Reserve Bank credit 8,397,586 - 25,909 - 440,112 8,398,884 Securities held outright1 8,024,239 - 26,699 - 368,920 8,024,104 U.S. Treasury securities 5,397,157 - 26,698 - 332,805 5,397,022 Bills2 285,021 - 60 - 41,023 285,021 Notes and bonds, nominal2 4,635,737 - 26,335 - 308,915 4,635,737 Notes and bonds, inflation-indexed2 374,979 0 - 10,110 374,979 Inflation compensation3 101,420 - 303 + 27,243 101,285 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,624,735 0 - 36,115 2,624,735 Unamortized premiums on securities held outright5 310,129 - 651 - 41,094 309,916 Unamortized discounts on securities held outright5 -27,547 - 8 - 8,353 -27,461 Repurchase agreements6 0 - 2 0 1 Foreign official 0 0 0 0 Others 0 - 2 0 1 Loans 15,102 - 1,249 - 13,846 15,476 Primary credit 4,076 - 1,156 + 3,750 4,486 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 11,026 - 92 - 17,596 10,990 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,602 + 22 - 6,648 22,622 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,581 + 2 - 1,957 5,584 Net portfolio holdings of TALF II LLC7 1,948 - 10 - 594 1,950 Float -158 + 229 - 42 -211 Central bank liquidity swaps8 438 + 11 + 231 438 Other Federal Reserve assets9 45,251 + 2,444 + 1,111 46,466 Foreign currency denominated assets10 18,793 - 118 - 1,639 18,698 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,541 + 14 + 728 51,541 Total factors supplying reserve funds 8,484,161 - 26,014 - 441,023 8,485,365 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 Feb 8, 2023 Federal Reserve Banks Feb 8, 2023 Feb 1, 2023 Feb 9, 2022 Currency in circulation11 2,297,433 + 3,615 + 67,235 2,298,469 Reverse repurchase agreements12 2,410,722 + 6,314 + 496,725 2,418,931 Foreign official and international accounts 358,788 - 19,403 + 98,615 359,327 Others 2,051,934 + 25,717 + 398,110 2,059,604 Treasury cash holdings 96 - 9 + 71 99 Deposits with F.R. Banks, other than reserve balances 701,406 - 59,520 - 236,889 697,680 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 493,277 - 66,812 - 193,107 495,838 Foreign official 9,435 + 1 + 4,217 9,434 Other13 198,694 + 7,290 - 48,000 192,408 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 21,573 + 1,510 - 27,926 21,279 Total factors, other than reserve balances, absorbing reserve funds 5,446,576 - 48,092 + 293,303 5,451,805 Reserve balances with Federal Reserve Banks 3,037,584 + 22,078 - 734,327 3,033,560 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 Feb 8, 2023 Feb 8, 2023 Feb 1, 2023 Feb 9, 2022 Securities held in custody for foreign official and international accounts 3,332,052 + 7,037 - 133,707 3,337,389 Marketable U.S. Treasury securities1 2,924,628 + 6,664 - 135,519 2,929,820 Federal agency debt and mortgage-backed securities2 326,665 + 148 + 3,598 326,665 Other securities3 80,760 + 226 - 1,785 80,904 Securities lent to dealers 38,337 + 994 + 1,568 38,322 Overnight facility4 38,337 + 994 + 1,568 38,322 U.S. Treasury securities 38,318 + 996 + 1,549 38,303 Federal agency debt securities 19 - 2 + 19 19 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, February 8, 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 3,395 1,098 0 10,983 0 ... 15,476 U.S. Treasury securities2 Holdings 115,186 326,604 691,935 1,888,506 910,393 1,464,398 5,397,022 Weekly changes - 107 + 500 - 412 - 151 - 100 - 96 - 366 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 4 29 8,004 48,641 2,568,058 2,624,735 Weekly changes 0 0 0 + 2,411 - 840 - 1,572 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,530 ... ... 11,530 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 0 959 0 ... ... 959 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 438 0 0 0 0 0 438 Reverse repurchase agreements8 2,418,931 0 ... ... ... ... 2,418,931 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 Feb 8, 2023 Mortgage-backed securities held outright1 2,624,735 Residential mortgage-backed securities 2,616,273 Commercial mortgage-backed securities 8,462 Commitments to buy mortgage-backed securities2 150 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 Feb 8, 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) 10,966 10,463 12,158 22,622 Municipal Liquidity Facility LLC 2,907 2,907 2,676 5,584 TALF II LLC 996 959 991 1,950 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 December 31, 2022. b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. 3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Feb 8, 2023 Feb 1, 2023 Feb 9, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,287 + 18 + 35 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,322,036 - 1,304 - 433,527 Securities held outright1 8,024,104 - 366 - 370,957 U.S. Treasury securities 5,397,022 - 366 - 334,842 Bills2 285,021 0 - 41,023 Notes and bonds, nominal2 4,635,737 0 - 310,687 Notes and bonds, inflation-indexed2 374,979 0 - 10,110 Inflation compensation3 101,285 - 366 + 26,979 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,624,735 0 - 36,116 Unamortized premiums on securities held outright5 309,916 - 624 - 41,246 Unamortized discounts on securities held outright5 -27,461 - 9 - 8,269 Repurchase agreements6 1 - 10 + 1 Loans7 15,476 - 293 - 13,056 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,622 + 24 - 6,636 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,584 + 3 - 1,513 Net portfolio holdings of TALF II LLC8 1,950 + 2 - 592 Items in process of collection (0) 53 - 3 - 38 Bank premises 473 + 4 - 909 Central bank liquidity swaps9 438 + 11 + 238 Foreign currency denominated assets10 18,698 - 306 - 1,714 Other assets11 45,993 + 3,311 + 2,018 Total assets (0) 8,435,369 + 1,759 - 442,640 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 Feb 8, 2023 Feb 1, 2023 Feb 9, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,248,309 + 1,702 + 66,554 Reverse repurchase agreements12 2,418,931 + 4,586 + 511,040 Deposits (0) 3,731,240 - 4,643 - 988,730 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,033,560 + 3,274 - 761,417 U.S. Treasury, General Account 495,838 - 5,014 - 183,181 Foreign official 9,434 - 1 + 4,244 Other13 (0) 192,408 - 2,902 - 48,376 Deferred availability cash items (0) 263 - 404 + 55 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -21,253 - 173 - 27,643 Total liabilities (0) 8,392,837 + 1,068 - 444,635 Capital accounts Capital paid in 35,748 + 692 + 1,996 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,533 + 692 + 1,996 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, February 8, 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 1,287 18 29 116 48 194 91 235 25 38 91 163 237 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,322,036 166,541 4,261,804 190,931 334,189 579,029 543,710 568,287 130,475 62,801 130,110 426,154 928,005 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,622 22,622 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,584 0 5,584 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,950 0 1,950 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 438 19 153 16 43 88 14 17 9 2 5 11 63 Foreign currency denominated assets4 18,698 805 6,514 693 1,827 3,749 608 709 376 94 193 449 2,680 Other assets5 46,518 1,038 23,044 1,133 1,868 3,500 3,017 3,075 873 539 1,020 2,407 5,003 Interdistrict settlement account 0- 3,013+ 324,156- 49,850- 47,707+ 7,788+ 13,468- 45,090- 11,865- 4,211- 23,093- 33,636 - 126,948 Total assets 8,435,369 188,574 4,628,504 143,577 291,032 595,551 563,156 528,325 120,354 59,526 108,766 396,828 811,176 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, February 8, 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 2,248,309 77,121 704,280 54,009 110,056 173,849 351,206 125,607 68,920 32,412 48,637 189,341 312,871 Reverse repurchase agreements6 2,418,931 48,427 1,240,190 55,571 96,595 168,567 158,262 165,358 37,990 17,151 37,760 124,018 269,043 Deposits 3,731,240 49,933 2,681,902 32,456 80,659 246,531 51,872 237,140 12,381 9,625 21,799 82,761 224,180 Depository institutions 3,033,560 49,911 2,123,815 32,454 80,616 245,874 51,803 98,644 12,374 9,558 21,771 82,606 224,133 U.S. Treasury, General Account 495,838 0 495,838 0 0 0 0 0 0 0 0 0 0 Foreign official 9,434 2 9,408 1 4 8 1 2 1 0 0 1 6 Other7 192,408 20 52,842 0 39 650 68 138,494 6 66 27 154 42 Earnings remittances due to the U.S. Treasury8 -30,234 -592 -21,579 -154 -512 -2,680 -59 -2,449 -22 -42 -65 -376 -1,703 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 9,244 432 4,912 190 278 806 573 674 136 113 181 294 655 Total liabilities 8,392,837 186,774 4,613,600 142,071 287,076 587,073 561,854 526,329 119,405 59,259 108,312 396,038 805,046 Capital Capital paid in 35,748 1,509 12,490 1,262 3,316 7,104 1,098 1,759 796 224 383 647 5,159 Surplus 6,785 292 2,414 244 640 1,374 203 236 153 43 72 143 971 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 8,435,369 188,574 4,628,504 143,577 291,032 595,551 563,156 528,325 120,354 59,526 108,766 396,828 811,176 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, February 8, 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 Feb 8, 2023 Federal Reserve notes outstanding 2,632,056 Less: Notes held by F.R. Banks not subject to collateralization 383,747 Federal Reserve notes to be collateralized 2,248,309 Collateral held against Federal Reserve notes 2,248,309 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,072 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,024,105 Less: Face value of securities under reverse repurchase agreements 2,575,435 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,448,670 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.