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 13, 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 12, 2023 Federal Reserve Banks Jul 12, 2023 Jul 5, 2023 Jul 13, 2022 Reserve Bank credit 8,260,426 - 8,345 - 598,441 8,260,176 Securities held outright1 7,644,964 - 7,341 - 811,812 7,644,833 U.S. Treasury securities 5,104,478 - 7,342 - 640,615 5,104,348 Bills2 266,774 - 2,489 - 59,270 266,544 Notes and bonds, nominal2 4,360,825 - 5,157 - 581,133 4,360,825 Notes and bonds, inflation-indexed2 368,228 0 - 16,114 368,228 Inflation compensation3 108,651 + 305 + 15,902 108,750 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,538,138 0 - 171,198 2,538,138 Unamortized premiums on securities held outright5 295,230 - 604 - 37,564 295,053 Unamortized discounts on securities held outright5 -27,281 + 101 - 2,045 -27,188 Repurchase agreements6 2 - 427 + 1 3 Foreign official 0 - 429 0 0 Others 2 + 2 + 1 3 Loans 275,647 - 3,832 + 256,019 274,364 Primary credit 2,831 - 964 + 574 2,692 Secondary credit 0 0 0 0 Seasonal credit 26 + 3 + 16 31 Paycheck Protection Program Liquidity Facility 6,994 - 226 - 10,367 6,898 Bank Term Funding Program 102,006 - 20 + 102,006 102,305 Other credit extensions7 163,790 - 2,626 + 163,790 162,438 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,972 + 15 - 6,431 19,992 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,596 + 2 + 53 5,598 Net portfolio holdings of TALF II LLC8 1,639 - 10 - 540 1,641 Float -162 + 216 - 30 -240 Central bank liquidity swaps9 243 + 24 + 58 243 Other Federal Reserve assets10 44,574 + 3,510 + 3,847 45,877 Foreign currency denominated assets11 18,540 + 170 + 797 18,855 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,849 + 14 + 728 51,849 Total factors supplying reserve funds 8,347,057 - 8,160 - 596,916 8,347,122 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 12, 2023 Federal Reserve Banks Jul 12, 2023 Jul 5, 2023 Jul 13, 2022 Currency in circulation12 2,344,238 - 1,407 + 62,389 2,341,919 Reverse repurchase agreements13 2,141,995 - 151,327 - 293,536 2,147,843 Foreign official and international accounts 323,553 - 9,200 + 41,294 327,697 Others 1,818,441 - 142,128 - 334,832 1,820,146 Treasury cash holdings 247 + 4 + 145 243 Deposits with F.R. Banks, other than reserve balances 705,960 + 91,205 - 179,327 706,338 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 514,337 + 98,896 - 138,235 517,418 Foreign official 9,707 - 24 - 277 9,686 Other14 181,917 - 7,667 - 40,814 179,233 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -25,349 + 1,746 - 75,178 -24,702 Total factors, other than reserve balances, absorbing reserve funds 5,180,450 - 59,778 - 490,087 5,184,998 Reserve balances with Federal Reserve Banks 3,166,607 + 51,618 - 106,829 3,162,124 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 12, 2023 Jul 12, 2023 Jul 5, 2023 Jul 13, 2022 Securities held in custody for foreign official and international accounts 3,436,998 + 5,214 + 71,102 3,438,274 Marketable U.S. Treasury securities1 3,002,532 + 4,843 + 34,254 3,003,061 Federal agency debt and mortgage-backed securities2 352,349 + 270 + 37,438 353,073 Other securities3 82,117 + 102 - 590 82,141 Securities lent to dealers 42,387 - 2,668 - 1,133 40,766 Overnight facility4 42,387 - 2,668 - 1,133 40,766 U.S. Treasury securities 42,387 - 2,668 - 1,133 40,766 Federal agency debt securities 0 0 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 12, 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 164,401 2,005 101,065 6,893 0 ... 274,364 U.S. Treasury securities2 Holdings 61,800 311,030 623,851 1,761,872 854,140 1,491,655 5,104,348 Weekly changes - 1,203 + 3,792 - 4,959 + 116 + 68 + 74 - 2,112 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 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,361 ... ... 10,361 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 3 0 ... ... ... ... 3 Central bank liquidity swaps9 243 0 0 0 0 0 243 Reverse repurchase agreements8 2,147,843 0 ... ... ... ... 2,147,843 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 12, 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 68 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 12, 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 9,380 10,612 19,992 Municipal Liquidity Facility LLC 2,907 2,907 2,691 5,598 TALF II LLC 809 794 847 1,641 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 12, 2023 Jul 5, 2023 Jul 13, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,347 + 24 + 95 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,187,065 - 5,522 - 597,313 Securities held outright1 7,644,833 - 2,113 - 812,379 U.S. Treasury securities 5,104,348 - 2,112 - 641,180 Bills2 266,544 - 2,384 - 59,500 Notes and bonds, nominal2 4,360,825 0 - 581,133 Notes and bonds, inflation-indexed2 368,228 0 - 16,114 Inflation compensation3 108,750 + 271 + 15,566 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,538,138 0 - 171,199 Unamortized premiums on securities held outright5 295,053 - 515 - 37,534 Unamortized discounts on securities held outright5 -27,188 + 70 - 1,985 Repurchase agreements6 3 + 3 + 1 Loans7 274,364 - 2,968 + 254,583 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,992 + 23 - 6,422 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,598 + 3 + 54 Net portfolio holdings of TALF II LLC8 1,641 + 2 - 539 Items in process of collection (0) 65 - 4 - 6 Bank premises 450 + 3 - 157 Central bank liquidity swaps9 243 + 24 + 58 Foreign currency denominated assets10 18,855 + 579 + 1,208 Other assets11 45,431 + 3,480 + 4,078 Total assets (0) 8,296,923 - 1,389 - 598,944 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 12, 2023 Jul 5, 2023 Jul 13, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,291,655 - 5,342 + 61,675 Reverse repurchase agreements12 2,147,843 - 43,477 - 294,997 Deposits (0) 3,868,464 + 45,673 - 286,652 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,162,126 - 17,520 - 144,395 U.S. Treasury, General Account 517,418 + 70,554 - 101,322 Foreign official 9,686 - 11 - 389 Other13 (0) 179,233 - 7,350 - 40,547 Deferred availability cash items (0) 305 - 267 + 69 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -67,118 + 2,024 - 75,168 Total liabilities (0) 8,254,507 - 1,389 - 599,654 Capital accounts Capital paid in 35,631 0 + 709 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,416 0 + 709 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 12, 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 1,347 29 39 120 52 184 106 246 28 41 86 164 250 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,187,065 156,684 4,463,583 132,331 246,848 555,747 542,147 498,636 125,461 61,341 110,902 398,000 895,385 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,992 19,992 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,598 0 5,598 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,641 0 1,641 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 243 10 86 9 23 49 7 8 5 2 3 5 35 Foreign currency denominated assets4 18,855 811 6,710 677 1,778 3,818 565 656 424 119 200 397 2,698 Other assets5 45,945 966 23,219 803 1,371 3,275 2,886 2,599 796 567 936 2,200 6,327 Interdistrict settlement account 0+ 6,598- 148,168- 5,307+ 75,781+ 192,972+ 8,935- 13,967- 4,083- 2,057- 9,561- 23,034 - 78,108 Total assets 8,296,923 185,648 4,357,883 129,158 326,605 757,233 556,934 489,282 123,111 60,276 103,018 379,022 828,752 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 12, 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 2,291,655 82,121 722,144 54,914 112,384 171,319 354,930 126,650 72,974 34,335 51,703 191,828 316,354 Reverse repurchase agreements6 2,147,843 41,496 1,199,463 35,399 66,004 149,467 145,504 133,889 32,130 14,563 27,769 104,722 197,436 Deposits 3,868,464 51,088 2,465,230 37,762 145,617 436,937 54,517 232,265 16,994 11,137 23,185 82,585 311,148 Depository institutions 3,162,126 51,075 1,889,079 37,760 145,581 436,312 54,490 103,134 16,986 11,084 23,155 82,352 311,117 U.S. Treasury, General Account 517,418 0 517,418 0 0 0 0 0 0 0 0 0 0 Foreign official 9,686 2 9,660 1 4 8 1 1 1 0 0 1 6 Other7 179,233 11 49,071 0 32 617 27 129,130 7 53 30 231 25 Earnings remittances due to the U.S. Treasury8 -77,743 -1,480 -52,563 -623 -2,258 -10,342 24 -6,237 -97 -146 -284 -1,302 -2,434 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 10,930 935 5,068 199 410 1,370 634 695 148 118 185 320 849 Total liabilities 8,254,507 183,844 4,343,015 127,650 322,156 748,750 555,610 487,262 122,148 60,008 102,558 378,152 823,353 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 8,296,923 185,648 4,357,883 129,158 326,605 757,233 556,934 489,282 123,111 60,276 103,018 379,022 828,752 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 12, 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 12, 2023 Federal Reserve notes outstanding 2,678,886 Less: Notes held by F.R. Banks not subject to collateralization 387,232 Federal Reserve notes to be collateralized 2,291,655 Collateral held against Federal Reserve notes 2,291,655 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,275,418 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,644,836 Less: Face value of securities under reverse repurchase agreements 2,348,189 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,296,648 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.