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 May 18, 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 17, 2023 Federal Reserve Banks May 17, 2023 May 10, 2023 May 18, 2022 Reserve Bank credit 8,448,187 - 12,427 - 471,207 8,420,400 Securities held outright1 7,788,531 - 12,544 - 715,750 7,771,385 U.S. Treasury securities 5,210,988 - 11,960 - 556,520 5,194,610 Bills2 281,041 + 64 - 45,003 281,041 Notes and bonds, nominal2 4,459,490 - 12,380 - 515,973 4,442,983 Notes and bonds, inflation-indexed2 365,436 + 3 - 15,426 365,436 Inflation compensation3 105,021 + 353 + 19,882 105,150 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,575,196 - 584 - 159,230 2,574,428 Unamortized premiums on securities held outright5 300,769 - 593 - 38,805 300,483 Unamortized discounts on securities held outright5 -27,483 - 42 - 3,509 -27,510 Repurchase agreements6 2 - 7 + 2 6 Foreign official 0 0 0 0 Others 2 - 7 + 2 6 Loans 314,025 + 4,990 + 292,494 312,840 Primary credit 9,201 + 4,580 + 8,355 9,048 Secondary credit 0 0 0 0 Seasonal credit 7 + 2 + 4 6 Paycheck Protection Program Liquidity Facility 8,341 - 109 - 12,341 8,281 Bank Term Funding Program 85,900 + 4,380 + 85,900 87,006 Other credit extensions7 210,576 - 3,863 + 210,576 208,498 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,143 - 97 - 6,414 22,002 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,618 + 2 - 1,042 5,621 Net portfolio holdings of TALF II LLC8 1,900 + 1 - 566 1,902 Float -143 + 18 - 1 -240 Central bank liquidity swaps9 410 - 12 + 191 410 Other Federal Reserve assets10 42,414 - 4,145 + 2,192 33,504 Foreign currency denominated assets11 18,648 - 210 + 169 18,532 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,737 + 14 + 728 51,737 Total factors supplying reserve funds 8,534,813 - 12,623 - 470,311 8,506,911 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 17, 2023 Federal Reserve Banks May 17, 2023 May 10, 2023 May 18, 2022 Currency in circulation12 2,332,604 + 2,403 + 60,218 2,333,550 Reverse repurchase agreements13 2,606,881 + 6,115 + 446,099 2,598,627 Foreign official and international accounts 382,930 + 1,915 + 104,996 384,951 Others 2,223,951 + 4,200 + 341,103 2,213,676 Treasury cash holdings 211 + 7 + 121 217 Deposits with F.R. Banks, other than reserve balances 337,091 - 74,554 - 805,479 285,396 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 116,220 - 81,446 - 770,744 68,332 Foreign official 9,685 + 7 + 1,806 9,685 Other14 211,186 + 6,886 - 36,542 207,379 Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347 Other liabilities and capital16 -6,199 + 957 - 57,859 -6,214 Total factors, other than reserve balances, absorbing reserve funds 5,285,935 - 65,072 - 362,812 5,226,924 Reserve balances with Federal Reserve Banks 3,248,878 + 52,449 - 107,499 3,279,987 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 17, 2023 May 17, 2023 May 10, 2023 May 18, 2022 Securities held in custody for foreign official and international accounts 3,389,590 + 8,043 - 33,190 3,388,192 Marketable U.S. Treasury securities1 2,965,953 + 5,324 - 40,219 2,963,702 Federal agency debt and mortgage-backed securities2 341,912 + 2,673 + 8,275 342,783 Other securities3 81,725 + 46 - 1,245 81,707 Securities lent to dealers 41,935 + 520 + 2,458 43,203 Overnight facility4 41,935 + 520 + 2,458 43,203 U.S. Treasury securities 41,926 + 527 + 2,449 43,194 Federal agency debt securities 9 - 7 + 9 9 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 17, 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 211,089 7,663 85,812 8,276 0 ... 312,840 U.S. Treasury securities2 Holdings 106,859 312,778 620,092 1,796,961 860,559 1,497,361 5,194,610 Weekly changes + 3,706 + 26,073 - 37,813 - 25,019 - 10,836 + 15,352 - 28,536 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 8,570 44,799 2,521,037 2,574,428 Weekly changes 0 0 0 - 20 - 352 - 980 - 1,352 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,783 ... ... 10,783 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 173 706 0 ... ... 879 Repurchase agreements8 6 0 ... ... ... ... 6 Central bank liquidity swaps9 410 0 0 0 0 0 410 Reverse repurchase agreements8 2,598,627 0 ... ... ... ... 2,598,627 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 17, 2023 Mortgage-backed securities held outright1 2,574,428 Residential mortgage-backed securities 2,566,021 Commercial mortgage-backed securities 8,406 Commitments to buy mortgage-backed securities2 59 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 66 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 17, 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) 10,016 9,773 12,229 22,002 Municipal Liquidity Facility LLC 2,907 2,907 2,713 5,621 TALF II LLC 927 879 1,023 1,902 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 17, 2023 May 10, 2023 May 18, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,303 + 8 + 28 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,357,203 - 31,258 - 483,391 Securities held outright1 7,771,385 - 29,888 - 732,806 U.S. Treasury securities 5,194,610 - 28,536 - 573,411 Bills2 281,041 0 - 45,003 Notes and bonds, nominal2 4,442,983 - 28,887 - 532,480 Notes and bonds, inflation-indexed2 365,436 0 - 15,426 Inflation compensation3 105,150 + 351 + 19,498 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,574,428 - 1,352 - 159,395 Unamortized premiums on securities held outright5 300,483 - 675 - 38,824 Unamortized discounts on securities held outright5 -27,510 - 155 - 3,209 Repurchase agreements6 6 - 19 + 6 Loans7 312,840 - 520 + 291,443 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 22,002 - 258 - 6,436 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,621 + 3 - 1,040 Net portfolio holdings of TALF II LLC8 1,902 + 2 - 564 Items in process of collection (0) 48 - 40 - 28 Bank premises 450 + 3 - 172 Central bank liquidity swaps9 410 - 12 + 191 Foreign currency denominated assets10 18,532 - 294 - 49 Other assets11 33,054 - 14,409 + 2,325 Total assets (0) 8,456,760 - 46,257 - 489,138 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 17, 2023 May 10, 2023 May 18, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,283,328 + 642 + 60,034 Reverse repurchase agreements12 2,598,627 - 19,551 + 357,005 Deposits (0) 3,565,383 - 28,086 - 844,338 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,279,987 + 54,676 - 17,155 U.S. Treasury, General Account 68,332 - 86,476 - 798,394 Foreign official 9,685 + 1 + 2,249 Other13 (0) 207,379 + 3,713 - 31,038 Deferred availability cash items (0) 288 + 41 + 89 Treasury contributions to credit facilities14 15,347 0 - 5,911 Other liabilities and accrued dividends15 -48,615 + 698 - 56,804 Total liabilities (0) 8,414,358 - 46,256 - 489,926 Capital accounts Capital paid in 35,617 - 1 + 788 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,402 - 1 + 788 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 17, 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 1,303 23 38 117 41 179 95 247 27 39 89 157 251 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,357,203 158,670 4,542,209 134,055 250,645 564,685 549,870 506,036 123,217 62,841 112,129 401,096 951,750 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 22,002 22,002 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,621 0 5,621 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,902 0 1,902 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 18,532 797 6,595 666 1,747 3,752 556 645 417 117 197 391 2,652 Other assets5 33,552 732 16,950 621 1,025 2,507 2,100 1,903 730 413 710 1,605 4,255 Interdistrict settlement account 0+ 5,664- 296,551- 1,946+ 49,443+ 266,155+ 33,018+ 26,271+ 711- 2,830- 6,813+ 8,479 - 81,601 Total assets 8,456,760 188,463 4,282,084 134,052 303,692 838,547 587,938 536,221 125,590 60,846 106,768 413,027 879,531 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 17, 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 2,283,328 79,115 731,816 52,223 111,848 173,316 354,532 123,577 70,429 33,089 48,986 188,967 315,430 Reverse repurchase agreements6 2,598,627 50,205 1,451,204 42,829 79,857 180,837 176,042 161,989 38,873 17,620 33,598 126,701 238,873 Deposits 3,565,383 46,249 2,116,106 37,695 109,083 481,632 55,424 252,593 15,251 9,874 23,734 97,102 320,640 Depository institutions 3,279,987 46,239 1,987,066 37,694 109,054 481,090 55,396 97,129 15,243 9,817 23,666 97,003 320,589 U.S. Treasury, General Account 68,332 0 68,332 0 0 0 0 0 0 0 0 0 0 Foreign official 9,685 2 9,659 1 4 8 1 1 1 0 0 1 6 Other7 207,379 9 51,047 0 25 534 27 155,462 8 57 68 97 45 Earnings remittances due to the U.S. Treasury8 -59,660 -1,134 -41,192 -419 -1,463 -7,133 -15 -4,701 -76 -125 -202 -967 -2,232 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 11,332 770 5,388 218 389 1,420 631 742 151 120 193 353 958 Total liabilities 8,414,358 186,658 4,267,216 132,546 299,713 830,071 586,613 534,200 124,629 60,578 106,309 412,157 873,668 Capital Capital paid in 35,617 1,513 12,454 1,262 3,339 7,102 1,122 1,784 808 226 388 727 4,891 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 8,456,760 188,463 4,282,084 134,052 303,692 838,547 587,938 536,221 125,590 60,846 106,768 413,027 879,531 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 17, 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 17, 2023 Federal Reserve notes outstanding 2,650,264 Less: Notes held by F.R. Banks not subject to collateralization 366,936 Federal Reserve notes to be collateralized 2,283,328 Collateral held against Federal Reserve notes 2,283,328 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,267,092 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,771,391 Less: Face value of securities under reverse repurchase agreements 2,768,601 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,002,790 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.