H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time November 24, 2023 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 17, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 24, 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 22, 2023 Federal Reserve Banks Nov 22, 2023 Nov 15, 2023 Nov 23, 2022 Reserve Bank credit 7,775,692 - 43,753 - 812,119 7,774,682 Securities held outright1 7,306,647 - 27,300 - 905,731 7,304,878 U.S. Treasury securities 4,842,800 - 25,869 - 692,406 4,842,936 Bills2 231,266 0 - 64,793 231,266 Notes and bonds, nominal2 4,132,451 - 26,152 - 630,313 4,132,451 Notes and bonds, inflation-indexed2 365,405 0 - 10,381 365,405 Inflation compensation3 113,678 + 283 + 13,080 113,814 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,461,499 - 1,433 - 213,326 2,459,595 Unamortized premiums on securities held outright5 282,824 - 592 - 35,546 282,499 Unamortized discounts on securities held outright5 -26,622 - 10 + 713 -26,497 Repurchase agreements6 0 - 14 0 0 Foreign official 0 0 0 0 Others 0 - 14 0 0 Loans 154,039 - 209 + 132,682 154,467 Primary credit 2,190 - 51 - 6,555 2,442 Secondary credit 0 0 0 0 Seasonal credit 21 - 6 + 1 22 Paycheck Protection Program Liquidity Facility 4,082 - 80 - 8,511 4,029 Bank Term Funding Program 113,602 + 1,012 + 113,602 114,099 Other credit extensions7 34,144 - 1,085 + 34,144 33,875 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,885 - 2,230 - 6,219 16,577 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,598 - 49 + 43 5,601 Net portfolio holdings of TALF II LLC8 381 - 640 - 1,613 382 Float -207 - 41 - 12 -353 Central bank liquidity swaps9 237 - 50 + 35 237 Other Federal Reserve assets10 35,910 - 12,617 + 3,529 36,890 Foreign currency denominated assets11 18,067 + 252 + 305 18,039 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,532 + 14 + 520 52,532 Total factors supplying reserve funds 7,862,532 - 43,486 - 811,294 7,861,494 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 22, 2023 Federal Reserve Banks Nov 22, 2023 Nov 15, 2023 Nov 23, 2022 Currency in circulation12 2,328,293 + 2,363 + 34,107 2,331,388 Reverse repurchase agreements13 1,262,351 - 68,332 -1,218,646 1,271,679 Foreign official and international accounts 328,742 + 4,385 - 44,653 340,075 Others 933,609 - 72,717 -1,173,992 931,604 Treasury cash holdings 391 + 4 + 294 390 Deposits with F.R. Banks, other than reserve balances 876,362 - 31,782 + 191,738 861,283 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 706,017 - 32,545 + 226,543 693,007 Foreign official 9,687 - 2 + 2,251 9,685 Other14 160,658 + 766 - 37,056 158,591 Treasury contributions to credit facilities15 10,747 - 2,611 - 4,970 10,311 Other liabilities and capital16 -69,464 - 5,267 - 106,938 -68,620 Total factors, other than reserve balances, absorbing reserve funds 4,408,680 - 105,625 -1,104,416 4,406,431 Reserve balances with Federal Reserve Banks 3,453,853 + 62,140 + 293,123 3,455,063 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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 22, 2023 Nov 22, 2023 Nov 15, 2023 Nov 23, 2022 Securities held in custody for foreign official and international accounts 3,407,664 - 22,911 + 97,316 3,396,509 Marketable U.S. Treasury securities1 2,972,993 - 21,721 + 76,729 2,966,240 Federal agency debt and mortgage-backed securities2 350,997 - 2,330 + 19,756 346,350 Other securities3 83,674 + 1,141 + 831 83,920 Securities lent to dealers 35,241 - 1,381 - 5,947 33,467 Overnight facility4 35,241 - 1,381 - 5,947 33,467 U.S. Treasury securities 35,241 - 1,381 - 5,937 33,467 Federal agency debt securities 0 0 - 10 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 22, 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 36,997 2,688 110,758 4,025 0 ... 154,467 U.S. Treasury securities2 Holdings 65,379 250,158 588,522 1,649,063 784,862 1,504,952 4,842,936 Weekly changes - 8,715 + 48,463 + 7,948 - 47,538 + 834 - 674 + 317 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 4,513 38,255 2,416,807 2,459,595 Weekly changes 0 0 0 - 1,865 + 1,850 - 3,321 - 3,336 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 8,885 ... ... 8,885 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 113 32 0 0 ... ... 145 Repurchase agreements8 0 0 ... ... ... ... 0 Central bank liquidity swaps9 237 0 0 0 0 0 237 Reverse repurchase agreements8 1,271,679 0 ... ... ... ... 1,271,679 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 22, 2023 Mortgage-backed securities held outright1 2,459,595 Residential mortgage-backed securities 2,451,309 Commercial mortgage-backed securities 8,286 Commitments to buy mortgage-backed securities2 14 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 22, 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 8,130 8,447 16,577 Municipal Liquidity Facility LLC 2,907 2,907 2,693 5,601 TALF II LLC 200 145 237 382 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 22, 2023 Nov 15, 2023 Nov 23, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,406 - 35 + 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,715,348 - 3,903 - 806,816 Securities held outright1 7,304,878 - 3,019 - 904,875 U.S. Treasury securities 4,842,936 + 317 - 692,387 Bills2 231,266 0 - 64,793 Notes and bonds, nominal2 4,132,451 0 - 630,313 Notes and bonds, inflation-indexed2 365,405 0 - 10,381 Inflation compensation3 113,814 + 317 + 13,099 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,459,595 - 3,336 - 212,488 Unamortized premiums on securities held outright5 282,499 - 721 - 35,453 Unamortized discounts on securities held outright5 -26,497 + 29 + 741 Repurchase agreements6 0 - 76 0 Loans7 154,467 - 117 + 132,770 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,577 - 2,230 - 6,198 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,601 - 48 + 44 Net portfolio holdings of TALF II LLC8 382 - 639 - 1,613 Items in process of collection (0) 98 + 37 - 10 Bank premises 438 + 5 - 168 Central bank liquidity swaps9 237 - 50 + 35 Foreign currency denominated assets10 18,039 + 84 + 198 Other assets11 36,452 + 2,604 + 3,721 Total assets (0) 7,810,814 - 4,177 - 810,576 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 22, 2023 Nov 15, 2023 Nov 23, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,280,648 + 4,238 + 34,229 Reverse repurchase agreements12 1,271,679 + 3,706 -1,158,525 Deposits (0) 4,316,346 - 4,283 + 425,399 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,455,063 - 28,262 + 286,214 U.S. Treasury, General Account 693,007 + 23,031 + 200,253 Foreign official 9,685 - 4 + 2,250 Other13 (0) 158,591 + 953 - 63,319 Deferred availability cash items (0) 451 + 193 + 3 Treasury contributions to credit facilities14 10,311 - 3,047 - 5,036 Other liabilities and accrued dividends15 -111,396 - 4,982 - 107,835 Total liabilities (0) 7,768,039 - 4,176 - 811,766 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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 22, 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 1,406 53 39 129 49 175 104 254 26 49 96 173 258 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,715,348 150,477 4,229,773 127,162 235,271 533,624 519,794 477,226 120,423 58,714 106,214 382,130 774,539 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 16,577 16,577 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,601 0 5,601 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 382 0 382 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 237 10 84 9 22 48 7 8 5 1 3 5 34 Foreign currency denominated assets4 18,039 776 6,419 648 1,701 3,652 541 628 406 114 191 380 2,581 Other assets5 36,987 841 16,116 678 1,091 2,728 3,692 2,084 932 554 910 1,936 5,427 Interdistrict settlement account 0+ 612- 80,556- 14,917+ 51,299+ 200,174- 25,818- 80,344- 9,945- 2,632- 15,569- 55,678 + 33,372 Total assets 7,810,814 169,904 4,183,034 114,234 290,185 741,589 500,606 400,961 112,326 57,065 92,297 330,237 818,377 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 22, 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 2,280,648 78,607 733,799 50,638 110,679 162,059 354,669 124,160 72,501 33,179 48,257 189,849 322,251 Reverse repurchase agreements6 1,271,679 24,569 710,169 20,959 39,079 88,495 86,149 79,272 19,023 8,623 16,441 62,003 116,896 Deposits 4,316,346 58,390 2,795,528 42,054 140,010 499,852 57,554 204,000 19,753 15,068 27,391 78,738 378,007 Depository institutions 3,455,063 58,334 2,038,441 42,053 139,967 499,375 57,525 100,747 19,732 14,998 27,360 78,559 377,972 U.S. Treasury, General Account 693,007 0 693,007 0 0 0 0 0 0 0 0 0 0 Foreign official 9,685 2 9,660 1 4 8 1 1 1 0 0 1 6 Other7 158,591 54 54,421 0 40 469 27 103,252 20 69 30 179 30 Earnings remittances due to the U.S. Treasury8 -120,406 -2,258 -78,031 -1,122 -4,394 -18,377 75 -8,959 -61 -195 -447 -1,614 -5,023 Treasury contributions to credit facilities9 10,311 7,438 2,873 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 9,460 1,362 3,812 191 333 1,067 775 483 144 122 190 251 731 Total liabilities 7,768,039 168,107 4,168,151 112,720 285,708 733,096 499,221 398,957 111,361 56,797 91,832 329,227 812,863 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 7,810,814 169,904 4,183,034 114,234 290,185 741,589 500,606 400,961 112,326 57,065 92,297 330,237 818,377 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 22, 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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 22, 2023 Federal Reserve notes outstanding 2,704,102 Less: Notes held by F.R. Banks not subject to collateralization 423,454 Federal Reserve notes to be collateralized 2,280,648 Collateral held against Federal Reserve notes 2,280,648 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,264,411 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,304,878 Less: Face value of securities under reverse repurchase agreements 1,400,479 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,904,400 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.