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 December 7, 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 Dec 6, 2023 Federal Reserve Banks Dec 6, 2023 Nov 29, 2023 Dec 7, 2022 Reserve Bank credit 7,697,289 - 71,527 - 849,160 7,700,979 Securities held outright1 7,262,830 - 36,801 - 912,838 7,262,202 U.S. Treasury securities 4,813,448 - 29,624 - 701,117 4,812,820 Bills2 231,020 - 246 - 63,344 230,408 Notes and bonds, nominal2 4,102,776 - 29,675 - 638,777 4,102,776 Notes and bonds, inflation-indexed2 365,578 + 173 - 11,838 365,578 Inflation compensation3 114,073 + 123 + 12,841 114,058 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,447,035 - 7,177 - 211,721 2,447,035 Unamortized premiums on securities held outright5 281,418 - 699 - 35,266 281,218 Unamortized discounts on securities held outright5 -26,705 - 157 + 973 -26,611 Repurchase agreements6 30 + 29 + 25 6 Foreign official 0 0 0 0 Others 30 + 29 + 25 6 Loans 123,762 - 30,555 + 104,080 127,407 Primary credit 2,110 - 447 - 5,415 1,960 Secondary credit 0 0 0 0 Seasonal credit 17 - 5 + 17 17 Paycheck Protection Program Liquidity Facility 3,860 - 144 - 8,297 3,735 Bank Term Funding Program 117,774 + 3,915 + 117,774 121,695 Other credit extensions7 0 - 33,875 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,603 + 23 - 6,194 16,618 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,604 + 3 + 44 5,606 Net portfolio holdings of TALF II LLC8 323 - 59 - 1,655 323 Float -301 - 38 - 148 -624 Central bank liquidity swaps9 238 + 4 + 39 238 Other Federal Reserve assets10 33,486 - 3,277 + 1,779 34,595 Foreign currency denominated assets11 18,149 - 3 - 66 18,070 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,560 + 14 + 536 52,560 Total factors supplying reserve funds 7,784,239 - 71,515 - 848,690 7,787,850 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 Dec 6, 2023 Federal Reserve Banks Dec 6, 2023 Nov 29, 2023 Dec 7, 2022 Currency in circulation12 2,331,460 - 1,006 + 34,987 2,332,046 Reverse repurchase agreements13 1,149,482 - 71,584 -1,297,286 1,184,528 Foreign official and international accounts 336,593 - 1,034 - 30,713 338,030 Others 812,889 - 70,550 -1,266,573 846,498 Treasury cash holdings 397 + 6 + 294 404 Deposits with F.R. Banks, other than reserve balances 852,840 - 64,752 + 212,879 837,108 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 682,509 - 56,700 + 250,174 667,678 Foreign official 10,421 + 731 + 1,985 9,682 Other14 159,910 - 8,784 - 39,280 159,747 Treasury contributions to credit facilities15 10,311 0 - 5,036 10,311 Other liabilities and capital16 -73,624 - 5,971 - 108,854 -73,302 Total factors, other than reserve balances, absorbing reserve funds 4,270,866 - 143,307 -1,163,016 4,291,096 Reserve balances with Federal Reserve Banks 3,513,374 + 71,793 + 314,326 3,496,754 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 Dec 6, 2023 Dec 6, 2023 Nov 29, 2023 Dec 7, 2022 Securities held in custody for foreign official and international accounts 3,386,036 - 10,885 + 79,405 3,383,334 Marketable U.S. Treasury securities1 2,956,449 - 10,423 + 61,163 2,953,774 Federal agency debt and mortgage-backed securities2 345,747 - 421 + 15,803 345,712 Other securities3 83,840 - 40 + 2,439 83,848 Securities lent to dealers 37,184 + 2,173 - 4,824 35,670 Overnight facility4 37,184 + 2,173 - 4,824 35,670 U.S. Treasury securities 37,184 + 2,173 - 4,803 35,670 Federal agency debt securities 0 0 - 21 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, December 6, 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 1,041 3,471 119,163 3,731 0 ... 127,407 U.S. Treasury securities2 Holdings 30,008 290,119 572,769 1,635,354 779,368 1,505,202 4,812,820 Weekly changes - 29,558 + 31,009 - 12,632 - 13,810 - 5,548 + 185 - 30,354 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 27 5,025 36,990 2,404,991 2,447,035 Weekly changes 0 + 1 + 11 + 637 - 542 - 108 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 8,551 ... ... 8,551 Municipal notes held by Municipal Liquidity Facility LLC6 2,907 0 0 0 ... ... 2,907 Loans held by TALF II LLC7 30 0 0 0 ... ... 30 Repurchase agreements8 6 0 ... ... ... ... 6 Central bank liquidity swaps9 238 0 0 0 0 0 238 Reverse repurchase agreements8 1,184,528 0 ... ... ... ... 1,184,528 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. 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 Dec 6, 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 140 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 Dec 6, 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 7,833 8,785 16,618 Municipal Liquidity Facility LLC 2,907 2,907 2,699 5,606 TALF II LLC 145 30 294 323 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 Dec 6, 2023 Nov 29, 2023 Dec 7, 2022 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,420 + 26 + 249 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,644,222 - 57,519 - 839,547 Securities held outright1 7,262,202 - 30,354 - 913,396 U.S. Treasury securities 4,812,820 - 30,354 - 701,676 Bills2 230,408 - 858 - 63,725 Notes and bonds, nominal2 4,102,776 - 29,675 - 638,777 Notes and bonds, inflation-indexed2 365,578 + 173 - 11,838 Inflation compensation3 114,058 + 7 + 12,666 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,447,035 0 - 211,721 Unamortized premiums on securities held outright5 281,218 - 542 - 35,279 Unamortized discounts on securities held outright5 -26,611 - 128 + 999 Repurchase agreements6 6 + 3 + 6 Loans7 127,407 - 26,499 + 108,124 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,618 + 20 - 6,197 Net portfolio holdings of Municipal Liquidity Facility LLC8 5,606 + 2 + 44 Net portfolio holdings of TALF II LLC8 323 - 59 - 1,657 Items in process of collection (0) 55 + 4 - 39 Bank premises 422 - 10 - 52 Central bank liquidity swaps9 238 + 4 + 39 Foreign currency denominated assets10 18,070 - 177 - 87 Other assets11 34,173 - 1,051 + 1,895 Total assets (0) 7,737,385 - 58,760 - 845,350 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 Dec 6, 2023 Nov 29, 2023 Dec 7, 2022 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,281,307 - 567 + 35,428 Reverse repurchase agreements12 1,184,528 - 69,628 -1,335,021 Deposits (0) 4,333,862 + 17,743 + 567,697 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,496,754 + 101,358 + 347,661 U.S. Treasury, General Account 667,678 - 85,892 + 256,825 Foreign official 9,682 - 8 + 1,246 Other13 (0) 159,747 + 2,284 - 38,037 Deferred availability cash items (0) 679 - 179 + 410 Treasury contributions to credit facilities14 10,311 0 - 5,036 Other liabilities and accrued dividends15 -116,152 - 6,203 - 109,882 Total liabilities (0) 7,694,535 - 58,834 - 846,405 Capital accounts Capital paid in 36,065 + 74 + 1,055 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,850 + 74 + 1,055 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, December 6, 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 1,420 51 39 132 52 172 107 253 32 51 95 174 260 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,644,222 149,891 4,205,537 126,406 234,086 533,706 517,839 475,601 119,963 58,487 106,442 380,636 735,628 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 16,618 16,618 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 5,606 0 5,606 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 323 0 323 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 238 10 85 9 22 48 7 8 5 2 3 5 34 Foreign currency denominated assets4 18,070 778 6,430 649 1,704 3,659 542 629 407 114 192 381 2,586 Other assets5 34,650 820 15,612 664 1,063 2,646 3,604 2,034 844 583 898 1,883 4,000 Interdistrict settlement account 0+ 7,759- 156,237- 19,897+ 55,682+ 234,751- 29,077- 81,989- 7,290- 4,983- 16,006- 59,231 + 76,519 Total assets 7,737,385 176,484 4,082,571 108,488 293,362 776,169 495,309 397,640 114,441 54,518 92,075 325,138 821,191 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, December 6, 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 2,281,307 78,734 740,012 49,651 109,524 161,058 353,313 122,529 72,549 32,779 47,593 189,370 324,195 Reverse repurchase agreements6 1,184,528 22,885 661,500 19,523 36,401 82,431 80,245 73,839 17,720 8,032 15,315 57,754 108,885 Deposits 4,333,862 66,573 2,740,287 38,778 147,232 542,417 59,366 207,996 23,104 13,515 28,959 78,386 387,247 Depository institutions 3,496,754 66,519 2,006,017 38,777 147,200 541,648 59,338 106,305 23,084 13,459 28,930 78,274 387,205 U.S. Treasury, General Account 667,678 0 667,678 0 0 0 0 0 0 0 0 0 0 Foreign official 9,682 2 9,657 1 4 8 1 1 1 0 0 1 6 Other7 159,747 53 56,935 0 29 761 27 101,689 19 56 29 112 37 Earnings remittances due to the U.S. Treasury8 -125,092 -2,346 -80,664 -1,165 -4,629 -19,280 22 -9,212 -63 -204 -453 -1,631 -5,467 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 9,619 1,402 3,680 188 357 1,053 977 482 166 128 196 249 742 Total liabilities 7,694,535 174,687 4,067,688 106,975 288,885 767,679 493,923 395,633 113,476 54,250 91,610 324,128 815,602 Capital Capital paid in 36,065 1,505 12,469 1,270 3,837 7,116 1,182 1,770 812 226 393 867 4,617 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 7,737,385 176,484 4,082,571 108,488 293,362 776,169 495,309 397,640 114,441 54,518 92,075 325,138 821,191 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, December 6, 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 Dec 6, 2023 Federal Reserve notes outstanding 2,707,046 Less: Notes held by F.R. Banks not subject to collateralization 425,740 Federal Reserve notes to be collateralized 2,281,307 Collateral held against Federal Reserve notes 2,281,307 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,265,070 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,262,208 Less: Face value of securities under reverse repurchase agreements 1,301,032 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,961,176 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.