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 27, 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 26, 2023 Federal Reserve Banks Jul 26, 2023 Jul 19, 2023 Jul 27, 2022 Reserve Bank credit 8,221,266 - 28,468 - 644,733 8,206,709 Securities held outright1 7,612,206 - 22,138 - 852,127 7,600,888 U.S. Treasury securities 5,081,159 - 12,733 - 652,598 5,080,981 Bills2 261,571 - 2,342 - 64,473 261,294 Notes and bonds, nominal2 4,346,972 - 7,916 - 593,487 4,346,972 Notes and bonds, inflation-indexed2 364,549 - 2,103 - 10,170 364,549 Inflation compensation3 108,067 - 373 + 15,532 108,165 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,528,700 - 9,404 - 199,529 2,517,559 Unamortized premiums on securities held outright5 293,858 - 835 - 37,321 293,388 Unamortized discounts on securities held outright5 -27,262 + 91 - 1,371 -27,155 Repurchase agreements6 1 - 3 + 1 1 Foreign official 0 0 0 1 Others 0 - 4 0 0 Loans 267,555 - 5,783 + 247,855 266,372 Primary credit 2,334 - 432 - 731 2,249 Secondary credit 0 0 0 0 Seasonal credit 37 + 7 + 26 37 Paycheck Protection Program Liquidity Facility 6,663 - 177 - 9,960 6,553 Bank Term Funding Program 104,216 + 1,637 + 104,216 105,078 Other credit extensions7 154,306 - 6,817 + 154,306 152,455 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,716 - 152 - 6,324 19,734 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,601 + 2 + 55 5,604 Net portfolio holdings of TALF II LLC8 1,642 + 1 - 539 1,644 Float -165 - 14 + 21 -257 Central bank liquidity swaps9 255 + 20 + 49 255 Other Federal Reserve assets10 47,858 + 341 + 4,967 46,236 Foreign currency denominated assets11 18,697 - 238 + 905 18,709 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,814 + 14 + 728 51,814 Total factors supplying reserve funds 8,308,019 - 28,692 - 643,099 8,293,474 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 26, 2023 Federal Reserve Banks Jul 26, 2023 Jul 19, 2023 Jul 27, 2022 Currency in circulation12 2,333,120 - 4,648 + 58,783 2,333,001 Reverse repurchase agreements13 2,072,615 + 11,488 - 434,275 2,066,975 Foreign official and international accounts 319,105 - 3,772 + 30,711 317,242 Others 1,753,510 + 15,260 - 464,985 1,749,733 Treasury cash holdings 251 + 7 + 152 263 Deposits with F.R. Banks, other than reserve balances 745,934 + 21,893 - 98,822 742,465 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 543,597 + 12,462 - 59,348 549,897 Foreign official 9,685 - 1 + 519 9,685 Other14 192,651 + 9,431 - 39,993 182,883 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -29,504 + 780 - 79,726 -29,355 Total factors, other than reserve balances, absorbing reserve funds 5,135,775 + 29,521 - 558,469 5,126,707 Reserve balances with Federal Reserve Banks 3,172,244 - 58,213 - 84,631 3,166,767 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 26, 2023 Jul 26, 2023 Jul 19, 2023 Jul 27, 2022 Securities held in custody for foreign official and international accounts 3,430,246 - 1,242 + 71,397 3,436,143 Marketable U.S. Treasury securities1 2,995,554 + 237 + 37,395 3,001,796 Federal agency debt and mortgage-backed securities2 352,806 - 1,499 + 35,314 352,502 Other securities3 81,886 + 19 - 1,313 81,846 Securities lent to dealers 36,965 - 924 + 1,286 37,209 Overnight facility4 36,965 - 924 + 1,286 37,209 U.S. Treasury securities 36,965 - 924 + 1,286 37,209 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 26, 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 153,917 1,732 104,175 6,548 0 ... 266,372 U.S. Treasury securities2 Holdings 78,359 282,668 645,487 1,740,436 842,230 1,491,801 5,080,981 Weekly changes + 4,080 - 5,491 - 896 + 117 + 62 + 73 - 2,055 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 12 9,236 43,622 2,464,688 2,517,559 Weekly changes 0 - 1 - 2 - 269 - 902 - 19,326 - 20,500 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,263 ... ... 10,263 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 306 415 0 ... ... 720 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 255 0 0 0 0 0 255 Reverse repurchase agreements8 2,066,975 0 ... ... ... ... 2,066,975 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 26, 2023 Mortgage-backed securities held outright1 2,517,559 Residential mortgage-backed securities 2,509,187 Commercial mortgage-backed securities 8,372 Commitments to buy mortgage-backed securities2 75 Commitments to sell mortgage-backed securities2 0 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 26, 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 9,281 10,453 19,734 Municipal Liquidity Facility LLC 2,907 2,907 2,697 5,604 TALF II LLC 809 720 923 1,644 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 26, 2023 Jul 19, 2023 Jul 27, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,383 + 10 + 107 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,133,494 - 29,258 - 645,410 Securities held outright1 7,600,888 - 22,553 - 853,019 U.S. Treasury securities 5,080,981 - 2,055 - 653,199 Bills2 261,294 - 2,323 - 64,750 Notes and bonds, nominal2 4,346,972 0 - 593,487 Notes and bonds, inflation-indexed2 364,549 0 - 10,170 Inflation compensation3 108,165 + 268 + 15,206 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,517,559 - 20,500 - 199,820 Unamortized premiums on securities held outright5 293,388 - 1,096 - 37,281 Unamortized discounts on securities held outright5 -27,155 + 104 - 1,304 Repurchase agreements6 1 - 24 0 Loans7 266,372 - 5,689 + 246,194 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,734 + 21 - 6,319 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,604 + 3 + 57 Net portfolio holdings of TALF II LLC8 1,644 + 2 - 538 Items in process of collection (0) 49 - 6 - 9 Bank premises 448 - 4 - 168 Central bank liquidity swaps9 255 + 20 + 49 Foreign currency denominated assets10 18,709 - 154 + 1,033 Other assets11 45,788 - 1,840 + 4,539 Total assets (0) 8,243,344 - 31,208 - 646,660 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 26, 2023 Jul 19, 2023 Jul 27, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,282,829 - 2,398 + 57,856 Reverse repurchase agreements12 2,066,975 + 8,290 - 417,278 Deposits (0) 3,909,232 - 37,989 - 204,063 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,166,767 - 53,823 - 108,842 U.S. Treasury, General Account 549,897 + 12,456 - 65,618 Foreign official 9,685 - 1 + 84 Other13 (0) 182,883 + 3,379 - 29,687 Deferred availability cash items (0) 305 + 87 - 328 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -71,769 + 803 - 78,970 Total liabilities (0) 8,200,930 - 31,208 - 647,365 Capital accounts Capital paid in 35,629 0 + 705 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,414 0 + 705 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 26, 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 1,383 32 43 126 53 180 112 251 31 42 88 171 254 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,133,494 155,911 4,432,655 131,724 245,430 553,842 539,413 495,930 124,921 61,158 110,454 395,924 886,130 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,734 19,734 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,604 0 5,604 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,644 0 1,644 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 255 11 91 9 24 52 8 9 6 2 3 5 36 Foreign currency denominated assets4 18,709 805 6,658 672 1,764 3,788 561 651 421 118 199 394 2,677 Other assets5 46,285 972 23,173 805 1,380 3,334 2,878 2,606 803 557 967 2,219 6,591 Interdistrict settlement account 0+ 3,855- 110,318- 4,570+ 48,948+ 187,689+ 7,629- 17,763- 4,108- 3,060- 7,991- 26,816 - 73,494 Total assets 8,243,344 181,877 4,364,724 129,293 298,351 750,072 552,888 482,788 122,553 59,080 104,170 373,188 824,360 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 26, 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 2,282,829 81,482 720,975 56,051 111,105 170,052 352,523 125,565 72,964 34,144 51,980 189,139 316,851 Reverse repurchase agreements6 2,066,975 39,934 1,154,302 34,067 63,519 143,840 140,025 128,848 30,920 14,015 26,724 100,780 190,002 Deposits 3,909,232 49,584 2,521,173 38,154 121,373 437,570 58,382 232,257 17,666 10,682 25,108 83,465 313,819 Depository institutions 3,166,767 49,573 1,909,332 38,153 121,338 437,415 58,344 102,184 17,660 10,574 25,077 83,323 313,793 U.S. Treasury, General Account 549,897 0 549,897 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 182,883 9 52,285 0 31 146 36 130,071 5 107 30 141 20 Earnings remittances due to the U.S. Treasury8 -82,683 -1,576 -55,521 -688 -2,511 -11,249 -13 -6,603 -109 -151 -295 -1,384 -2,584 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 11,219 965 5,254 203 415 1,379 646 701 148 123 193 319 873 Total liabilities 8,200,930 180,073 4,349,857 127,787 293,902 741,590 551,563 480,768 121,590 58,812 103,710 372,318 818,961 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 8,243,344 181,877 4,364,724 129,293 298,351 750,072 552,888 482,788 122,553 59,080 104,170 373,188 824,360 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 26, 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 26, 2023 Federal Reserve notes outstanding 2,683,182 Less: Notes held by F.R. Banks not subject to collateralization 400,353 Federal Reserve notes to be collateralized 2,282,829 Collateral held against Federal Reserve notes 2,282,829 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,266,592 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,600,889 Less: Face value of securities under reverse repurchase agreements 2,233,408 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,367,480 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.