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 30, 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 29, 2023 Federal Reserve Banks Mar 29, 2023 Mar 22, 2023 Mar 30, 2022 Reserve Bank credit 8,696,026 + 38,058 - 206,851 8,669,146 Securities held outright1 7,932,116 - 6,294 - 548,561 7,926,131 U.S. Treasury securities 5,329,143 + 314 - 430,563 5,329,303 Bills2 281,997 - 548 - 44,047 281,840 Notes and bonds, nominal2 4,566,632 0 - 399,853 4,566,632 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 377,024 Inflation compensation3 103,490 + 862 + 24,546 103,806 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,600,626 - 6,608 - 117,998 2,594,480 Unamortized premiums on securities held outright5 305,311 - 734 - 39,565 304,958 Unamortized discounts on securities held outright5 -27,516 + 165 - 6,114 -27,421 Repurchase agreements6 59,287 + 26,430 + 59,287 55,000 Foreign official 59,286 + 26,429 + 59,286 55,000 Others 2 + 2 + 2 0 Loans 357,914 + 17,215 + 333,400 342,667 Primary credit 104,899 - 12,088 + 104,271 88,157 Secondary credit 0 0 0 0 Seasonal credit 4 0 + 4 3 Paycheck Protection Program Liquidity Facility 10,267 - 247 - 13,619 10,005 Bank Term Funding Program 62,645 + 28,036 + 62,645 64,403 Other credit extensions7 180,100 + 1,514 + 180,100 180,100 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,285 + 21 - 6,574 22,304 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,600 + 3 - 1,052 5,602 Net portfolio holdings of TALF II LLC8 1,944 + 1 - 583 1,946 Float -230 - 54 + 70 -474 Central bank liquidity swaps9 590 + 88 + 359 585 Other Federal Reserve assets10 38,725 + 1,217 + 2,482 37,849 Foreign currency denominated assets11 18,804 + 183 - 715 18,745 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,639 + 14 + 728 51,639 Total factors supplying reserve funds 8,782,711 + 38,255 - 206,837 8,755,772 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 29, 2023 Federal Reserve Banks Mar 29, 2023 Mar 22, 2023 Mar 30, 2022 Currency in circulation12 2,321,283 + 6,791 + 54,969 2,323,580 Reverse repurchase agreements13 2,596,739 + 93,055 + 640,348 2,632,542 Foreign official and international accounts 367,300 + 395 + 115,483 367,680 Others 2,229,439 + 92,661 + 524,865 2,264,862 Treasury cash holdings 152 + 17 + 80 167 Deposits with F.R. Banks, other than reserve balances 406,294 - 69,666 - 462,209 376,963 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 183,577 - 76,010 - 391,488 162,758 Foreign official 9,439 - 163 + 1,107 9,436 Other14 213,278 + 6,507 - 71,828 204,770 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 5,305 - 4,459 - 42,024 5,373 Total factors, other than reserve balances, absorbing reserve funds 5,345,120 + 25,739 + 185,252 5,353,972 Reserve balances with Federal Reserve Banks 3,437,592 + 12,517 - 392,088 3,401,800 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 29, 2023 Mar 29, 2023 Mar 22, 2023 Mar 30, 2022 Securities held in custody for foreign official and international accounts 3,293,908 - 15,545 - 170,261 3,303,830 Marketable U.S. Treasury securities1 2,872,707 - 21,744 - 174,463 2,882,544 Federal agency debt and mortgage-backed securities2 339,854 + 6,200 + 4,442 339,935 Other securities3 81,347 - 1 - 241 81,352 Securities lent to dealers 50,044 + 3,546 + 10,092 51,091 Overnight facility4 50,044 + 3,546 + 10,092 51,091 U.S. Treasury securities 50,044 + 3,546 + 10,092 51,091 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 29, 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 265,933 2,827 63,909 9,999 0 ... 342,667 U.S. Treasury securities2 Holdings 90,307 343,815 641,873 1,865,265 909,269 1,478,775 5,329,303 Weekly changes + 5,989 - 7,532 + 1,056 + 353 + 235 + 228 + 327 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 19 7,785 46,849 2,539,825 2,594,480 Weekly changes 0 - 1 - 5 - 206 - 518 - 10,025 - 10,755 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,255 ... ... 11,255 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 0 927 0 ... ... 927 Repurchase agreements8 55,000 0 ... ... ... ... 55,000 Central bank liquidity swaps9 585 0 0 0 0 0 585 Reverse repurchase agreements8 2,632,542 0 ... ... ... ... 2,632,542 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 loans to FDIC-established depository institutions that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, collateral securing the loans, and the FDIC repayment guarantees. 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 29, 2023 Mortgage-backed securities held outright1 2,594,480 Residential mortgage-backed securities 2,586,046 Commercial mortgage-backed securities 8,434 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 29, 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 10,212 12,092 22,304 Municipal Liquidity Facility LLC 2,907 2,907 2,695 5,602 TALF II LLC 981 927 1,019 1,946 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 29, 2023 Mar 22, 2023 Mar 30, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,289 + 4 - 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,601,335 - 27,592 - 223,480 Securities held outright1 7,926,131 - 10,427 - 551,496 U.S. Treasury securities 5,329,303 + 327 - 430,727 Bills2 281,840 - 534 - 44,204 Notes and bonds, nominal2 4,566,632 0 - 399,853 Notes and bonds, inflation-indexed2 377,024 0 - 11,209 Inflation compensation3 103,806 + 861 + 24,539 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,594,480 - 10,755 - 120,770 Unamortized premiums on securities held outright5 304,958 - 815 - 39,578 Unamortized discounts on securities held outright5 -27,421 + 173 - 6,040 Repurchase agreements6 55,000 - 5,000 + 54,999 Loans7 342,667 - 11,524 + 318,635 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,304 + 22 - 6,562 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,602 + 3 - 1,051 Net portfolio holdings of TALF II LLC8 1,946 + 2 - 581 Items in process of collection (0) 50 - 2 - 11 Bank premises 474 - 1 - 657 Central bank liquidity swaps9 585 - 2 + 354 Foreign currency denominated assets10 18,745 + 39 - 935 Other assets11 37,376 - 316 + 1,728 Total assets (0) 8,705,942 - 27,845 - 231,200 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 29, 2023 Mar 22, 2023 Mar 30, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,273,392 + 4,671 + 54,732 Reverse repurchase agreements12 2,632,542 - 17,442 + 591,759 Deposits (0) 3,778,764 - 10,305 - 830,002 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,401,800 + 31,814 - 371,666 U.S. Treasury, General Account 162,758 - 37,098 - 394,033 Foreign official 9,436 - 1 + 1,312 Other13 (0) 204,770 - 5,021 - 65,614 Deferred availability cash items (0) 524 + 199 - 673 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -36,828 - 4,668 - 42,197 Total liabilities (0) 8,663,740 - 27,546 - 232,294 Capital accounts Capital paid in 35,417 - 299 + 1,093 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,202 - 299 + 1,093 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 29, 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 1,289 20 37 117 43 192 79 241 27 38 86 155 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,601,335 166,515 4,292,497 191,913 332,702 577,939 542,830 566,537 131,723 65,525 135,468 429,022 1,168,664 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,304 22,304 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,602 0 5,602 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,946 0 1,946 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 585 25 204 22 57 117 19 22 12 3 6 14 84 Foreign currency denominated assets4 18,745 807 6,530 695 1,832 3,758 610 711 377 94 193 450 2,687 Other assets5 37,900 862 18,633 934 1,518 2,910 2,436 2,473 673 465 879 1,956 4,161 Interdistrict settlement account 0+ 5,535+ 3,727- 40,301- 7,485+ 267,673+ 40,724- 19,742- 2,833- 765- 19,366- 668 - 226,498 Total assets 8,705,942 196,612 4,334,446 153,917 329,431 853,792 588,944 551,334 130,441 65,622 117,707 432,209 951,486 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 29, 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 2,273,392 77,872 716,562 53,256 111,647 175,166 354,908 124,855 68,759 32,507 48,943 190,498 318,419 Reverse repurchase agreements6 2,632,542 52,703 1,349,708 60,478 105,125 183,453 172,238 179,960 41,345 18,666 41,094 134,969 292,802 Deposits 3,778,764 53,083 2,277,528 38,732 109,301 490,006 59,676 247,485 19,289 14,158 27,166 106,300 336,038 Depository institutions 3,401,800 53,076 2,050,013 38,731 109,267 489,568 59,647 99,301 19,282 14,052 27,135 105,714 336,013 U.S. Treasury, General Account 162,758 0 162,758 0 0 0 0 0 0 0 0 0 0 Foreign official 9,436 2 9,410 1 4 8 1 2 1 0 0 1 6 Other7 204,770 6 55,348 0 30 430 28 148,183 6 105 31 585 19 Earnings remittances due to the U.S. Treasury8 -44,180 -822 -31,430 -230 -866 -4,350 20 -3,442 -43 -85 -117 -605 -2,212 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 7,876 524 3,323 174 265 1,038 801 477 134 109 165 256 609 Total liabilities 8,663,740 194,813 4,319,586 152,411 325,472 845,313 587,644 549,335 129,483 65,355 117,252 431,419 945,657 Capital Capital paid in 35,417 1,507 12,446 1,262 3,319 7,106 1,098 1,763 805 224 383 647 4,858 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 8,705,942 196,612 4,334,446 153,917 329,431 853,792 588,944 551,334 130,441 65,622 117,707 432,209 951,486 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 29, 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 29, 2023 Federal Reserve notes outstanding 2,632,798 Less: Notes held by F.R. Banks not subject to collateralization 359,407 Federal Reserve notes to be collateralized 2,273,392 Collateral held against Federal Reserve notes 2,273,392 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,155 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,981,131 Less: Face value of securities under reverse repurchase agreements 2,795,131 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,186,000 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.