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 April 6, 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 Apr 5, 2023 Federal Reserve Banks Apr 5, 2023 Mar 29, 2023 Apr 6, 2022 Reserve Bank credit 8,599,167 - 96,859 - 300,285 8,595,344 Securities held outright1 7,883,779 - 48,337 - 594,606 7,877,114 U.S. Treasury securities 5,286,952 - 42,191 - 473,732 5,280,287 Bills2 280,966 - 1,031 - 45,078 280,966 Notes and bonds, nominal2 4,524,773 - 41,859 - 439,106 4,517,796 Notes and bonds, inflation-indexed2 377,024 0 - 13,816 377,024 Inflation compensation3 104,189 + 699 + 24,268 104,500 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,594,480 - 6,146 - 120,875 2,594,480 Unamortized premiums on securities held outright5 304,673 - 638 - 39,650 304,395 Unamortized discounts on securities held outright5 -27,483 + 33 - 5,852 -27,362 Repurchase agreements6 44,286 - 15,001 + 44,285 40,000 Foreign official 44,286 - 15,000 + 44,285 40,000 Others 0 - 2 0 0 Loans 326,350 - 31,564 + 302,510 332,449 Primary credit 71,038 - 33,861 + 70,511 69,705 Secondary credit 0 0 0 0 Seasonal credit 0 - 4 0 0 Paycheck Protection Program Liquidity Facility 9,266 - 1,001 - 14,047 9,115 Bank Term Funding Program 68,156 + 5,511 + 68,156 79,021 Other credit extensions7 177,889 - 2,211 + 177,889 174,609 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,312 + 27 - 6,556 22,326 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,603 + 3 - 1,050 5,604 Net portfolio holdings of TALF II LLC8 1,926 - 18 - 585 1,923 Float -382 - 152 - 172 -516 Central bank liquidity swaps9 555 - 35 + 189 478 Other Federal Reserve assets10 37,549 - 1,176 + 1,203 38,932 Foreign currency denominated assets11 18,898 + 94 - 583 18,935 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,653 + 14 + 728 51,653 Total factors supplying reserve funds 8,685,959 - 96,752 - 300,140 8,682,173 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 Apr 5, 2023 Federal Reserve Banks Apr 5, 2023 Mar 29, 2023 Apr 6, 2022 Currency in circulation12 2,323,278 + 1,995 + 54,138 2,324,353 Reverse repurchase agreements13 2,658,551 + 61,812 + 695,764 2,599,403 Foreign official and international accounts 361,346 - 5,954 + 113,616 356,392 Others 2,297,206 + 67,767 + 582,149 2,243,011 Treasury cash holdings 167 + 15 + 92 167 Deposits with F.R. Banks, other than reserve balances 390,615 - 15,679 - 460,096 354,971 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 168,793 - 14,784 - 405,658 140,688 Foreign official 9,645 + 206 + 2,146 9,681 Other14 212,176 - 1,102 - 56,584 204,603 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 5,943 + 638 - 42,002 6,580 Total factors, other than reserve balances, absorbing reserve funds 5,393,901 + 48,781 + 241,985 5,300,823 Reserve balances with Federal Reserve Banks 3,292,058 - 145,534 - 542,125 3,381,350 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 Apr 5, 2023 Apr 5, 2023 Mar 29, 2023 Apr 6, 2022 Securities held in custody for foreign official and international accounts 3,319,217 + 25,309 - 139,706 3,328,563 Marketable U.S. Treasury securities1 2,898,066 + 25,359 - 151,374 2,907,392 Federal agency debt and mortgage-backed securities2 340,097 + 243 + 12,905 340,167 Other securities3 81,054 - 293 - 1,238 81,004 Securities lent to dealers 50,032 - 12 + 4,554 45,871 Overnight facility4 50,032 - 12 + 4,554 45,871 U.S. Treasury securities 50,023 - 21 + 4,545 45,854 Federal agency debt securities 9 + 9 + 9 17 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, April 5, 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 179,819 65,283 78,238 9,109 0 ... 332,449 U.S. Treasury securities2 Holdings 67,381 353,015 645,398 1,842,963 892,571 1,478,959 5,280,287 Weekly changes - 22,926 + 9,200 + 3,525 - 22,302 - 16,698 + 184 - 49,016 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 23 7,995 46,826 2,539,633 2,594,480 Weekly changes 0 + 1 + 4 + 210 - 23 - 192 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,209 ... ... 11,209 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 40,000 0 ... ... ... ... 40,000 Central bank liquidity swaps9 478 0 0 0 0 0 478 Reverse repurchase agreements8 2,599,403 0 ... ... ... ... 2,599,403 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 Apr 5, 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 106 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 Apr 5, 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 10,166 12,161 22,326 Municipal Liquidity Facility LLC 2,907 2,907 2,697 5,604 TALF II LLC 958 927 996 1,923 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 Apr 5, 2023 Mar 29, 2023 Apr 6, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,298 + 9 + 4 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,526,597 - 74,738 - 298,133 Securities held outright1 7,877,114 - 49,017 - 601,640 U.S. Treasury securities 5,280,287 - 49,016 - 480,765 Bills2 280,966 - 874 - 45,078 Notes and bonds, nominal2 4,517,796 - 48,836 - 446,083 Notes and bonds, inflation-indexed2 377,024 0 - 13,816 Inflation compensation3 104,500 + 694 + 24,211 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,594,480 0 - 120,875 Unamortized premiums on securities held outright5 304,395 - 563 - 39,695 Unamortized discounts on securities held outright5 -27,362 + 59 - 5,751 Repurchase agreements6 40,000 - 15,000 + 39,997 Loans7 332,449 - 10,218 + 308,955 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,326 + 22 - 6,550 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,604 + 2 - 1,050 Net portfolio holdings of TALF II LLC8 1,923 - 23 - 588 Items in process of collection (0) 54 + 4 - 2 Bank premises 453 - 21 - 657 Central bank liquidity swaps9 478 - 107 + 112 Foreign currency denominated assets10 18,935 + 190 - 368 Other assets11 38,479 + 1,103 + 2,023 Total assets (0) 8,632,384 - 73,558 - 305,208 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 Apr 5, 2023 Mar 29, 2023 Apr 6, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,274,160 + 768 + 52,822 Reverse repurchase agreements12 2,599,403 - 33,139 + 623,765 Deposits (0) 3,736,322 - 42,442 - 936,238 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,381,351 - 20,449 - 468,521 U.S. Treasury, General Account 140,688 - 22,070 - 404,896 Foreign official 9,681 + 245 + 2,247 Other13 (0) 204,603 - 167 - 65,066 Deferred availability cash items (0) 571 + 47 + 334 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -35,622 + 1,206 - 41,023 Total liabilities (0) 8,590,182 - 73,558 - 306,250 Capital accounts Capital paid in 35,417 0 + 1,041 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,202 0 + 1,041 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, April 5, 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 1,298 21 38 116 43 190 85 243 26 38 84 157 255 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,526,597 165,521 4,259,681 188,929 330,221 573,455 538,618 562,191 130,962 65,119 133,131 427,284 1,151,483 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,326 22,326 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,604 0 5,604 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,923 0 1,923 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 478 21 170 17 45 97 14 17 11 3 5 10 68 Foreign currency denominated assets4 18,935 815 6,738 680 1,785 3,834 568 659 426 120 201 399 2,709 Other assets5 38,986 879 19,090 949 1,550 2,972 2,495 2,528 705 483 892 2,001 4,442 Interdistrict settlement account 0+ 5,776- 19,939- 35,813+ 984+ 250,568+ 48,155- 22,379- 1,812- 649- 18,623+ 2,914 - 209,182 Total assets 8,632,384 195,903 4,278,576 155,416 335,392 832,319 592,182 544,352 130,779 65,377 116,131 434,045 951,912 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, April 5, 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 2,274,160 78,159 717,743 52,959 111,944 174,692 355,013 125,117 68,746 32,546 48,815 190,295 318,132 Reverse repurchase agreements6 2,599,403 52,040 1,332,718 59,717 103,802 181,143 170,070 177,695 40,824 18,431 40,577 133,270 289,116 Deposits 3,736,322 52,711 2,236,885 41,269 116,252 471,397 64,876 242,434 20,126 14,097 26,218 109,979 340,079 Depository institutions 3,381,351 52,706 2,028,858 41,267 116,221 470,896 64,847 96,355 20,115 14,012 26,188 109,834 340,052 U.S. Treasury, General Account 140,688 0 140,688 0 0 0 0 0 0 0 0 0 0 Foreign official 9,681 2 9,655 1 4 8 1 1 1 0 0 1 6 Other7 204,603 3 57,685 0 28 492 28 146,078 11 84 30 144 21 Earnings remittances due to the U.S. Treasury8 -46,205 -871 -32,724 -250 -945 -4,721 8 -3,615 -36 -89 -127 -652 -2,184 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 11,154 613 5,199 215 381 1,328 914 722 161 125 193 362 940 Total liabilities 8,590,182 194,105 4,263,717 153,910 331,434 823,839 590,881 542,353 129,821 65,110 115,676 433,255 946,083 Capital Capital paid in 35,417 1,507 12,446 1,262 3,319 7,106 1,098 1,763 805 224 383 648 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 8,632,384 195,903 4,278,576 155,416 335,392 832,319 592,182 544,352 130,779 65,377 116,131 434,045 951,912 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, April 5, 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 Apr 5, 2023 Federal Reserve notes outstanding 2,633,451 Less: Notes held by F.R. Banks not subject to collateralization 359,291 Federal Reserve notes to be collateralized 2,274,160 Collateral held against Federal Reserve notes 2,274,160 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,923 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,917,114 Less: Face value of securities under reverse repurchase agreements 2,705,688 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,211,426 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.