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 September 14, 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 Sep 13, 2023 Federal Reserve Banks Sep 13, 2023 Sep 6, 2023 Sep 14, 2022 Reserve Bank credit 8,062,204 - 3,107 - 726,527 8,062,770 Securities held outright1 7,484,586 - 5,938 - 916,185 7,483,696 U.S. Treasury securities 4,983,369 - 5,938 - 704,445 4,982,479 Bills2 252,964 - 6,097 - 65,918 251,982 Notes and bonds, nominal2 4,254,804 - 39 - 638,270 4,254,818 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380 Inflation compensation3 110,221 + 199 + 10,125 110,299 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,498,870 0 - 211,741 2,498,870 Unamortized premiums on securities held outright5 289,343 - 478 - 36,890 289,154 Unamortized discounts on securities held outright5 -27,431 + 132 - 621 -27,333 Repurchase agreements6 6 + 3 - 3 0 Foreign official 4 + 3 + 4 0 Others 2 0 - 7 0 Loans 249,319 - 242 + 229,543 249,615 Primary credit 2,179 + 130 - 3,022 2,698 Secondary credit 0 0 0 0 Seasonal credit 77 + 3 + 31 78 Paycheck Protection Program Liquidity Facility 5,491 - 143 - 9,038 5,477 Bank Term Funding Program 107,866 + 208 + 107,866 107,993 Other credit extensions7 133,706 - 441 + 133,706 133,369 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,560 + 20 - 6,392 19,579 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,621 + 3 + 63 5,623 Net portfolio holdings of TALF II LLC8 1,217 + 2 - 928 1,218 Float -174 + 130 - 21 -222 Central bank liquidity swaps9 230 - 2 + 27 230 Other Federal Reserve assets10 39,927 + 3,264 + 4,881 41,210 Foreign currency denominated assets11 18,041 - 109 + 721 18,055 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,392 + 14 + 1,033 52,392 Total factors supplying reserve funds 8,148,878 - 3,202 - 724,773 8,149,458 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 Sep 13, 2023 Federal Reserve Banks Sep 13, 2023 Sep 6, 2023 Sep 14, 2022 Currency in circulation12 2,331,897 - 2,149 + 49,927 2,329,820 Reverse repurchase agreements13 1,825,162 - 65,094 - 660,327 1,835,634 Foreign official and international accounts 296,503 - 4,810 + 23,365 289,409 Others 1,528,659 - 60,283 - 683,691 1,546,225 Treasury cash holdings 343 + 14 + 245 345 Deposits with F.R. Banks, other than reserve balances 692,253 + 42,006 - 114,443 709,036 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 521,507 + 50,626 - 72,301 537,364 Foreign official 9,824 - 60 + 2,389 9,689 Other14 160,921 - 8,561 - 44,531 161,983 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -49,594 - 6,147 - 96,125 -49,261 Total factors, other than reserve balances, absorbing reserve funds 4,813,419 - 31,370 - 825,304 4,838,933 Reserve balances with Federal Reserve Banks 3,335,459 + 28,168 + 100,531 3,310,525 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 Sep 13, 2023 Sep 13, 2023 Sep 6, 2023 Sep 14, 2022 Securities held in custody for foreign official and international accounts 3,434,779 + 4,146 + 58,269 3,435,593 Marketable U.S. Treasury securities1 3,000,875 + 3,997 + 22,858 3,001,665 Federal agency debt and mortgage-backed securities2 351,106 - 221 + 36,852 351,094 Other securities3 82,799 + 371 - 1,441 82,833 Securities lent to dealers 41,650 - 1,304 - 6,623 40,736 Overnight facility4 41,650 - 1,304 - 6,623 40,736 U.S. Treasury securities 41,650 - 1,304 - 6,620 40,736 Federal agency debt securities 0 0 - 3 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, September 13, 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 135,400 3,904 104,838 5,473 0 ... 249,615 U.S. Treasury securities2 Holdings 42,893 273,167 624,023 1,712,269 826,677 1,503,449 4,982,479 Weekly changes + 1,016 - 6,777 - 405 + 115 + 48 + 8 - 5,992 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 22 9,590 42,291 2,446,967 2,498,870 Weekly changes 0 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,774 ... ... 9,774 Municipal notes held by Municipal Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907 Loans held by TALF II LLC7 0 360 33 0 ... ... 393 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 230 0 0 0 0 0 230 Reverse repurchase agreements8 1,835,634 0 ... ... ... ... 1,835,634 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 Sep 13, 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 Sep 13, 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 8,824 10,755 19,579 Municipal Liquidity Facility LLC 2,907 2,907 2,716 5,623 TALF II LLC 394 393 824 1,218 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 Sep 13, 2023 Sep 6, 2023 Sep 14, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,432 + 19 + 188 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,995,132 - 6,041 - 732,664 Securities held outright1 7,483,696 - 5,993 - 924,208 U.S. Treasury securities 4,982,479 - 5,992 - 704,552 Bills2 251,982 - 6,179 - 66,123 Notes and bonds, nominal2 4,254,818 - 25 - 638,256 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 Inflation compensation3 110,299 + 212 + 10,208 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,498,870 0 - 219,656 Unamortized premiums on securities held outright5 289,154 - 499 - 36,905 Unamortized discounts on securities held outright5 -27,333 + 148 - 560 Repurchase agreements6 0 - 6 0 Loans7 249,615 + 308 + 229,009 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,579 + 23 - 6,390 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,623 + 2 + 64 Net portfolio holdings of TALF II LLC8 1,218 + 2 - 928 Items in process of collection (0) 57 - 22 + 8 Bank premises 439 + 3 - 167 Central bank liquidity swaps9 230 - 2 + 27 Foreign currency denominated assets10 18,055 + 38 + 773 Other assets11 40,777 + 3,439 + 5,110 Total assets (0) 8,098,779 - 2,539 - 733,980 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 Sep 13, 2023 Sep 6, 2023 Sep 14, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,279,202 - 5,221 + 48,371 Reverse repurchase agreements12 1,835,634 - 64,244 - 691,055 Deposits (0) 4,019,567 + 73,227 + 9,763 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,310,531 + 20,056 + 151,834 U.S. Treasury, General Account 537,364 + 55,812 - 80,633 Foreign official 9,689 - 764 + 2,254 Other13 (0) 161,983 - 1,878 - 63,692 Deferred availability cash items (0) 279 - 570 + 67 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -91,981 - 5,730 - 97,432 Total liabilities (0) 8,056,059 - 2,539 - 734,866 Capital accounts Capital paid in 35,935 0 + 886 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,720 0 + 886 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, September 13, 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 1,432 42 46 131 56 187 111 255 32 45 95 178 256 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,995,132 153,909 4,354,632 129,876 241,700 545,780 531,635 488,589 123,166 60,084 109,082 390,589 866,090 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,579 19,579 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,623 0 5,623 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,218 0 1,218 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 230 10 82 8 22 47 7 8 5 1 2 5 33 Foreign currency denominated assets4 18,055 777 6,425 649 1,703 3,656 541 629 406 114 192 381 2,584 Other assets5 41,273 866 18,217 705 1,170 2,917 3,788 2,229 920 564 904 1,973 7,020 Interdistrict settlement account 0- 229- 163,481- 9,004+ 61,447+ 238,967+ 340- 54,603- 5,110- 1,401- 11,278- 34,149 - 21,499 Total assets 8,098,779 175,510 4,227,936 122,890 306,849 792,739 538,709 438,211 119,898 59,671 99,449 360,267 856,649 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, September 13, 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 2,279,202 80,345 722,725 54,311 112,457 166,926 353,286 124,484 72,857 34,502 49,290 189,281 318,736 Reverse repurchase agreements6 1,835,634 35,464 1,025,110 30,254 56,410 127,741 124,353 114,427 27,460 12,446 23,733 89,500 168,737 Deposits 4,019,567 49,065 2,524,079 37,559 136,593 502,812 59,111 204,616 18,606 12,524 26,181 81,867 366,557 Depository institutions 3,310,531 49,003 1,922,937 37,557 136,562 501,975 59,083 97,885 18,593 12,470 26,151 81,791 366,524 U.S. Treasury, General Account 537,364 0 537,364 0 0 0 0 0 0 0 0 0 0 Foreign official 9,689 2 9,663 1 4 8 1 1 1 0 0 1 6 Other7 161,983 61 54,115 0 27 828 26 106,729 12 53 30 74 28 Earnings remittances due to the U.S. Treasury8 -100,128 -1,892 -65,958 -914 -3,374 -14,371 -14 -7,807 -124 -185 -397 -1,621 -3,471 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 8,426 1,036 3,437 169 290 1,149 558 461 135 115 177 237 663 Total liabilities 8,056,059 173,702 4,213,067 121,378 302,375 784,256 537,294 436,181 118,934 59,402 98,984 359,264 851,222 Capital Capital paid in 35,935 1,516 12,455 1,269 3,834 7,109 1,212 1,794 812 226 393 859 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 8,098,779 175,510 4,227,936 122,890 306,849 792,739 538,709 438,211 119,898 59,671 99,449 360,267 856,649 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, September 13, 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 Sep 13, 2023 Federal Reserve notes outstanding 2,691,762 Less: Notes held by F.R. Banks not subject to collateralization 412,561 Federal Reserve notes to be collateralized 2,279,202 Collateral held against Federal Reserve notes 2,279,202 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,262,965 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,483,696 Less: Face value of securities under reverse repurchase agreements 2,036,771 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,446,925 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.