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 21, 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 20, 2023 Federal Reserve Banks Sep 20, 2023 Sep 13, 2023 Sep 21, 2022 Reserve Bank credit 8,002,983 - 59,221 - 780,786 7,988,106 Securities held outright1 7,464,613 - 19,973 - 928,490 7,457,541 U.S. Treasury securities 4,964,010 - 19,359 - 710,848 4,960,735 Bills2 247,882 - 5,082 - 67,844 246,946 Notes and bonds, nominal2 4,240,315 - 14,489 - 642,973 4,237,898 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380 Inflation compensation3 110,433 + 212 + 10,350 110,510 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,498,256 - 614 - 217,642 2,494,460 Unamortized premiums on securities held outright5 288,721 - 622 - 36,803 288,150 Unamortized discounts on securities held outright5 -27,164 + 267 - 399 -26,821 Repurchase agreements6 2 - 4 + 2 0 Foreign official 0 - 4 0 0 Others 2 0 + 2 0 Loans 208,802 - 40,517 + 187,825 201,102 Primary credit 3,183 + 1,004 - 3,475 3,078 Secondary credit 0 0 0 0 Seasonal credit 78 + 1 + 36 81 Paycheck Protection Program Liquidity Facility 5,412 - 79 - 8,865 5,339 Bank Term Funding Program 107,758 - 108 + 107,758 107,599 Other credit extensions7 92,371 - 41,335 + 92,371 85,005 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,349 - 211 - 6,326 19,326 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,624 + 3 + 64 5,626 Net portfolio holdings of TALF II LLC8 1,218 + 1 - 929 1,219 Float -203 - 29 - 51 -205 Central bank liquidity swaps9 247 + 17 - 26 247 Other Federal Reserve assets10 41,774 + 1,847 + 4,345 41,920 Foreign currency denominated assets11 17,988 - 53 + 733 18,024 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,406 + 14 + 847 52,406 Total factors supplying reserve funds 8,089,618 - 59,260 - 779,207 8,074,777 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 20, 2023 Federal Reserve Banks Sep 20, 2023 Sep 13, 2023 Sep 21, 2022 Currency in circulation12 2,326,200 - 5,697 + 47,834 2,325,195 Reverse repurchase agreements13 1,746,687 - 78,475 - 754,393 1,804,707 Foreign official and international accounts 305,275 + 8,772 + 19,767 317,723 Others 1,441,412 - 87,247 - 774,159 1,486,984 Treasury cash holdings 344 + 1 + 244 336 Deposits with F.R. Banks, other than reserve balances 819,652 + 127,399 - 99,676 834,755 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 640,296 + 118,789 - 52,200 661,717 Foreign official 9,688 - 136 + 2,252 9,688 Other14 169,668 + 8,747 - 49,728 163,350 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -48,273 + 1,321 - 96,252 -47,978 Total factors, other than reserve balances, absorbing reserve funds 4,857,968 + 44,549 - 906,825 4,930,373 Reserve balances with Federal Reserve Banks 3,231,649 - 103,810 + 127,617 3,144,404 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 20, 2023 Sep 20, 2023 Sep 13, 2023 Sep 21, 2022 Securities held in custody for foreign official and international accounts 3,434,332 - 447 + 49,644 3,437,209 Marketable U.S. Treasury securities1 2,999,995 - 880 + 21,783 3,004,797 Federal agency debt and mortgage-backed securities2 351,430 + 324 + 29,412 349,609 Other securities3 82,906 + 107 - 1,551 82,803 Securities lent to dealers 36,759 - 4,891 - 8,944 39,868 Overnight facility4 36,759 - 4,891 - 8,944 39,868 U.S. Treasury securities 36,759 - 4,891 - 8,934 39,868 Federal agency debt securities 0 0 - 10 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 20, 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 86,892 4,406 104,469 5,335 0 ... 201,102 U.S. Treasury securities2 Holdings 55,950 254,315 614,151 1,706,087 826,726 1,503,507 4,960,735 Weekly changes + 13,057 - 18,852 - 9,872 - 6,182 + 49 + 58 - 21,744 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 5,600 39,112 2,449,725 2,494,460 Weekly changes 0 0 0 - 3,990 - 3,179 + 2,758 - 4,410 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,691 ... ... 9,691 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 55 305 33 0 ... ... 393 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 247 0 0 0 0 0 247 Reverse repurchase agreements8 1,804,707 0 ... ... ... ... 1,804,707 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 20, 2023 Mortgage-backed securities held outright1 2,494,460 Residential mortgage-backed securities 2,486,099 Commercial mortgage-backed securities 8,360 Commitments to buy mortgage-backed securities2 52 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 20, 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) 8,739 8,750 10,577 19,326 Municipal Liquidity Facility LLC 2,907 2,907 2,719 5,626 TALF II LLC 394 393 825 1,219 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 20, 2023 Sep 13, 2023 Sep 21, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,453 + 21 + 215 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,919,973 - 75,159 - 790,730 Securities held outright1 7,457,541 - 26,155 - 933,612 U.S. Treasury securities 4,960,735 - 21,744 - 713,184 Bills2 246,946 - 5,036 - 67,846 Notes and bonds, nominal2 4,237,898 - 16,920 - 645,390 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 Inflation compensation3 110,510 + 211 + 10,432 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,494,460 - 4,410 - 220,427 Unamortized premiums on securities held outright5 288,150 - 1,004 - 36,990 Unamortized discounts on securities held outright5 -26,821 + 512 - 107 Repurchase agreements6 0 0 0 Loans7 201,102 - 48,513 + 179,978 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,326 - 253 - 6,361 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,626 + 3 + 65 Net portfolio holdings of TALF II LLC8 1,219 + 1 - 929 Items in process of collection (0) 58 + 1 - 22 Bank premises 439 0 - 171 Central bank liquidity swaps9 247 + 17 - 26 Foreign currency denominated assets10 18,024 - 31 + 917 Other assets11 41,490 + 713 + 4,333 Total assets (0) 8,024,090 - 74,689 - 792,712 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 20, 2023 Sep 13, 2023 Sep 21, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,274,574 - 4,628 + 47,082 Reverse repurchase agreements12 1,804,707 - 30,927 - 806,661 Deposits (0) 3,979,167 - 40,400 + 67,468 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,144,412 - 166,119 + 140,671 U.S. Treasury, General Account 661,717 + 124,353 - 28,569 Foreign official 9,688 - 1 + 2,249 Other13 (0) 163,350 + 1,367 - 46,882 Deferred availability cash items (0) 262 - 17 + 59 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -90,708 + 1,273 - 96,961 Total liabilities (0) 7,981,360 - 74,699 - 793,594 Capital accounts Capital paid in 35,945 + 10 + 883 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,730 + 10 + 883 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 20, 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 1,453 42 44 132 60 191 110 258 31 47 97 180 260 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,919,973 153,392 4,337,683 129,484 240,863 543,574 529,882 486,902 122,788 59,923 108,567 389,953 816,962 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,326 19,326 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,626 0 5,626 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,219 0 1,219 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 247 11 88 9 23 50 7 9 6 2 3 5 35 Foreign currency denominated assets4 18,024 776 6,414 648 1,700 3,649 540 627 406 114 191 380 2,579 Other assets5 41,986 911 19,269 739 1,237 3,057 3,925 2,356 772 545 934 2,077 6,164 Interdistrict settlement account 0- 2,634- 98,392- 9,208+ 37,753+ 192,571- 2,231- 60,164- 6,741- 2,909- 11,634- 40,260 + 3,849 Total assets 8,024,090 172,381 4,277,125 122,329 282,388 744,279 534,520 431,092 117,740 57,985 98,610 353,626 832,015 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 20, 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 2,274,574 79,814 722,121 53,736 112,152 166,431 352,690 124,190 72,728 34,280 48,978 189,712 317,743 Reverse repurchase agreements6 1,804,707 34,867 1,007,839 29,744 55,459 125,589 122,258 112,499 26,997 12,237 23,333 87,992 165,894 Deposits 3,979,167 47,024 2,590,458 38,063 113,350 457,048 57,507 199,642 17,018 11,260 26,034 76,238 345,525 Depository institutions 3,144,412 46,961 1,866,088 38,062 113,314 456,634 57,479 90,031 17,006 11,184 26,004 76,154 345,496 U.S. Treasury, General Account 661,717 0 661,717 0 0 0 0 0 0 0 0 0 0 Foreign official 9,688 2 9,662 1 4 8 1 1 1 0 0 1 6 Other7 163,350 61 52,991 0 31 406 27 109,610 12 76 30 83 23 Earnings remittances due to the U.S. Treasury8 -102,388 -1,931 -67,340 -940 -3,473 -14,786 -2 -7,943 -120 -188 -405 -1,643 -3,617 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 11,942 1,116 5,502 212 427 1,511 649 673 153 128 205 325 1,043 Total liabilities 7,981,360 170,574 4,262,253 120,816 277,914 735,792 533,102 429,061 116,776 57,716 98,145 352,623 826,588 Capital Capital paid in 35,945 1,516 12,458 1,269 3,834 7,113 1,215 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 8,024,090 172,381 4,277,125 122,329 282,388 744,279 534,520 431,092 117,740 57,985 98,610 353,626 832,015 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 20, 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 20, 2023 Federal Reserve notes outstanding 2,693,073 Less: Notes held by F.R. Banks not subject to collateralization 418,499 Federal Reserve notes to be collateralized 2,274,574 Collateral held against Federal Reserve notes 2,274,574 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,258,337 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,457,541 Less: Face value of securities under reverse repurchase agreements 2,036,285 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,421,257 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.