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 March 2, 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 Mar 1, 2023 Federal Reserve Banks Mar 1, 2023 Feb 22, 2023 Mar 2, 2022 Reserve Bank credit 8,332,390 - 16,356 - 534,046 8,303,513 Securities held outright1 7,974,318 - 15,003 - 467,939 7,948,534 U.S. Treasury securities 5,356,098 - 8,298 - 388,683 5,336,147 Bills2 285,021 0 - 41,023 285,021 Notes and bonds, nominal2 4,595,167 - 8,563 - 361,257 4,573,742 Notes and bonds, inflation-indexed2 375,564 + 585 - 11,273 377,024 Inflation compensation3 100,346 - 320 + 24,870 100,360 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,615,873 - 6,705 - 79,257 2,610,040 Unamortized premiums on securities held outright5 307,925 - 806 - 40,452 307,553 Unamortized discounts on securities held outright5 -27,881 - 165 - 7,488 -27,900 Repurchase agreements6 1 + 1 + 1 0 Foreign official 0 0 0 0 Others 1 + 1 + 1 0 Loans 15,381 - 214 - 12,517 15,067 Primary credit 4,619 - 120 + 3,054 4,362 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 10,763 - 93 - 15,569 10,705 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,391 + 8 - 6,599 22,408 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,590 + 3 - 1,510 5,592 Net portfolio holdings of TALF II LLC7 1,949 - 2 - 586 1,939 Float -354 - 200 + 207 -160 Central bank liquidity swaps8 418 + 25 + 193 419 Other Federal Reserve assets9 32,651 - 4 + 2,644 30,062 Foreign currency denominated assets10 18,300 - 169 - 1,871 18,406 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,583 + 14 + 728 51,583 Total factors supplying reserve funds 8,418,514 - 16,512 - 535,190 8,389,743 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 Mar 1, 2023 Federal Reserve Banks Mar 1, 2023 Feb 22, 2023 Mar 2, 2022 Currency in circulation11 2,302,133 + 1,501 + 59,680 2,304,348 Reverse repurchase agreements12 2,514,277 + 100,632 + 671,016 2,500,611 Foreign official and international accounts 363,097 + 11,026 + 110,644 366,661 Others 2,151,180 + 89,606 + 560,372 2,133,950 Treasury cash holdings 105 + 3 + 72 115 Deposits with F.R. Banks, other than reserve balances 577,896 - 94,421 - 377,038 530,722 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 381,245 - 96,088 - 301,658 351,015 Foreign official 9,437 + 1 - 532 9,438 Other13 187,215 + 1,667 - 74,847 170,270 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 10,453 - 5,952 - 36,594 10,633 Total factors, other than reserve balances, absorbing reserve funds 5,420,211 + 1,762 + 311,224 5,361,776 Reserve balances with Federal Reserve Banks 2,998,303 - 18,274 - 846,413 3,027,967 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 Mar 1, 2023 Mar 1, 2023 Feb 22, 2023 Mar 2, 2022 Securities held in custody for foreign official and international accounts 3,352,932 + 253 - 100,055 3,349,624 Marketable U.S. Treasury securities1 2,943,316 - 928 - 100,465 2,940,082 Federal agency debt and mortgage-backed securities2 327,672 + 1,192 + 373 327,611 Other securities3 81,945 - 10 + 38 81,932 Securities lent to dealers 47,420 + 10,752 + 8,322 49,950 Overnight facility4 47,420 + 10,752 + 8,322 49,950 U.S. Treasury securities 47,406 + 10,752 + 8,308 49,936 Federal agency debt securities 14 0 + 14 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, March 1, 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 3,247 1,122 0 10,699 0 ... 15,067 U.S. Treasury securities2 Holdings 41,569 327,092 712,124 1,869,178 908,370 1,477,814 5,336,147 Weekly changes - 59,767 - 4,233 + 40,754 - 4,768 - 5,531 + 5,400 - 28,144 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 23 7,842 47,678 2,554,495 2,610,040 Weekly changes - 1 - 1 - 6 - 141 - 595 - 9,464 - 10,208 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,418 ... ... 11,418 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 0 936 0 ... ... 936 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 419 0 0 0 0 0 419 Reverse repurchase agreements8 2,500,611 0 ... ... ... ... 2,500,611 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 Mar 1, 2023 Mortgage-backed securities held outright1 2,610,040 Residential mortgage-backed securities 2,601,598 Commercial mortgage-backed securities 8,442 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 Mar 1, 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 10,354 12,053 22,408 Municipal Liquidity Facility LLC 2,907 2,907 2,684 5,592 TALF II LLC 981 936 1,003 1,939 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 Mar 1, 2023 Feb 22, 2023 Mar 2, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,306 + 4 + 23 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,243,254 - 39,795 - 555,127 Securities held outright1 7,948,534 - 38,353 - 494,277 U.S. Treasury securities 5,336,147 - 28,144 - 412,959 Bills2 285,021 0 - 41,023 Notes and bonds, nominal2 4,573,742 - 29,995 - 385,344 Notes and bonds, inflation-indexed2 377,024 + 2,045 - 11,209 Inflation compensation3 100,360 - 194 + 24,618 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,610,040 - 10,208 - 81,318 Unamortized premiums on securities held outright5 307,553 - 896 - 40,500 Unamortized discounts on securities held outright5 -27,900 - 251 - 7,496 Repurchase agreements6 0 0 - 1 Loans7 15,067 - 296 - 12,853 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,408 + 22 - 6,588 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,592 + 3 - 1,509 Net portfolio holdings of TALF II LLC8 1,939 - 14 - 587 Items in process of collection (0) 63 + 8 + 3 Bank premises 469 - 18 - 899 Central bank liquidity swaps9 419 + 26 + 194 Foreign currency denominated assets10 18,406 + 7 - 1,736 Other assets11 29,593 - 2,747 + 1,456 Total assets (0) 8,339,684 - 42,506 - 564,771 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 Mar 1, 2023 Feb 22, 2023 Mar 2, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,254,181 + 2,284 + 55,245 Reverse repurchase agreements12 2,500,611 + 29,254 + 724,959 Deposits (0) 3,558,690 - 68,696 -1,301,485 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,027,967 + 44,409 - 891,517 U.S. Treasury, General Account 351,015 - 100,292 - 334,476 Foreign official 9,438 + 3 + 3,154 Other13 (0) 170,270 - 12,816 - 78,646 Deferred availability cash items (0) 223 - 129 - 484 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -31,909 - 5,223 - 38,527 Total liabilities (0) 8,297,142 - 42,511 - 566,204 Capital accounts Capital paid in 35,757 + 6 + 1,433 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,542 + 6 + 1,433 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, March 1, 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 1,306 20 35 117 46 198 88 240 26 38 90 167 242 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,243,254 165,160 4,221,271 189,067 331,030 573,486 538,558 562,920 129,281 62,166 128,858 422,000 919,457 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,408 22,408 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,592 0 5,592 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,939 0 1,939 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 419 18 146 16 41 84 14 16 8 2 4 10 60 Foreign currency denominated assets4 18,406 793 6,412 683 1,799 3,690 599 698 370 93 190 442 2,638 Other assets5 30,124 706 14,547 754 1,202 2,371 1,942 1,947 778 407 740 1,557 3,173 Interdistrict settlement account 0- 1,036+ 181,896- 46,006- 27,996+ 60,501+ 25,573- 59,186- 8,840- 166- 20,550- 20,952 - 83,238 Total assets 8,339,684 188,613 4,437,107 145,166 306,885 641,533 569,020 507,727 122,086 62,803 109,772 404,502 844,469 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, March 1, 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 2,254,181 77,295 709,226 53,810 110,390 173,750 351,580 125,936 68,234 32,440 48,519 189,110 313,891 Reverse repurchase agreements6 2,500,611 50,062 1,282,067 57,447 99,857 174,259 163,606 170,941 39,273 17,731 39,035 128,205 278,128 Deposits 3,558,690 48,312 2,450,863 32,478 93,182 287,814 52,193 211,418 13,552 12,334 21,716 86,723 248,105 Depository institutions 3,027,967 48,304 2,037,514 32,477 93,152 287,071 52,165 95,175 13,545 12,212 21,686 86,593 248,075 U.S. Treasury, General Account 351,015 0 351,015 0 0 0 0 0 0 0 0 0 0 Foreign official 9,438 2 9,411 1 4 8 1 2 1 0 0 1 6 Other7 170,270 6 52,923 0 26 735 27 116,242 6 122 30 129 24 Earnings remittances due to the U.S. Treasury8 -38,181 -717 -26,930 -232 -719 -3,378 -132 -3,009 -56 -73 -121 -542 -2,272 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 6,494 408 3,082 157 220 609 473 442 129 105 167 217 487 Total liabilities 8,297,142 186,812 4,422,203 143,660 302,929 633,054 567,719 505,728 121,131 62,536 109,317 403,713 838,339 Capital Capital paid in 35,757 1,509 12,490 1,262 3,316 7,105 1,098 1,763 802 224 383 647 5,160 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 8,339,684 188,613 4,437,107 145,166 306,885 641,533 569,020 507,727 122,086 62,803 109,772 404,502 844,469 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, March 1, 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 Mar 1, 2023 Federal Reserve notes outstanding 2,632,341 Less: Notes held by F.R. Banks not subject to collateralization 378,160 Federal Reserve notes to be collateralized 2,254,181 Collateral held against Federal Reserve notes 2,254,181 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,237,944 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,948,534 Less: Face value of securities under reverse repurchase agreements 2,734,707 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,213,827 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.