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 18, 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 17, 2024 Federal Reserve Banks Jan 17, 2024 Jan 10, 2024 Jan 18, 2023 Reserve Bank credit 7,649,671 + 2,542 - 817,458 7,637,593 Securities held outright1 7,176,824 - 9,021 - 916,703 7,158,081 U.S. Treasury securities 4,742,722 - 9,003 - 707,474 4,724,025 Bills2 213,876 - 1,446 - 73,490 213,749 Notes and bonds, nominal2 4,051,837 - 5,310 - 631,828 4,038,372 Notes and bonds, inflation-indexed2 364,048 - 1,530 - 12,672 360,222 Inflation compensation3 112,961 - 717 + 10,516 111,681 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,431,755 - 18 - 209,229 2,431,710 Unamortized premiums on securities held outright5 277,735 - 560 - 34,743 277,567 Unamortized discounts on securities held outright5 -25,690 + 115 + 1,783 -25,618 Repurchase agreements6 1 + 1 0 0 Foreign official 0 0 0 0 Others 1 + 1 0 0 Loans 159,731 + 9,369 + 144,272 167,161 Primary credit 2,170 + 98 - 1,984 2,295 Secondary credit 29 - 4 + 28 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 3,370 - 47 - 7,935 3,364 Bank Term Funding Program 154,161 + 9,320 + 154,161 161,501 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,959 - 217 - 6,590 15,375 Net portfolio holdings of Municipal Liquidity Facility LLC8 214 0 - 5,360 214 Net portfolio holdings of TALF II LLC8 46 0 - 1,913 46 Float -238 - 2 - 65 -273 Central bank liquidity swaps9 216 - 7 + 18 216 Other Federal Reserve assets10 44,874 + 2,864 + 1,843 44,825 Foreign currency denominated assets11 18,318 - 76 - 623 18,129 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,644 + 14 + 585 52,644 Total factors supplying reserve funds 7,736,874 + 2,480 - 817,497 7,724,607 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 17, 2024 Federal Reserve Banks Jan 17, 2024 Jan 10, 2024 Jan 18, 2023 Currency in circulation12 2,337,966 - 5,957 + 40,780 2,335,971 Reverse repurchase agreements13 949,705 - 100,901 -1,572,597 936,323 Foreign official and international accounts 347,973 - 17,514 - 10,455 346,132 Others 601,733 - 83,385 -1,562,141 590,191 Treasury cash holdings 397 + 7 + 290 407 Deposits with F.R. Banks, other than reserve balances 918,121 + 2,082 + 370,450 940,521 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 748,883 + 1,318 + 409,865 773,544 Foreign official 9,692 - 548 + 757 9,690 Other14 159,547 + 1,312 - 40,171 157,288 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -88,473 - 5,722 - 112,899 -88,380 Total factors, other than reserve balances, absorbing reserve funds 4,125,155 - 110,491 -1,281,884 4,132,281 Reserve balances with Federal Reserve Banks 3,611,719 + 112,971 + 464,387 3,592,326 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 17, 2024 Jan 17, 2024 Jan 10, 2024 Jan 18, 2023 Securities held in custody for foreign official and international accounts 3,379,089 - 4,595 + 48,525 3,374,607 Marketable U.S. Treasury securities1 2,952,004 - 4,541 + 30,439 2,948,171 Federal agency debt and mortgage-backed securities2 343,596 - 44 + 15,705 343,567 Other securities3 83,488 - 12 + 2,379 82,869 Securities lent to dealers 29,081 - 3,253 - 10,945 32,431 Overnight facility4 29,081 - 3,253 - 10,945 32,431 U.S. Treasury securities 29,081 - 3,253 - 10,924 32,431 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 17, 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 3,016 49,000 111,785 3,360 0 ... 167,161 U.S. Treasury securities2 Holdings 67,690 250,063 556,572 1,594,890 749,792 1,505,016 4,724,025 Weekly changes + 7,817 + 4,434 + 2,136 - 19,955 - 21,862 - 60 - 27,490 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 2,394,297 2,431,710 Weekly changes 0 0 0 0 0 - 63 - 63 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,634 ... ... 7,634 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 216 0 0 0 0 0 216 Reverse repurchase agreements6 936,323 0 ... ... ... ... 936,323 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 17, 2024 Mortgage-backed securities held outright1 2,431,710 Residential mortgage-backed securities 2,423,485 Commercial mortgage-backed securities 8,225 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 17, 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) 6,620 7,122 8,253 15,375 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 17, 2024 Jan 10, 2024 Jan 18, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,462 + 14 + 227 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,577,191 - 13,537 - 802,546 Securities held outright1 7,158,081 - 27,554 - 920,929 U.S. Treasury securities 4,724,025 - 27,490 - 712,697 Bills2 213,749 - 1,443 - 73,482 Notes and bonds, nominal2 4,038,372 - 18,775 - 634,235 Notes and bonds, inflation-indexed2 360,222 - 5,356 - 14,757 Inflation compensation3 111,681 - 1,917 + 9,775 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,431,710 - 63 - 208,230 Unamortized premiums on securities held outright5 277,567 - 548 - 34,689 Unamortized discounts on securities held outright5 -25,618 + 99 + 1,789 Repurchase agreements6 0 0 - 1 Loans7 167,161 + 14,467 + 151,284 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,375 - 817 - 6,895 Net portfolio holdings of Municipal Liquidity Facility LLC8 214 0 - 5,362 Net portfolio holdings of TALF II LLC8 46 0 - 1,914 Items in process of collection (0) 47 - 13 - 38 Bank premises 434 + 2 - 42 Central bank liquidity swaps9 216 - 7 + 18 Foreign currency denominated assets10 18,129 - 221 - 817 Other assets11 44,391 + 1,609 + 2,071 Total assets (0) 7,673,741 - 12,969 - 815,298 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 17, 2024 Jan 10, 2024 Jan 18, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,285,191 - 4,519 + 40,322 Reverse repurchase agreements12 936,323 - 104,821 -1,566,939 Deposits (0) 4,532,848 + 102,528 + 831,670 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,592,327 + 54,944 + 474,090 U.S. Treasury, General Account 773,544 + 45,688 + 396,044 Foreign official 9,690 - 2 + 756 Other13 (0) 157,288 + 1,899 - 39,220 Deferred availability cash items (0) 320 - 60 + 27 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -131,230 - 6,097 - 113,494 Total liabilities (0) 7,630,890 - 12,970 - 816,323 Capital accounts Capital paid in 36,066 + 1 + 1,025 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,851 + 1 + 1,025 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 17, 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 1,462 49 37 136 54 181 107 261 34 55 98 187 264 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,577,191 153,452 4,149,969 125,212 232,261 528,170 515,578 473,223 119,384 60,023 108,406 377,049 734,464 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 15,375 15,375 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 216 9 77 8 20 44 6 8 5 1 2 5 31 Foreign currency denominated assets4 18,129 780 6,451 651 1,709 3,670 543 631 408 115 192 382 2,594 Other assets5 44,872 1,019 21,380 813 1,384 3,414 4,375 2,673 840 639 1,014 2,324 4,998 Interdistrict settlement account 0+ 5,683- 30,246- 14,936+ 48,666+ 149,056- 44,945- 84,664- 10,708- 8,306- 18,499- 57,578 + 66,476 Total assets 7,673,741 176,925 4,153,103 112,409 284,847 685,722 477,952 393,234 110,441 52,790 91,666 323,658 810,993 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 17, 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 2,285,191 80,020 745,241 50,117 108,829 160,071 354,367 122,649 72,777 32,710 47,553 188,086 322,771 Reverse repurchase agreements6 936,323 18,090 522,890 15,432 28,774 65,158 63,430 58,367 14,007 6,349 12,106 45,652 86,069 Deposits 4,532,848 70,813 2,955,677 46,501 147,858 472,582 58,165 219,806 22,636 13,581 31,908 90,410 402,911 Depository institutions 3,592,327 70,759 2,117,977 46,499 147,824 472,338 58,137 117,595 22,627 13,524 31,878 90,289 402,879 U.S. Treasury, General Account 773,544 0 773,544 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 157,288 53 54,492 0 30 236 26 102,210 8 56 29 121 26 Earnings remittances due to the U.S. Treasury8 -139,461 -2,672 -88,954 -1,315 -5,374 -21,568 36 -10,052 -78 -225 -531 -1,733 -6,996 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 8,551 1,439 3,367 160 282 990 568 457 134 107 164 232 650 Total liabilities 7,630,890 175,128 4,138,220 110,895 280,369 677,233 476,567 391,228 109,476 52,522 91,200 322,648 805,405 Capital Capital paid in 36,066 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 7,673,741 176,925 4,153,103 112,409 284,847 685,722 477,952 393,234 110,441 52,790 91,666 323,658 810,993 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 17, 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 17, 2024 Federal Reserve notes outstanding 2,705,279 Less: Notes held by F.R. Banks not subject to collateralization 420,088 Federal Reserve notes to be collateralized 2,285,191 Collateral held against Federal Reserve notes 2,285,191 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,268,954 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,158,081 Less: Face value of securities under reverse repurchase agreements 1,076,376 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,081,705 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.