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 20, 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 19, 2023 Federal Reserve Banks Jul 19, 2023 Jul 12, 2023 Jul 20, 2022 Reserve Bank credit 8,249,734 - 10,692 - 620,363 8,237,861 Securities held outright1 7,634,344 - 10,620 - 833,414 7,623,441 U.S. Treasury securities 5,093,892 - 10,586 - 640,663 5,083,036 Bills2 263,913 - 2,861 - 62,131 263,617 Notes and bonds, nominal2 4,354,888 - 5,937 - 585,785 4,346,972 Notes and bonds, inflation-indexed2 366,652 - 1,576 - 9,442 364,549 Inflation compensation3 108,440 - 211 + 16,696 107,897 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,538,104 - 34 - 192,752 2,538,059 Unamortized premiums on securities held outright5 294,693 - 537 - 37,503 294,484 Unamortized discounts on securities held outright5 -27,353 - 72 - 1,606 -27,259 Repurchase agreements6 4 + 2 + 4 25 Foreign official 0 0 0 0 Others 4 + 2 + 4 25 Loans 273,338 - 2,309 + 253,763 272,061 Primary credit 2,766 - 65 + 177 2,633 Secondary credit 0 0 0 0 Seasonal credit 30 + 4 + 19 33 Paycheck Protection Program Liquidity Facility 6,840 - 154 - 10,135 6,828 Bank Term Funding Program 102,579 + 573 + 102,579 102,927 Other credit extensions7 161,123 - 2,667 + 161,123 159,640 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,868 - 104 - 6,216 19,713 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,599 + 3 + 55 5,601 Net portfolio holdings of TALF II LLC8 1,641 + 2 - 539 1,642 Float -151 + 11 - 16 -162 Central bank liquidity swaps9 235 - 8 + 40 235 Other Federal Reserve assets10 47,517 + 2,943 + 5,069 48,080 Foreign currency denominated assets11 18,935 + 395 + 1,289 18,863 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,863 + 14 + 728 51,863 Total factors supplying reserve funds 8,336,774 - 10,283 - 618,346 8,324,829 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 19, 2023 Federal Reserve Banks Jul 19, 2023 Jul 12, 2023 Jul 20, 2022 Currency in circulation12 2,337,831 - 6,407 + 61,086 2,335,473 Reverse repurchase agreements13 2,061,127 - 80,868 - 423,338 2,058,685 Foreign official and international accounts 322,877 - 676 + 25,665 325,881 Others 1,738,250 - 80,191 - 449,003 1,732,804 Treasury cash holdings 244 - 3 + 145 249 Deposits with F.R. Banks, other than reserve balances 724,041 + 18,081 - 117,909 726,632 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 531,135 + 16,798 - 82,743 537,441 Foreign official 9,686 - 21 - 469 9,686 Other14 183,220 + 1,303 - 34,698 179,504 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -30,284 - 4,935 - 79,880 -30,159 Total factors, other than reserve balances, absorbing reserve funds 5,106,317 - 74,133 - 564,478 5,104,239 Reserve balances with Federal Reserve Banks 3,230,457 + 63,850 - 53,867 3,220,590 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 19, 2023 Jul 19, 2023 Jul 12, 2023 Jul 20, 2022 Securities held in custody for foreign official and international accounts 3,431,488 - 5,510 + 79,030 3,415,775 Marketable U.S. Treasury securities1 2,995,317 - 7,215 + 41,253 2,979,588 Federal agency debt and mortgage-backed securities2 354,305 + 1,956 + 38,639 354,297 Other securities3 81,867 - 250 - 861 81,890 Securities lent to dealers 37,889 - 4,498 + 921 36,431 Overnight facility4 37,889 - 4,498 + 921 36,431 U.S. Treasury securities 37,889 - 4,498 + 921 36,431 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 19, 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 161,737 1,695 101,805 6,823 0 ... 272,061 U.S. Treasury securities2 Holdings 74,279 288,159 646,383 1,740,319 842,168 1,491,728 5,083,036 Weekly changes + 12,479 - 22,871 + 22,532 - 21,553 - 11,972 + 73 - 21,312 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 44,524 2,484,014 2,538,059 Weekly changes 0 0 0 0 + 1 - 80 - 79 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,303 ... ... 10,303 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 313 431 0 ... ... 744 Repurchase agreements8 25 0 ... ... ... ... 25 Central bank liquidity swaps9 235 0 0 0 0 0 235 Reverse repurchase agreements8 2,058,685 0 ... ... ... ... 2,058,685 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 19, 2023 Mortgage-backed securities held outright1 2,538,059 Residential mortgage-backed securities 2,529,677 Commercial mortgage-backed securities 8,382 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 19, 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) 9,305 9,321 10,392 19,713 Municipal Liquidity Facility LLC 2,907 2,907 2,694 5,601 TALF II LLC 809 744 898 1,642 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 19, 2023 Jul 12, 2023 Jul 20, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,373 + 26 + 107 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,162,752 - 24,313 - 624,788 Securities held outright1 7,623,441 - 21,392 - 838,195 U.S. Treasury securities 5,083,036 - 21,312 - 649,991 Bills2 263,617 - 2,927 - 62,427 Notes and bonds, nominal2 4,346,972 - 13,853 - 593,487 Notes and bonds, inflation-indexed2 364,549 - 3,679 - 10,170 Inflation compensation3 107,897 - 853 + 16,091 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,538,059 - 79 - 188,202 Unamortized premiums on securities held outright5 294,484 - 569 - 37,249 Unamortized discounts on securities held outright5 -27,259 - 71 - 1,500 Repurchase agreements6 25 + 22 + 25 Loans7 272,061 - 2,303 + 252,131 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,713 - 279 - 6,325 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,601 + 3 + 55 Net portfolio holdings of TALF II LLC8 1,642 + 1 - 539 Items in process of collection (0) 55 - 10 - 10 Bank premises 452 + 2 - 157 Central bank liquidity swaps9 235 - 8 + 40 Foreign currency denominated assets10 18,863 + 8 + 1,110 Other assets11 47,628 + 2,197 + 5,843 Total assets (0) 8,274,552 - 22,371 - 624,661 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 19, 2023 Jul 12, 2023 Jul 20, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,285,227 - 6,428 + 59,162 Reverse repurchase agreements12 2,058,685 - 89,158 - 475,790 Deposits (0) 3,947,221 + 78,757 - 124,963 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,220,590 + 58,464 - 14,582 U.S. Treasury, General Account 537,441 + 20,023 - 78,907 Foreign official 9,686 0 - 1,066 Other13 (0) 179,504 + 271 - 30,407 Deferred availability cash items (0) 218 - 87 + 12 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -72,572 - 5,454 - 79,209 Total liabilities (0) 8,232,138 - 22,369 - 625,368 Capital accounts Capital paid in 35,629 - 2 + 707 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,414 - 2 + 707 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 19, 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 1,373 32 41 125 53 180 110 251 31 42 88 169 252 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,162,752 156,281 4,450,373 131,990 246,162 554,272 540,867 497,466 125,083 61,185 110,727 397,185 891,163 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,713 19,713 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,601 0 5,601 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,642 0 1,642 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 235 10 83 8 22 48 7 8 5 1 2 5 34 Foreign currency denominated assets4 18,863 812 6,713 678 1,779 3,819 565 657 425 119 200 398 2,699 Other assets5 48,135 1,008 24,358 837 1,441 3,439 3,016 2,728 828 550 966 2,308 6,656 Interdistrict settlement account 0+ 2,834- 101,329- 8,851+ 59,639+ 190,755+ 2,996- 10,138- 5,106- 2,339- 10,997- 26,021 - 91,442 Total assets 8,274,552 181,248 4,392,657 125,312 309,848 753,700 549,848 492,076 121,744 59,822 101,439 375,333 811,526 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 19, 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 2,285,227 81,764 721,182 55,463 111,594 170,665 353,054 125,890 72,990 34,295 51,930 190,117 316,283 Reverse repurchase agreements6 2,058,685 39,773 1,149,673 33,930 63,264 143,263 139,464 128,331 30,796 13,959 26,617 100,375 189,240 Deposits 3,947,221 48,855 2,553,889 34,900 132,638 441,218 55,497 241,770 16,961 11,337 22,563 85,070 302,522 Depository institutions 3,220,590 48,833 1,954,818 34,899 132,606 440,835 55,469 114,888 16,955 11,281 22,533 84,976 302,496 U.S. Treasury, General Account 537,441 0 537,441 0 0 0 0 0 0 0 0 0 0 Foreign official 9,686 2 9,661 1 4 8 1 1 1 0 0 1 6 Other7 179,504 21 51,969 0 28 375 27 126,881 5 55 30 92 21 Earnings remittances due to the U.S. Treasury8 -79,957 -1,518 -53,863 -647 -2,377 -10,841 20 -6,401 -90 -145 -290 -1,328 -2,475 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 7,602 884 3,236 160 281 913 489 464 124 107 159 229 557 Total liabilities 8,232,138 179,443 4,377,790 123,806 305,399 745,218 548,523 490,055 120,781 59,553 100,979 374,463 806,127 Capital Capital paid in 35,629 1,513 12,453 1,262 3,809 7,108 1,121 1,784 810 226 388 727 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 8,274,552 181,248 4,392,657 125,312 309,848 753,700 549,848 492,076 121,744 59,822 101,439 375,333 811,526 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 19, 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 19, 2023 Federal Reserve notes outstanding 2,681,337 Less: Notes held by F.R. Banks not subject to collateralization 396,109 Federal Reserve notes to be collateralized 2,285,227 Collateral held against Federal Reserve notes 2,285,227 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,268,990 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,623,466 Less: Face value of securities under reverse repurchase agreements 2,220,542 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,402,924 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.