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 28, 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 27, 2023 Federal Reserve Banks Sep 27, 2023 Sep 20, 2023 Sep 28, 2022 Reserve Bank credit 7,979,645 - 23,338 - 793,278 7,966,141 Securities held outright1 7,449,568 - 15,045 - 933,277 7,440,211 U.S. Treasury securities 4,959,046 - 4,964 - 713,721 4,958,138 Bills2 245,123 - 2,759 - 68,525 244,137 Notes and bonds, nominal2 4,237,898 - 2,417 - 645,390 4,237,898 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380 Inflation compensation3 110,644 + 211 + 10,574 110,722 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,488,175 - 10,081 - 219,556 2,479,726 Unamortized premiums on securities held outright5 287,654 - 1,067 - 36,876 287,252 Unamortized discounts on securities held outright5 -26,665 + 499 - 23 -26,560 Repurchase agreements6 1 - 1 + 1 2 Foreign official 0 0 0 0 Others 1 - 1 + 1 2 Loans 200,603 - 8,199 + 180,009 198,060 Primary credit 3,250 + 67 - 3,207 3,193 Secondary credit 0 0 0 0 Seasonal credit 91 + 13 + 42 91 Paycheck Protection Program Liquidity Facility 5,225 - 187 - 8,864 5,178 Bank Term Funding Program 107,612 - 146 + 107,612 107,715 Other credit extensions7 84,426 - 7,945 + 84,426 81,883 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,330 - 19 - 6,359 19,352 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,627 + 3 + 65 5,629 Net portfolio holdings of TALF II LLC8 1,219 + 1 - 929 1,220 Float -223 - 20 - 8 -430 Central bank liquidity swaps9 238 - 9 + 22 238 Other Federal Reserve assets10 42,295 + 521 + 4,099 41,167 Foreign currency denominated assets11 17,889 - 99 + 946 17,731 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,420 + 14 + 660 52,420 Total factors supplying reserve funds 8,066,196 - 23,422 - 791,671 8,052,533 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 27, 2023 Federal Reserve Banks Sep 27, 2023 Sep 20, 2023 Sep 28, 2022 Currency in circulation12 2,323,484 - 2,716 + 46,208 2,324,023 Reverse repurchase agreements13 1,746,176 - 511 - 883,547 1,755,109 Foreign official and international accounts 309,711 + 4,436 + 10,020 312,304 Others 1,436,465 - 4,947 - 893,568 1,442,805 Treasury cash holdings 336 - 8 + 233 339 Deposits with F.R. Banks, other than reserve balances 866,830 + 47,178 - 60,167 845,484 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 681,143 + 40,847 - 8,426 672,142 Foreign official 9,687 - 1 + 2,251 9,687 Other14 176,000 + 6,332 - 53,992 163,655 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -54,314 - 6,041 - 99,543 -54,283 Total factors, other than reserve balances, absorbing reserve funds 4,895,872 + 37,904 -1,001,397 4,884,031 Reserve balances with Federal Reserve Banks 3,170,324 - 61,325 + 209,726 3,168,502 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 27, 2023 Sep 27, 2023 Sep 20, 2023 Sep 28, 2022 Securities held in custody for foreign official and international accounts 3,436,351 + 2,019 + 69,950 3,433,052 Marketable U.S. Treasury securities1 3,003,647 + 3,652 + 44,138 3,000,290 Federal agency debt and mortgage-backed securities2 349,826 - 1,604 + 27,509 349,565 Other securities3 82,877 - 29 - 1,698 83,196 Securities lent to dealers 40,693 + 3,934 - 7,008 40,855 Overnight facility4 40,693 + 3,934 - 7,008 40,855 U.S. Treasury securities 40,693 + 3,934 - 6,994 40,855 Federal agency debt securities 0 0 - 14 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 27, 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 83,780 4,458 104,648 5,174 0 ... 198,060 U.S. Treasury securities2 Holdings 62,350 245,934 613,336 1,706,178 826,774 1,503,565 4,958,138 Weekly changes + 6,400 - 8,381 - 815 + 91 + 48 + 58 - 2,597 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 19 5,451 38,105 2,436,151 2,479,726 Weekly changes 0 - 1 - 3 - 149 - 1,007 - 13,574 - 14,734 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,566 ... ... 9,566 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 53 336 0 0 ... ... 389 Repurchase agreements8 2 0 ... ... ... ... 2 Central bank liquidity swaps9 238 0 0 0 0 0 238 Reverse repurchase agreements8 1,755,109 0 ... ... ... ... 1,755,109 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 27, 2023 Mortgage-backed securities held outright1 2,479,726 Residential mortgage-backed securities 2,471,407 Commercial mortgage-backed securities 8,320 Commitments to buy mortgage-backed securities2 75 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 27, 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 8,663 10,688 19,352 Municipal Liquidity Facility LLC 2,907 2,907 2,722 5,629 TALF II LLC 394 389 831 1,220 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 27, 2023 Sep 20, 2023 Sep 28, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,468 + 15 + 246 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,898,965 - 21,008 - 791,403 Securities held outright1 7,440,211 - 17,330 - 932,142 U.S. Treasury securities 4,958,138 - 2,597 - 713,710 Bills2 244,137 - 2,809 - 68,597 Notes and bonds, nominal2 4,237,898 0 - 645,390 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 Inflation compensation3 110,722 + 212 + 10,657 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,479,726 - 14,734 - 218,432 Unamortized premiums on securities held outright5 287,252 - 898 - 36,784 Unamortized discounts on securities held outright5 -26,560 + 261 + 20 Repurchase agreements6 2 + 2 + 1 Loans7 198,060 - 3,042 + 177,502 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,352 + 26 - 6,352 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,629 + 3 + 66 Net portfolio holdings of TALF II LLC8 1,220 + 1 - 929 Items in process of collection (0) 58 0 - 13 Bank premises 442 + 3 - 178 Central bank liquidity swaps9 238 - 9 + 22 Foreign currency denominated assets10 17,731 - 293 + 838 Other assets11 40,725 - 765 + 4,200 Total assets (0) 8,002,064 - 22,026 - 793,503 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 27, 2023 Sep 20, 2023 Sep 28, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,273,406 - 1,168 + 44,757 Reverse repurchase agreements12 1,755,109 - 49,598 - 883,180 Deposits (0) 4,013,986 + 34,819 + 149,242 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,168,502 + 24,090 + 185,294 U.S. Treasury, General Account 672,142 + 10,425 + 10,222 Foreign official 9,687 - 1 + 2,251 Other13 (0) 163,655 + 305 - 48,525 Deferred availability cash items (0) 487 + 225 - 287 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -97,013 - 6,305 - 100,337 Total liabilities (0) 7,959,334 - 22,026 - 794,386 Capital accounts Capital paid in 35,945 0 + 883 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,730 0 + 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 27, 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 1,468 44 46 132 59 192 112 258 32 48 99 183 261 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,898,965 152,987 4,326,267 129,219 240,247 542,314 528,888 485,836 122,625 59,778 108,437 388,567 813,801 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,352 19,352 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,629 0 5,629 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,220 0 1,220 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 238 10 85 9 22 48 7 8 5 2 3 5 34 Foreign currency denominated assets4 17,731 763 6,309 637 1,672 3,590 532 617 399 112 188 374 2,537 Other assets5 41,225 891 18,770 727 1,211 2,984 3,888 2,308 765 554 933 2,049 6,145 Interdistrict settlement account 0- 5,148- 105,480- 9,199+ 42,028+ 195,190- 4,620- 54,718- 7,044- 2,694- 14,263- 42,470 + 8,420 Total assets 8,002,064 169,456 4,258,019 122,049 285,991 745,505 531,094 435,415 117,260 58,064 95,849 349,998 833,363 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 27, 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 2,273,406 79,252 722,808 53,041 111,794 166,156 353,035 124,720 72,568 34,250 48,781 189,644 317,358 Reverse repurchase agreements6 1,755,109 33,908 980,141 28,927 53,935 122,137 118,898 109,407 26,255 11,900 22,692 85,574 161,334 Deposits 4,013,986 45,709 2,602,028 39,374 119,105 462,915 56,954 206,903 17,473 11,726 24,151 75,220 352,428 Depository institutions 3,168,502 45,647 1,865,713 39,372 119,071 462,579 56,926 98,537 17,461 11,617 24,120 75,059 352,400 U.S. Treasury, General Account 672,142 0 672,142 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,661 1 4 8 1 1 1 0 0 1 6 Other7 163,655 60 54,512 0 30 329 27 108,365 11 109 30 160 22 Earnings remittances due to the U.S. Treasury8 -105,146 -1,984 -68,923 -978 -3,598 -15,293 -12 -8,108 -134 -196 -419 -1,671 -3,829 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 8,621 1,079 3,420 173 281 1,103 801 461 134 114 180 229 645 Total liabilities 7,959,334 167,648 4,243,147 120,536 281,517 737,018 529,676 433,384 116,296 57,795 95,384 348,995 827,936 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 8,002,064 169,456 4,258,019 122,049 285,991 745,505 531,094 435,415 117,260 58,064 95,849 349,998 833,363 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 27, 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 27, 2023 Federal Reserve notes outstanding 2,693,900 Less: Notes held by F.R. Banks not subject to collateralization 420,494 Federal Reserve notes to be collateralized 2,273,406 Collateral held against Federal Reserve notes 2,273,406 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,169 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,440,213 Less: Face value of securities under reverse repurchase agreements 2,033,218 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,406,995 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.