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 13, 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 12, 2023 Federal Reserve Banks Apr 12, 2023 Apr 5, 2023 Apr 13, 2022 Reserve Bank credit 8,586,475 - 12,692 - 319,639 8,578,046 Securities held outright1 7,877,511 - 6,268 - 605,424 7,877,741 U.S. Treasury securities 5,280,684 - 6,268 - 481,002 5,280,914 Bills2 280,966 0 - 45,078 280,966 Notes and bonds, nominal2 4,517,796 - 6,977 - 446,083 4,517,796 Notes and bonds, inflation-indexed2 377,024 0 - 13,816 377,024 Inflation compensation3 104,897 + 708 + 23,974 105,127 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,594,480 0 - 124,422 2,594,480 Unamortized premiums on securities held outright5 304,056 - 617 - 39,725 303,880 Unamortized discounts on securities held outright5 -27,402 + 81 - 5,742 -27,314 Repurchase agreements6 34,286 - 10,000 + 34,277 30,000 Foreign official 34,286 - 10,000 + 34,286 30,000 Others 0 0 - 9 0 Loans 326,597 + 247 + 303,337 321,087 Primary credit 67,921 - 3,117 + 67,478 67,633 Secondary credit 0 0 0 0 Seasonal credit 1 + 1 + 1 1 Paycheck Protection Program Liquidity Facility 9,068 - 198 - 13,749 9,000 Bank Term Funding Program 76,707 + 8,551 + 76,707 71,837 Other credit extensions7 172,900 - 4,989 + 172,900 172,615 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,330 + 18 - 6,547 22,351 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,605 + 2 - 1,049 5,607 Net portfolio holdings of TALF II LLC8 1,924 - 2 - 587 1,925 Float -174 + 208 - 41 -250 Central bank liquidity swaps9 484 - 71 + 251 484 Other Federal Reserve assets10 41,259 + 3,710 + 1,613 42,535 Foreign currency denominated assets11 18,850 - 48 - 350 18,898 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,667 + 14 + 728 51,667 Total factors supplying reserve funds 8,673,234 - 12,725 - 319,261 8,664,852 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 12, 2023 Federal Reserve Banks Apr 12, 2023 Apr 5, 2023 Apr 13, 2022 Currency in circulation12 2,323,990 + 712 + 53,783 2,324,274 Reverse repurchase agreements13 2,592,075 - 66,476 + 590,258 2,676,727 Foreign official and international accounts 372,735 + 11,389 + 123,896 372,865 Others 2,219,340 - 77,866 + 466,362 2,303,862 Treasury cash holdings 168 + 1 + 92 170 Deposits with F.R. Banks, other than reserve balances 326,574 - 64,041 - 500,919 299,511 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 109,208 - 59,585 - 438,100 86,554 Foreign official 10,267 + 622 + 2,405 9,758 Other14 207,098 - 5,078 - 65,225 203,199 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 1,092 - 4,851 - 46,907 1,269 Total factors, other than reserve balances, absorbing reserve funds 5,259,245 - 134,656 + 90,394 5,317,299 Reserve balances with Federal Reserve Banks 3,413,989 + 121,931 - 409,655 3,347,553 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 12, 2023 Apr 12, 2023 Apr 5, 2023 Apr 13, 2022 Securities held in custody for foreign official and international accounts 3,330,948 + 11,731 - 130,040 3,334,735 Marketable U.S. Treasury securities1 2,910,038 + 11,972 - 140,218 2,913,806 Federal agency debt and mortgage-backed securities2 340,167 + 70 + 11,434 340,167 Other securities3 80,743 - 311 - 1,256 80,761 Securities lent to dealers 47,709 - 2,323 + 2,966 47,334 Overnight facility4 47,709 - 2,323 + 2,966 47,334 U.S. Treasury securities 47,682 - 2,341 + 2,939 47,318 Federal agency debt securities 28 + 19 + 28 16 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 12, 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 178,388 62,717 70,987 8,994 0 ... 321,087 U.S. Treasury securities2 Holdings 66,708 354,431 644,689 1,843,220 892,742 1,479,124 5,280,914 Weekly changes - 673 + 1,416 - 709 + 257 + 171 + 165 + 627 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 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,114 ... ... 11,114 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 30,000 0 ... ... ... ... 30,000 Central bank liquidity swaps9 484 0 0 0 0 0 484 Reverse repurchase agreements8 2,676,727 0 ... ... ... ... 2,676,727 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 12, 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 165 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 12, 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 10,071 12,280 22,351 Municipal Liquidity Facility LLC 2,907 2,907 2,700 5,607 TALF II LLC 958 927 998 1,925 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 12, 2023 Apr 5, 2023 Apr 13, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,309 + 11 + 19 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,505,394 - 21,203 - 344,154 Securities held outright1 7,877,741 + 627 - 626,845 U.S. Treasury securities 5,280,914 + 627 - 481,140 Bills2 280,966 0 - 45,078 Notes and bonds, nominal2 4,517,796 0 - 446,083 Notes and bonds, inflation-indexed2 377,024 0 - 13,816 Inflation compensation3 105,127 + 627 + 23,835 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,594,480 0 - 145,705 Unamortized premiums on securities held outright5 303,880 - 515 - 39,679 Unamortized discounts on securities held outright5 -27,314 + 48 - 5,458 Repurchase agreements6 30,000 - 10,000 + 29,999 Loans7 321,087 - 11,362 + 297,829 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,351 + 25 - 6,535 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,607 + 3 - 1,048 Net portfolio holdings of TALF II LLC8 1,925 + 2 - 587 Items in process of collection (0) 58 + 4 - 28 Bank premises 453 0 - 664 Central bank liquidity swaps9 484 + 6 + 251 Foreign currency denominated assets10 18,898 - 37 - 254 Other assets11 42,082 + 3,603 + 2,309 Total assets (0) 8,614,797 - 17,587 - 350,690 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 12, 2023 Apr 5, 2023 Apr 13, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,274,081 - 79 + 52,444 Reverse repurchase agreements12 2,676,727 + 77,324 + 606,395 Deposits (0) 3,647,064 - 89,258 - 956,085 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,347,553 - 33,798 - 445,766 U.S. Treasury, General Account 86,554 - 54,134 - 456,982 Foreign official 9,758 + 77 + 586 Other13 (0) 203,199 - 1,404 - 53,923 Deferred availability cash items (0) 308 - 263 + 38 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -40,933 - 5,311 - 48,555 Total liabilities (0) 8,572,595 - 17,587 - 351,674 Capital accounts Capital paid in 35,417 0 + 984 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,202 0 + 984 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 12, 2023 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136 Coin 1,309 22 39 117 43 189 88 242 25 39 88 160 256 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,505,394 165,754 4,252,390 188,704 329,865 572,853 538,022 561,661 131,017 65,260 134,181 426,005 1,139,681 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,351 22,351 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,607 0 5,607 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,925 0 1,925 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 484 21 172 17 46 98 14 17 11 3 5 10 69 Foreign currency denominated assets4 18,898 813 6,725 679 1,782 3,826 567 658 425 119 201 398 2,704 Other assets5 42,593 948 20,815 1,024 1,688 3,211 2,715 2,754 759 518 947 2,175 5,038 Interdistrict settlement account 0+ 4,431- 45,930- 35,985+ 6,598+ 259,171+ 54,387- 16,799- 4,228+ 156- 20,524+ 5,760 - 207,036 Total assets 8,614,797 194,885 4,247,013 155,094 340,785 840,551 598,040 549,625 128,470 66,358 115,338 435,788 942,849 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 12, 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 2,274,081 77,859 720,681 52,829 111,767 174,356 355,571 124,788 68,729 32,569 47,921 189,655 317,358 Reverse repurchase agreements6 2,676,727 53,588 1,372,362 61,493 106,889 186,532 175,129 182,980 42,039 18,979 41,784 137,235 297,716 Deposits 3,647,064 50,532 2,166,006 39,365 118,924 475,235 65,442 243,156 16,657 14,533 25,161 108,553 323,500 Depository institutions 3,347,553 50,522 2,014,380 39,363 118,892 474,504 65,411 96,287 16,648 14,484 25,130 108,459 323,473 U.S. Treasury, General Account 86,554 0 86,554 0 0 0 0 0 0 0 0 0 0 Foreign official 9,758 2 9,732 1 4 8 1 1 1 0 0 1 6 Other7 203,199 8 55,340 0 28 723 30 146,867 8 49 30 93 22 Earnings remittances due to the U.S. Treasury8 -48,337 -913 -34,073 -270 -1,026 -5,130 9 -3,782 -45 -99 -145 -698 -2,165 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 7,711 567 3,283 170 272 1,079 589 483 133 109 162 253 611 Total liabilities 8,572,595 193,086 4,232,153 153,588 336,827 832,071 596,739 547,626 127,513 66,091 114,883 434,998 937,020 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 8,614,797 194,885 4,247,013 155,094 340,785 840,551 598,040 549,625 128,470 66,358 115,338 435,788 942,849 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 12, 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 12, 2023 Federal Reserve notes outstanding 2,635,634 Less: Notes held by F.R. Banks not subject to collateralization 361,552 Federal Reserve notes to be collateralized 2,274,081 Collateral held against Federal Reserve notes 2,274,081 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,845 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,907,741 Less: Face value of securities under reverse repurchase agreements 2,809,699 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,098,042 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.