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 23, 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 22, 2023 Federal Reserve Banks Mar 22, 2023 Mar 15, 2023 Mar 23, 2022 Reserve Bank credit 8,657,968 + 210,976 - 266,230 8,697,234 Securities held outright1 7,938,410 - 8,648 - 560,388 7,936,558 U.S. Treasury securities 5,328,829 - 6,028 - 429,996 5,328,976 Bills2 282,545 - 794 - 43,499 282,374 Notes and bonds, nominal2 4,566,632 - 6,094 - 399,853 4,566,632 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 377,024 Inflation compensation3 102,628 + 861 + 24,566 102,945 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,607,234 - 2,620 - 130,392 2,605,235 Unamortized premiums on securities held outright5 306,045 - 632 - 40,316 305,773 Unamortized discounts on securities held outright5 -27,681 + 126 - 6,307 -27,594 Repurchase agreements6 32,857 + 32,825 + 32,857 60,000 Foreign official 32,857 + 32,857 + 32,857 60,000 Others 0 - 32 0 0 Loans 340,699 + 185,064 + 315,423 354,191 Primary credit 116,987 + 32,030 + 116,077 110,248 Secondary credit 0 0 0 0 Seasonal credit 4 + 1 + 4 4 Paycheck Protection Program Liquidity Facility 10,514 - 74 - 13,852 10,469 Bank Term Funding Program 34,609 + 32,166 + 34,609 53,669 Other credit extensions7 178,586 + 120,943 + 178,586 179,800 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,264 - 143 - 6,585 22,282 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,597 + 2 - 1,054 5,599 Net portfolio holdings of TALF II LLC8 1,943 + 2 - 583 1,944 Float -176 + 237 - 52 -272 Central bank liquidity swaps9 502 + 30 + 193 587 Other Federal Reserve assets10 37,508 + 2,112 + 582 38,167 Foreign currency denominated assets11 18,621 + 171 - 1,089 18,706 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,625 + 14 + 728 51,625 Total factors supplying reserve funds 8,744,456 + 211,161 - 266,591 8,783,807 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 22, 2023 Federal Reserve Banks Mar 22, 2023 Mar 15, 2023 Mar 23, 2022 Currency in circulation12 2,314,492 + 6,679 + 50,286 2,318,915 Reverse repurchase agreements13 2,503,684 - 74 + 526,069 2,649,984 Foreign official and international accounts 366,905 + 8,836 + 117,959 370,376 Others 2,136,778 - 8,912 + 408,109 2,279,608 Treasury cash holdings 135 + 4 + 65 150 Deposits with F.R. Banks, other than reserve balances 475,960 + 29,032 - 422,032 419,083 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 259,587 + 26,721 - 355,029 199,856 Foreign official 9,602 - 147 + 2,213 9,437 Other14 206,771 + 2,459 - 69,216 209,791 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 9,764 + 1,929 - 39,047 10,342 Total factors, other than reserve balances, absorbing reserve funds 5,319,381 + 37,569 + 109,428 5,413,821 Reserve balances with Federal Reserve Banks 3,425,075 + 173,593 - 376,020 3,369,986 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 22, 2023 Mar 22, 2023 Mar 15, 2023 Mar 23, 2022 Securities held in custody for foreign official and international accounts 3,309,453 - 52,722 - 140,846 3,284,057 Marketable U.S. Treasury securities1 2,894,451 - 55,448 - 134,748 2,863,419 Federal agency debt and mortgage-backed securities2 333,654 + 3,403 - 5,819 339,414 Other securities3 81,348 - 677 - 280 81,223 Securities lent to dealers 46,498 - 2,053 + 6,820 46,064 Overnight facility4 46,498 - 2,053 + 6,820 46,064 U.S. Treasury securities 46,498 - 2,053 + 6,820 46,064 Federal agency debt securities 0 0 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 22, 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 285,467 4,779 53,482 10,463 0 ... 354,191 U.S. Treasury securities2 Holdings 84,318 351,347 640,817 1,864,912 909,034 1,478,547 5,328,976 Weekly changes + 52,550 - 36,872 - 11,128 - 4,963 + 235 + 227 + 49 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 2,549,850 2,605,235 Weekly changes 0 0 0 0 0 - 3,505 - 3,506 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,300 ... ... 11,300 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 60,000 0 ... ... ... ... 60,000 Central bank liquidity swaps9 587 0 0 0 0 0 587 Reverse repurchase agreements8 2,649,984 0 ... ... ... ... 2,649,984 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. Additionally, the Within 15 days category includes a loan to an FDIC-established depository institution that was subsequently placed in receivership. This loan is recognized as performing based upon payment due from the receivership, collateral securing the loans, and an FDIC repayment guarantee. 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 22, 2023 Mortgage-backed securities held outright1 2,605,235 Residential mortgage-backed securities 2,596,797 Commercial mortgage-backed securities 8,439 Commitments to buy mortgage-backed securities2 80 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 22, 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 10,248 12,034 22,282 Municipal Liquidity Facility LLC 2,907 2,907 2,692 5,599 TALF II LLC 981 936 1,009 1,944 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 22, 2023 Mar 15, 2023 Mar 23, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,285 - 20 - 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,628,927 + 92,037 - 220,553 Securities held outright1 7,936,558 - 3,456 - 563,697 U.S. Treasury securities 5,328,976 + 49 - 430,173 Bills2 282,374 - 813 - 43,670 Notes and bonds, nominal2 4,566,632 0 - 399,853 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 Inflation compensation3 102,945 + 862 + 24,559 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,605,235 - 3,506 - 133,525 Unamortized premiums on securities held outright5 305,773 - 675 - 40,123 Unamortized discounts on securities held outright5 -27,594 + 126 - 6,184 Repurchase agreements6 60,000 + 60,000 + 60,000 Loans7 354,191 + 36,043 + 329,453 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,282 + 21 - 6,575 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,599 + 2 - 1,053 Net portfolio holdings of TALF II LLC8 1,944 + 2 - 583 Items in process of collection (0) 52 - 5 - 2 Bank premises 475 + 5 - 818 Central bank liquidity swaps9 587 + 115 + 278 Foreign currency denominated assets10 18,706 + 288 - 862 Other assets11 37,692 + 2,041 + 1,487 Total assets (0) 8,733,787 + 94,487 - 228,687 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 22, 2023 Mar 15, 2023 Mar 23, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,268,721 + 8,354 + 52,587 Reverse repurchase agreements12 2,649,984 + 226,858 + 595,402 Deposits (0) 3,789,069 - 143,061 - 834,663 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,369,986 - 74,224 - 399,060 U.S. Treasury, General Account 199,856 - 77,787 - 376,586 Foreign official 9,437 - 2,198 + 1,864 Other13 (0) 209,791 + 11,149 - 60,880 Deferred availability cash items (0) 325 + 84 + 116 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -32,160 + 2,252 - 37,611 Total liabilities (0) 8,691,286 + 94,487 - 230,079 Capital accounts Capital paid in 35,716 0 + 1,392 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,501 0 + 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 22, 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 1,285 19 37 117 43 194 77 240 27 37 86 158 249 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,628,927 166,535 4,300,677 193,075 333,171 579,164 542,739 567,160 131,827 63,990 133,367 429,089 1,188,133 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,282 22,282 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,599 0 5,599 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,944 0 1,944 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 587 25 204 22 57 118 19 22 12 3 6 14 84 Foreign currency denominated assets4 18,706 805 6,516 694 1,828 3,751 609 709 377 94 193 449 2,682 Other assets5 38,220 871 18,836 946 1,541 2,960 2,474 2,511 680 449 865 1,983 4,103 Interdistrict settlement account 0+ 2,461+ 81,100- 41,870- 4,835+ 198,216+ 39,935- 25,353- 3,163- 1,418- 16,877+ 6,724 - 234,919 Total assets 8,733,787 193,543 4,420,186 153,521 332,568 785,605 588,100 546,382 130,220 63,419 118,081 439,696 962,468 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 22, 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 2,268,721 77,883 714,697 53,352 111,245 174,747 353,990 124,739 68,774 32,380 48,840 190,340 317,734 Reverse repurchase agreements6 2,649,984 53,052 1,358,651 60,879 105,821 184,668 173,379 181,152 41,619 18,790 41,366 135,864 294,742 Deposits 3,789,069 49,587 2,353,001 37,801 111,990 420,554 58,765 241,126 18,760 11,948 27,362 112,930 345,244 Depository institutions 3,369,986 49,579 2,082,374 37,800 111,952 420,168 58,736 93,582 18,754 11,886 27,331 112,609 345,216 U.S. Treasury, General Account 199,856 0 199,856 0 0 0 0 0 0 0 0 0 0 Foreign official 9,437 2 9,411 1 4 8 1 2 1 0 0 1 6 Other7 209,791 6 61,361 0 35 379 27 147,543 6 62 30 321 22 Earnings remittances due to the U.S. Treasury8 -42,196 -785 -30,066 -220 -805 -3,956 19 -3,292 -37 -82 -138 -563 -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 10,361 553 5,147 203 361 1,112 646 658 146 116 195 336 888 Total liabilities 8,691,286 191,744 4,405,326 152,015 328,612 777,126 586,799 544,383 129,262 63,152 117,626 438,906 956,336 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 8,733,787 193,543 4,420,186 153,521 332,568 785,605 588,100 546,382 130,220 63,419 118,081 439,696 962,468 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 22, 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 22, 2023 Federal Reserve notes outstanding 2,633,135 Less: Notes held by F.R. Banks not subject to collateralization 364,414 Federal Reserve notes to be collateralized 2,268,721 Collateral held against Federal Reserve notes 2,268,721 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,252,484 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,996,558 Less: Face value of securities under reverse repurchase agreements 2,831,994 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,164,564 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.