H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time May 4, 2023 In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2023. On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. For purposes of the H.4.1, the Federal Reserve's outstanding lending to First Republic Bank at the Discount Window and through the Bank Term Funding Program are now reflected in table 1 as "Other credit extensions". The outstanding loans are being repaid from assets left behind in the receivership, proceeds of the purchase and assumption agreement between the FDIC and JPMorgan Chase Bank, National Association, and pursuant to an FDIC guarantee.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 4, 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 May 3, 2023 Federal Reserve Banks May 3, 2023 Apr 26, 2023 May 4, 2022 Reserve Bank credit 8,503,589 - 34,986 - 400,181 8,467,040 Securities held outright1 7,825,548 - 27,243 - 656,463 7,800,812 U.S. Treasury securities 5,247,421 - 18,041 - 517,227 5,222,684 Bills2 280,966 0 - 45,078 280,966 Notes and bonds, nominal2 4,496,751 - 18,618 - 478,712 4,471,870 Notes and bonds, inflation-indexed2 365,411 0 - 15,451 365,411 Inflation compensation3 104,292 + 577 + 22,012 104,437 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,575,780 - 9,202 - 139,236 2,575,780 Unamortized premiums on securities held outright5 301,894 - 790 - 38,852 301,683 Unamortized discounts on securities held outright5 -27,406 + 58 - 4,132 -27,333 Repurchase agreements6 0 - 7,857 0 0 Foreign official 0 - 7,857 0 0 Others 0 0 0 0 Loans 329,631 + 1,460 + 305,063 317,837 Primary credit 50,699 - 20,344 + 47,631 5,345 Secondary credit 0 0 0 0 Seasonal credit 3 - 1 - 2 4 Paycheck Protection Program Liquidity Facility 8,545 - 314 - 12,950 8,493 Bank Term Funding Program 78,319 + 1,843 + 78,319 75,778 Other credit extensions7 192,066 + 20,277 + 192,066 228,217 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,222 + 65 - 6,390 22,237 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,614 + 4 - 1,044 5,615 Net portfolio holdings of TALF II LLC8 1,902 - 25 - 570 1,898 Float -478 - 308 - 150 -495 Central bank liquidity swaps9 410 - 9 + 185 410 Other Federal Reserve assets10 44,253 - 339 + 2,175 44,375 Foreign currency denominated assets11 18,837 - 25 + 293 18,872 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,709 + 14 + 728 51,709 Total factors supplying reserve funds 8,590,377 - 34,997 - 399,160 8,553,862 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 May 3, 2023 Federal Reserve Banks May 3, 2023 Apr 26, 2023 May 4, 2022 Currency in circulation12 2,324,887 + 2,906 + 53,897 2,328,586 Reverse repurchase agreements13 2,678,342 + 28,893 + 544,968 2,640,951 Foreign official and international accounts 390,402 + 28,215 + 106,604 382,729 Others 2,287,940 + 679 + 438,364 2,258,222 Treasury cash holdings 187 + 23 + 107 203 Deposits with F.R. Banks, other than reserve balances 483,987 - 22,057 - 735,267 404,499 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 269,216 - 22,486 - 676,262 188,309 Foreign official 9,685 + 1 + 2,155 9,676 Other14 205,086 + 428 - 61,159 206,514 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 -2,080 + 1,188 - 50,576 -1,960 Total factors, other than reserve balances, absorbing reserve funds 5,500,671 + 10,953 - 192,781 5,387,626 Reserve balances with Federal Reserve Banks 3,089,706 - 45,949 - 206,379 3,166,236 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 that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged 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 May 3, 2023 May 3, 2023 Apr 26, 2023 May 4, 2022 Securities held in custody for foreign official and international accounts 3,372,842 + 2,056 - 52,641 3,379,169 Marketable U.S. Treasury securities1 2,952,650 + 2,023 - 71,702 2,959,046 Federal agency debt and mortgage-backed securities2 338,649 - 23 + 19,869 338,637 Other securities3 81,542 + 55 - 810 81,485 Securities lent to dealers 45,351 - 741 + 7,884 43,899 Overnight facility4 45,351 - 741 + 7,884 43,899 U.S. Treasury securities 45,335 - 741 + 7,868 43,883 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, May 3, 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 231,713 2,923 74,714 8,487 0 ... 317,837 U.S. Treasury securities2 Holdings 107,613 282,587 657,469 1,821,818 871,284 1,481,913 5,222,684 Weekly changes + 3,766 - 31,306 - 7,430 - 1,080 - 8,302 + 1,307 - 43,044 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 19 8,590 45,023 2,522,145 2,575,780 Weekly changes 0 + 2 + 1 + 836 - 839 + 5 + 4 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,997 ... ... 10,997 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 55 845 0 ... ... 900 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 410 0 0 0 0 0 410 Reverse repurchase agreements8 2,640,951 0 ... ... ... ... 2,640,951 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 depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged 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 May 3, 2023 Mortgage-backed securities held outright1 2,575,780 Residential mortgage-backed securities 2,567,371 Commercial mortgage-backed securities 8,409 Commitments to buy mortgage-backed securities2 86 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 May 3, 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 9,987 12,250 22,237 Municipal Liquidity Facility LLC 2,907 2,907 2,708 5,615 TALF II LLC 927 900 998 1,898 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 March 31, 2023. 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 May 3, 2023 Apr 26, 2023 May 4, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,291 - 10 + 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,392,999 - 59,871 - 430,595 Securities held outright1 7,800,812 - 43,040 - 681,785 U.S. Treasury securities 5,222,684 - 43,044 - 542,545 Bills2 280,966 0 - 45,078 Notes and bonds, nominal2 4,471,870 - 43,542 - 503,593 Notes and bonds, inflation-indexed2 365,411 0 - 15,451 Inflation compensation3 104,437 + 498 + 21,576 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,575,780 + 4 - 139,240 Unamortized premiums on securities held outright5 301,683 - 569 - 38,809 Unamortized discounts on securities held outright5 -27,333 + 31 - 3,933 Repurchase agreements6 0 0 - 1 Loans7 317,837 - 16,293 + 293,932 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,237 + 58 - 6,403 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,615 + 2 - 1,044 Net portfolio holdings of TALF II LLC8 1,898 - 31 - 567 Items in process of collection (0) 60 + 8 - 3 Bank premises 441 - 12 - 173 Central bank liquidity swaps9 410 - 8 + 185 Foreign currency denominated assets10 18,872 - 80 + 339 Other assets11 43,934 + 1,170 + 2,278 Total assets (0) 8,503,994 - 58,774 - 435,978 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 May 3, 2023 Apr 26, 2023 May 4, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,278,366 + 4,834 + 55,375 Reverse repurchase agreements12 2,640,951 + 2,146 + 542,398 Deposits (0) 3,570,735 - 67,058 - 977,860 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,166,236 + 34,136 - 147,759 U.S. Treasury, General Account 188,309 - 107,900 - 776,103 Foreign official 9,676 - 8 + 2,242 Other13 (0) 206,514 + 6,713 - 56,240 Deferred availability cash items (0) 555 + 208 + 300 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -44,165 + 1,096 - 51,225 Total liabilities (0) 8,461,789 - 58,774 - 436,924 Capital accounts Capital paid in 35,420 0 + 945 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,205 0 + 945 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, May 3, 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 1,291 22 38 115 38 181 92 242 26 39 87 155 255 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,392,999 158,489 4,562,409 134,443 251,297 566,382 551,317 506,285 123,551 62,383 113,297 401,765 961,381 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,237 22,237 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,615 0 5,615 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,898 0 1,898 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 410 18 146 15 39 83 12 14 9 3 4 9 59 Foreign currency denominated assets4 18,872 812 6,716 678 1,779 3,821 566 657 425 119 200 398 2,700 Other assets5 44,435 949 23,264 806 1,389 3,287 2,883 2,607 770 525 898 2,154 4,903 Interdistrict settlement account 0+ 5,061- 237,761- 1,962+ 38,749+ 229,746+ 38,156+ 11,145+ 389- 1,382- 7,467+ 9,437 - 84,111 Total assets 8,503,994 188,144 4,367,501 134,620 294,044 804,687 595,313 522,055 125,650 61,951 107,472 415,206 887,353 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, May 3, 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 2,278,366 78,280 726,804 52,316 111,433 173,465 355,872 123,524 68,976 32,444 49,271 189,765 316,216 Reverse repurchase agreements6 2,640,951 51,023 1,474,839 43,526 81,157 183,782 178,909 164,627 39,507 17,907 34,145 128,765 242,763 Deposits 3,570,735 45,905 2,180,078 37,413 98,398 443,917 58,337 235,501 16,107 11,324 23,571 96,402 323,783 Depository institutions 3,166,236 45,712 1,927,318 37,411 98,366 443,392 58,309 84,767 16,099 11,265 23,539 96,305 323,753 U.S. Treasury, General Account 188,309 0 188,309 0 0 0 0 0 0 0 0 0 0 Foreign official 9,676 2 9,650 1 4 8 1 1 1 0 0 1 6 Other7 206,514 191 54,801 0 28 518 27 150,732 7 59 32 96 24 Earnings remittances due to the U.S. Treasury8 -54,472 -1,033 -38,020 -346 -1,253 -6,241 6 -4,294 -53 -111 -161 -843 -2,123 Treasury contributions to credit facilities9 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 10,862 719 5,044 205 346 1,282 889 697 155 120 191 331 884 Total liabilities 8,461,789 186,346 4,352,641 133,114 290,080 796,205 594,012 520,055 124,692 61,684 107,017 414,420 881,524 Capital Capital paid in 35,420 1,507 12,446 1,262 3,324 7,108 1,098 1,763 805 224 383 643 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 8,503,994 188,144 4,367,501 134,620 294,044 804,687 595,313 522,055 125,650 61,951 107,472 415,206 887,353 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, May 3, 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 May 3, 2023 Federal Reserve notes outstanding 2,641,894 Less: Notes held by F.R. Banks not subject to collateralization 363,528 Federal Reserve notes to be collateralized 2,278,366 Collateral held against Federal Reserve notes 2,278,366 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,262,129 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,800,812 Less: Face value of securities under reverse repurchase agreements 2,783,846 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,016,966 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.