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 July 6, 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 Jul 5, 2023 Federal Reserve Banks Jul 5, 2023 Jun 28, 2023 Jul 6, 2022 Reserve Bank credit 8,268,771 - 48,868 - 586,508 8,261,904 Securities held outright1 7,652,305 - 42,132 - 803,353 7,646,946 U.S. Treasury securities 5,111,820 - 33,439 - 632,162 5,106,460 Bills2 269,263 - 2,901 - 56,781 268,928 Notes and bonds, nominal2 4,365,982 - 30,941 - 575,976 4,360,825 Notes and bonds, inflation-indexed2 368,228 - 22 - 16,114 368,228 Inflation compensation3 108,346 + 424 + 16,708 108,479 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,538,138 - 8,693 - 171,191 2,538,138 Unamortized premiums on securities held outright5 295,834 - 708 - 37,457 295,568 Unamortized discounts on securities held outright5 -27,382 + 71 - 2,174 -27,258 Repurchase agreements6 429 + 429 + 429 0 Foreign official 429 + 429 + 429 0 Others 0 0 0 0 Loans 279,479 - 5,242 + 259,778 277,332 Primary credit 3,795 + 396 + 1,846 3,356 Secondary credit 0 0 0 0 Seasonal credit 23 - 4 + 14 23 Paycheck Protection Program Liquidity Facility 7,220 - 238 - 10,522 7,218 Bank Term Funding Program 102,026 - 928 + 102,026 101,959 Other credit extensions7 166,416 - 4,468 + 166,416 164,775 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,957 + 26 - 6,434 19,969 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,594 + 4 + 52 5,595 Net portfolio holdings of TALF II LLC8 1,649 - 65 - 530 1,639 Float -378 - 165 - 163 -503 Central bank liquidity swaps9 219 - 91 - 128 219 Other Federal Reserve assets10 41,064 - 995 + 3,468 42,399 Foreign currency denominated assets11 18,370 + 15 + 303 18,276 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,835 + 14 + 728 51,835 Total factors supplying reserve funds 8,355,217 - 48,839 - 585,478 8,348,257 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 Jul 5, 2023 Federal Reserve Banks Jul 5, 2023 Jun 28, 2023 Jul 6, 2022 Currency in circulation12 2,345,645 + 4,613 + 62,160 2,347,266 Reverse repurchase agreements13 2,293,322 - 2,665 - 164,696 2,191,320 Foreign official and international accounts 332,753 + 2,507 + 61,076 324,259 Others 1,960,569 - 5,172 - 225,772 1,867,061 Treasury cash holdings 243 + 25 + 145 248 Deposits with F.R. Banks, other than reserve balances 614,755 + 12,279 - 327,632 643,144 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 415,441 + 24,870 - 285,016 446,864 Foreign official 9,731 + 46 + 2,062 9,697 Other14 189,584 - 12,636 - 44,677 186,583 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -27,095 - 6,513 - 75,235 -26,726 Total factors, other than reserve balances, absorbing reserve funds 5,240,228 + 7,739 - 509,840 5,168,611 Reserve balances with Federal Reserve Banks 3,114,989 - 56,578 - 75,638 3,179,646 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 Jul 5, 2023 Jul 5, 2023 Jun 28, 2023 Jul 6, 2022 Securities held in custody for foreign official and international accounts 3,431,784 - 619 + 55,079 3,433,820 Marketable U.S. Treasury securities1 2,997,689 - 553 + 18,809 2,999,711 Federal agency debt and mortgage-backed securities2 352,079 - 78 + 37,081 352,077 Other securities3 82,015 + 11 - 812 82,032 Securities lent to dealers 45,055 + 2,934 - 636 42,424 Overnight facility4 45,055 + 2,934 - 636 42,424 U.S. Treasury securities 45,055 + 2,941 - 636 42,424 Federal agency debt securities 0 - 7 0 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, July 5, 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 167,150 2,165 100,803 7,213 0 ... 277,332 U.S. Treasury securities2 Holdings 63,003 307,238 628,810 1,761,756 854,072 1,491,581 5,106,460 Weekly changes - 17,853 + 2,406 - 698 - 8,441 - 14,130 + 95 - 38,620 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 14 9,505 44,523 2,484,094 2,538,138 Weekly changes 0 + 1 + 1 + 872 - 723 - 152 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,386 ... ... 10,386 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 50 287 457 0 ... ... 794 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 219 0 0 0 0 0 219 Reverse repurchase agreements8 2,191,320 0 ... ... ... ... 2,191,320 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 Jul 5, 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 Jul 5, 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 9,404 10,565 19,969 Municipal Liquidity Facility LLC 2,907 2,907 2,688 5,595 TALF II LLC 809 794 845 1,639 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 Jul 5, 2023 Jun 28, 2023 Jul 6, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,323 - 13 + 83 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,192,587 - 43,790 - 590,769 Securities held outright1 7,646,946 - 38,619 - 809,081 U.S. Treasury securities 5,106,460 - 38,620 - 637,884 Bills2 268,928 - 2,875 - 57,116 Notes and bonds, nominal2 4,360,825 - 36,098 - 581,133 Notes and bonds, inflation-indexed2 368,228 0 - 16,114 Inflation compensation3 108,479 + 353 + 16,479 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,538,138 0 - 171,198 Unamortized premiums on securities held outright5 295,568 - 564 - 37,541 Unamortized discounts on securities held outright5 -27,258 + 88 - 2,075 Repurchase agreements6 0 0 0 Loans7 277,332 - 4,694 + 257,929 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,969 + 20 - 6,432 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,595 + 2 + 52 Net portfolio holdings of TALF II LLC8 1,639 - 76 - 540 Items in process of collection (0) 69 + 19 - 30 Bank premises 447 - 16 - 163 Central bank liquidity swaps9 219 - 91 - 128 Foreign currency denominated assets10 18,276 - 48 + 443 Other assets11 41,951 + 1,391 + 3,944 Total assets (0) 8,298,312 - 42,602 - 593,539 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 Jul 5, 2023 Jun 28, 2023 Jul 6, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,296,997 + 3,681 + 61,916 Reverse repurchase agreements12 2,191,320 - 80,551 - 249,330 Deposits (0) 3,822,791 + 40,531 - 326,749 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,179,646 + 3,608 - 43,285 U.S. Treasury, General Account 446,864 + 38,303 - 241,079 Foreign official 9,697 + 12 + 1,235 Other13 (0) 186,583 - 1,392 - 43,621 Deferred availability cash items (0) 572 + 34 + 271 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -69,142 - 6,299 - 75,778 Total liabilities (0) 8,255,896 - 42,603 - 594,251 Capital accounts Capital paid in 35,631 + 1 + 712 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,416 + 1 + 712 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, July 5, 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 1,323 27 39 120 46 188 102 243 26 40 87 161 244 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,192,587 156,643 4,465,616 132,367 246,914 555,959 542,400 498,730 125,537 61,547 110,915 398,071 897,887 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,969 19,969 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,595 0 5,595 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,639 0 1,639 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 219 9 78 8 21 44 7 8 5 1 2 5 31 Foreign currency denominated assets4 18,276 786 6,504 657 1,723 3,700 548 636 411 116 194 385 2,615 Other assets5 42,467 898 21,394 748 1,269 3,027 2,663 2,392 741 543 887 2,031 5,874 Interdistrict settlement account 0+ 23,764- 183,779- 4,099+ 71,577+ 190,720+ 16,765- 12,172- 2,524- 2,767- 7,361- 11,902 - 78,222 Total assets 8,298,312 202,654 4,322,262 130,325 322,302 754,827 564,772 490,941 124,674 59,744 105,176 390,041 830,594 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, July 5, 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 2,296,997 82,496 723,428 54,416 112,448 171,861 356,396 127,112 73,017 34,465 51,848 191,993 317,518 Reverse repurchase agreements6 2,191,320 42,336 1,223,743 36,116 67,340 152,493 148,449 136,599 32,780 14,858 28,331 106,842 201,432 Deposits 3,822,791 66,938 2,404,879 38,743 139,995 431,365 57,763 230,830 17,881 10,183 24,643 91,387 308,185 Depository institutions 3,179,646 66,925 1,894,625 38,741 139,962 430,721 57,734 99,084 17,873 10,114 24,612 91,101 308,154 U.S. Treasury, General Account 446,864 0 446,864 0 0 0 0 0 0 0 0 0 0 Foreign official 9,697 2 9,671 1 4 8 1 1 1 0 0 1 6 Other7 186,583 11 53,718 0 29 636 28 131,744 7 69 31 284 25 Earnings remittances due to the U.S. Treasury8 -76,292 -1,462 -51,454 -618 -2,196 -10,181 -4 -6,092 -103 -145 -270 -1,282 -2,484 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 7,721 858 3,124 161 266 807 844 472 137 114 163 231 544 Total liabilities 8,255,896 200,849 4,307,395 128,817 317,853 746,344 563,448 488,920 123,712 59,475 104,716 389,171 825,195 Capital Capital paid in 35,631 1,513 12,454 1,264 3,809 7,108 1,121 1,784 809 226 388 727 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 8,298,312 202,654 4,322,262 130,325 322,302 754,827 564,772 490,941 124,674 59,744 105,176 390,041 830,594 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, July 5, 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 Jul 5, 2023 Federal Reserve notes outstanding 2,675,843 Less: Notes held by F.R. Banks not subject to collateralization 378,845 Federal Reserve notes to be collateralized 2,296,997 Collateral held against Federal Reserve notes 2,296,997 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,280,761 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,646,946 Less: Face value of securities under reverse repurchase agreements 2,363,694 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,283,252 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.