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 30, 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 29, 2023 Federal Reserve Banks Nov 29, 2023 Nov 22, 2023 Nov 30, 2022 Reserve Bank credit 7,768,816 - 6,876 - 800,219 7,759,408 Securities held outright1 7,299,631 - 7,016 - 896,024 7,292,556 U.S. Treasury securities 4,843,072 + 272 - 689,576 4,843,174 Bills2 231,266 0 - 64,793 231,266 Notes and bonds, nominal2 4,132,451 0 - 627,283 4,132,451 Notes and bonds, inflation-indexed2 365,405 0 - 10,614 365,405 Inflation compensation3 113,950 + 272 + 13,114 114,051 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,454,212 - 7,287 - 206,448 2,447,035 Unamortized premiums on securities held outright5 282,117 - 707 - 35,235 281,760 Unamortized discounts on securities held outright5 -26,548 + 74 + 758 -26,483 Repurchase agreements6 1 + 1 + 1 3 Foreign official 0 0 0 0 Others 1 + 1 + 1 3 Loans 154,317 + 278 + 132,399 153,906 Primary credit 2,557 + 367 - 6,927 2,242 Secondary credit 0 0 0 0 Seasonal credit 22 + 1 + 5 22 Paycheck Protection Program Liquidity Facility 4,004 - 78 - 8,412 3,896 Bank Term Funding Program 113,859 + 257 + 113,859 113,871 Other credit extensions7 33,875 - 269 + 33,875 33,875 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,580 - 305 - 6,198 16,598 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,601 + 3 + 44 5,604 Net portfolio holdings of TALF II LLC8 382 + 1 - 1,611 382 Float -263 - 56 + 53 -807 Central bank liquidity swaps9 234 - 3 + 31 234 Other Federal Reserve assets10 36,763 + 853 + 5,563 35,656 Foreign currency denominated assets11 18,152 + 85 + 261 18,247 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,546 + 14 + 527 52,546 Total factors supplying reserve funds 7,855,754 - 6,778 - 799,431 7,846,442 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 29, 2023 Federal Reserve Banks Nov 29, 2023 Nov 22, 2023 Nov 30, 2022 Currency in circulation12 2,332,466 + 4,173 + 34,518 2,332,634 Reverse repurchase agreements13 1,221,066 - 41,285 -1,200,443 1,254,156 Foreign official and international accounts 337,627 + 8,885 - 27,086 339,969 Others 883,439 - 50,170 -1,173,358 914,187 Treasury cash holdings 391 0 + 294 395 Deposits with F.R. Banks, other than reserve balances 917,592 + 41,230 + 204,766 920,722 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 739,209 + 33,192 + 227,735 753,570 Foreign official 9,690 + 3 + 2,253 9,690 Other14 168,694 + 8,036 - 25,221 157,463 Treasury contributions to credit facilities15 10,311 - 436 - 5,036 10,311 Other liabilities and capital16 -67,653 + 1,811 - 106,117 -67,173 Total factors, other than reserve balances, absorbing reserve funds 4,414,173 + 5,493 -1,072,017 4,451,046 Reserve balances with Federal Reserve Banks 3,441,581 - 12,272 + 272,586 3,395,396 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 29, 2023 Nov 29, 2023 Nov 22, 2023 Nov 30, 2022 Securities held in custody for foreign official and international accounts 3,396,921 - 10,743 + 84,750 3,384,299 Marketable U.S. Treasury securities1 2,966,872 - 6,121 + 66,563 2,954,404 Federal agency debt and mortgage-backed securities2 346,168 - 4,829 + 16,180 345,924 Other securities3 83,880 + 206 + 2,005 83,972 Securities lent to dealers 35,011 - 230 - 3,481 44,801 Overnight facility4 35,011 - 230 - 3,481 44,801 U.S. Treasury securities 35,011 - 230 - 3,466 44,801 Federal agency debt securities 0 0 - 15 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 29, 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 35,741 2,974 111,300 3,892 0 ... 153,906 U.S. Treasury securities2 Holdings 59,566 259,110 585,401 1,649,164 784,916 1,505,017 4,843,174 Weekly changes - 5,813 + 8,952 - 3,121 + 101 + 54 + 65 + 238 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 0 16 4,388 37,532 2,405,099 2,447,035 Weekly changes 0 - 1 - 3 - 125 - 723 - 11,708 - 12,560 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 8,744 ... ... 8,744 Municipal notes held by Municipal Liquidity Facility LLC6 0 2,907 0 0 ... ... 2,907 Loans held by TALF II LLC7 109 30 0 0 ... ... 139 Repurchase agreements8 3 0 ... ... ... ... 3 Central bank liquidity swaps9 234 0 0 0 0 0 234 Reverse repurchase agreements8 1,254,156 0 ... ... ... ... 1,254,156 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 29, 2023 Mortgage-backed securities held outright1 2,447,035 Residential mortgage-backed securities 2,438,765 Commercial mortgage-backed securities 8,269 Commitments to buy mortgage-backed securities2 14 Commitments to sell mortgage-backed securities2 67 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 29, 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 8,027 8,571 16,598 Municipal Liquidity Facility LLC 2,907 2,907 2,696 5,604 TALF II LLC 200 139 243 382 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 29, 2023 Nov 22, 2023 Nov 30, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,394 - 12 + 235 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,701,741 - 13,607 - 787,333 Securities held outright1 7,292,556 - 12,322 - 884,531 U.S. Treasury securities 4,843,174 + 238 - 672,810 Bills2 231,266 0 - 64,793 Notes and bonds, nominal2 4,132,451 0 - 609,102 Notes and bonds, inflation-indexed2 365,405 0 - 12,011 Inflation compensation3 114,051 + 237 + 13,097 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,447,035 - 12,560 - 211,721 Unamortized premiums on securities held outright5 281,760 - 739 - 35,310 Unamortized discounts on securities held outright5 -26,483 + 14 + 931 Repurchase agreements6 3 + 3 + 3 Loans7 153,906 - 561 + 131,574 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,598 + 21 - 6,197 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,604 + 3 + 45 Net portfolio holdings of TALF II LLC8 382 0 - 1,596 Items in process of collection (0) 51 - 47 - 60 Bank premises 432 - 6 - 42 Central bank liquidity swaps9 234 - 3 + 30 Foreign currency denominated assets10 18,247 + 208 + 409 Other assets11 35,224 - 1,228 + 6,075 Total assets (0) 7,796,145 - 14,669 - 788,431 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 29, 2023 Nov 22, 2023 Nov 30, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,281,874 + 1,226 + 34,218 Reverse repurchase agreements12 1,254,156 - 17,523 -1,242,350 Deposits (0) 4,316,119 - 227 + 530,739 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,395,396 - 59,667 + 343,161 U.S. Treasury, General Account 753,570 + 60,563 + 220,779 Foreign official 9,690 + 5 + 2,253 Other13 (0) 157,463 - 1,128 - 35,455 Deferred availability cash items (0) 858 + 407 - 317 Treasury contributions to credit facilities14 10,311 0 - 5,036 Other liabilities and accrued dividends15 -109,949 + 1,447 - 106,875 Total liabilities (0) 7,753,369 - 14,670 - 789,622 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 29, 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 1,394 52 41 130 47 173 99 253 26 50 95 173 256 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,701,741 150,395 4,222,440 126,976 234,927 532,852 518,857 476,629 120,214 58,686 106,023 381,474 772,268 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 16,598 16,598 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,604 0 5,604 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 234 10 83 8 22 47 7 8 5 1 2 5 33 Foreign currency denominated assets4 18,247 785 6,493 656 1,721 3,694 547 635 411 115 194 385 2,611 Other assets5 35,707 813 15,385 659 1,051 2,614 3,577 2,002 916 565 896 1,881 5,348 Interdistrict settlement account 0+ 6,808- 85,982- 21,236+ 55,884+ 215,462- 25,634- 86,279- 9,269- 4,057- 14,769- 60,748 + 29,820 Total assets 7,796,145 176,019 4,169,621 107,718 294,404 756,030 499,740 394,352 112,781 55,625 92,893 324,459 812,502 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 29, 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 2,281,874 78,712 736,198 50,011 110,020 161,990 354,367 123,724 72,617 32,901 47,847 189,995 323,492 Reverse repurchase agreements6 1,254,156 24,230 700,383 20,670 38,541 87,276 84,962 78,180 18,761 8,504 16,215 61,149 115,285 Deposits 4,316,119 64,702 2,788,776 36,431 145,376 515,401 57,772 198,839 20,335 14,011 28,585 73,601 372,291 Depository institutions 3,395,396 64,642 1,971,614 36,429 145,343 514,963 57,747 96,153 20,314 13,902 28,555 73,476 372,259 U.S. Treasury, General Account 753,570 0 753,570 0 0 0 0 0 0 0 0 0 0 Foreign official 9,690 2 9,664 1 4 8 1 1 1 0 0 1 6 Other7 157,463 59 53,928 0 30 431 23 102,685 20 109 30 124 26 Earnings remittances due to the U.S. Treasury8 -122,613 -2,283 -79,376 -1,138 -4,487 -18,784 34 -9,077 -59 -195 -437 -1,618 -5,194 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 13,522 1,421 5,884 231 478 1,654 1,221 683 162 135 218 322 1,113 Total liabilities 7,753,369 174,221 4,154,738 106,204 289,927 747,538 498,354 392,349 111,817 55,356 92,428 323,449 806,987 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 7,796,145 176,019 4,169,621 107,718 294,404 756,030 499,740 394,352 112,781 55,625 92,893 324,459 812,502 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 29, 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 29, 2023 Federal Reserve notes outstanding 2,706,243 Less: Notes held by F.R. Banks not subject to collateralization 424,369 Federal Reserve notes to be collateralized 2,281,874 Collateral held against Federal Reserve notes 2,281,874 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,265,637 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,292,559 Less: Face value of securities under reverse repurchase agreements 1,376,528 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,916,030 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.