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 25, 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 24, 2024 Federal Reserve Banks Jan 24, 2024 Jan 17, 2024 Jan 25, 2023 Reserve Bank credit 7,639,251 - 10,420 - 807,425 7,640,881 Securities held outright1 7,155,261 - 21,563 - 917,919 7,153,293 U.S. Treasury securities 4,722,519 - 20,203 - 713,241 4,722,302 Bills2 212,379 - 1,497 - 73,958 212,242 Notes and bonds, nominal2 4,038,372 - 13,465 - 634,235 4,038,372 Notes and bonds, inflation-indexed2 360,222 - 3,826 - 14,757 360,222 Inflation compensation3 111,545 - 1,416 + 9,708 111,466 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,430,396 - 1,359 - 204,677 2,428,644 Unamortized premiums on securities held outright5 277,123 - 612 - 34,566 276,850 Unamortized discounts on securities held outright5 -25,556 + 134 + 1,881 -25,452 Repurchase agreements6 1 0 - 1 0 Foreign official 0 0 0 0 Others 1 0 - 1 0 Loans 170,604 + 10,873 + 154,748 173,891 Primary credit 2,527 + 357 - 2,096 2,785 Secondary credit 0 - 29 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 3,342 - 28 - 7,891 3,338 Bank Term Funding Program 164,735 + 10,574 + 164,735 167,768 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,377 - 582 - 6,896 15,394 Net portfolio holdings of Municipal Liquidity Facility LLC8 31 - 183 - 5,546 1 Net portfolio holdings of TALF II LLC8 7 - 39 - 1,953 0 Float -245 - 7 - 79 -349 Central bank liquidity swaps9 224 + 8 - 163 224 Other Federal Reserve assets10 46,423 + 1,549 + 3,068 47,029 Foreign currency denominated assets11 18,167 - 151 - 728 18,227 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,658 + 14 + 592 52,658 Total factors supplying reserve funds 7,726,317 - 10,557 - 807,561 7,728,007 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 24, 2024 Federal Reserve Banks Jan 24, 2024 Jan 17, 2024 Jan 25, 2023 Currency in circulation12 2,332,056 - 5,910 + 39,790 2,329,477 Reverse repurchase agreements13 974,453 + 24,748 -1,492,696 980,069 Foreign official and international accounts 345,648 - 2,325 - 36,193 340,509 Others 628,805 + 27,072 -1,456,504 639,560 Treasury cash holdings 407 + 10 + 301 407 Deposits with F.R. Banks, other than reserve balances 972,631 + 54,510 + 270,119 1,007,778 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 799,358 + 50,475 + 307,510 815,159 Foreign official 9,690 - 2 + 756 9,689 Other14 163,583 + 4,036 - 38,147 182,930 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -87,352 + 1,121 - 111,961 -86,871 Total factors, other than reserve balances, absorbing reserve funds 4,199,634 + 74,479 -1,302,355 4,238,298 Reserve balances with Federal Reserve Banks 3,526,683 - 85,036 + 494,794 3,489,709 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 24, 2024 Jan 24, 2024 Jan 17, 2024 Jan 25, 2023 Securities held in custody for foreign official and international accounts 3,357,040 - 22,049 + 36,326 3,348,706 Marketable U.S. Treasury securities1 2,932,080 - 19,924 + 18,574 2,926,746 Federal agency debt and mortgage-backed securities2 341,994 - 1,602 + 15,490 338,990 Other securities3 82,966 - 522 + 2,262 82,970 Securities lent to dealers 32,174 + 3,093 - 5,712 35,026 Overnight facility4 32,174 + 3,093 - 5,712 35,026 U.S. Treasury securities 32,174 + 3,093 - 5,691 35,026 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 24, 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 3,923 49,323 117,311 3,334 0 ... 173,891 U.S. Treasury securities2 Holdings 69,991 250,636 552,163 1,594,803 749,752 1,504,956 4,722,302 Weekly changes + 2,301 + 573 - 4,409 - 87 - 40 - 60 - 1,723 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 5,334 32,055 2,391,231 2,428,644 Weekly changes 0 0 0 - 5 + 6 - 3,066 - 3,066 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,566 ... ... 7,566 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 224 0 0 0 0 0 224 Reverse repurchase agreements6 980,069 0 ... ... ... ... 980,069 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 24, 2024 Mortgage-backed securities held outright1 2,428,644 Residential mortgage-backed securities 2,420,419 Commercial mortgage-backed securities 8,225 Commitments to buy mortgage-backed securities2 71 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 24, 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 7,062 8,331 15,394 Municipal Liquidity Facility LLC 0 0 1 1 TALF II LLC 0 0 0 0 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 24, 2024 Jan 17, 2024 Jan 25, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,486 + 24 + 234 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,578,582 + 1,391 - 784,219 Securities held outright1 7,153,293 - 4,788 - 909,372 U.S. Treasury securities 4,722,302 - 1,723 - 713,280 Bills2 212,242 - 1,507 - 73,958 Notes and bonds, nominal2 4,038,372 0 - 634,235 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 Inflation compensation3 111,466 - 215 + 9,669 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,428,644 - 3,066 - 196,091 Unamortized premiums on securities held outright5 276,850 - 717 - 34,339 Unamortized discounts on securities held outright5 -25,452 + 166 + 1,890 Repurchase agreements6 0 0 0 Loans7 173,891 + 6,730 + 157,602 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,394 + 19 - 6,897 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 - 213 - 5,578 Net portfolio holdings of TALF II LLC8 0 - 46 - 1,961 Items in process of collection (0) 48 + 1 - 4 Bank premises 439 + 5 - 48 Central bank liquidity swaps9 224 + 8 - 163 Foreign currency denominated assets10 18,227 + 98 - 734 Other assets11 46,593 + 2,202 + 6,045 Total assets (0) 7,677,230 + 3,489 - 793,327 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 24, 2024 Jan 17, 2024 Jan 25, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,278,707 - 6,484 + 37,633 Reverse repurchase agreements12 980,069 + 43,746 -1,435,135 Deposits (0) 4,497,489 - 35,359 + 723,265 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,489,711 - 102,616 + 489,169 U.S. Treasury, General Account 815,159 + 41,615 + 242,537 Foreign official 9,689 - 1 + 756 Other13 (0) 182,930 + 25,642 - 9,197 Deferred availability cash items (0) 397 + 77 + 148 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -129,722 + 1,508 - 112,353 Total liabilities (0) 7,634,379 + 3,489 - 794,352 Capital accounts Capital paid in 36,066 0 + 1,025 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,851 0 + 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 24, 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 1,486 52 37 136 53 185 112 263 35 55 98 191 270 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,578,582 153,452 4,147,340 125,498 232,203 527,945 515,479 473,815 119,782 60,429 108,609 377,897 736,132 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 15,394 15,394 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 1 0 1 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 0 0 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 224 10 80 8 21 45 7 8 5 1 2 5 32 Foreign currency denominated assets4 18,227 784 6,485 655 1,719 3,691 546 635 410 115 193 384 2,608 Other assets5 47,080 1,054 22,531 851 1,455 3,570 4,524 2,809 886 675 1,057 2,437 5,231 Interdistrict settlement account 0+ 4,516+ 13,512- 17,241+ 38,786+ 144,239- 44,364- 81,502- 11,752- 8,978- 20,864- 67,256 + 50,903 Total assets 7,677,230 175,819 4,195,161 110,432 274,989 680,862 478,590 397,131 109,845 52,562 89,549 314,948 797,342 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 24, 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 2,278,707 79,697 744,076 49,757 108,814 159,449 353,154 121,935 72,395 32,496 47,285 188,049 321,601 Reverse repurchase agreements6 980,069 18,935 547,320 16,153 30,118 68,202 66,394 61,094 14,661 6,645 12,671 47,785 90,091 Deposits 4,497,489 69,127 2,973,818 44,132 136,610 465,205 56,858 221,580 21,731 13,247 29,457 79,516 386,209 Depository institutions 3,489,711 69,075 2,069,725 44,130 136,578 464,973 56,830 118,451 21,723 13,190 29,428 79,432 386,176 U.S. Treasury, General Account 815,159 0 815,159 0 0 0 0 0 0 0 0 0 0 Foreign official 9,689 2 9,663 1 4 8 1 1 1 0 0 1 6 Other7 182,930 51 79,270 0 29 224 27 103,127 7 57 28 83 27 Earnings remittances due to the U.S. Treasury8 -141,640 -2,704 -90,223 -1,330 -5,547 -21,905 24 -10,259 -68 -222 -528 -1,762 -7,116 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 12,315 1,538 5,355 212 435 1,456 756 677 161 127 197 330 1,071 Total liabilities 7,634,379 174,031 4,180,346 108,923 270,429 672,408 477,186 395,028 108,880 52,293 89,082 313,918 791,856 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 6,785 283 2,346 239 722 1,339 222 333 153 42 74 163 869 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 7,677,230 175,819 4,195,161 110,432 274,989 680,862 478,590 397,131 109,845 52,562 89,549 314,948 797,342 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 24, 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 24, 2024 Federal Reserve notes outstanding 2,707,673 Less: Notes held by F.R. Banks not subject to collateralization 428,965 Federal Reserve notes to be collateralized 2,278,707 Collateral held against Federal Reserve notes 2,278,707 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,262,471 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,153,293 Less: Face value of securities under reverse repurchase agreements 1,131,677 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,021,616 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.