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 October 12, 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 Oct 11, 2023 Federal Reserve Banks Oct 11, 2023 Oct 4, 2023 Oct 12, 2022 Reserve Bank credit 7,914,740 - 29,791 - 810,137 7,916,298 Securities held outright1 7,410,631 - 14,716 - 920,306 7,410,580 U.S. Treasury securities 4,928,558 - 14,716 - 701,874 4,928,507 Bills2 236,354 - 2,386 - 68,878 236,160 Notes and bonds, nominal2 4,215,416 - 12,847 - 634,016 4,215,416 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380 Inflation compensation3 111,407 + 517 + 11,399 111,550 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,479,726 0 - 218,432 2,479,726 Unamortized premiums on securities held outright5 286,393 - 551 - 36,560 286,240 Unamortized discounts on securities held outright5 -26,585 - 76 + 202 -26,511 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 173,914 - 16,767 + 153,131 174,564 Primary credit 2,626 - 865 - 4,764 2,580 Secondary credit 0 0 0 0 Seasonal credit 67 - 11 + 24 66 Paycheck Protection Program Liquidity Facility 4,793 - 176 - 8,556 4,777 Bank Term Funding Program 108,019 + 278 + 108,019 108,884 Other credit extensions7 58,409 - 15,993 + 58,409 58,257 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,390 + 20 - 6,335 19,409 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,632 + 2 + 66 5,635 Net portfolio holdings of TALF II LLC8 1,220 + 1 - 916 1,221 Float -198 + 212 - 55 -251 Central bank liquidity swaps9 230 + 1 - 3,077 230 Other Federal Reserve assets10 44,112 + 2,082 + 3,712 45,181 Foreign currency denominated assets11 17,730 - 64 + 796 17,751 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,448 + 14 + 479 52,448 Total factors supplying reserve funds 8,001,159 - 29,841 - 808,862 8,002,738 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 Oct 11, 2023 Federal Reserve Banks Oct 11, 2023 Oct 4, 2023 Oct 12, 2022 Currency in circulation12 2,328,106 + 3,957 + 40,765 2,328,017 Reverse repurchase agreements13 1,555,109 - 202,769 - 998,199 1,529,752 Foreign official and international accounts 289,281 - 13,982 - 33,986 290,370 Others 1,265,828 - 188,787 - 964,213 1,239,382 Treasury cash holdings 348 + 8 + 250 358 Deposits with F.R. Banks, other than reserve balances 873,589 + 30,592 + 53,683 873,644 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 709,160 + 41,151 + 100,858 713,000 Foreign official 9,687 - 1 + 2,035 9,688 Other14 154,743 - 10,557 - 49,209 150,956 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -58,297 - 4,855 - 101,813 -58,041 Total factors, other than reserve balances, absorbing reserve funds 4,712,214 - 173,066 -1,009,895 4,687,088 Reserve balances with Federal Reserve Banks 3,288,945 + 143,225 + 201,033 3,315,650 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 Oct 11, 2023 Oct 11, 2023 Oct 4, 2023 Oct 12, 2022 Securities held in custody for foreign official and international accounts 3,425,256 + 896 + 100,029 3,426,922 Marketable U.S. Treasury securities1 2,993,110 + 1,405 + 74,409 2,994,863 Federal agency debt and mortgage-backed securities2 349,586 + 9 + 27,432 349,586 Other securities3 82,560 - 517 - 1,812 82,472 Securities lent to dealers 38,408 - 424 - 5,001 36,831 Overnight facility4 38,408 - 424 - 5,001 36,831 U.S. Treasury securities 38,408 - 424 - 4,992 36,831 Federal agency debt securities 0 0 - 9 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, October 11, 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 59,655 5,001 105,135 4,773 0 ... 174,564 U.S. Treasury securities2 Holdings 48,629 264,135 602,710 1,690,875 818,366 1,503,793 4,928,507 Weekly changes - 5,130 - 362 + 3,149 + 203 + 108 + 129 - 1,903 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 5,745 37,845 2,436,114 2,479,726 Weekly changes 0 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,366 ... ... 9,366 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 0 285 0 0 ... ... 285 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 230 0 0 0 0 0 230 Reverse repurchase agreements8 1,529,752 0 ... ... ... ... 1,529,752 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 Oct 11, 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 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 Oct 11, 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 8,463 10,946 19,409 Municipal Liquidity Facility LLC 2,907 2,907 2,728 5,635 TALF II LLC 393 285 936 1,221 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 Oct 11, 2023 Oct 4, 2023 Oct 12, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,462 - 8 + 254 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,844,873 - 7,012 - 801,557 Securities held outright1 7,410,580 - 1,903 - 919,766 U.S. Treasury securities 4,928,507 - 1,903 - 701,334 Bills2 236,160 - 2,373 - 68,492 Notes and bonds, nominal2 4,215,416 0 - 634,016 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 Inflation compensation3 111,550 + 469 + 11,554 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,479,726 0 - 218,432 Unamortized premiums on securities held outright5 286,240 - 480 - 36,518 Unamortized discounts on securities held outright5 -26,511 - 109 + 230 Repurchase agreements6 0 0 0 Loans7 174,564 - 4,520 + 154,497 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,409 + 22 - 6,333 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,635 + 3 + 68 Net portfolio holdings of TALF II LLC8 1,221 + 1 - 916 Items in process of collection (0) 55 - 8 - 73 Bank premises 434 + 2 - 192 Central bank liquidity swaps9 230 + 1 - 3,077 Foreign currency denominated assets10 17,751 + 47 + 964 Other assets11 44,748 + 3,224 + 3,949 Total assets (0) 7,952,054 - 3,728 - 806,915 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 Oct 11, 2023 Oct 4, 2023 Oct 12, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,277,385 + 1,582 + 39,607 Reverse repurchase agreements12 1,529,752 - 102,263 -1,050,595 Deposits (0) 4,189,294 + 102,266 + 310,110 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,315,650 + 74,943 + 225,342 U.S. Treasury, General Account 713,000 + 34,041 + 129,487 Foreign official 9,688 0 + 2,253 Other13 (0) 150,956 - 6,718 - 46,972 Deferred availability cash items (0) 306 - 352 - 16 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -100,772 - 4,960 - 102,300 Total liabilities (0) 7,909,324 - 3,727 - 807,774 Capital accounts Capital paid in 35,946 0 + 860 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,731 0 + 860 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, October 11, 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 1,462 47 45 132 57 190 109 256 31 48 100 182 265 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,844,873 152,420 4,290,548 128,702 239,078 540,616 526,724 483,951 122,184 59,546 107,956 386,955 806,193 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,409 19,409 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,635 0 5,635 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,221 0 1,221 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 17,751 764 6,317 638 1,674 3,594 532 618 400 112 188 374 2,540 Other assets5 45,236 986 20,652 800 1,345 3,299 4,184 2,588 862 624 1,018 2,281 6,596 Interdistrict settlement account 0- 2,387- 83,032- 13,941+ 55,273+ 200,948- 18,129- 83,232- 10,635- 3,340- 13,982- 51,275 + 23,733 Total assets 7,952,054 171,806 4,246,642 116,864 298,200 749,881 515,715 405,292 113,326 57,256 95,734 339,813 841,525 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, October 11, 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 2,277,385 78,917 724,254 52,827 111,826 166,120 353,958 124,976 72,498 34,320 49,076 189,099 319,513 Reverse repurchase agreements6 1,529,752 29,555 854,290 25,212 47,010 106,455 103,632 95,359 22,884 10,372 19,778 74,586 140,619 Deposits 4,189,294 52,775 2,717,247 38,168 138,421 483,755 56,078 190,826 16,963 12,375 26,666 76,569 379,450 Depository institutions 3,315,650 52,716 1,941,374 38,166 138,387 482,802 56,050 94,466 16,948 12,319 26,636 76,370 379,416 U.S. Treasury, General Account 713,000 0 713,000 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 150,956 58 53,211 0 30 944 27 96,358 14 56 30 199 29 Earnings remittances due to the U.S. Treasury8 -109,090 -2,072 -71,201 -1,029 -3,836 -16,057 45 -8,354 -119 -198 -429 -1,680 -4,161 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 8,624 1,139 3,504 173 305 1,121 584 454 136 117 178 237 676 Total liabilities 7,909,324 169,999 4,231,769 115,351 293,726 741,394 514,297 403,262 112,362 56,987 95,270 338,810 836,098 Capital Capital paid in 35,946 1,516 12,460 1,269 3,834 7,113 1,215 1,794 811 226 393 859 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 7,952,054 171,806 4,246,642 116,864 298,200 749,881 515,715 405,292 113,326 57,256 95,734 339,813 841,525 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, October 11, 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 Oct 11, 2023 Federal Reserve notes outstanding 2,693,381 Less: Notes held by F.R. Banks not subject to collateralization 415,996 Federal Reserve notes to be collateralized 2,277,385 Collateral held against Federal Reserve notes 2,277,385 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,261,148 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,410,580 Less: Face value of securities under reverse repurchase agreements 1,749,706 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,660,875 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.