H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time March 16, 2023 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Bank Term Funding Program (BTFP). The Federal Reserve announced the BTFP on March 12, 2023, to facilitate lending to eligible U.S. depository institutions. The BTFP began operations on March 13, 2023 and provides additional funding to eligible U.S. depository institutions by extending loans with a term of up to one year limited to the par value of eligible pledged collateral. Information for the facility is presented in tables 1, 2, 5, and 6. Depository institutions are able to obtain liquidity against a wide range of collateral through the discount window. Factors affecting reserve balances of depository institutions (table 1) "other credit extensions" reports loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral, and the FDIC provides repayment guarantees.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 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 Mar 15, 2023 Federal Reserve Banks Mar 15, 2023 Mar 8, 2023 Mar 16, 2022 Reserve Bank credit 8,446,992 + 142,143 - 448,477 8,603,097 Securities held outright1 7,947,058 - 1,155 - 521,635 7,940,014 U.S. Treasury securities 5,334,857 - 969 - 423,087 5,328,927 Bills2 283,339 - 780 - 42,705 283,187 Notes and bonds, nominal2 4,572,726 - 1,052 - 393,759 4,566,632 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 377,024 Inflation compensation3 101,767 + 862 + 24,586 102,083 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,609,854 - 186 - 98,548 2,608,741 Unamortized premiums on securities held outright5 306,677 - 529 - 40,554 306,448 Unamortized discounts on securities held outright5 -27,807 + 123 - 6,988 -27,720 Repurchase agreements6 32 + 30 + 32 0 Foreign official 0 0 0 0 Others 32 + 30 + 32 0 Loans 155,635 + 140,531 + 128,211 318,148 Primary credit 84,957 + 80,522 + 82,515 152,853 Secondary credit 0 0 0 0 Seasonal credit 3 + 3 + 3 4 Paycheck Protection Program Liquidity Facility 10,588 - 81 - 14,394 10,549 Bank Term Funding Program 2,443 + 2,443 + 2,443 11,943 Other credit extensions7 57,643 + 57,643 + 57,643 142,800 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,407 - 4 - 6,552 22,261 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,595 + 3 - 1,055 5,597 Net portfolio holdings of TALF II LLC8 1,941 + 2 - 585 1,942 Float -413 - 153 - 241 -185 Central bank liquidity swaps9 472 + 61 + 188 472 Other Federal Reserve assets10 35,396 + 3,237 + 703 36,119 Foreign currency denominated assets11 18,450 + 129 - 1,318 18,418 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,611 + 14 + 728 51,611 Total factors supplying reserve funds 8,533,295 + 142,286 - 449,066 8,689,367 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 15, 2023 Federal Reserve Banks Mar 15, 2023 Mar 8, 2023 Mar 16, 2022 Currency in circulation12 2,307,813 + 1,842 + 46,863 2,310,546 Reverse repurchase agreements13 2,503,758 - 37,494 + 672,070 2,423,126 Foreign official and international accounts 358,069 + 3,249 + 104,572 367,303 Others 2,145,690 - 40,743 + 567,500 2,055,823 Treasury cash holdings 131 + 14 + 62 132 Deposits with F.R. Banks, other than reserve balances 446,928 - 69,889 - 409,496 487,920 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 232,866 - 100,484 - 337,740 277,643 Foreign official 9,749 + 151 + 2,042 11,635 Other14 204,312 + 30,443 - 73,799 198,642 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 7,835 - 3,950 - 42,416 8,089 Total factors, other than reserve balances, absorbing reserve funds 5,281,812 - 109,477 + 261,172 5,245,159 Reserve balances with Federal Reserve Banks 3,251,482 + 251,762 - 710,239 3,444,208 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 loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees. 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. Includes bank premises, accrued interest, and other accounts receivable. 11. Revalued daily at current foreign currency exchange rates. 12. Estimated. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 14. 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. 15. 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. 16. 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 15, 2023 Mar 15, 2023 Mar 8, 2023 Mar 16, 2022 Securities held in custody for foreign official and international accounts 3,362,175 + 2,160 - 72,626 3,354,226 Marketable U.S. Treasury securities1 2,949,899 - 256 - 72,236 2,939,420 Federal agency debt and mortgage-backed securities2 330,251 + 2,343 - 1,145 332,901 Other securities3 82,025 + 73 + 755 81,905 Securities lent to dealers 48,551 + 3,566 + 9,260 47,930 Overnight facility4 48,551 + 3,566 + 9,260 47,930 U.S. Treasury securities 48,551 + 3,576 + 9,260 47,930 Federal agency debt securities 0 - 10 0 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 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 290,247 5,417 11,942 10,542 0 ... 318,148 U.S. Treasury securities2 Holdings 31,768 388,219 651,945 1,869,875 908,799 1,478,320 5,328,927 Weekly changes - 2,541 - 5,075 - 222 + 353 + 235 + 228 - 7,021 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 7,991 47,367 2,553,355 2,608,741 Weekly changes 0 0 0 - 19 - 359 - 922 - 1,299 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,323 ... ... 11,323 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 472 0 0 0 0 0 472 Reverse repurchase agreements8 2,423,126 0 ... ... ... ... 2,423,126 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), Bank Term Funding Program, 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 15, 2023 Mortgage-backed securities held outright1 2,608,741 Residential mortgage-backed securities 2,600,299 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 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) 10,514 10,266 11,995 22,261 Municipal Liquidity Facility LLC 2,907 2,907 2,689 5,597 TALF II LLC 981 936 1,007 1,942 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 15, 2023 Mar 8, 2023 Mar 16, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,305 - 4 + 21 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,536,890 + 294,157 - 306,305 Securities held outright1 7,940,014 - 8,321 - 550,531 U.S. Treasury securities 5,328,927 - 7,021 - 429,340 Bills2 283,187 - 773 - 42,857 Notes and bonds, nominal2 4,566,632 - 7,110 - 399,853 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 Inflation compensation3 102,083 + 861 + 24,578 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,608,741 - 1,299 - 121,190 Unamortized premiums on securities held outright5 306,448 - 584 - 40,496 Unamortized discounts on securities held outright5 -27,720 + 124 - 6,447 Repurchase agreements6 0 0 - 1 Loans7 318,148 + 302,939 + 291,170 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,261 - 170 - 6,586 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,597 + 3 - 1,054 Net portfolio holdings of TALF II LLC8 1,942 + 1 - 584 Items in process of collection (0) 57 + 12 - 7 Bank premises 470 0 - 891 Central bank liquidity swaps9 472 + 61 + 188 Foreign currency denominated assets10 18,418 + 212 - 1,309 Other assets11 35,651 + 2,744 + 1,521 Total assets (0) 8,639,300 + 297,017 - 315,006 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 15, 2023 Mar 8, 2023 Mar 16, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,260,367 + 2,566 + 46,146 Reverse repurchase agreements12 2,423,126 - 137,224 + 558,489 Deposits (0) 3,932,130 + 436,176 - 874,500 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,444,210 + 440,534 - 449,202 U.S. Treasury, General Account 277,643 - 34,088 - 343,884 Foreign official 11,635 + 2,201 + 5,202 Other13 (0) 198,642 + 27,529 - 86,615 Deferred availability cash items (0) 241 - 574 + 30 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -34,412 - 3,930 - 40,653 Total liabilities (0) 8,596,799 + 297,014 - 316,399 Capital accounts Capital paid in 35,716 + 3 + 1,392 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,501 + 3 + 1,392 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, Bank Term Funding Program, 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 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 1,305 20 39 118 44 196 83 243 27 38 88 159 252 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,536,890 165,150 4,276,151 191,184 330,697 574,125 538,024 562,676 130,630 62,212 130,865 422,231 1,152,944 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,261 22,261 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,597 0 5,597 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,942 0 1,942 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 472 20 164 17 46 95 15 18 9 2 5 11 68 Foreign currency denominated assets4 18,418 793 6,416 683 1,800 3,693 599 698 371 93 190 442 2,640 Other assets5 36,178 827 17,654 895 1,446 2,802 2,335 2,366 874 422 834 1,871 3,852 Interdistrict settlement account 0+ 11,557+ 130,750- 41,740- 161+ 147,947+ 27,988- 40,040- 4,711- 468- 18,904- 5,408 - 206,810 Total assets 8,639,300 201,173 4,443,984 151,694 334,635 730,060 571,292 527,053 127,661 62,562 113,518 420,586 955,082 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 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 2,260,367 77,601 712,878 53,441 110,927 174,579 352,442 125,248 68,518 32,296 48,187 189,198 315,054 Reverse repurchase agreements6 2,423,126 48,511 1,242,340 55,667 96,762 168,859 158,537 165,644 38,056 17,181 37,825 124,233 269,510 Deposits 3,932,130 62,105 2,495,962 41,145 123,533 381,158 58,551 236,914 20,051 12,795 27,016 106,682 366,217 Depository institutions 3,444,210 62,097 2,145,934 41,144 123,138 380,804 58,466 100,720 20,044 12,736 26,762 106,176 366,191 U.S. Treasury, General Account 277,643 0 277,643 0 0 0 0 0 0 0 0 0 0 Foreign official 11,635 2 11,609 1 4 8 1 2 1 0 0 1 6 Other7 198,642 7 60,776 0 391 346 84 136,192 6 59 254 505 21 Earnings remittances due to the U.S. Treasury8 -41,067 -769 -29,110 -229 -790 -3,749 -37 -3,195 -48 -82 -134 -545 -2,379 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 6,896 474 3,158 163 247 734 498 443 127 104 170 229 549 Total liabilities 8,596,799 199,375 4,429,124 150,188 330,679 721,580 569,991 525,054 126,704 62,295 113,064 419,796 948,950 Capital Capital paid in 35,716 1,507 12,446 1,262 3,316 7,106 1,098 1,763 805 224 383 647 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 8,639,300 201,173 4,443,984 151,694 334,635 730,060 571,292 527,053 127,661 62,562 113,518 420,586 955,082 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 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, Bank Term Funding Program, 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 15, 2023 Federal Reserve notes outstanding 2,632,423 Less: Notes held by F.R. Banks not subject to collateralization 372,056 Federal Reserve notes to be collateralized 2,260,367 Collateral held against Federal Reserve notes 2,260,367 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,244,130 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,940,014 Less: Face value of securities under reverse repurchase agreements 2,578,653 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,361,361 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.