H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time February 1, 2024 In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2023.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 1, 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 31, 2024 Federal Reserve Banks Jan 31, 2024 Jan 24, 2024 Feb 1, 2023 Reserve Bank credit 7,619,047 - 20,204 - 804,448 7,593,082 Securities held outright1 7,135,938 - 19,323 - 915,000 7,112,224 U.S. Treasury securities 4,716,435 - 6,084 - 707,420 4,692,721 Bills2 210,436 - 1,943 - 74,645 210,353 Notes and bonds, nominal2 4,034,447 - 3,925 - 627,625 4,010,894 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 360,222 Inflation compensation3 111,330 - 215 + 9,607 111,251 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,417,156 - 13,240 - 207,579 2,417,156 Unamortized premiums on securities held outright5 276,254 - 869 - 34,526 276,055 Unamortized discounts on securities held outright5 -25,562 - 6 + 1,977 -25,476 Repurchase agreements6 1 0 - 1 0 Foreign official 0 0 0 0 Others 1 0 - 1 0 Loans 172,765 + 2,161 + 156,414 171,747 Primary credit 2,706 + 179 - 2,526 3,189 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 3,324 - 18 - 7,794 3,320 Bank Term Funding Program 166,735 + 2,000 + 166,735 165,238 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,068 - 309 - 7,512 15,083 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 - 30 - 5,578 1 Net portfolio holdings of TALF II LLC8 0 - 7 - 1,958 0 Float -420 - 175 - 33 -1,008 Central bank liquidity swaps9 219 - 5 - 208 219 Other Federal Reserve assets10 44,784 - 1,639 + 1,977 44,236 Foreign currency denominated assets11 18,165 - 2 - 746 18,247 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,672 + 14 + 598 52,672 Total factors supplying reserve funds 7,706,125 - 20,192 - 804,596 7,680,242 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 31, 2024 Federal Reserve Banks Jan 31, 2024 Jan 24, 2024 Feb 1, 2023 Currency in circulation12 2,327,219 - 4,837 + 32,854 2,326,951 Reverse repurchase agreements13 923,996 - 50,457 -1,480,412 977,603 Foreign official and international accounts 346,180 + 532 - 32,011 362,224 Others 577,816 - 50,989 -1,448,401 615,379 Treasury cash holdings 408 + 1 + 303 413 Deposits with F.R. Banks, other than reserve balances 1,015,400 + 42,769 + 254,474 1,050,556 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 841,550 + 42,192 + 281,461 865,481 Foreign official 9,690 0 + 256 9,688 Other14 164,160 + 577 - 27,244 175,387 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -94,567 - 7,215 - 114,630 -94,436 Total factors, other than reserve balances, absorbing reserve funds 4,179,895 - 19,739 -1,315,320 4,268,525 Reserve balances with Federal Reserve Banks 3,526,230 - 453 + 510,724 3,411,717 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 31, 2024 Jan 31, 2024 Jan 24, 2024 Feb 1, 2023 Securities held in custody for foreign official and international accounts 3,344,382 - 12,658 + 19,367 3,344,677 Marketable U.S. Treasury securities1 2,923,688 - 8,392 + 5,724 2,924,590 Federal agency debt and mortgage-backed securities2 337,897 - 4,097 + 11,380 337,893 Other securities3 82,798 - 168 + 2,264 82,195 Securities lent to dealers 32,577 + 403 - 4,766 35,898 Overnight facility4 32,577 + 403 - 4,766 35,898 U.S. Treasury securities 32,577 + 403 - 4,745 35,898 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 31, 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 1,902 50,644 115,884 3,316 0 ... 171,747 U.S. Treasury securities2 Holdings 83,218 229,458 530,721 1,602,637 741,790 1,504,897 4,692,721 Weekly changes + 13,227 - 21,178 - 21,442 + 7,834 - 7,962 - 59 - 29,581 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 19 5,237 31,399 2,380,501 2,417,156 Weekly changes 0 0 - 4 - 97 - 656 - 10,730 - 11,488 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,554 ... ... 7,554 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 219 0 0 0 0 0 219 Reverse repurchase agreements6 977,603 0 ... ... ... ... 977,603 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 31, 2024 Mortgage-backed securities held outright1 2,417,156 Residential mortgage-backed securities 2,408,936 Commercial mortgage-backed securities 8,221 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 31, 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 6,722 8,362 15,083 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 December 31, 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 31, 2024 Jan 24, 2024 Feb 1, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,500 + 14 + 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,534,550 - 44,032 - 788,790 Securities held outright1 7,112,224 - 41,069 - 912,246 U.S. Treasury securities 4,692,721 - 29,581 - 704,667 Bills2 210,353 - 1,889 - 74,668 Notes and bonds, nominal2 4,010,894 - 27,478 - 624,843 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 Inflation compensation3 111,251 - 215 + 9,600 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,417,156 - 11,488 - 207,579 Unamortized premiums on securities held outright5 276,055 - 795 - 34,485 Unamortized discounts on securities held outright5 -25,476 - 24 + 1,976 Repurchase agreements6 0 0 - 11 Loans7 171,747 - 2,144 + 155,978 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,083 - 311 - 7,515 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,580 Net portfolio holdings of TALF II LLC8 0 0 - 1,948 Items in process of collection (0) 50 + 2 - 6 Bank premises 460 + 21 - 9 Central bank liquidity swaps9 219 - 5 - 208 Foreign currency denominated assets10 18,247 + 20 - 757 Other assets11 43,776 - 2,817 + 1,094 Total assets (0) 7,630,124 - 47,106 - 803,486 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 31, 2024 Jan 24, 2024 Feb 1, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,276,187 - 2,520 + 29,580 Reverse repurchase agreements12 977,603 - 2,466 -1,436,742 Deposits (0) 4,462,273 - 35,216 + 726,390 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,411,717 - 77,994 + 381,431 U.S. Treasury, General Account 865,481 + 50,322 + 364,629 Foreign official 9,688 - 1 + 253 Other13 (0) 175,387 - 7,543 - 19,923 Deferred availability cash items (0) 1,058 + 661 + 391 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -137,286 - 7,564 - 116,206 Total liabilities (0) 7,587,273 - 47,106 - 804,496 Capital accounts Capital paid in 36,066 0 + 1,010 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 42,851 0 + 1,010 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 31, 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 1,500 50 39 138 54 185 112 265 35 56 100 192 274 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,534,550 152,665 4,123,975 124,976 230,479 525,309 512,280 471,221 119,096 60,128 108,015 374,581 731,825 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 15,083 15,083 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 219 9 78 8 21 44 7 8 5 1 2 5 31 Foreign currency denominated assets4 18,247 785 6,504 655 1,719 3,691 547 635 410 115 194 384 2,609 Other assets5 44,287 1,009 21,088 811 1,388 3,400 3,967 2,655 879 690 1,048 2,323 5,027 Interdistrict settlement account 0+ 23,722- 55,318- 19,029+ 44,986+ 159,286- 36,023- 72,501- 10,508- 8,098- 20,279- 67,320 + 61,083 Total assets 7,630,124 193,881 4,101,541 108,085 279,399 693,103 483,176 403,386 110,397 53,156 89,533 311,455 803,013 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 31, 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 2,276,187 79,787 742,704 49,715 109,303 159,638 352,820 121,527 71,976 32,625 46,713 188,125 321,254 Reverse repurchase agreements6 977,603 18,887 545,942 16,112 30,042 68,031 66,227 60,940 14,624 6,629 12,639 47,665 89,864 Deposits 4,462,273 87,603 2,886,915 41,954 140,911 478,438 61,732 228,799 22,751 13,739 30,069 76,184 393,177 Depository institutions 3,411,717 87,531 1,957,939 41,953 140,880 477,912 61,704 108,150 22,745 13,626 30,036 76,092 393,147 U.S. Treasury, General Account 865,481 0 865,481 0 0 0 0 0 0 0 0 0 0 Foreign official 9,688 2 9,662 1 4 8 1 1 1 0 0 1 6 Other7 175,387 71 53,832 0 27 518 26 120,647 5 113 33 91 24 Earnings remittances due to the U.S. Treasury8 -144,946 -2,816 -91,914 -1,370 -5,684 -22,347 -364 -10,438 -65 -219 -529 -1,785 -7,416 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 8,718 1,193 3,078 164 267 889 1,356 454 146 114 173 236 648 Total liabilities 7,587,273 192,093 4,086,726 106,576 274,839 684,649 481,771 401,283 109,432 52,888 89,065 310,424 797,527 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 7,630,124 193,881 4,101,541 108,085 279,399 693,103 483,176 403,386 110,397 53,156 89,533 311,455 803,013 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 31, 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 31, 2024 Federal Reserve notes outstanding 2,709,633 Less: Notes held by F.R. Banks not subject to collateralization 433,445 Federal Reserve notes to be collateralized 2,276,187 Collateral held against Federal Reserve notes 2,276,187 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,259,950 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,112,224 Less: Face value of securities under reverse repurchase agreements 1,125,879 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,986,345 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.