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 17, 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 16, 2023 Federal Reserve Banks Aug 16, 2023 Aug 9, 2023 Aug 17, 2022 Reserve Bank credit 8,153,713 - 17,723 - 683,343 8,109,556 Securities held outright1 7,556,290 - 11,860 - 885,303 7,525,905 U.S. Treasury securities 5,036,405 - 11,838 - 675,293 5,006,075 Bills2 259,422 0 - 66,622 259,422 Notes and bonds, nominal2 4,303,416 - 12,183 - 610,908 4,272,959 Notes and bonds, inflation-indexed2 364,549 0 - 10,170 364,549 Inflation compensation3 109,018 + 344 + 12,406 109,145 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,517,538 - 21 - 210,010 2,517,483 Unamortized premiums on securities held outright5 291,976 - 523 - 37,281 291,772 Unamortized discounts on securities held outright5 -27,420 - 230 - 1,085 -27,505 Repurchase agreements6 146 + 146 + 145 6 Foreign official 144 + 144 + 144 5 Others 2 + 2 + 1 1 Loans 258,017 - 3,243 + 239,691 256,961 Primary credit 1,831 - 300 - 829 1,966 Secondary credit 0 0 0 0 Seasonal credit 58 - 3 + 14 61 Paycheck Protection Program Liquidity Facility 6,079 - 179 - 9,543 6,055 Bank Term Funding Program 106,893 + 787 + 106,893 107,242 Other credit extensions7 143,156 - 3,549 + 143,156 141,636 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,690 - 65 - 6,352 19,497 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,610 + 3 + 59 5,612 Net portfolio holdings of TALF II LLC8 1,579 + 1 - 579 1,580 Float -170 - 17 - 11 -161 Central bank liquidity swaps9 229 0 + 40 229 Other Federal Reserve assets10 47,767 - 1,935 + 7,333 35,661 Foreign currency denominated assets11 18,367 - 170 + 375 18,289 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,537 + 14 + 1,588 52,537 Total factors supplying reserve funds 8,240,858 - 17,879 - 681,379 8,196,622 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 16, 2023 Federal Reserve Banks Aug 16, 2023 Aug 9, 2023 Aug 17, 2022 Currency in circulation12 2,331,205 - 2,119 + 55,619 2,330,572 Reverse repurchase agreements13 2,069,302 - 15,325 - 395,906 2,096,666 Foreign official and international accounts 295,099 + 2,420 + 26,983 299,941 Others 1,774,204 - 17,744 - 422,888 1,796,725 Treasury cash holdings 299 + 18 + 195 310 Deposits with F.R. Banks, other than reserve balances 620,659 - 17,810 - 147,066 566,560 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 435,795 - 8,799 - 109,526 384,814 Foreign official 9,686 - 1 + 1,373 9,684 Other14 175,178 - 9,011 - 38,913 172,062 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -39,936 - 5,756 - 88,859 -39,796 Total factors, other than reserve balances, absorbing reserve funds 4,994,887 - 40,994 - 580,600 4,967,670 Reserve balances with Federal Reserve Banks 3,245,971 + 23,115 - 100,779 3,228,952 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 16, 2023 Aug 16, 2023 Aug 9, 2023 Aug 17, 2022 Securities held in custody for foreign official and international accounts 3,449,483 - 4,757 + 68,159 3,447,519 Marketable U.S. Treasury securities1 3,014,589 - 4,930 + 30,796 3,012,693 Federal agency debt and mortgage-backed securities2 352,875 + 199 + 39,014 352,831 Other securities3 82,019 - 26 - 1,651 81,994 Securities lent to dealers 41,621 + 770 + 347 44,070 Overnight facility4 41,621 + 770 + 347 44,070 U.S. Treasury securities 41,621 + 770 + 347 44,070 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 16, 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 143,077 3,075 104,758 6,051 0 ... 256,961 U.S. Treasury securities2 Holdings 71,990 214,937 667,757 1,718,845 817,656 1,514,890 5,006,075 Weekly changes - 54,004 - 31,246 + 42,859 - 5,035 - 17,785 + 22,915 - 42,295 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 9,573 43,381 2,464,514 2,517,483 Weekly changes 0 0 0 - 113 + 112 - 77 - 76 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 10,089 ... ... 10,089 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 193 201 0 ... ... 394 Repurchase agreements8 6 0 ... ... ... ... 6 Central bank liquidity swaps9 229 0 0 0 0 0 229 Reverse repurchase agreements8 2,096,666 0 ... ... ... ... 2,096,666 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 16, 2023 Mortgage-backed securities held outright1 2,517,483 Residential mortgage-backed securities 2,509,114 Commercial mortgage-backed securities 8,369 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 16, 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) 9,011 9,107 10,389 19,497 Municipal Liquidity Facility LLC 2,907 2,907 2,705 5,612 TALF II LLC 744 394 1,186 1,580 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 16, 2023 Aug 9, 2023 Aug 17, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,426 + 11 + 126 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,047,139 - 46,752 - 702,564 Securities held outright1 7,525,905 - 42,372 - 903,090 U.S. Treasury securities 5,006,075 - 42,295 - 693,100 Bills2 259,422 0 - 66,622 Notes and bonds, nominal2 4,272,959 - 42,640 - 628,308 Notes and bonds, inflation-indexed2 364,549 0 - 10,170 Inflation compensation3 109,145 + 345 + 12,000 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,517,483 - 76 - 209,990 Unamortized premiums on securities held outright5 291,772 - 554 - 37,254 Unamortized discounts on securities held outright5 -27,505 - 407 - 1,013 Repurchase agreements6 6 + 6 + 6 Loans7 256,961 - 3,425 + 238,787 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,497 - 274 - 6,405 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,612 + 3 + 60 Net portfolio holdings of TALF II LLC8 1,580 + 1 - 579 Items in process of collection (0) 58 - 1 + 9 Bank premises 446 + 6 - 166 Central bank liquidity swaps9 229 0 + 40 Foreign currency denominated assets10 18,289 - 172 + 458 Other assets11 35,215 - 15,335 + 4,985 Total assets (0) 8,145,727 - 62,514 - 704,035 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 16, 2023 Aug 9, 2023 Aug 17, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,279,767 - 2,853 + 53,240 Reverse repurchase agreements12 2,096,666 + 214 - 371,182 Deposits (0) 3,795,513 - 53,824 - 293,595 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,228,953 + 371 - 104,747 U.S. Treasury, General Account 384,814 - 47,448 - 154,464 Foreign official 9,684 - 2 + 2,249 Other13 (0) 172,062 - 6,745 - 36,633 Deferred availability cash items (0) 219 - 79 + 9 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -82,514 - 5,980 - 88,847 Total liabilities (0) 8,103,008 - 62,523 - 704,958 Capital accounts Capital paid in 35,934 + 9 + 923 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,719 + 9 + 923 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 16, 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 1,426 37 45 128 57 185 115 261 34 45 91 176 254 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,047,139 154,492 4,386,144 130,756 243,082 548,815 534,311 491,180 123,940 60,445 109,549 392,492 871,933 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,497 19,497 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,612 0 5,612 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,580 0 1,580 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 18,289 787 6,508 657 1,725 3,703 548 637 412 116 194 386 2,617 Other assets5 35,719 761 15,660 622 1,023 2,578 3,450 1,922 811 463 793 1,702 5,933 Interdistrict settlement account 0+ 9,017- 229,191- 2,435+ 67,243+ 222,724+ 12,517- 31,354- 4,305- 1,653- 8,806- 18,738 - 15,017 Total assets 8,145,727 185,157 4,191,614 130,262 313,902 779,237 553,234 463,758 121,376 59,681 102,275 377,311 867,918 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 16, 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 2,279,767 81,102 720,620 55,195 111,557 168,546 352,315 125,084 72,875 34,093 50,744 190,840 316,797 Reverse repurchase agreements6 2,096,666 40,507 1,170,883 34,556 64,431 145,906 142,037 130,699 31,365 14,216 27,108 102,227 192,731 Deposits 3,795,513 52,826 2,338,252 39,624 136,064 467,919 56,979 212,631 16,157 11,157 24,137 84,493 355,274 Depository institutions 3,228,953 52,770 1,889,536 39,622 136,031 467,209 56,951 95,826 16,146 11,104 24,106 84,406 355,245 U.S. Treasury, General Account 384,814 0 384,814 0 0 0 0 0 0 0 0 0 0 Foreign official 9,684 2 9,658 1 4 8 1 1 1 0 0 1 6 Other7 172,062 54 54,244 0 29 702 27 116,804 9 53 30 86 23 Earnings remittances due to the U.S. Treasury8 -90,255 -1,723 -60,064 -793 -2,922 -12,546 -2 -7,156 -113 -167 -346 -1,486 -2,938 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 7,960 953 3,380 167 298 929 490 470 129 112 168 237 626 Total liabilities 8,103,008 183,349 4,176,745 128,749 309,428 770,754 551,819 461,728 120,412 59,413 101,811 376,310 862,490 Capital Capital paid in 35,934 1,516 12,455 1,269 3,834 7,109 1,212 1,794 812 226 393 858 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 8,145,727 185,157 4,191,614 130,262 313,902 779,237 553,234 463,758 121,376 59,681 102,275 377,311 867,918 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 16, 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 16, 2023 Federal Reserve notes outstanding 2,686,481 Less: Notes held by F.R. Banks not subject to collateralization 406,714 Federal Reserve notes to be collateralized 2,279,767 Collateral held against Federal Reserve notes 2,279,767 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,263,530 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,525,911 Less: Face value of securities under reverse repurchase agreements 2,337,264 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,188,647 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.