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 31, 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 30, 2023 Federal Reserve Banks Aug 30, 2023 Aug 23, 2023 Aug 31, 2022 Reserve Bank credit 8,087,436 - 19,854 - 709,489 8,084,524 Securities held outright1 7,509,968 - 14,304 - 902,182 7,508,057 U.S. Treasury securities 5,006,713 + 409 - 693,822 5,006,839 Bills2 259,422 0 - 66,622 259,422 Notes and bonds, nominal2 4,273,034 + 64 - 627,063 4,273,034 Notes and bonds, inflation-indexed2 364,549 0 - 10,319 364,549 Inflation compensation3 109,708 + 345 + 10,181 109,835 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,500,909 - 14,713 - 208,359 2,498,870 Unamortized premiums on securities held outright5 290,449 - 916 - 37,018 290,201 Unamortized discounts on securities held outright5 -27,517 + 74 - 957 -27,422 Repurchase agreements6 1 - 3 + 1 1 Foreign official 1 - 3 + 1 1 Others 0 0 0 0 Loans 251,356 - 3,826 + 231,650 250,565 Primary credit 2,204 + 267 - 2,390 2,907 Secondary credit 0 0 0 0 Seasonal credit 67 + 6 + 18 70 Paycheck Protection Program Liquidity Facility 5,750 - 250 - 9,313 5,693 Bank Term Funding Program 107,301 + 33 + 107,301 107,527 Other credit extensions7 136,034 - 3,882 + 136,034 134,369 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,515 + 16 - 6,404 19,534 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,615 + 2 + 61 5,618 Net portfolio holdings of TALF II LLC8 1,581 + 1 - 576 1,583 Float -273 - 105 + 104 -753 Central bank liquidity swaps9 232 + 2 + 61 232 Other Federal Reserve assets10 36,507 - 797 + 5,769 36,910 Foreign currency denominated assets11 18,195 - 75 + 650 18,316 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,364 + 14 + 1,407 52,364 Total factors supplying reserve funds 8,174,235 - 19,916 - 707,433 8,171,445 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 30, 2023 Federal Reserve Banks Aug 30, 2023 Aug 23, 2023 Aug 31, 2022 Currency in circulation12 2,328,310 - 175 + 52,589 2,331,504 Reverse repurchase agreements13 1,988,594 - 123,791 - 471,797 1,998,323 Foreign official and international accounts 289,671 - 7,665 + 26,488 301,504 Others 1,698,923 - 116,125 - 498,284 1,696,819 Treasury cash holdings 317 + 7 + 218 327 Deposits with F.R. Banks, other than reserve balances 650,142 + 58,554 - 180,942 675,819 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 470,800 + 57,013 - 141,736 500,702 Foreign official 9,792 + 106 + 2,261 10,412 Other14 169,549 + 1,433 - 41,468 164,705 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -44,830 - 6,066 - 92,610 -44,427 Total factors, other than reserve balances, absorbing reserve funds 4,935,891 - 71,471 - 697,123 4,974,904 Reserve balances with Federal Reserve Banks 3,238,345 + 51,556 - 10,309 3,196,542 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 30, 2023 Aug 30, 2023 Aug 23, 2023 Aug 31, 2022 Securities held in custody for foreign official and international accounts 3,435,861 - 4,476 + 45,011 3,434,025 Marketable U.S. Treasury securities1 3,002,231 - 3,460 + 8,471 3,000,447 Federal agency debt and mortgage-backed securities2 351,444 - 1,109 + 38,613 351,327 Other securities3 82,186 + 93 - 2,074 82,251 Securities lent to dealers 36,514 - 1,466 - 293 42,811 Overnight facility4 36,514 - 1,466 - 293 42,811 U.S. Treasury securities 36,514 - 1,466 - 293 42,811 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 30, 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 136,593 3,160 105,123 5,688 0 ... 250,565 U.S. Treasury securities2 Holdings 65,077 255,130 634,521 1,719,220 832,030 1,500,862 5,006,839 Weekly changes - 3,067 + 3,498 - 410 + 150 + 79 + 94 + 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 0 11 9,087 42,759 2,447,012 2,498,870 Weekly changes 0 - 1 - 2 - 175 - 935 - 13,158 - 14,270 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,930 ... ... 9,930 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 ... ... 393 Repurchase agreements8 1 0 ... ... ... ... 1 Central bank liquidity swaps9 232 0 0 0 0 0 232 Reverse repurchase agreements8 1,998,323 0 ... ... ... ... 1,998,323 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 30, 2023 Mortgage-backed securities held outright1 2,498,870 Residential mortgage-backed securities 2,490,505 Commercial mortgage-backed securities 8,365 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 30, 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 8,981 10,553 19,534 Municipal Liquidity Facility LLC 2,907 2,907 2,711 5,618 TALF II LLC 744 393 1,189 1,583 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 30, 2023 Aug 23, 2023 Aug 31, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,418 - 12 + 136 Securities, unamortized premiums and discounts, repurchase agreements, and loans 8,021,402 - 16,791 - 706,017 Securities held outright1 7,508,057 - 13,924 - 898,575 U.S. Treasury securities 5,006,839 + 345 - 688,158 Bills2 259,422 0 - 66,622 Notes and bonds, nominal2 4,273,034 0 - 620,040 Notes and bonds, inflation-indexed2 364,549 0 - 11,212 Inflation compensation3 109,835 + 346 + 9,717 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,498,870 - 14,270 - 210,418 Unamortized premiums on securities held outright5 290,201 - 880 - 37,060 Unamortized discounts on securities held outright5 -27,422 + 76 - 682 Repurchase agreements6 1 + 1 + 1 Loans7 250,565 - 2,064 + 230,299 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,534 + 22 - 6,399 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,618 + 3 + 62 Net portfolio holdings of TALF II LLC8 1,583 + 2 - 561 Items in process of collection (0) 66 + 10 + 3 Bank premises 464 + 11 - 147 Central bank liquidity swaps9 232 + 2 + 61 Foreign currency denominated assets10 18,316 + 15 + 741 Other assets11 36,448 - 1,009 + 7,346 Total assets (0) 8,121,316 - 17,750 - 704,777 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 30, 2023 Aug 23, 2023 Aug 31, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,280,881 + 3,360 + 52,049 Reverse repurchase agreements12 1,998,323 - 114,191 - 529,961 Deposits (0) 3,872,362 + 98,449 - 129,771 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,196,543 + 19,163 + 80,694 U.S. Treasury, General Account 500,702 + 84,671 - 169,209 Foreign official 10,412 + 726 + 2,295 Other13 (0) 164,705 - 6,111 - 43,551 Deferred availability cash items (0) 819 + 538 - 331 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -87,146 - 5,905 - 93,098 Total liabilities (0) 8,078,597 - 17,750 - 705,695 Capital accounts Capital paid in 35,934 0 + 918 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,719 0 + 918 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 30, 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 1,418 39 46 131 58 183 112 256 32 44 89 178 250 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 8,021,402 154,341 4,369,743 130,256 242,477 547,540 533,118 490,183 123,563 60,295 109,431 391,564 868,890 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,534 19,534 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,618 0 5,618 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,583 0 1,583 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 232 10 82 8 22 47 7 8 5 1 2 5 33 Foreign currency denominated assets4 18,316 788 6,518 658 1,727 3,709 549 638 412 116 194 386 2,621 Other assets5 36,977 787 15,899 644 1,064 2,670 3,572 2,004 839 510 844 1,781 6,363 Interdistrict settlement account 0- 2,730- 161,869- 5,690+ 47,214+ 230,816+ 8,010- 41,444- 5,378- 567- 9,520- 32,002 - 26,842 Total assets 8,121,316 173,326 4,242,795 126,533 293,315 786,151 547,655 452,749 119,953 60,663 101,493 363,203 853,481 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 30, 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 2,280,881 81,081 720,368 54,910 112,549 168,131 353,376 125,136 72,795 34,378 49,667 190,256 318,234 Reverse repurchase agreements6 1,998,323 38,607 1,115,964 32,935 61,409 139,062 135,375 124,568 29,893 13,549 25,836 97,432 183,691 Deposits 3,872,362 42,956 2,447,551 37,856 117,730 482,867 56,371 208,034 16,289 12,524 25,703 75,832 348,649 Depository institutions 3,196,543 42,901 1,885,572 37,855 117,700 482,466 56,343 95,027 16,279 12,417 25,666 75,693 348,623 U.S. Treasury, General Account 500,702 0 500,702 0 0 0 0 0 0 0 0 0 0 Foreign official 10,412 2 10,386 1 4 8 1 1 1 0 0 1 6 Other7 164,705 53 50,891 0 27 392 27 113,005 9 106 37 138 20 Earnings remittances due to the U.S. Treasury8 -95,121 -1,811 -63,063 -851 -3,130 -13,412 -3 -7,482 -120 -170 -361 -1,552 -3,167 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 8,794 1,001 3,432 169 281 1,020 1,122 463 131 113 182 234 646 Total liabilities 8,078,597 171,518 4,227,926 125,020 288,840 777,668 546,240 450,719 118,988 60,394 101,028 362,202 848,053 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 8,121,316 173,326 4,242,795 126,533 293,315 786,151 547,655 452,749 119,953 60,663 101,493 363,203 853,481 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 30, 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 30, 2023 Federal Reserve notes outstanding 2,690,657 Less: Notes held by F.R. Banks not subject to collateralization 409,776 Federal Reserve notes to be collateralized 2,280,881 Collateral held against Federal Reserve notes 2,280,881 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,264,644 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,508,058 Less: Face value of securities under reverse repurchase agreements 2,217,733 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,290,325 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.