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 November 9, 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 Nov 8, 2023 Federal Reserve Banks Nov 8, 2023 Nov 1, 2023 Nov 9, 2022 Reserve Bank credit 7,822,029 - 38,830 - 820,551 7,824,909 Securities held outright1 7,338,061 - 27,275 - 917,931 7,338,168 U.S. Treasury securities 4,872,807 - 27,275 - 702,313 4,872,914 Bills2 231,266 - 92 - 64,793 231,266 Notes and bonds, nominal2 4,163,024 - 27,537 - 640,160 4,163,024 Notes and bonds, inflation-indexed2 365,402 + 22 - 10,362 365,405 Inflation compensation3 113,116 + 333 + 13,003 113,219 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,462,907 0 - 215,617 2,462,907 Unamortized premiums on securities held outright5 283,917 - 516 - 35,834 283,751 Unamortized discounts on securities held outright5 -26,636 - 300 + 509 -26,547 Repurchase agreements6 1 - 1 + 1 0 Foreign official 0 0 0 0 Others 1 - 1 + 1 0 Loans 153,025 - 11,872 + 136,628 154,667 Primary credit 2,371 - 757 - 1,116 2,229 Secondary credit 0 0 0 0 Seasonal credit 35 - 5 + 18 31 Paycheck Protection Program Liquidity Facility 4,288 - 96 - 8,605 4,244 Bank Term Funding Program 111,099 + 1,798 + 111,099 112,935 Other credit extensions7 35,233 - 12,810 + 35,233 35,229 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,147 + 20 - 6,493 19,167 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,644 + 3 + 70 5,646 Net portfolio holdings of TALF II LLC8 1,019 - 146 - 1,084 1,020 Float -189 + 202 - 47 -207 Central bank liquidity swaps9 236 - 10 + 41 236 Other Federal Reserve assets10 47,803 + 1,064 + 3,589 49,007 Foreign currency denominated assets11 17,855 + 172 + 799 17,812 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,504 + 14 + 505 52,504 Total factors supplying reserve funds 7,908,629 - 38,644 - 819,248 7,911,466 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 Nov 8, 2023 Federal Reserve Banks Nov 8, 2023 Nov 1, 2023 Nov 9, 2022 Currency in circulation12 2,325,646 + 2,205 + 36,818 2,326,282 Reverse repurchase agreements13 1,361,586 - 49,075 -1,223,224 1,343,857 Foreign official and international accounts 309,527 + 1,811 - 43,284 319,406 Others 1,052,060 - 50,885 -1,179,939 1,024,451 Treasury cash holdings 377 + 5 + 278 386 Deposits with F.R. Banks, other than reserve balances 944,735 - 48,179 + 216,011 932,691 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 772,686 - 47,801 + 245,207 763,459 Foreign official 9,725 + 38 + 2,268 9,687 Other14 162,323 - 417 - 31,465 159,545 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -65,981 - 5,291 - 105,571 -65,535 Total factors, other than reserve balances, absorbing reserve funds 4,579,721 - 100,336 -1,080,268 4,551,040 Reserve balances with Federal Reserve Banks 3,328,908 + 61,692 + 261,020 3,360,426 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 Nov 8, 2023 Nov 8, 2023 Nov 1, 2023 Nov 9, 2022 Securities held in custody for foreign official and international accounts 3,431,799 + 10,633 + 111,265 3,431,249 Marketable U.S. Treasury securities1 2,995,560 + 10,857 + 88,670 2,995,298 Federal agency debt and mortgage-backed securities2 353,841 - 39 + 24,664 353,574 Other securities3 82,398 - 186 - 2,068 82,377 Securities lent to dealers 34,589 - 549 - 10,989 36,748 Overnight facility4 34,589 - 549 - 10,989 36,748 U.S. Treasury securities 34,589 - 549 - 10,989 36,748 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, November 8, 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 36,548 3,999 109,880 4,240 0 ... 154,667 U.S. Treasury securities2 Holdings 61,587 246,781 580,625 1,671,662 807,928 1,504,332 4,872,914 Weekly changes - 20,469 + 42,942 - 22,452 + 118 + 65 + 110 + 313 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 19 6,378 36,405 2,420,104 2,462,907 Weekly changes 0 + 1 + 1 + 837 - 774 - 64 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,091 ... ... 9,091 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 0 193 0 0 ... ... 193 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 236 0 0 0 0 0 236 Reverse repurchase agreements8 1,343,857 0 ... ... ... ... 1,343,857 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 Nov 8, 2023 Mortgage-backed securities held outright1 2,462,907 Residential mortgage-backed securities 2,454,618 Commercial mortgage-backed securities 8,289 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 Nov 8, 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 8,314 10,853 19,167 Municipal Liquidity Facility LLC 2,907 2,907 2,739 5,646 TALF II LLC 200 193 828 1,020 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 September 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 Nov 8, 2023 Nov 1, 2023 Nov 9, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,451 - 4 + 255 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,750,039 - 9,002 - 815,135 Securities held outright1 7,338,168 + 313 - 917,936 U.S. Treasury securities 4,872,914 + 313 - 702,318 Bills2 231,266 0 - 64,793 Notes and bonds, nominal2 4,163,024 0 - 640,160 Notes and bonds, inflation-indexed2 365,405 + 25 - 10,381 Inflation compensation3 113,219 + 287 + 13,016 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,462,907 0 - 215,617 Unamortized premiums on securities held outright5 283,751 - 491 - 35,794 Unamortized discounts on securities held outright5 -26,547 - 301 + 540 Repurchase agreements6 0 - 1 - 1 Loans7 154,667 - 8,522 + 138,055 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,167 + 23 - 6,492 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,646 + 3 + 70 Net portfolio holdings of TALF II LLC8 1,020 + 1 - 1,085 Items in process of collection (0) 73 + 6 - 35 Bank premises 430 0 - 207 Central bank liquidity swaps9 236 - 10 + 41 Foreign currency denominated assets10 17,812 + 204 + 618 Other assets11 48,580 + 2,806 + 3,774 Total assets (0) 7,860,691 - 5,973 - 818,195 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 Nov 8, 2023 Nov 1, 2023 Nov 9, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,275,611 + 978 + 33,470 Reverse repurchase agreements12 1,343,857 - 52,658 -1,248,233 Deposits (0) 4,293,119 + 51,105 + 506,465 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,360,428 + 45,798 + 289,198 U.S. Treasury, General Account 763,459 + 10,451 + 246,119 Foreign official 9,687 + 1 + 2,251 Other13 (0) 159,545 - 5,146 - 31,104 Deferred availability cash items (0) 280 - 266 - 23 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -108,310 - 5,173 - 106,483 Total liabilities (0) 7,817,915 - 6,014 - 819,385 Capital accounts Capital paid in 35,991 + 41 + 1,190 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,776 + 41 + 1,190 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, November 8, 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 1,451 53 42 133 52 186 114 255 29 48 99 180 259 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,750,039 150,990 4,249,033 127,590 236,422 535,949 521,761 479,137 120,818 58,991 106,514 383,710 779,124 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 19,167 19,167 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,646 0 5,646 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,020 0 1,020 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 236 10 84 8 22 48 7 8 5 1 3 5 34 Foreign currency denominated assets4 17,812 766 6,339 640 1,680 3,606 534 620 401 113 189 376 2,549 Other assets5 49,083 1,075 22,947 874 1,459 3,561 4,505 2,842 1,105 658 1,056 2,516 6,486 Interdistrict settlement account 0- 3,175- 47,069- 14,189+ 55,572+ 171,220- 25,631- 78,776- 10,283- 3,240- 16,434- 58,787 + 30,793 Total assets 7,860,691 169,443 4,243,217 115,582 295,959 715,757 503,577 405,190 112,554 56,836 91,879 329,290 821,410 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, November 8, 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 2,275,611 78,511 732,650 51,193 110,630 162,827 353,124 124,355 72,450 33,577 48,062 187,590 320,641 Reverse repurchase agreements6 1,343,857 25,963 750,477 22,149 41,297 93,518 91,038 83,771 20,103 9,112 17,375 65,522 123,531 Deposits 4,293,119 54,386 2,813,823 41,643 143,458 467,517 57,414 203,361 18,975 13,953 26,230 76,577 375,780 Depository institutions 3,360,428 54,331 1,985,957 41,642 143,428 467,008 57,376 99,415 18,966 13,885 26,200 76,478 375,743 U.S. Treasury, General Account 763,459 0 763,459 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 159,545 53 54,746 0 27 501 37 103,944 8 68 30 99 32 Earnings remittances due to the U.S. Treasury8 -116,882 -2,206 -75,896 -1,102 -4,234 -17,555 35 -8,776 -97 -201 -440 -1,651 -4,757 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 8,852 1,308 3,606 185 330 957 579 474 158 126 186 241 700 Total liabilities 7,817,915 167,646 4,228,334 114,068 291,482 707,264 502,191 403,186 111,589 56,567 91,414 328,280 815,895 Capital Capital paid in 35,991 1,505 12,469 1,270 3,837 7,118 1,182 1,768 812 226 393 867 4,543 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 7,860,691 169,443 4,243,217 115,582 295,959 715,757 503,577 405,190 112,554 56,836 91,879 329,290 821,410 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, November 8, 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 Nov 8, 2023 Federal Reserve notes outstanding 2,696,609 Less: Notes held by F.R. Banks not subject to collateralization 420,997 Federal Reserve notes to be collateralized 2,275,611 Collateral held against Federal Reserve notes 2,275,611 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,259,375 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,338,168 Less: Face value of securities under reverse repurchase agreements 1,503,180 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,834,988 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.