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 16, 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 15, 2023 Federal Reserve Banks Feb 15, 2023 Feb 8, 2023 Feb 16, 2022 Reserve Bank credit 8,393,076 - 4,510 - 465,469 8,348,550 Securities held outright1 8,019,141 - 5,098 - 398,695 7,990,467 U.S. Treasury securities 5,392,212 - 4,945 - 343,076 5,364,607 Bills2 285,021 0 - 41,023 285,021 Notes and bonds, nominal2 4,631,158 - 4,579 - 318,467 4,603,687 Notes and bonds, inflation-indexed2 374,979 0 - 10,110 374,979 Inflation compensation3 101,054 - 366 + 26,525 100,920 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,624,582 - 153 - 55,619 2,623,512 Unamortized premiums on securities held outright5 309,491 - 638 - 41,137 309,222 Unamortized discounts on securities held outright5 -27,533 + 14 - 8,015 -27,659 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 15,788 + 686 - 12,838 15,673 Primary credit 4,840 + 764 + 4,082 4,778 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 10,948 - 78 - 16,920 10,895 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,588 - 14 - 6,589 22,383 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,584 + 3 - 1,513 5,586 Net portfolio holdings of TALF II LLC7 1,950 + 2 - 592 1,951 Float -162 - 4 - 23 -147 Central bank liquidity swaps8 391 - 47 + 177 391 Other Federal Reserve assets9 45,838 + 587 + 3,756 30,683 Foreign currency denominated assets10 18,613 - 180 - 1,731 18,489 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,555 + 14 + 728 51,555 Total factors supplying reserve funds 8,479,486 - 4,675 - 466,471 8,434,836 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 15, 2023 Federal Reserve Banks Feb 15, 2023 Feb 8, 2023 Feb 16, 2022 Currency in circulation11 2,297,960 + 527 + 66,015 2,298,891 Reverse repurchase agreements12 2,417,068 + 6,346 + 519,466 2,362,504 Foreign official and international accounts 362,220 + 3,432 + 101,830 350,506 Others 2,054,849 + 2,915 + 417,637 2,011,998 Treasury cash holdings 99 + 3 + 68 102 Deposits with F.R. Banks, other than reserve balances 691,937 - 9,469 - 255,498 634,878 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 490,379 - 2,898 - 202,162 439,703 Foreign official 9,438 + 3 + 3,648 9,434 Other13 192,121 - 6,573 - 56,983 185,740 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 16,036 - 5,537 - 31,676 15,695 Total factors, other than reserve balances, absorbing reserve funds 5,438,448 - 8,128 + 292,464 5,327,417 Reserve balances with Federal Reserve Banks 3,041,038 + 3,454 - 758,935 3,107,419 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 15, 2023 Feb 15, 2023 Feb 8, 2023 Feb 16, 2022 Securities held in custody for foreign official and international accounts 3,346,062 + 14,010 - 101,827 3,353,176 Marketable U.S. Treasury securities1 2,938,139 + 13,511 - 103,229 2,944,867 Federal agency debt and mortgage-backed securities2 326,682 + 17 + 3,082 326,357 Other securities3 81,242 + 482 - 1,679 81,951 Securities lent to dealers 35,833 - 2,504 - 3,779 37,401 Overnight facility4 35,833 - 2,504 - 3,779 37,401 U.S. Treasury securities 35,818 - 2,500 - 3,794 37,387 Federal agency debt securities 15 - 4 + 15 14 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 15, 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 3,542 1,243 0 10,888 0 ... 15,673 U.S. Treasury securities2 Holdings 107,099 320,438 676,513 1,874,096 900,274 1,486,187 5,364,607 Weekly changes - 8,087 - 6,166 - 15,422 - 14,410 - 10,119 + 21,789 - 32,415 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 1 3 29 7,983 48,273 2,567,223 2,623,512 Weekly changes + 1 - 1 0 - 21 - 368 - 835 - 1,223 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,514 ... ... 11,514 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 0 0 ... ... ... ... 0 Central bank liquidity swaps9 391 0 0 0 0 0 391 Reverse repurchase agreements8 2,362,504 0 ... ... ... ... 2,362,504 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 15, 2023 Mortgage-backed securities held outright1 2,623,512 Residential mortgage-backed securities 2,615,051 Commercial mortgage-backed securities 8,462 Commitments to buy mortgage-backed securities2 75 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 15, 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) 10,705 10,447 11,936 22,383 Municipal Liquidity Facility LLC 2,907 2,907 2,679 5,586 TALF II LLC 996 959 992 1,951 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 15, 2023 Feb 8, 2023 Feb 16, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,293 + 6 + 22 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,287,702 - 34,334 - 516,723 Securities held outright1 7,990,467 - 33,637 - 455,112 U.S. Treasury securities 5,364,607 - 32,415 - 374,012 Bills2 285,021 0 - 41,023 Notes and bonds, nominal2 4,603,687 - 32,050 - 349,139 Notes and bonds, inflation-indexed2 374,979 0 - 10,110 Inflation compensation3 100,920 - 365 + 26,261 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,623,512 - 1,223 - 81,101 Unamortized premiums on securities held outright5 309,222 - 694 - 41,102 Unamortized discounts on securities held outright5 -27,659 - 198 - 7,474 Repurchase agreements6 0 - 1 0 Loans7 15,673 + 197 - 13,033 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,383 - 239 - 6,597 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,586 + 2 - 1,512 Net portfolio holdings of TALF II LLC8 1,951 + 1 - 591 Items in process of collection (0) 51 - 2 - 2 Bank premises 485 + 12 - 902 Central bank liquidity swaps9 391 - 47 + 177 Foreign currency denominated assets10 18,489 - 209 - 1,867 Other assets11 30,198 - 15,795 + 1,726 Total assets (0) 8,384,767 - 50,602 - 526,266 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 15, 2023 Feb 8, 2023 Feb 16, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,248,727 + 418 + 64,019 Reverse repurchase agreements12 2,362,504 - 56,427 + 461,042 Deposits (0) 3,742,296 + 11,056 -1,015,078 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,107,419 + 73,859 - 689,301 U.S. Treasury, General Account 439,703 - 56,135 - 269,558 Foreign official 9,434 0 + 2,183 Other13 (0) 185,740 - 6,668 - 58,401 Deferred availability cash items (0) 198 - 65 - 22 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -26,842 - 5,589 - 32,391 Total liabilities (0) 8,342,231 - 50,606 - 528,341 Capital accounts Capital paid in 35,751 + 3 + 2,075 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,536 + 3 + 2,075 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 15, 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 1,293 18 32 118 51 197 83 235 26 37 90 165 241 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,287,702 166,083 4,243,946 190,137 332,809 576,658 541,459 565,991 129,959 62,523 129,539 424,220 924,379 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,383 22,383 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,586 0 5,586 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,951 0 1,951 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 391 17 136 15 38 78 13 15 8 2 4 9 56 Foreign currency denominated assets4 18,489 796 6,440 686 1,807 3,707 602 701 372 93 191 444 2,650 Other assets5 30,734 720 14,894 770 1,220 2,428 1,977 1,996 775 373 729 1,594 3,257 Interdistrict settlement account 0- 5,397+ 309,958- 49,896- 44,075+ 35,206+ 9,729- 58,604- 13,733- 3,514- 24,877- 41,794 - 113,004 Total assets 8,384,767 185,163 4,588,215 142,367 292,613 619,477 556,110 511,426 117,868 59,777 106,117 385,917 819,716 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 15, 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 2,248,727 77,110 706,361 53,972 110,084 173,670 350,792 126,057 68,528 32,407 48,743 188,327 312,676 Reverse repurchase agreements6 2,362,504 47,297 1,211,260 54,275 94,342 164,635 154,570 161,500 37,104 16,751 36,879 121,125 262,767 Deposits 3,742,296 47,753 2,672,172 32,643 84,617 274,953 49,094 224,074 11,213 10,308 19,981 75,899 239,590 Depository institutions 3,107,419 47,745 2,170,724 32,642 84,586 274,361 49,065 91,648 11,201 10,229 19,953 75,717 239,547 U.S. Treasury, General Account 439,703 0 439,703 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 185,740 6 52,336 0 27 583 27 132,425 11 79 28 181 37 Earnings remittances due to the U.S. Treasury8 -33,135 -639 -23,482 -187 -592 -2,939 -93 -2,653 -44 -56 -99 -438 -1,914 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 6,491 389 3,106 158 206 681 446 448 118 100 159 214 466 Total liabilities 8,342,231 183,363 4,573,311 140,861 288,657 610,999 554,809 509,427 116,919 59,510 105,662 385,127 813,585 Capital Capital paid in 35,751 1,509 12,490 1,262 3,316 7,105 1,098 1,763 796 224 383 647 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 8,384,767 185,163 4,588,215 142,367 292,613 619,477 556,110 511,426 117,868 59,777 106,117 385,917 819,716 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 15, 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 15, 2023 Federal Reserve notes outstanding 2,632,701 Less: Notes held by F.R. Banks not subject to collateralization 383,974 Federal Reserve notes to be collateralized 2,248,727 Collateral held against Federal Reserve notes 2,248,727 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,490 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,990,467 Less: Face value of securities under reverse repurchase agreements 2,509,387 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,481,079 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.