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 27, 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 26, 2023 Federal Reserve Banks Apr 26, 2023 Apr 19, 2023 Apr 27, 2022 Reserve Bank credit 8,538,575 - 32,414 - 379,671 8,525,931 Securities held outright1 7,852,791 - 17,703 - 642,625 7,843,852 U.S. Treasury securities 5,265,462 - 8,788 - 498,192 5,265,728 Bills2 280,966 0 - 45,078 280,966 Notes and bonds, nominal2 4,515,369 - 1,384 - 460,094 4,515,412 Notes and bonds, inflation-indexed2 365,411 - 6,636 - 15,451 365,411 Inflation compensation3 103,715 - 769 + 22,430 103,939 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,584,982 - 8,915 - 144,434 2,575,776 Unamortized premiums on securities held outright5 302,684 - 824 - 39,070 302,252 Unamortized discounts on securities held outright5 -27,464 - 132 - 4,295 -27,364 Repurchase agreements6 7,857 - 17,143 + 7,857 0 Foreign official 7,857 - 17,143 + 7,857 0 Others 0 0 0 0 Loans 328,171 + 3,158 + 303,580 334,130 Primary credit 71,043 + 1,101 + 68,423 73,855 Secondary credit 0 0 0 0 Seasonal credit 4 + 2 + 2 5 Paycheck Protection Program Liquidity Facility 8,859 - 104 - 13,110 8,573 Bank Term Funding Program 76,476 + 2,986 + 76,476 81,327 Other credit extensions7 171,789 - 826 + 171,789 170,370 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,157 - 104 - 6,321 22,179 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,610 + 2 - 1,046 5,613 Net portfolio holdings of TALF II LLC8 1,927 + 2 - 585 1,929 Float -170 - 17 + 28 -295 Central bank liquidity swaps9 419 - 60 + 205 418 Other Federal Reserve assets10 44,592 + 406 + 2,600 43,217 Foreign currency denominated assets11 18,862 + 7 + 30 18,952 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,695 + 14 + 728 51,695 Total factors supplying reserve funds 8,625,374 - 32,393 - 378,913 8,612,819 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 26, 2023 Federal Reserve Banks Apr 26, 2023 Apr 19, 2023 Apr 27, 2022 Currency in circulation12 2,321,981 - 619 + 52,356 2,323,746 Reverse repurchase agreements13 2,649,449 + 15,335 + 573,429 2,638,805 Foreign official and international accounts 362,187 - 4,273 + 79,868 359,244 Others 2,287,261 + 19,608 + 493,560 2,279,561 Treasury cash holdings 164 - 5 + 79 185 Deposits with F.R. Banks, other than reserve balances 506,044 + 125,952 - 751,018 505,693 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 291,702 + 125,147 - 652,626 296,209 Foreign official 9,684 - 103 + 776 9,684 Other14 204,658 + 909 - 99,169 199,801 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 -3,268 - 5,561 - 51,522 -3,056 Total factors, other than reserve balances, absorbing reserve funds 5,489,718 + 135,104 - 182,587 5,480,720 Reserve balances with Federal Reserve Banks 3,135,655 - 167,497 - 196,327 3,132,099 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 26, 2023 Apr 26, 2023 Apr 19, 2023 Apr 27, 2022 Securities held in custody for foreign official and international accounts 3,370,786 + 33,119 - 90,844 3,387,464 Marketable U.S. Treasury securities1 2,950,627 + 34,542 - 89,378 2,967,261 Federal agency debt and mortgage-backed securities2 338,672 - 1,432 - 1,102 338,637 Other securities3 81,487 + 8 - 364 81,567 Securities lent to dealers 46,092 - 189 + 8,541 42,809 Overnight facility4 46,092 - 189 + 8,541 42,809 U.S. Treasury securities 46,076 - 189 + 8,525 42,793 Federal agency debt securities 16 0 + 16 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 26, 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 179,147 66,066 80,328 8,588 0 ... 334,130 U.S. Treasury securities2 Holdings 103,847 313,893 664,899 1,822,898 879,586 1,480,606 5,265,728 Weekly changes - 3,998 - 397 + 4,427 + 261 + 201 + 165 + 658 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 1 18 7,754 45,862 2,522,140 2,575,776 Weekly changes 0 - 2 - 5 - 220 - 576 - 16,464 - 17,266 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 11,063 ... ... 11,063 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 55 855 0 ... ... 911 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 418 0 0 0 0 0 418 Reverse repurchase agreements8 2,638,805 0 ... ... ... ... 2,638,805 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 26, 2023 Mortgage-backed securities held outright1 2,575,776 Residential mortgage-backed securities 2,567,367 Commercial mortgage-backed securities 8,409 Commitments to buy mortgage-backed securities2 90 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 26, 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) 10,296 10,021 12,158 22,179 Municipal Liquidity Facility LLC 2,907 2,907 2,705 5,613 TALF II LLC 958 911 1,018 1,929 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 26, 2023 Apr 19, 2023 Apr 27, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,301 - 8 + 20 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,452,870 - 29,079 - 371,171 Securities held outright1 7,843,852 - 16,607 - 637,520 U.S. Treasury securities 5,265,728 + 658 - 498,285 Bills2 280,966 0 - 45,078 Notes and bonds, nominal2 4,515,412 + 50 - 460,051 Notes and bonds, inflation-indexed2 365,411 0 - 15,451 Inflation compensation3 103,939 + 609 + 22,295 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,575,776 - 17,266 - 139,236 Unamortized premiums on securities held outright5 302,252 - 1,028 - 38,846 Unamortized discounts on securities held outright5 -27,364 - 116 - 4,224 Repurchase agreements6 0 - 20,000 0 Loans7 334,130 + 8,672 + 309,419 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,179 + 25 - 6,307 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,613 + 3 - 1,044 Net portfolio holdings of TALF II LLC8 1,929 + 2 - 584 Items in process of collection (0) 52 0 - 23 Bank premises 453 - 1 - 168 Central bank liquidity swaps9 418 - 62 + 204 Foreign currency denominated assets10 18,952 + 167 + 322 Other assets11 42,764 - 1,544 + 2,321 Total assets (0) 8,562,768 - 30,495 - 376,431 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 26, 2023 Apr 19, 2023 Apr 27, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,273,532 + 685 + 52,564 Reverse repurchase agreements12 2,638,805 - 27,538 + 547,242 Deposits (0) 3,637,793 + 1,778 - 920,091 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,132,100 - 32,791 - 195,451 U.S. Treasury, General Account 296,209 + 31,114 - 661,210 Foreign official 9,684 0 - 221 Other13 (0) 199,801 + 3,455 - 63,209 Deferred availability cash items (0) 347 + 125 - 380 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -45,261 - 5,548 - 50,800 Total liabilities (0) 8,520,563 - 30,498 - 377,376 Capital accounts Capital paid in 35,420 + 3 + 946 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,205 + 3 + 946 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 26, 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 16,237 557 5,175 525 752 1,187 2,287 1,104 479 264 452 1,290 2,165 Coin 1,301 23 38 114 39 184 93 243 26 39 88 156 257 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,452,870 159,041 4,587,917 134,733 252,629 568,714 553,338 508,688 124,160 62,543 114,728 403,419 982,963 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,179 22,179 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,613 0 5,613 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,929 0 1,929 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 418 18 149 15 39 85 13 15 9 3 4 9 60 Foreign currency denominated assets4 18,952 816 6,744 681 1,787 3,837 568 660 427 120 201 400 2,712 Other assets5 43,270 930 22,734 793 1,362 3,225 2,809 2,549 737 498 885 2,102 4,645 Interdistrict settlement account 0+ 14,189- 164,733- 6,165+ 34,581+ 220,107+ 33,965+ 4,266- 1,496- 1,204- 8,007+ 2,556 - 128,058 Total assets 8,562,768 197,752 4,465,564 130,697 291,189 797,339 593,073 517,524 124,342 62,261 108,351 409,931 864,744 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 26, 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 2,273,532 77,575 724,354 52,317 111,248 173,234 356,212 123,623 68,842 32,469 48,439 189,384 315,836 Reverse repurchase agreements6 2,638,805 50,981 1,473,641 43,491 81,091 183,633 178,764 164,494 39,475 17,892 34,117 128,660 242,566 Deposits 3,637,793 56,329 2,282,356 33,532 95,816 436,850 56,174 231,063 14,995 11,630 25,325 91,659 302,063 Depository institutions 3,132,100 56,319 1,923,142 33,531 95,783 436,388 56,147 85,455 14,989 11,520 25,293 91,495 302,041 U.S. Treasury, General Account 296,209 0 296,209 0 0 0 0 0 0 0 0 0 0 Foreign official 9,684 2 9,658 1 4 8 1 1 1 0 0 1 6 Other7 199,801 8 53,348 0 29 454 26 145,607 6 110 32 163 16 Earnings remittances due to the U.S. Treasury8 -52,496 -997 -36,767 -316 -1,173 -5,873 0 -4,129 -58 -105 -151 -802 -2,125 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 7,582 613 3,226 166 247 1,012 623 474 131 107 166 240 575 Total liabilities 8,520,563 195,953 4,450,705 129,191 287,230 788,857 591,773 515,525 123,384 61,994 107,896 409,140 858,915 Capital Capital paid in 35,420 1,507 12,446 1,262 3,319 7,108 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 8,562,768 197,752 4,465,564 130,697 291,189 797,339 593,073 517,524 124,342 62,261 108,351 409,931 864,744 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 26, 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 26, 2023 Federal Reserve notes outstanding 2,639,717 Less: Notes held by F.R. Banks not subject to collateralization 366,186 Federal Reserve notes to be collateralized 2,273,532 Collateral held against Federal Reserve notes 2,273,532 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,295 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,843,852 Less: Face value of securities under reverse repurchase agreements 2,781,447 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,062,405 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.