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 August 10, 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 Aug 9, 2023 Federal Reserve Banks Aug 9, 2023 Aug 2, 2023 Aug 10, 2022 Reserve Bank credit 8,171,436 - 18,685 - 669,976 8,171,830 Securities held outright1 7,568,150 - 17,593 - 871,794 7,568,277 U.S. Treasury securities 5,048,243 - 17,594 - 671,795 5,048,370 Bills2 259,422 0 - 66,622 259,422 Notes and bonds, nominal2 4,315,599 - 17,928 - 608,517 4,315,599 Notes and bonds, inflation-indexed2 364,549 0 - 10,170 364,549 Inflation compensation3 108,674 + 335 + 13,515 108,800 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,517,559 0 - 199,999 2,517,559 Unamortized premiums on securities held outright5 292,499 - 533 - 37,296 292,326 Unamortized discounts on securities held outright5 -27,190 - 28 - 1,188 -27,098 Repurchase agreements6 0 - 358 0 0 Foreign official 0 - 357 0 0 Others 0 - 1 0 0 Loans 261,260 - 2,692 + 242,691 260,386 Primary credit 2,131 + 37 - 513 1,911 Secondary credit 0 0 0 0 Seasonal credit 61 + 21 + 35 63 Paycheck Protection Program Liquidity Facility 6,258 - 154 - 9,640 6,142 Bank Term Funding Program 106,106 + 654 + 106,106 106,864 Other credit extensions7 146,705 - 3,249 + 146,705 145,407 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,755 + 20 - 6,385 19,771 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,607 + 2 + 58 5,609 Net portfolio holdings of TALF II LLC8 1,578 - 37 - 579 1,579 Float -153 + 332 - 15 -239 Central bank liquidity swaps9 229 - 6 + 38 229 Other Federal Reserve assets10 49,702 + 2,210 + 4,497 50,990 Foreign currency denominated assets11 18,537 - 56 + 604 18,461 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 51,682 + 14 + 728 51,682 Total factors supplying reserve funds 8,257,897 - 18,726 - 668,643 8,258,214 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 Aug 9, 2023 Federal Reserve Banks Aug 9, 2023 Aug 2, 2023 Aug 10, 2022 Currency in circulation12 2,332,484 - 71 + 57,205 2,332,594 Reverse repurchase agreements13 2,084,627 + 21,738 - 368,891 2,096,452 Foreign official and international accounts 292,679 - 19,163 + 30,052 299,933 Others 1,791,948 + 40,901 - 398,942 1,796,519 Treasury cash holdings 281 + 16 + 180 297 Deposits with F.R. Banks, other than reserve balances 638,469 - 75,043 - 142,443 620,755 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 444,594 - 72,865 - 112,671 432,262 Foreign official 9,687 + 1 + 442 9,686 Other14 184,189 - 2,179 - 30,213 178,807 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -34,180 + 1,310 - 84,822 -33,824 Total factors, other than reserve balances, absorbing reserve funds 5,035,040 - 52,050 - 543,353 5,029,632 Reserve balances with Federal Reserve Banks 3,222,856 + 33,323 - 125,291 3,228,582 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 outstanding loans 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 Aug 9, 2023 Aug 9, 2023 Aug 2, 2023 Aug 10, 2022 Securities held in custody for foreign official and international accounts 3,454,240 + 8,660 + 76,233 3,444,547 Marketable U.S. Treasury securities1 3,019,519 + 8,333 + 38,445 3,009,610 Federal agency debt and mortgage-backed securities2 352,676 + 149 + 39,244 352,817 Other securities3 82,045 + 178 - 1,456 82,120 Securities lent to dealers 40,851 + 314 - 807 44,333 Overnight facility4 40,851 + 314 - 807 44,333 U.S. Treasury securities 40,851 + 314 - 807 44,333 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, August 9, 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 146,564 3,220 104,466 6,137 0 ... 260,386 U.S. Treasury securities2 Holdings 125,994 246,183 624,898 1,723,880 835,441 1,491,975 5,048,370 Weekly changes - 4,454 + 9,567 - 5,091 + 150 + 79 + 95 + 345 Federal agency debt securities3 Holdings 0 0 0 0 2,347 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 1 13 9,686 43,269 2,464,591 2,517,559 Weekly changes 0 0 - 1 + 439 - 341 - 97 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,141 ... ... 10,141 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 89 310 201 0 ... ... 601 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 229 0 0 0 0 0 229 Reverse repurchase agreements8 2,096,452 0 ... ... ... ... 2,096,452 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 outstanding 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 Aug 9, 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 150 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 Aug 9, 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 9,153 10,618 19,771 Municipal Liquidity Facility LLC 2,907 2,907 2,702 5,609 TALF II LLC 744 601 978 1,579 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 June 30, 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 Aug 9, 2023 Aug 2, 2023 Aug 10, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,415 + 20 + 120 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,093,891 - 1,911 - 668,989 Securities held outright1 7,568,277 + 346 - 872,210 U.S. Treasury securities 5,048,370 + 345 - 672,202 Bills2 259,422 0 - 66,622 Notes and bonds, nominal2 4,315,599 0 - 608,517 Notes and bonds, inflation-indexed2 364,549 0 - 10,170 Inflation compensation3 108,800 + 345 + 13,108 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,517,559 0 - 200,009 Unamortized premiums on securities held outright5 292,326 - 501 - 37,274 Unamortized discounts on securities held outright5 -27,098 - 29 - 1,136 Repurchase agreements6 0 - 1 0 Loans7 260,386 - 1,725 + 241,631 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,771 + 19 - 6,383 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,609 + 2 + 58 Net portfolio holdings of TALF II LLC8 1,579 + 2 - 579 Items in process of collection (0) 59 + 1 - 5 Bank premises 440 + 3 - 167 Central bank liquidity swaps9 229 - 6 + 38 Foreign currency denominated assets10 18,461 - 85 + 296 Other assets11 50,550 + 3,431 + 4,714 Total assets (0) 8,208,241 + 1,477 - 670,897 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 Aug 9, 2023 Aug 2, 2023 Aug 10, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,282,620 - 448 + 55,992 Reverse repurchase agreements12 2,096,452 + 24,043 - 349,247 Deposits (0) 3,849,337 - 23,485 - 288,611 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,228,582 + 11,184 - 128,912 U.S. Treasury, General Account 432,262 - 28,664 - 128,878 Foreign official 9,686 0 + 741 Other13 (0) 178,807 - 6,005 - 31,563 Deferred availability cash items (0) 298 - 306 + 93 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -76,534 + 1,505 - 85,456 Total liabilities (0) 8,165,531 + 1,309 - 671,812 Capital accounts Capital paid in 35,925 + 168 + 915 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,710 + 168 + 915 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, August 9, 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 1,415 36 45 125 55 184 112 260 33 46 91 175 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,093,891 155,307 4,411,567 131,255 244,420 551,799 537,312 493,880 124,497 60,772 110,112 394,392 878,578 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,771 19,771 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,609 0 5,609 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,579 0 1,579 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 229 10 81 8 22 46 7 8 5 1 2 5 33 Foreign currency denominated assets4 18,461 794 6,570 663 1,741 3,738 553 643 416 117 196 389 2,642 Other assets5 51,048 1,056 24,295 875 1,490 3,648 4,499 2,881 1,035 598 985 2,446 7,242 Interdistrict settlement account 0+ 8,922- 170,774- 3,040+ 67,093+ 184,207+ 9,693- 19,581- 5,295- 2,124- 8,528- 25,360 - 35,213 Total assets 8,208,241 186,452 4,284,148 130,412 315,573 744,809 554,464 479,195 121,169 59,674 103,311 373,337 855,699 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, August 9, 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 2,282,620 81,373 721,681 55,488 111,127 169,209 352,590 125,177 73,103 34,166 51,082 190,395 317,228 Reverse repurchase agreements6 2,096,452 40,503 1,170,764 34,552 64,425 145,891 142,022 130,685 31,361 14,215 27,105 102,217 192,712 Deposits 3,849,337 53,767 2,426,321 39,409 137,914 431,956 57,798 227,559 15,703 11,063 24,796 80,857 342,196 Depository institutions 3,228,582 53,711 1,933,113 39,408 137,880 430,626 57,765 101,706 15,685 11,010 24,758 80,753 342,166 U.S. Treasury, General Account 432,262 0 432,262 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 178,807 54 51,285 0 30 1,321 31 125,851 17 52 38 103 24 Earnings remittances due to the U.S. Treasury8 -87,813 -1,680 -58,597 -762 -2,788 -12,111 -9 -6,986 -112 -162 -330 -1,457 -2,819 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 11,577 997 5,441 211 421 1,381 648 729 150 123 197 325 955 Total liabilities 8,165,531 184,644 4,269,284 128,899 311,099 736,326 553,049 477,164 120,205 59,405 102,850 372,336 850,271 Capital Capital paid in 35,925 1,516 12,450 1,269 3,834 7,109 1,212 1,794 812 226 389 858 4,456 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 8,208,241 186,452 4,284,148 130,412 315,573 744,809 554,464 479,195 121,169 59,674 103,311 373,337 855,699 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, August 9, 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 Aug 9, 2023 Federal Reserve notes outstanding 2,684,699 Less: Notes held by F.R. Banks not subject to collateralization 402,079 Federal Reserve notes to be collateralized 2,282,620 Collateral held against Federal Reserve notes 2,282,620 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,266,383 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,568,277 Less: Face value of securities under reverse repurchase agreements 2,312,566 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,255,710 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.