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 29, 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 28, 2023 Federal Reserve Banks Jun 28, 2023 Jun 21, 2023 Jun 29, 2022 Reserve Bank credit 8,317,639 - 17,196 - 571,980 8,304,469 Securities held outright1 7,694,437 - 10,572 - 792,201 7,685,565 U.S. Treasury securities 5,145,259 - 661 - 618,470 5,145,080 Bills2 272,164 - 1,190 - 53,880 271,803 Notes and bonds, nominal2 4,396,923 + 7 - 567,156 4,396,923 Notes and bonds, inflation-indexed2 368,250 - 3 - 14,716 368,228 Inflation compensation3 107,922 + 525 + 17,282 108,126 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,546,831 - 9,910 - 173,732 2,538,138 Unamortized premiums on securities held outright5 296,542 - 790 - 37,718 296,132 Unamortized discounts on securities held outright5 -27,453 + 216 - 2,333 -27,346 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 284,721 - 6,745 + 263,505 282,026 Primary credit 3,399 + 151 + 517 3,209 Secondary credit 0 0 - 1 0 Seasonal credit 27 + 2 + 14 24 Paycheck Protection Program Liquidity Facility 7,458 - 177 - 10,861 7,419 Bank Term Funding Program 102,954 + 466 + 102,954 103,081 Other credit extensions7 170,884 - 7,185 + 170,884 168,293 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,931 + 19 - 6,445 19,949 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,590 + 2 + 50 5,593 Net portfolio holdings of TALF II LLC8 1,714 + 2 - 483 1,715 Float -213 - 42 + 97 -488 Central bank liquidity swaps9 310 + 21 + 126 310 Other Federal Reserve assets10 42,059 + 689 + 3,422 41,014 Foreign currency denominated assets11 18,355 - 107 + 126 18,324 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,821 + 14 + 728 51,821 Total factors supplying reserve funds 8,404,056 - 17,290 - 571,127 8,390,856 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 28, 2023 Federal Reserve Banks Jun 28, 2023 Jun 21, 2023 Jun 29, 2022 Currency in circulation12 2,341,032 - 1,980 + 62,428 2,343,563 Reverse repurchase agreements13 2,295,987 - 47,686 - 170,433 2,271,871 Foreign official and international accounts 330,246 - 4,148 + 67,411 326,660 Others 1,965,741 - 43,538 - 237,844 1,945,211 Treasury cash holdings 218 - 7 + 120 242 Deposits with F.R. Banks, other than reserve balances 602,476 + 111,516 - 430,511 606,221 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 390,571 + 113,721 - 366,056 408,561 Foreign official 9,685 - 2 + 2,251 9,685 Other14 202,220 - 2,203 - 66,705 187,975 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -20,582 + 859 - 69,630 -20,428 Total factors, other than reserve balances, absorbing reserve funds 5,232,489 + 62,701 - 612,607 5,214,827 Reserve balances with Federal Reserve Banks 3,171,567 - 79,991 + 41,480 3,176,029 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 28, 2023 Jun 28, 2023 Jun 21, 2023 Jun 29, 2022 Securities held in custody for foreign official and international accounts 3,432,403 + 6,979 + 41,559 3,438,385 Marketable U.S. Treasury securities1 2,998,242 + 4,231 + 7,565 3,004,306 Federal agency debt and mortgage-backed securities2 352,157 + 2,797 + 35,053 352,078 Other securities3 82,004 - 49 - 1,059 82,001 Securities lent to dealers 42,121 + 1,422 - 2,700 41,305 Overnight facility4 42,121 + 1,422 - 2,700 41,305 U.S. Treasury securities 42,114 + 1,423 - 2,707 41,305 Federal agency debt securities 7 - 1 + 7 0 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 28, 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 171,243 2,335 101,034 7,414 0 ... 282,026 U.S. Treasury securities2 Holdings 80,856 304,832 629,508 1,770,197 868,202 1,491,486 5,145,080 Weekly changes + 11,967 - 12,419 - 683 + 238 + 118 + 148 - 632 Federal agency debt securities3 Holdings 0 0 0 0 2,347 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 1 13 8,633 45,246 2,484,246 2,538,138 Weekly changes 0 - 1 - 3 - 167 - 1,011 - 14,028 - 15,212 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,449 ... ... 10,449 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 280 514 0 ... ... 794 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 310 0 0 0 0 0 310 Reverse repurchase agreements8 2,271,871 0 ... ... ... ... 2,271,871 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 28, 2023 Mortgage-backed securities held outright1 2,538,138 Residential mortgage-backed securities 2,529,753 Commercial mortgage-backed securities 8,385 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 28, 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 9,468 10,482 19,949 Municipal Liquidity Facility LLC 2,907 2,907 2,685 5,593 TALF II LLC 884 794 921 1,715 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 28, 2023 Jun 21, 2023 Jun 29, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,336 + 6 + 88 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,236,377 - 20,423 - 569,563 Securities held outright1 7,685,565 - 15,844 - 790,043 U.S. Treasury securities 5,145,080 - 632 - 618,853 Bills2 271,803 - 1,164 - 54,241 Notes and bonds, nominal2 4,396,923 0 - 567,134 Notes and bonds, inflation-indexed2 368,228 - 25 - 14,738 Inflation compensation3 108,126 + 558 + 17,261 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,538,138 - 15,212 - 171,190 Unamortized premiums on securities held outright5 296,132 - 916 - 37,579 Unamortized discounts on securities held outright5 -27,346 + 247 - 2,264 Repurchase agreements6 0 - 2 - 1 Loans7 282,026 - 3,908 + 260,324 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,949 + 21 - 6,438 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,593 + 3 + 52 Net portfolio holdings of TALF II LLC8 1,715 + 2 - 483 Items in process of collection (0) 50 - 12 - 2 Bank premises 463 + 2 - 158 Central bank liquidity swaps9 310 + 21 + 126 Foreign currency denominated assets10 18,324 - 143 + 207 Other assets11 40,560 - 623 + 3,532 Total assets (0) 8,340,914 - 21,146 - 572,639 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 28, 2023 Jun 21, 2023 Jun 29, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,293,316 + 873 + 61,994 Reverse repurchase agreements12 2,271,871 - 98,398 - 216,376 Deposits (0) 3,782,260 + 74,958 - 344,254 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,176,038 - 27,925 + 57,424 U.S. Treasury, General Account 408,561 + 116,455 - 351,284 Foreign official 9,685 - 2 + 2,251 Other13 (0) 187,975 - 13,571 - 52,647 Deferred availability cash items (0) 538 + 280 - 699 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -62,843 + 1,143 - 69,433 Total liabilities (0) 8,298,499 - 21,146 - 573,350 Capital accounts Capital paid in 35,630 0 + 711 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,415 0 + 711 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 28, 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 1,336 25 40 122 48 190 102 247 27 40 87 163 245 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,236,377 157,400 4,487,980 133,018 248,124 558,730 545,115 501,031 126,090 62,037 111,694 400,001 905,156 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,949 19,949 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,593 0 5,593 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 310 13 110 11 29 63 9 11 7 2 3 7 44 Foreign currency denominated assets4 18,324 789 6,521 658 1,728 3,710 549 638 412 116 195 386 2,622 Other assets5 41,074 881 20,716 730 1,234 2,950 2,563 2,317 699 512 867 1,964 5,641 Interdistrict settlement account 0+ 9,729- 146,191- 8,441+ 43,585+ 212,744+ 15,443+ 2,187- 1,122- 2,171- 6,668- 19,017 - 100,079 Total assets 8,340,914 189,344 4,381,658 126,624 295,501 779,573 566,069 507,534 126,592 60,800 106,631 384,795 815,794 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 28, 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 2,293,316 82,455 725,118 54,079 111,668 171,507 355,731 126,114 72,892 34,335 51,637 191,019 316,760 Reverse repurchase agreements6 2,271,871 43,892 1,268,726 37,443 69,815 158,098 153,906 141,620 33,985 15,404 29,373 110,770 208,837 Deposits 3,782,260 52,016 2,414,006 33,973 111,236 449,698 54,253 242,941 18,705 10,809 25,225 83,058 286,340 Depository institutions 3,176,038 52,005 1,943,868 33,972 111,205 449,328 54,225 107,604 18,697 10,687 25,194 82,940 286,314 U.S. Treasury, General Account 408,561 0 408,561 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 187,975 10 51,918 0 26 362 27 135,335 8 121 31 118 20 Earnings remittances due to the U.S. Treasury8 -74,269 -1,415 -50,202 -589 -2,077 -9,816 -27 -5,915 -127 -140 -259 -1,251 -2,451 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 11,964 907 5,468 210 409 1,605 881 753 175 123 195 329 909 Total liabilities 8,298,499 187,540 4,366,790 125,116 291,052 771,092 564,743 505,513 125,631 60,531 106,171 383,925 810,395 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 8,340,914 189,344 4,381,658 126,624 295,501 779,573 566,069 507,534 126,592 60,800 106,631 384,795 815,794 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 28, 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 28, 2023 Federal Reserve notes outstanding 2,675,573 Less: Notes held by F.R. Banks not subject to collateralization 382,257 Federal Reserve notes to be collateralized 2,293,316 Collateral held against Federal Reserve notes 2,293,316 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,277,079 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,685,565 Less: Face value of securities under reverse repurchase agreements 2,412,374 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,273,191 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.