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 22, 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 21, 2023 Federal Reserve Banks Jun 21, 2023 Jun 14, 2023 Jun 22, 2022 Reserve Bank credit 8,334,835 - 17,922 - 565,989 8,325,756 Securities held outright1 7,705,009 - 15,985 - 791,141 7,701,409 U.S. Treasury securities 5,145,920 - 14,509 - 617,236 5,145,712 Bills2 273,354 - 2,966 - 52,690 272,967 Notes and bonds, nominal2 4,396,916 - 12,137 - 567,166 4,396,923 Notes and bonds, inflation-indexed2 368,253 0 - 14,713 368,253 Inflation compensation3 107,397 + 594 + 17,333 107,568 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,556,741 - 1,477 - 173,906 2,553,350 Unamortized premiums on securities held outright5 297,332 - 638 - 37,989 297,048 Unamortized discounts on securities held outright5 -27,669 + 31 - 2,541 -27,593 Repurchase agreements6 0 - 1 0 2 Foreign official 0 0 0 0 Others 0 - 1 0 2 Loans 291,466 - 3,932 + 269,163 285,934 Primary credit 3,248 - 69 - 316 3,208 Secondary credit 0 - 1 0 0 Seasonal credit 25 + 4 + 17 27 Paycheck Protection Program Liquidity Facility 7,635 - 171 - 11,096 7,622 Bank Term Funding Program 102,488 + 933 + 102,488 102,735 Other credit extensions7 178,069 - 4,630 + 178,069 172,342 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,912 - 393 - 6,453 19,928 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,588 + 3 + 49 5,590 Net portfolio holdings of TALF II LLC8 1,712 + 2 - 485 1,713 Float -171 - 6 - 21 -196 Central bank liquidity swaps9 289 - 48 + 92 289 Other Federal Reserve assets10 41,370 + 3,047 + 3,338 41,632 Foreign currency denominated assets11 18,462 + 65 + 231 18,467 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,807 + 14 + 728 51,807 Total factors supplying reserve funds 8,421,346 - 17,843 - 565,030 8,412,271 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 21, 2023 Federal Reserve Banks Jun 21, 2023 Jun 14, 2023 Jun 22, 2022 Currency in circulation12 2,343,012 + 1,379 + 65,440 2,342,710 Reverse repurchase agreements13 2,343,673 - 115,725 - 129,665 2,370,269 Foreign official and international accounts 334,394 - 5,682 + 81,568 333,167 Others 2,009,279 - 110,042 - 211,233 2,037,102 Treasury cash holdings 225 - 9 + 132 214 Deposits with F.R. Banks, other than reserve balances 490,960 + 175,543 - 530,032 503,339 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 276,850 + 174,732 - 481,433 292,106 Foreign official 9,687 + 1 + 2,252 9,687 Other14 204,423 + 810 - 50,852 201,546 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -21,441 - 5,327 - 70,326 -21,571 Total factors, other than reserve balances, absorbing reserve funds 5,169,788 + 55,861 - 669,032 5,208,320 Reserve balances with Federal Reserve Banks 3,251,558 - 73,703 + 104,002 3,203,951 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 21, 2023 Jun 21, 2023 Jun 14, 2023 Jun 22, 2022 Securities held in custody for foreign official and international accounts 3,425,424 + 16,346 + 22,146 3,432,535 Marketable U.S. Treasury securities1 2,994,011 + 11,135 - 2,972 2,998,709 Federal agency debt and mortgage-backed securities2 349,360 + 4,829 + 26,089 351,900 Other securities3 82,053 + 382 - 971 81,926 Securities lent to dealers 40,699 - 5,864 - 7,731 42,935 Overnight facility4 40,699 - 5,864 - 7,731 42,935 U.S. Treasury securities 40,691 - 5,863 - 7,739 42,927 Federal agency debt securities 8 - 1 + 8 8 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 21, 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 174,942 2,423 100,951 7,617 0 ... 285,934 U.S. Treasury securities2 Holdings 68,889 317,251 630,191 1,769,959 868,084 1,491,338 5,145,712 Weekly changes + 24,016 - 24,052 - 2,219 - 12,625 + 141 + 201 - 14,539 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 2 16 8,800 46,257 2,498,274 2,553,350 Weekly changes 0 - 1 0 0 0 - 4,823 - 4,822 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,515 ... ... 10,515 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 2 0 ... ... ... ... 2 Central bank liquidity swaps9 289 0 0 0 0 0 289 Reverse repurchase agreements8 2,370,269 0 ... ... ... ... 2,370,269 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 21, 2023 Mortgage-backed securities held outright1 2,553,350 Residential mortgage-backed securities 2,544,961 Commercial mortgage-backed securities 8,389 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 69 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 Jun 21, 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) 9,600 9,515 10,413 19,928 Municipal Liquidity Facility LLC 2,907 2,907 2,683 5,590 TALF II LLC 884 804 909 1,713 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 21, 2023 Jun 14, 2023 Jun 22, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,330 + 13 + 76 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,256,800 - 27,944 - 569,236 Securities held outright1 7,701,409 - 19,361 - 793,097 U.S. Treasury securities 5,145,712 - 14,539 - 617,632 Bills2 272,967 - 2,969 - 53,077 Notes and bonds, nominal2 4,396,923 - 12,130 - 567,159 Notes and bonds, inflation-indexed2 368,253 0 - 14,713 Inflation compensation3 107,568 + 559 + 17,317 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,553,350 - 4,822 - 175,465 Unamortized premiums on securities held outright5 297,048 - 719 - 37,856 Unamortized discounts on securities held outright5 -27,593 + 12 - 2,441 Repurchase agreements6 2 + 2 + 2 Loans7 285,934 - 7,878 + 264,156 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,928 - 396 - 6,446 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,590 + 3 + 50 Net portfolio holdings of TALF II LLC8 1,713 + 1 - 484 Items in process of collection (0) 62 + 6 - 25 Bank premises 461 + 5 - 157 Central bank liquidity swaps9 289 - 48 + 92 Foreign currency denominated assets10 18,467 - 27 + 213 Other assets11 41,183 + 2,124 + 3,630 Total assets (0) 8,362,060 - 26,263 - 572,286 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 21, 2023 Jun 14, 2023 Jun 22, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,292,443 + 208 + 63,631 Reverse repurchase agreements12 2,370,269 - 66,802 - 145,877 Deposits (0) 3,707,302 + 46,270 - 415,851 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,203,963 - 102,348 + 88,369 U.S. Treasury, General Account 292,106 + 157,249 - 452,946 Foreign official 9,687 + 2 + 2,253 Other13 (0) 201,546 - 8,633 - 53,527 Deferred availability cash items (0) 258 - 125 - 11 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -63,986 - 5,818 - 70,339 Total liabilities (0) 8,319,645 - 26,265 - 573,028 Capital accounts Capital paid in 35,630 + 2 + 742 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,415 + 2 + 742 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 21, 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 1,330 24 41 121 46 187 98 248 28 39 88 162 246 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,256,800 157,764 4,497,821 133,120 248,635 559,822 546,220 502,034 126,329 62,391 111,651 400,990 910,021 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,928 19,928 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,590 0 5,590 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,713 0 1,713 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 289 12 103 10 27 58 9 10 6 2 3 6 41 Foreign currency denominated assets4 18,467 795 6,571 663 1,741 3,739 554 643 416 117 196 389 2,643 Other assets5 41,707 885 21,156 744 1,260 3,015 2,635 2,369 706 496 859 1,999 5,583 Interdistrict settlement account 0+ 13,820- 210,584- 10,334+ 40,128+ 242,308+ 19,793+ 15,374- 1,402- 2,854- 7,198- 11,636 - 87,415 Total assets 8,362,060 193,786 4,327,587 124,850 292,589 810,317 571,596 521,783 126,563 60,454 106,052 393,200 833,284 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 21, 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 2,292,443 81,286 728,387 53,266 111,816 171,437 355,262 126,086 72,823 34,454 50,924 190,261 316,442 Reverse repurchase agreements6 2,370,269 45,793 1,323,677 39,065 72,839 164,946 160,572 147,754 35,457 16,071 30,645 115,567 217,882 Deposits 3,707,302 55,747 2,302,217 31,397 105,164 473,813 53,918 251,135 17,281 9,689 24,119 87,470 295,352 Depository institutions 3,203,963 55,737 1,942,835 31,395 105,129 473,350 53,889 108,164 17,271 9,594 24,087 87,186 295,326 U.S. Treasury, General Account 292,106 0 292,106 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,661 1 4 8 1 1 1 0 0 1 6 Other7 201,546 9 57,615 0 31 455 27 142,969 10 95 31 284 21 Earnings remittances due to the U.S. Treasury8 -71,875 -1,356 -48,708 -563 -1,980 -9,375 -27 -5,724 -116 -140 -265 -1,216 -2,405 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 8,147 827 3,471 177 301 1,015 546 512 156 111 169 248 615 Total liabilities 8,319,645 191,981 4,312,719 123,342 288,140 801,836 570,270 519,762 125,602 60,186 105,592 392,330 827,885 Capital Capital paid in 35,630 1,513 12,454 1,264 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 8,362,060 193,786 4,327,587 124,850 292,589 810,317 571,596 521,783 126,563 60,454 106,052 393,200 833,284 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 21, 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 21, 2023 Federal Reserve notes outstanding 2,670,018 Less: Notes held by F.R. Banks not subject to collateralization 377,575 Federal Reserve notes to be collateralized 2,292,443 Collateral held against Federal Reserve notes 2,292,443 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,276,206 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,701,411 Less: Face value of securities under reverse repurchase agreements 2,527,660 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,173,751 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.