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 June 8, 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 Jun 7, 2023 Federal Reserve Banks Jun 7, 2023 May 31, 2023 Jun 8, 2022 Reserve Bank credit 8,353,283 - 26,652 - 527,280 8,352,953 Securities held outright1 7,722,601 - 28,748 - 758,359 7,722,405 U.S. Treasury securities 5,162,018 - 28,748 - 609,149 5,161,822 Bills2 278,468 - 2,573 - 47,576 278,066 Notes and bonds, nominal2 4,409,053 - 29,083 - 564,305 4,409,053 Notes and bonds, inflation-indexed2 368,253 + 2,414 - 14,713 368,253 Inflation compensation3 106,244 + 494 + 17,446 106,449 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,558,236 0 - 149,210 2,558,236 Unamortized premiums on securities held outright5 298,484 - 521 - 38,246 298,320 Unamortized discounts on securities held outright5 -27,852 - 92 - 3,341 -27,760 Repurchase agreements6 0 - 1 0 0 Foreign official 0 - 1 0 0 Others 0 0 0 0 Loans 297,550 + 1,741 + 276,976 296,396 Primary credit 3,056 - 642 + 2,127 3,167 Secondary credit 0 0 0 0 Seasonal credit 14 + 8 + 11 17 Paycheck Protection Program Liquidity Facility 7,897 - 157 - 11,746 7,889 Bank Term Funding Program 99,535 + 6,193 + 99,535 100,161 Other credit extensions7 187,048 - 3,660 + 187,048 185,162 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 20,282 + 22 - 6,395 20,301 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,582 + 3 + 46 5,584 Net portfolio holdings of TALF II LLC8 1,709 - 36 - 486 1,710 Float -226 + 137 - 70 -478 Central bank liquidity swaps9 343 - 49 + 160 343 Other Federal Reserve assets10 34,811 + 893 + 2,437 36,130 Foreign currency denominated assets11 18,340 + 60 - 327 18,287 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,779 + 14 + 728 51,779 Total factors supplying reserve funds 8,439,644 - 26,577 - 526,879 8,439,260 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 Jun 7, 2023 Federal Reserve Banks Jun 7, 2023 May 31, 2023 Jun 8, 2022 Currency in circulation12 2,343,383 + 1,963 + 64,285 2,343,711 Reverse repurchase agreements13 2,490,446 - 54,919 + 178,239 2,508,076 Foreign official and international accounts 345,593 + 1,899 + 83,485 346,520 Others 2,144,853 - 56,818 + 94,755 2,161,556 Treasury cash holdings 245 + 14 + 154 236 Deposits with F.R. Banks, other than reserve balances 260,065 - 7,732 - 707,437 285,131 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 44,756 - 4,198 - 678,628 77,500 Foreign official 9,894 + 198 + 2,273 9,685 Other14 205,414 - 3,733 - 31,083 197,946 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -17,604 - 6,207 - 67,884 -17,406 Total factors, other than reserve balances, absorbing reserve funds 5,089,892 - 66,882 - 537,226 5,133,106 Reserve balances with Federal Reserve Banks 3,349,751 + 40,304 + 10,346 3,306,154 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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 Jun 7, 2023 Jun 7, 2023 May 31, 2023 Jun 8, 2022 Securities held in custody for foreign official and international accounts 3,407,201 - 2,489 + 12,575 3,403,320 Marketable U.S. Treasury securities1 2,983,310 - 2,903 - 6,448 2,979,178 Federal agency debt and mortgage-backed securities2 342,530 + 370 + 20,923 342,606 Other securities3 81,360 + 43 - 1,901 81,537 Securities lent to dealers 49,005 - 3,732 + 9,761 50,612 Overnight facility4 49,005 - 3,732 + 9,761 50,612 U.S. Treasury securities 48,996 - 3,732 + 9,752 50,603 Federal agency debt securities 9 0 + 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, June 7, 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 187,319 2,279 98,915 7,884 0 ... 296,396 U.S. Treasury securities2 Holdings 40,629 344,038 636,021 1,782,346 867,802 1,490,985 5,161,822 Weekly changes - 8,771 + 39,353 + 9,623 - 42,913 + 141 + 151 - 2,415 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 16 8,800 46,257 2,503,160 2,558,236 Weekly changes 0 + 1 + 1 + 390 + 2,029 - 2,421 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,632 ... ... 10,632 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 287 518 0 ... ... 804 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 343 0 0 0 0 0 343 Reverse repurchase agreements8 2,508,076 0 ... ... ... ... 2,508,076 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 Jun 7, 2023 Mortgage-backed securities held outright1 2,558,236 Residential mortgage-backed securities 2,549,845 Commercial mortgage-backed securities 8,391 Commitments to buy mortgage-backed securities2 5 Commitments to sell mortgage-backed securities2 138 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 Jun 7, 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 9,620 10,682 20,301 Municipal Liquidity Facility LLC 2,907 2,907 2,677 5,584 TALF II LLC 884 804 906 1,710 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 Jun 7, 2023 May 31, 2023 Jun 8, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,305 + 24 + 49 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,289,361 - 87 - 524,618 Securities held outright1 7,722,405 - 2,415 - 758,781 U.S. Treasury securities 5,161,822 - 2,415 - 609,571 Bills2 278,066 - 2,975 - 47,978 Notes and bonds, nominal2 4,409,053 0 - 564,305 Notes and bonds, inflation-indexed2 368,253 0 - 14,713 Inflation compensation3 106,449 + 560 + 17,425 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,558,236 0 - 149,210 Unamortized premiums on securities held outright5 298,320 - 509 - 38,225 Unamortized discounts on securities held outright5 -27,760 + 86 - 3,278 Repurchase agreements6 0 0 0 Loans7 296,396 + 2,752 + 275,665 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 20,301 + 22 - 6,386 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,584 + 2 + 47 Net portfolio holdings of TALF II LLC8 1,710 + 2 - 486 Items in process of collection (0) 65 + 7 0 Bank premises 447 - 21 - 168 Central bank liquidity swaps9 343 - 49 + 160 Foreign currency denominated assets10 18,287 + 29 - 239 Other assets11 35,684 + 3,541 + 2,711 Total assets (0) 8,389,325 + 3,471 - 528,929 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 Jun 7, 2023 May 31, 2023 Jun 8, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,293,468 - 466 + 64,382 Reverse repurchase agreements12 2,508,076 - 107,601 + 103,762 Deposits (0) 3,591,285 + 117,284 - 626,443 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,306,154 + 100,628 + 13,552 U.S. Treasury, General Account 77,500 + 28,988 - 606,392 Foreign official 9,685 - 70 + 951 Other13 (0) 197,946 - 12,263 - 34,555 Deferred availability cash items (0) 543 - 190 + 342 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -59,818 - 5,561 - 67,135 Total liabilities (0) 8,346,912 + 3,466 - 529,674 Capital accounts Capital paid in 35,628 + 5 + 745 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,413 + 5 + 745 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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, June 7, 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 1,305 24 43 120 42 183 91 248 27 38 87 154 250 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,289,361 158,022 4,511,917 133,461 249,289 561,287 547,536 503,283 126,730 62,563 111,653 400,868 922,752 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 20,301 20,301 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,584 0 5,584 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,710 0 1,710 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 343 15 122 12 32 69 10 12 8 2 4 7 49 Foreign currency denominated assets4 18,287 787 6,507 657 1,724 3,703 548 637 412 116 194 386 2,617 Other assets5 36,196 775 18,161 654 1,087 2,638 2,261 2,032 766 477 771 1,723 4,851 Interdistrict settlement account 0+ 11,242- 321,819+ 1,694+ 67,031+ 270,981+ 31,403+ 18,478+ 591- 3,124- 6,361+ 6,815 - 76,930 Total assets 8,389,325 191,723 4,227,401 137,124 319,958 840,047 584,136 525,794 129,012 60,335 106,799 411,242 855,754 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, June 7, 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 2,293,468 80,448 732,023 52,648 111,756 172,437 356,469 125,144 72,018 33,412 50,297 190,267 316,549 Reverse repurchase agreements6 2,508,076 48,456 1,400,635 41,336 77,074 174,536 169,907 156,344 37,519 17,006 32,427 122,286 230,549 Deposits 3,591,285 51,828 2,118,770 41,977 128,174 492,174 55,667 247,119 18,483 9,673 23,679 98,708 305,032 Depository institutions 3,306,154 51,817 1,979,253 41,976 128,144 491,263 55,639 102,699 18,475 9,613 23,646 98,629 305,002 U.S. Treasury, General Account 77,500 0 77,500 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 197,946 9 52,358 0 27 903 27 144,419 8 60 33 78 25 Earnings remittances due to the U.S. Treasury8 -67,689 -1,288 -46,013 -528 -1,820 -8,560 -73 -5,358 -120 -140 -234 -1,147 -2,407 Treasury contributions to credit facilities9 13,358 9,684 3,674 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,413 790 3,444 184 326 980 841 524 151 115 171 258 631 Total liabilities 8,346,912 189,918 4,212,533 135,618 315,509 831,566 582,811 523,773 128,051 60,066 106,339 410,372 850,355 Capital Capital paid in 35,628 1,513 12,454 1,262 3,809 7,107 1,122 1,784 808 226 388 727 4,428 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 8,389,325 191,723 4,227,401 137,124 319,958 840,047 584,136 525,794 129,012 60,335 106,799 411,242 855,754 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, June 7, 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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 Jun 7, 2023 Federal Reserve notes outstanding 2,661,082 Less: Notes held by F.R. Banks not subject to collateralization 367,615 Federal Reserve notes to be collateralized 2,293,468 Collateral held against Federal Reserve notes 2,293,468 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,277,231 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,722,405 Less: Face value of securities under reverse repurchase agreements 2,717,664 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,004,741 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.