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 January 11, 2024 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 Jan 10, 2024 Federal Reserve Banks Jan 10, 2024 Jan 3, 2024 Jan 11, 2023 Reserve Bank credit 7,647,129 - 12,500 - 824,296 7,650,295 Securities held outright1 7,185,845 - 24,332 - 914,584 7,185,635 U.S. Treasury securities 4,751,725 - 24,332 - 704,955 4,751,515 Bills2 215,322 - 1,596 - 73,037 215,192 Notes and bonds, nominal2 4,057,147 - 22,524 - 630,995 4,057,147 Notes and bonds, inflation-indexed2 365,578 0 - 11,838 365,578 Inflation compensation3 113,678 - 212 + 10,915 113,598 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,431,773 0 - 209,629 2,431,773 Unamortized premiums on securities held outright5 278,295 - 544 - 34,856 278,115 Unamortized discounts on securities held outright5 -25,805 + 87 + 1,733 -25,717 Repurchase agreements6 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 150,362 + 11,063 + 135,167 152,694 Primary credit 2,072 - 934 - 1,740 2,106 Secondary credit 33 + 31 + 33 0 Seasonal credit 0 - 16 0 0 Paycheck Protection Program Liquidity Facility 3,417 - 33 - 7,966 3,413 Bank Term Funding Program 144,841 + 12,016 + 144,841 147,175 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,176 + 13 - 6,465 16,192 Net portfolio holdings of Municipal Liquidity Facility LLC8 214 + 1 - 5,358 214 Net portfolio holdings of TALF II LLC8 46 0 - 1,911 46 Float -236 + 343 - 79 -320 Central bank liquidity swaps9 223 - 1,134 + 32 223 Other Federal Reserve assets10 42,010 + 2,004 + 2,027 43,214 Foreign currency denominated assets11 18,394 - 237 - 153 18,350 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,630 + 14 + 579 52,630 Total factors supplying reserve funds 7,734,394 - 12,723 - 823,870 7,737,516 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 Jan 10, 2024 Federal Reserve Banks Jan 10, 2024 Jan 3, 2024 Jan 11, 2023 Currency in circulation12 2,343,923 - 3,852 + 40,808 2,340,501 Reverse repurchase agreements13 1,050,606 - 222,443 -1,494,300 1,041,144 Foreign official and international accounts 365,487 - 3,524 + 28,425 361,183 Others 685,118 - 218,920 -1,522,727 679,961 Treasury cash holdings 390 - 5 + 288 395 Deposits with F.R. Banks, other than reserve balances 916,039 - 23,133 + 330,991 892,937 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 747,565 - 10,883 + 375,225 727,856 Foreign official 10,240 + 548 + 1,305 9,692 Other14 158,235 - 12,797 - 45,538 155,389 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -82,751 + 857 - 111,259 -82,282 Total factors, other than reserve balances, absorbing reserve funds 4,235,646 - 248,575 -1,241,381 4,200,134 Reserve balances with Federal Reserve Banks 3,498,748 + 235,853 + 417,511 3,537,383 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. 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 Jan 10, 2024 Jan 10, 2024 Jan 3, 2024 Jan 11, 2023 Securities held in custody for foreign official and international accounts 3,383,684 - 5,033 + 52,141 3,381,310 Marketable U.S. Treasury securities1 2,956,545 - 4,970 + 33,871 2,954,143 Federal agency debt and mortgage-backed securities2 343,640 - 148 + 15,891 343,575 Other securities3 83,500 + 86 + 2,380 83,592 Securities lent to dealers 32,334 - 10,650 - 10,644 33,006 Overnight facility4 32,334 - 10,650 - 10,644 33,006 U.S. Treasury securities 32,334 - 10,650 - 10,623 33,006 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, January 10, 2024 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 1,300 51,225 96,760 3,409 0 ... 152,694 U.S. Treasury securities2 Holdings 59,873 245,629 554,436 1,614,845 771,654 1,505,076 4,751,515 Weekly changes + 2,649 - 3,718 - 545 - 93 - 50 - 60 - 1,815 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 23 5,339 32,049 2,394,360 2,431,773 Weekly changes 0 0 0 0 + 145 - 145 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,678 ... ... 7,678 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 223 0 0 0 0 0 223 Reverse repurchase agreements6 1,041,144 0 ... ... ... ... 1,041,144 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 Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, 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. Cash value of agreements. 7. 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 Jan 10, 2024 Mortgage-backed securities held outright1 2,431,773 Residential mortgage-backed securities 2,423,545 Commercial mortgage-backed securities 8,228 Commitments to buy mortgage-backed securities2 0 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 Jan 10, 2024 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) 7,434 7,165 9,027 16,192 Municipal Liquidity Facility LLC 0 0 214 214 TALF II LLC 0 0 46 46 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. 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. 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 Jan 10, 2024 Jan 3, 2024 Jan 11, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,448 + 22 + 232 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,590,728 + 3,628 - 810,132 Securities held outright1 7,185,635 - 1,815 - 914,540 U.S. Treasury securities 4,751,515 - 1,815 - 704,911 Bills2 215,192 - 1,596 - 73,007 Notes and bonds, nominal2 4,057,147 0 - 630,941 Notes and bonds, inflation-indexed2 365,578 0 - 11,838 Inflation compensation3 113,598 - 218 + 10,875 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,431,773 0 - 209,629 Unamortized premiums on securities held outright5 278,115 - 512 - 34,823 Unamortized discounts on securities held outright5 -25,717 + 81 + 1,744 Repurchase agreements6 0 0 0 Loans7 152,694 + 5,874 + 137,487 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 16,192 + 19 - 6,467 Net portfolio holdings of Municipal Liquidity Facility LLC8 214 + 1 - 5,360 Net portfolio holdings of TALF II LLC8 46 0 - 1,912 Items in process of collection (0) 60 - 32 - 1 Bank premises 432 + 3 - 36 Central bank liquidity swaps9 223 - 1,134 + 32 Foreign currency denominated assets10 18,350 - 35 - 273 Other assets11 42,782 + 3,215 + 2,040 Total assets (0) 7,686,710 + 5,686 - 821,877 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 Jan 10, 2024 Jan 3, 2024 Jan 11, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,289,710 - 7,722 + 40,836 Reverse repurchase agreements12 1,041,144 - 44,831 -1,506,662 Deposits (0) 4,430,320 + 57,024 + 762,611 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,537,383 + 77,974 + 420,552 U.S. Treasury, General Account 727,856 - 15,608 + 381,430 Foreign official 9,692 + 1 + 757 Other13 (0) 155,389 - 5,342 - 40,128 Deferred availability cash items (0) 380 - 449 + 156 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -125,133 + 1,665 - 111,935 Total liabilities (0) 7,643,860 + 5,686 - 822,901 Capital accounts Capital paid in 36,065 0 + 1,024 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,850 0 + 1,024 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. 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, January 10, 2024 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 1,448 49 38 134 54 179 105 261 34 53 97 181 263 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,590,728 150,418 4,164,761 125,001 232,292 529,686 516,170 473,614 119,670 59,877 107,661 377,647 733,929 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 16,192 16,192 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 214 0 214 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 46 0 46 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 223 10 79 8 21 45 7 8 5 1 2 5 32 Foreign currency denominated assets4 18,350 790 6,530 659 1,730 3,715 550 639 413 116 195 387 2,626 Other assets5 43,273 1,000 20,335 802 1,334 3,333 4,295 2,575 818 669 1,028 2,252 4,831 Interdistrict settlement account 0+ 1,283- 57,137- 16,405+ 60,843+ 143,667- 35,686- 84,004- 9,452- 6,692- 14,951- 54,141 + 72,673 Total assets 7,686,710 170,299 4,140,040 110,725 297,027 681,813 487,727 394,197 111,967 54,289 94,485 327,621 816,519 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, January 10, 2024 (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 2,289,710 79,823 745,234 50,407 109,598 160,451 355,128 122,756 72,879 32,846 47,651 188,656 324,282 Reverse repurchase agreements6 1,041,144 20,115 581,427 17,159 31,995 72,453 70,531 64,901 15,575 7,059 13,461 50,763 95,705 Deposits 4,430,320 62,229 2,880,628 42,724 155,751 460,191 59,945 213,764 22,459 14,213 33,222 88,581 396,612 Depository institutions 3,537,383 62,174 2,088,919 42,722 155,719 459,943 59,918 113,129 22,450 14,149 33,190 88,496 396,572 U.S. Treasury, General Account 727,856 0 727,856 0 0 0 0 0 0 0 0 0 0 Foreign official 9,692 2 9,666 1 4 8 1 1 1 0 0 1 6 Other7 155,389 52 54,186 0 28 241 26 100,633 8 64 32 84 34 Earnings remittances due to the U.S. Treasury8 -136,865 -2,617 -87,479 -1,286 -5,230 -21,132 34 -9,911 -70 -220 -511 -1,722 -6,723 Treasury contributions to credit facilities9 7,438 7,438 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 12,112 1,515 5,347 206 435 1,361 703 681 159 122 196 332 1,055 Total liabilities 7,643,860 168,503 4,125,157 109,211 292,550 673,323 486,342 392,190 111,002 54,021 94,019 326,610 810,931 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 7,686,710 170,299 4,140,040 110,725 297,027 681,813 487,727 394,197 111,967 54,289 94,485 327,621 816,519 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, January 10, 2024 (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. 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 Jan 10, 2024 Federal Reserve notes outstanding 2,706,609 Less: Notes held by F.R. Banks not subject to collateralization 416,899 Federal Reserve notes to be collateralized 2,289,710 Collateral held against Federal Reserve notes 2,289,710 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,273,473 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,185,635 Less: Face value of securities under reverse repurchase agreements 1,186,710 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,998,925 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.