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 19, 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 18, 2023 Federal Reserve Banks Oct 18, 2023 Oct 11, 2023 Oct 19, 2022 Reserve Bank credit 7,905,284 - 9,456 - 815,441 7,897,530 Securities held outright1 7,403,451 - 7,180 - 919,586 7,395,456 U.S. Treasury securities 4,921,410 - 7,148 - 699,687 4,913,457 Bills2 234,719 - 1,635 - 67,541 234,531 Notes and bonds, nominal2 4,209,463 - 5,953 - 633,641 4,201,526 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380 Inflation compensation3 111,847 + 440 + 11,875 112,020 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,479,694 - 32 - 219,899 2,479,652 Unamortized premiums on securities held outright5 285,909 - 484 - 36,407 285,717 Unamortized discounts on securities held outright5 -26,512 + 73 + 299 -26,422 Repurchase agreements6 0 0 - 1 0 Foreign official 0 0 0 0 Others 0 0 - 1 0 Loans 169,616 - 4,298 + 149,910 169,618 Primary credit 2,720 + 94 - 3,647 2,962 Secondary credit 0 0 0 0 Seasonal credit 55 - 12 + 28 48 Paycheck Protection Program Liquidity Facility 4,663 - 130 - 8,649 4,633 Bank Term Funding Program 108,818 + 799 + 108,818 108,818 Other credit extensions7 53,360 - 5,049 + 53,360 53,156 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,235 - 155 - 6,272 19,011 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,635 + 3 + 67 5,638 Net portfolio holdings of TALF II LLC8 1,221 + 1 - 916 1,222 Float -164 + 34 - 40 -235 Central bank liquidity swaps9 231 + 1 - 6,251 231 Other Federal Reserve assets10 46,661 + 2,549 + 3,755 47,295 Foreign currency denominated assets11 17,639 - 91 + 831 17,632 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,462 + 14 + 485 52,462 Total factors supplying reserve funds 7,991,626 - 9,533 - 814,125 7,983,866 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 18, 2023 Federal Reserve Banks Oct 18, 2023 Oct 11, 2023 Oct 19, 2022 Currency in circulation12 2,325,165 - 2,941 + 39,407 2,324,467 Reverse repurchase agreements13 1,434,124 - 120,985 -1,116,800 1,448,928 Foreign official and international accounts 297,713 + 8,432 - 31,623 298,147 Others 1,136,411 - 129,417 -1,085,177 1,150,781 Treasury cash holdings 359 + 11 + 256 366 Deposits with F.R. Banks, other than reserve balances 921,547 + 47,958 + 106,921 1,002,778 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 759,878 + 50,718 + 152,679 841,103 Foreign official 9,688 + 1 + 2,252 9,688 Other14 151,981 - 2,762 - 48,011 151,986 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -56,808 + 1,489 - 101,164 -56,261 Total factors, other than reserve balances, absorbing reserve funds 4,637,744 - 74,470 -1,075,963 4,733,636 Reserve balances with Federal Reserve Banks 3,353,881 + 64,936 + 261,837 3,250,230 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 18, 2023 Oct 18, 2023 Oct 11, 2023 Oct 19, 2022 Securities held in custody for foreign official and international accounts 3,433,271 + 8,015 + 98,035 3,427,084 Marketable U.S. Treasury securities1 2,997,656 + 4,546 + 72,825 2,991,511 Federal agency debt and mortgage-backed securities2 353,175 + 3,589 + 27,032 353,128 Other securities3 82,440 - 120 - 1,822 82,446 Securities lent to dealers 38,906 + 498 - 3,421 38,194 Overnight facility4 38,906 + 498 - 3,421 38,194 U.S. Treasury securities 38,906 + 498 - 3,421 38,194 Federal agency debt securities 0 0 0 0 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6. 2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. 3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. 4. Face value. Fully collateralized by U.S. Treasury securities.

H.4.1 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, October 18, 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 56,882 3,098 105,009 4,629 0 ... 169,618 U.S. Treasury securities2 Holdings 83,503 240,051 584,932 1,682,577 818,473 1,503,922 4,913,457 Weekly changes + 34,874 - 24,084 - 17,778 - 8,298 + 107 + 129 - 15,050 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 2,436,039 2,479,652 Weekly changes 0 0 0 0 0 - 75 - 74 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,285 ... ... 9,285 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 0 200 0 0 ... ... 200 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 231 0 0 0 0 0 231 Reverse repurchase agreements8 1,448,928 0 ... ... ... ... 1,448,928 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 18, 2023 Mortgage-backed securities held outright1 2,479,652 Residential mortgage-backed securities 2,471,339 Commercial mortgage-backed securities 8,312 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 18, 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) 8,329 8,382 10,629 19,011 Municipal Liquidity Facility LLC 2,907 2,907 2,730 5,638 TALF II LLC 393 200 1,022 1,222 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 18, 2023 Oct 11, 2023 Oct 19, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,456 - 6 + 251 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,824,370 - 20,503 - 802,592 Securities held outright1 7,395,456 - 15,124 - 917,494 U.S. Treasury securities 4,913,457 - 15,050 - 698,496 Bills2 234,531 - 1,629 - 67,036 Notes and bonds, nominal2 4,201,526 - 13,890 - 633,141 Notes and bonds, inflation-indexed2 365,380 0 - 10,381 Inflation compensation3 112,020 + 470 + 12,062 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,479,652 - 74 - 218,999 Unamortized premiums on securities held outright5 285,717 - 523 - 36,327 Unamortized discounts on securities held outright5 -26,422 + 89 + 334 Repurchase agreements6 0 0 - 10 Loans7 169,618 - 4,946 + 150,905 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,011 - 398 - 6,192 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,638 + 3 + 68 Net portfolio holdings of TALF II LLC8 1,222 + 1 - 916 Items in process of collection (0) 70 + 15 - 39 Bank premises 438 + 4 - 201 Central bank liquidity swaps9 231 + 1 - 6,251 Foreign currency denominated assets10 17,632 - 119 + 873 Other assets11 46,857 + 2,109 + 4,238 Total assets (0) 7,933,162 - 18,892 - 810,760 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 18, 2023 Oct 11, 2023 Oct 19, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,273,823 - 3,562 + 39,621 Reverse repurchase agreements12 1,448,928 - 80,824 -1,122,731 Deposits (0) 4,253,007 + 63,713 + 377,285 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,250,230 - 65,420 + 209,452 U.S. Treasury, General Account 841,103 + 128,103 + 200,490 Foreign official 9,688 0 + 2,253 Other13 (0) 151,986 + 1,030 - 34,910 Deferred availability cash items (0) 306 0 + 59 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -98,994 + 1,778 - 101,273 Total liabilities (0) 7,890,429 - 18,895 - 811,621 Capital accounts Capital paid in 35,948 + 2 + 861 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,733 + 2 + 861 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 18, 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 1,456 49 45 131 52 189 113 254 30 47 100 182 265 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,824,370 152,111 4,281,815 128,479 238,488 539,550 525,682 483,012 122,120 59,487 107,261 386,181 800,183 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,011 19,011 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,638 0 5,638 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,222 0 1,222 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 231 10 82 8 22 47 7 8 5 1 2 5 33 Foreign currency denominated assets4 17,632 759 6,275 633 1,663 3,570 529 614 397 111 187 372 2,523 Other assets5 47,365 1,031 21,863 838 1,420 3,462 4,354 2,728 901 610 1,039 2,398 6,720 Interdistrict settlement account 0- 2,874- 5,737- 17,170+ 35,003+ 195,257- 23,712- 86,632- 11,606- 4,538- 16,047- 55,847 - 6,098 Total assets 7,933,162 170,654 4,316,376 113,445 277,400 743,262 509,259 401,088 112,327 55,983 92,996 334,580 805,792 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 18, 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 2,273,823 78,772 725,947 52,356 111,258 165,403 353,249 124,481 72,395 34,152 48,750 188,568 318,491 Reverse repurchase agreements6 1,448,928 27,993 809,154 23,880 44,526 100,830 98,156 90,321 21,675 9,824 18,733 70,645 133,189 Deposits 4,253,007 53,282 2,829,406 36,523 120,619 483,515 55,682 192,036 17,247 11,804 25,275 75,706 351,911 Depository institutions 3,250,230 53,222 1,924,431 36,522 120,561 482,836 55,575 95,546 17,232 11,639 25,240 75,555 351,870 U.S. Treasury, General Account 841,103 0 841,103 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 151,986 58 54,210 0 54 671 106 96,489 14 165 34 150 35 Earnings remittances due to the U.S. Treasury8 -110,926 -2,111 -72,322 -1,044 -3,928 -16,454 70 -8,437 -109 -196 -435 -1,662 -4,298 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 12,238 1,226 5,643 216 452 1,480 684 657 155 129 208 319 1,071 Total liabilities 7,890,429 168,846 4,301,503 111,932 272,926 734,775 507,841 399,057 111,363 55,714 92,531 333,576 800,365 Capital Capital paid in 35,948 1,516 12,460 1,269 3,834 7,113 1,215 1,795 811 226 393 861 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 7,933,162 170,654 4,316,376 113,445 277,400 743,262 509,259 401,088 112,327 55,983 92,996 334,580 805,792 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 18, 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 18, 2023 Federal Reserve notes outstanding 2,692,409 Less: Notes held by F.R. Banks not subject to collateralization 418,586 Federal Reserve notes to be collateralized 2,273,823 Collateral held against Federal Reserve notes 2,273,823 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,586 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,395,456 Less: Face value of securities under reverse repurchase agreements 1,697,988 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,697,468 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.