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 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 Mar 8, 2023 Federal Reserve Banks Mar 8, 2023 Mar 1, 2023 Mar 9, 2022 Reserve Bank credit 8,304,849 - 27,541 - 565,270 8,305,716 Securities held outright1 7,948,213 - 26,105 - 496,784 7,948,335 U.S. Treasury securities 5,335,826 - 20,272 - 415,465 5,335,948 Bills2 284,119 - 902 - 41,925 283,960 Notes and bonds, nominal2 4,573,778 - 21,389 - 386,936 4,573,742 Notes and bonds, inflation-indexed2 377,024 + 1,460 - 11,209 377,024 Inflation compensation3 100,905 + 559 + 24,605 101,222 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,610,040 - 5,833 - 81,318 2,610,040 Unamortized premiums on securities held outright5 307,206 - 719 - 40,490 307,032 Unamortized discounts on securities held outright5 -27,930 - 49 - 7,518 -27,844 Repurchase agreements6 2 + 1 + 2 0 Foreign official 0 0 0 0 Others 2 + 1 + 2 0 Loans 15,104 - 277 - 12,566 15,209 Primary credit 4,435 - 184 + 2,374 4,581 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 10,669 - 94 - 14,940 10,628 Other credit extensions 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 22,411 + 20 - 6,587 22,431 Net portfolio holdings of Municipal Liquidity Facility LLC7 5,592 + 2 - 1,315 5,594 Net portfolio holdings of TALF II LLC7 1,939 - 10 - 587 1,941 Float -260 + 94 - 115 -771 Central bank liquidity swaps8 411 - 7 + 118 411 Other Federal Reserve assets9 32,159 - 492 + 569 33,377 Foreign currency denominated assets10 18,321 + 21 - 1,574 18,206 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 51,597 + 14 + 728 51,597 Total factors supplying reserve funds 8,391,009 - 27,505 - 566,116 8,391,761 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 8, 2023 Federal Reserve Banks Mar 8, 2023 Mar 1, 2023 Mar 9, 2022 Currency in circulation11 2,305,971 + 3,838 + 52,069 2,307,964 Reverse repurchase agreements12 2,541,252 + 26,975 + 787,902 2,560,350 Foreign official and international accounts 354,820 - 8,277 + 103,185 367,113 Others 2,186,433 + 35,253 + 684,718 2,193,237 Treasury cash holdings 117 + 12 + 81 131 Deposits with F.R. Banks, other than reserve balances 516,817 - 61,079 - 402,950 492,278 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 333,350 - 47,895 - 318,689 311,731 Foreign official 9,598 + 161 + 2,093 9,434 Other13 173,869 - 13,346 - 86,354 171,113 Treasury contributions to credit facilities14 15,347 0 - 5,911 15,347 Other liabilities and capital15 11,785 + 1,332 - 37,368 12,016 Total factors, other than reserve balances, absorbing reserve funds 5,391,289 - 28,922 + 393,823 5,388,085 Reserve balances with Federal Reserve Banks 2,999,720 + 1,417 - 959,939 3,003,676 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 8, 2023 Mar 8, 2023 Mar 1, 2023 Mar 9, 2022 Securities held in custody for foreign official and international accounts 3,360,015 + 7,083 - 72,677 3,360,421 Marketable U.S. Treasury securities1 2,950,155 + 6,839 - 74,861 2,950,306 Federal agency debt and mortgage-backed securities2 327,908 + 236 + 1,481 328,056 Other securities3 81,952 + 7 + 702 82,059 Securities lent to dealers 44,985 - 2,435 + 5,926 45,447 Overnight facility4 44,985 - 2,435 + 5,926 45,447 U.S. Treasury securities 44,975 - 2,431 + 5,916 45,447 Federal agency debt securities 10 - 4 + 10 0 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 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 3,497 1,090 0 10,622 0 ... 15,209 U.S. Treasury securities2 Holdings 34,309 393,294 652,167 1,869,522 908,564 1,478,092 5,335,948 Weekly changes - 7,260 + 66,202 - 59,957 + 344 + 194 + 278 - 199 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 24 8,010 47,726 2,554,277 2,610,040 Weekly changes 0 + 1 + 1 + 168 + 48 - 218 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,360 ... ... 11,360 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 411 0 0 0 0 0 411 Reverse repurchase agreements8 2,560,350 0 ... ... ... ... 2,560,350 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 8, 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 90 Commitments to sell mortgage-backed securities2 15 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 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) 10,705 10,297 12,134 22,431 Municipal Liquidity Facility LLC 2,907 2,907 2,687 5,594 TALF II LLC 981 936 1,005 1,941 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 8, 2023 Mar 1, 2023 Mar 9, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,309 + 3 + 26 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,242,733 - 521 - 559,182 Securities held outright1 7,948,335 - 199 - 498,758 U.S. Treasury securities 5,335,948 - 199 - 417,437 Bills2 283,960 - 1,061 - 42,084 Notes and bonds, nominal2 4,573,742 0 - 388,742 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 Inflation compensation3 101,222 + 862 + 24,598 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,610,040 0 - 81,321 Unamortized premiums on securities held outright5 307,032 - 521 - 40,594 Unamortized discounts on securities held outright5 -27,844 + 56 - 7,392 Repurchase agreements6 0 0 - 1 Loans7 15,209 + 142 - 12,439 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,431 + 23 - 6,574 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,594 + 2 - 1,056 Net portfolio holdings of TALF II LLC8 1,941 + 2 - 585 Items in process of collection (0) 45 - 18 - 14 Bank premises 470 + 1 - 901 Central bank liquidity swaps9 411 - 8 + 118 Foreign currency denominated assets10 18,206 - 200 - 1,779 Other assets11 32,907 + 3,314 + 1,482 Total assets (0) 8,342,283 + 2,599 - 568,465 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 8, 2023 Mar 1, 2023 Mar 9, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,257,801 + 3,620 + 48,394 Reverse repurchase agreements12 2,560,350 + 59,739 + 774,104 Deposits (0) 3,495,954 - 62,736 -1,349,032 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,003,676 - 24,291 - 949,975 U.S. Treasury, General Account 311,731 - 39,284 - 297,638 Foreign official 9,434 - 4 + 1,828 Other13 (0) 171,113 + 843 - 103,249 Deferred availability cash items (0) 815 + 592 + 507 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -30,482 + 1,427 - 37,916 Total liabilities (0) 8,299,785 + 2,643 - 569,854 Capital accounts Capital paid in 35,713 - 44 + 1,389 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,498 - 44 + 1,389 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 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 1,309 21 37 117 43 198 86 241 26 38 87 163 250 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,242,733 165,113 4,220,705 189,044 331,000 573,459 538,539 562,803 129,241 62,128 128,910 421,944 919,847 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,431 22,431 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,594 0 5,594 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,941 0 1,941 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 411 18 143 15 40 82 13 16 8 2 4 10 59 Foreign currency denominated assets4 18,206 784 6,343 675 1,779 3,650 592 690 366 92 188 437 2,610 Other assets5 33,422 772 16,238 830 1,335 2,605 2,141 2,174 831 435 791 1,728 3,543 Interdistrict settlement account 0- 11,363+ 166,929- 45,645- 23,430+ 68,408+ 28,882- 59,904- 8,717- 1,729- 21,220- 26,302 - 65,908 Total assets 8,342,283 178,319 4,423,199 145,575 311,530 649,605 572,501 507,112 122,217 61,229 109,201 399,258 862,536 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 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 2,257,801 77,484 711,208 53,640 110,857 174,170 351,819 125,575 68,463 32,415 48,507 189,072 314,590 Reverse repurchase agreements6 2,560,350 51,258 1,312,695 58,820 102,242 178,422 167,515 175,025 40,211 18,154 39,967 131,268 284,772 Deposits 3,495,954 36,591 2,403,612 31,656 94,932 291,235 50,839 206,975 12,496 10,352 20,204 78,377 258,685 Depository institutions 3,003,676 36,583 2,030,650 31,654 94,901 290,633 50,811 88,600 12,489 10,292 20,173 78,263 258,627 U.S. Treasury, General Account 311,731 0 311,731 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 171,113 6 51,823 0 27 594 27 118,374 6 60 30 114 52 Earnings remittances due to the U.S. Treasury8 -39,774 -751 -28,051 -234 -767 -3,599 -98 -3,108 -52 -79 -121 -548 -2,367 Treasury contributions to credit facilities9 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 10,107 486 4,980 187 310 898 1,126 646 145 120 189 298 724 Total liabilities 8,299,785 176,520 4,408,339 144,069 307,574 641,126 571,200 505,113 121,263 60,962 108,746 398,468 856,404 Capital Capital paid in 35,713 1,507 12,446 1,262 3,316 7,105 1,098 1,763 802 224 383 647 5,161 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 8,342,283 178,319 4,423,199 145,575 311,530 649,605 572,501 507,112 122,217 61,229 109,201 399,258 862,536 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 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 Mar 8, 2023 Federal Reserve notes outstanding 2,632,376 Less: Notes held by F.R. Banks not subject to collateralization 374,574 Federal Reserve notes to be collateralized 2,257,801 Collateral held against Federal Reserve notes 2,257,801 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,241,564 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,948,335 Less: Face value of securities under reverse repurchase agreements 2,795,523 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,152,812 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.