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 16, 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 15, 2023 Federal Reserve Banks Nov 15, 2023 Nov 8, 2023 Nov 16, 2022 Reserve Bank credit 7,819,445 - 2,584 - 809,653 7,779,099 Securities held outright1 7,333,947 - 4,114 - 910,305 7,307,897 U.S. Treasury securities 4,868,669 - 4,138 - 695,180 4,842,619 Bills2 231,266 0 - 64,793 231,266 Notes and bonds, nominal2 4,158,603 - 4,421 - 633,032 4,132,451 Notes and bonds, inflation-indexed2 365,405 + 3 - 10,381 365,405 Inflation compensation3 113,395 + 279 + 13,026 113,497 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,462,932 + 25 - 215,124 2,462,931 Unamortized premiums on securities held outright5 283,416 - 501 - 35,674 283,220 Unamortized discounts on securities held outright5 -26,612 + 24 + 574 -26,526 Repurchase agreements6 14 + 13 + 13 76 Foreign official 0 0 0 0 Others 14 + 13 + 13 76 Loans 154,248 + 1,223 + 137,136 154,584 Primary credit 2,241 - 130 - 2,085 2,241 Secondary credit 0 0 0 0 Seasonal credit 27 - 8 + 7 26 Paycheck Protection Program Liquidity Facility 4,162 - 126 - 8,604 4,146 Bank Term Funding Program 112,590 + 1,491 + 112,590 112,942 Other credit extensions7 35,229 - 4 + 35,229 35,229 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 19,115 - 32 - 6,409 18,807 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,647 + 3 + 70 5,649 Net portfolio holdings of TALF II LLC8 1,021 + 2 - 1,084 1,021 Float -166 + 23 + 14 -197 Central bank liquidity swaps9 287 + 51 + 85 287 Other Federal Reserve assets10 48,527 + 724 + 5,925 34,281 Foreign currency denominated assets11 17,815 - 40 + 145 17,955 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,518 + 14 + 512 52,518 Total factors supplying reserve funds 7,906,018 - 2,611 - 808,997 7,865,813 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 15, 2023 Federal Reserve Banks Nov 15, 2023 Nov 8, 2023 Nov 16, 2022 Currency in circulation12 2,325,930 + 284 + 31,896 2,327,100 Reverse repurchase agreements13 1,330,683 - 30,903 -1,196,339 1,267,973 Foreign official and international accounts 324,357 + 14,830 - 37,950 323,732 Others 1,006,326 - 45,734 -1,158,389 944,241 Treasury cash holdings 387 + 10 + 287 392 Deposits with F.R. Banks, other than reserve balances 908,144 - 36,591 + 202,032 837,304 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 738,562 - 34,124 + 235,580 669,976 Foreign official 9,689 - 36 + 2,253 9,689 Other14 159,892 - 2,431 - 35,802 157,638 Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358 Other liabilities and capital16 -64,197 + 1,784 - 105,728 -63,638 Total factors, other than reserve balances, absorbing reserve funds 4,514,305 - 65,416 -1,072,433 4,382,488 Reserve balances with Federal Reserve Banks 3,391,713 + 62,805 + 263,436 3,483,325 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 15, 2023 Nov 15, 2023 Nov 8, 2023 Nov 16, 2022 Securities held in custody for foreign official and international accounts 3,430,575 - 1,224 + 122,315 3,416,304 Marketable U.S. Treasury securities1 2,994,714 - 846 + 100,923 2,979,508 Federal agency debt and mortgage-backed securities2 353,327 - 514 + 23,061 353,087 Other securities3 82,533 + 135 - 1,670 83,709 Securities lent to dealers 36,622 + 2,033 - 5,683 37,265 Overnight facility4 36,622 + 2,033 - 5,683 37,265 U.S. Treasury securities 36,622 + 2,033 - 5,681 37,265 Federal agency debt securities 0 0 - 2 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 15, 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 38,040 2,741 109,661 4,142 0 ... 154,584 U.S. Treasury securities2 Holdings 74,094 201,695 580,574 1,696,601 784,028 1,505,626 4,842,619 Weekly changes + 12,507 - 45,086 - 51 + 24,939 - 23,900 + 1,294 - 30,295 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 2,420,128 2,462,931 Weekly changes 0 0 0 0 0 + 24 + 24 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 9,048 ... ... 9,048 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 0 145 0 0 ... ... 145 Repurchase agreements8 76 0 ... ... ... ... 76 Central bank liquidity swaps9 287 0 0 0 0 0 287 Reverse repurchase agreements8 1,267,973 0 ... ... ... ... 1,267,973 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 15, 2023 Mortgage-backed securities held outright1 2,462,931 Residential mortgage-backed securities 2,454,642 Commercial mortgage-backed securities 8,289 Commitments to buy mortgage-backed securities2 76 Commitments to sell mortgage-backed securities2 15 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 15, 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) 7,948 8,271 10,536 18,807 Municipal Liquidity Facility LLC 2,907 2,907 2,742 5,649 TALF II LLC 200 145 877 1,021 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 15, 2023 Nov 8, 2023 Nov 16, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,441 - 10 + 254 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,719,251 - 30,788 - 807,162 Securities held outright1 7,307,897 - 30,271 - 906,382 U.S. Treasury securities 4,842,619 - 30,295 - 692,432 Bills2 231,266 0 - 64,793 Notes and bonds, nominal2 4,132,451 - 30,573 - 630,313 Notes and bonds, inflation-indexed2 365,405 0 - 10,381 Inflation compensation3 113,497 + 278 + 13,055 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,462,931 + 24 - 213,950 Unamortized premiums on securities held outright5 283,220 - 531 - 35,643 Unamortized discounts on securities held outright5 -26,526 + 21 + 730 Repurchase agreements6 76 + 76 + 66 Loans7 154,584 - 83 + 134,067 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 18,807 - 360 - 6,384 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,649 + 3 + 70 Net portfolio holdings of TALF II LLC8 1,021 + 1 - 1,085 Items in process of collection (0) 61 - 12 - 52 Bank premises 433 + 3 - 178 Central bank liquidity swaps9 287 + 51 + 85 Foreign currency denominated assets10 17,955 + 143 + 74 Other assets11 33,848 - 14,732 + 3,746 Total assets (0) 7,814,991 - 45,700 - 810,629 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 15, 2023 Nov 8, 2023 Nov 16, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,276,410 + 799 + 33,119 Reverse repurchase agreements12 1,267,973 - 75,884 -1,208,118 Deposits (0) 4,320,629 + 27,510 + 474,150 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,483,325 + 122,897 + 306,526 U.S. Treasury, General Account 669,976 - 93,483 + 197,791 Foreign official 9,689 + 2 + 2,253 Other13 (0) 157,638 - 1,907 - 32,422 Deferred availability cash items (0) 258 - 22 - 11 Treasury contributions to credit facilities14 13,358 0 - 4,582 Other liabilities and accrued dividends15 -106,414 + 1,896 - 106,378 Total liabilities (0) 7,772,215 - 45,700 - 811,820 Capital accounts Capital paid in 35,991 0 + 1,190 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,776 0 + 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 15, 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 1,441 56 40 131 53 181 110 256 28 48 98 179 261 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,719,251 150,541 4,231,859 127,072 235,453 533,885 519,787 477,220 120,482 58,840 106,205 382,175 775,732 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 18,807 18,807 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,649 0 5,649 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 1,021 0 1,021 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 287 12 102 10 27 58 9 10 6 2 3 6 41 Foreign currency denominated assets4 17,955 773 6,389 645 1,693 3,635 538 625 404 113 191 379 2,569 Other assets5 34,342 789 14,707 633 1,005 2,541 3,487 1,924 889 521 869 1,804 5,174 Interdistrict settlement account 0+ 12,374- 100,713- 13,887+ 52,809+ 210,863- 27,882- 77,995- 10,442- 4,103- 15,277- 57,224 + 31,477 Total assets 7,814,991 183,909 4,164,230 115,130 291,792 752,351 498,335 403,144 111,846 55,686 92,541 328,607 817,419 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 15, 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 2,276,410 78,508 734,923 50,964 110,492 162,218 353,040 123,828 72,469 32,985 48,002 188,561 320,420 Reverse repurchase agreements6 1,267,973 24,497 708,100 20,898 38,965 88,238 85,898 79,041 18,968 8,597 16,394 61,823 116,556 Deposits 4,320,629 70,264 2,773,903 42,640 141,702 509,882 57,348 206,462 19,357 13,897 27,914 78,527 378,732 Depository institutions 3,483,325 70,209 2,040,643 42,639 141,667 509,298 57,320 103,470 19,337 13,780 27,884 78,379 378,699 U.S. Treasury, General Account 669,976 0 669,976 0 0 0 0 0 0 0 0 0 0 Foreign official 9,689 2 9,664 1 4 8 1 1 1 0 0 1 6 Other7 157,638 53 53,620 0 31 576 27 102,990 19 117 30 147 28 Earnings remittances due to the U.S. Treasury8 -118,699 -2,224 -76,977 -1,111 -4,322 -18,002 69 -8,882 -75 -197 -448 -1,635 -4,896 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 12,543 1,382 5,724 226 478 1,523 596 690 162 135 214 321 1,092 Total liabilities 7,772,215 182,112 4,149,347 113,616 287,315 743,858 496,950 401,140 110,881 55,417 92,076 327,597 811,905 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 7,814,991 183,909 4,164,230 115,130 291,792 752,351 498,335 403,144 111,846 55,686 92,541 328,607 817,419 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 15, 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 15, 2023 Federal Reserve notes outstanding 2,700,097 Less: Notes held by F.R. Banks not subject to collateralization 423,687 Federal Reserve notes to be collateralized 2,276,410 Collateral held against Federal Reserve notes 2,276,410 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,260,173 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,307,973 Less: Face value of securities under reverse repurchase agreements 1,408,232 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,899,741 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.