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 February 15, 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 Feb 14, 2024 Federal Reserve Banks Feb 14, 2024 Feb 7, 2024 Feb 15, 2023 Reserve Bank credit 7,596,974 + 2,871 - 796,102 7,597,802 Securities held outright1 7,112,060 - 93 - 907,081 7,112,069 U.S. Treasury securities 4,692,536 - 113 - 699,676 4,692,495 Bills2 210,353 0 - 74,668 210,353 Notes and bonds, nominal2 4,010,894 0 - 620,264 4,010,894 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 360,222 Inflation compensation3 111,067 - 113 + 10,013 111,025 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,417,177 + 21 - 207,405 2,417,227 Unamortized premiums on securities held outright5 275,219 - 503 - 34,272 275,023 Unamortized discounts on securities held outright5 -25,593 + 15 + 1,940 -25,507 Repurchase agreements6 1 + 1 + 1 0 Foreign official 0 0 0 0 Others 1 + 1 + 1 0 Loans 170,678 + 127 + 154,890 170,448 Primary credit 2,598 + 201 - 2,242 2,419 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 3,272 - 31 - 7,676 3,258 Bank Term Funding Program 164,808 - 43 + 164,808 164,772 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,107 + 21 - 7,481 15,132 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,583 1 Net portfolio holdings of TALF II LLC8 0 0 - 1,950 0 Float -223 + 43 - 61 -311 Central bank liquidity swaps9 227 - 3 - 164 227 Other Federal Reserve assets10 49,497 + 3,263 + 3,659 50,719 Foreign currency denominated assets11 17,995 - 99 - 618 17,932 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,700 + 14 + 612 52,700 Total factors supplying reserve funds 7,683,910 + 2,786 - 796,109 7,684,675 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 Feb 14, 2024 Federal Reserve Banks Feb 14, 2024 Feb 7, 2024 Feb 15, 2023 Currency in circulation12 2,326,779 + 97 + 28,286 2,328,158 Reverse repurchase agreements13 899,010 + 33,731 -1,518,058 905,572 Foreign official and international accounts 334,179 - 5,158 - 28,041 330,240 Others 564,831 + 38,889 -1,490,018 575,332 Treasury cash holdings 424 + 10 + 325 436 Deposits with F.R. Banks, other than reserve balances 1,008,336 + 33,141 + 316,399 1,004,097 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 838,005 + 35,870 + 347,626 831,880 Foreign official 9,689 0 + 251 9,687 Other14 160,642 - 2,728 - 31,479 162,531 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -99,022 - 5,815 - 115,058 -98,495 Total factors, other than reserve balances, absorbing reserve funds 4,142,965 + 61,164 -1,296,015 4,147,206 Reserve balances with Federal Reserve Banks 3,540,945 - 58,378 + 499,907 3,537,469 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 Feb 14, 2024 Feb 14, 2024 Feb 7, 2024 Feb 15, 2023 Securities held in custody for foreign official and international accounts 3,366,781 + 6,960 + 20,719 3,367,084 Marketable U.S. Treasury securities1 2,946,925 + 7,275 + 8,786 2,948,081 Federal agency debt and mortgage-backed securities2 337,593 - 296 + 10,911 336,854 Other securities3 82,262 - 20 + 1,020 82,149 Securities lent to dealers 30,028 - 2,887 - 5,805 31,545 Overnight facility4 30,028 - 2,887 - 5,805 31,545 U.S. Treasury securities 30,028 - 2,887 - 5,790 31,545 Federal agency debt securities 0 0 - 15 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, February 14, 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 1,836 65,392 99,966 3,254 0 ... 170,448 U.S. Treasury securities2 Holdings 118,167 194,735 552,704 1,580,306 741,748 1,504,834 4,692,495 Weekly changes + 35,900 - 35,866 - 49 - 46 - 21 - 31 - 113 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 32 5,571 31,570 2,380,054 2,417,227 Weekly changes 0 0 0 0 0 + 71 + 71 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,374 ... ... 7,374 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 227 0 0 0 0 0 227 Reverse repurchase agreements6 905,572 0 ... ... ... ... 905,572 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 Feb 14, 2024 Mortgage-backed securities held outright1 2,417,227 Residential mortgage-backed securities 2,409,007 Commercial mortgage-backed securities 8,221 Commitments to buy mortgage-backed securities2 78 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 Feb 14, 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 6,539 8,594 15,132 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 Feb 14, 2024 Feb 7, 2024 Feb 15, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,527 + 10 + 234 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,532,034 - 611 - 755,668 Securities held outright1 7,112,069 - 43 - 878,398 U.S. Treasury securities 4,692,495 - 113 - 672,112 Bills2 210,353 0 - 74,668 Notes and bonds, nominal2 4,010,894 0 - 592,793 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 Inflation compensation3 111,025 - 113 + 10,105 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,417,227 + 71 - 206,285 Unamortized premiums on securities held outright5 275,023 - 532 - 34,199 Unamortized discounts on securities held outright5 -25,507 + 16 + 2,152 Repurchase agreements6 0 0 0 Loans7 170,448 - 53 + 154,775 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 15,132 + 29 - 7,251 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,585 Net portfolio holdings of TALF II LLC8 0 0 - 1,951 Items in process of collection (0) 64 + 8 + 13 Bank premises 447 + 1 - 38 Central bank liquidity swaps9 227 - 3 - 164 Foreign currency denominated assets10 17,932 - 135 - 557 Other assets11 50,272 + 3,274 + 20,074 Total assets (0) 7,633,874 + 2,574 - 750,893 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 Feb 14, 2024 Feb 7, 2024 Feb 15, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,277,417 + 789 + 28,690 Reverse repurchase agreements12 905,572 + 15,393 -1,456,932 Deposits (0) 4,541,567 - 7,570 + 799,271 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,537,469 - 18,269 + 430,050 U.S. Treasury, General Account 831,880 + 10,305 + 392,177 Foreign official 9,687 - 4 + 253 Other13 (0) 162,531 + 397 - 23,209 Deferred availability cash items (0) 376 - 1 + 178 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -141,634 - 6,035 - 114,792 Total liabilities (0) 7,590,735 + 2,574 - 751,496 Capital accounts Capital paid in 36,354 0 + 603 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,139 0 + 603 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, February 14, 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 1,527 50 39 141 55 187 115 271 41 57 102 194 275 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,532,034 152,506 4,123,347 124,766 230,434 524,752 511,970 470,942 119,164 60,090 108,000 374,560 731,504 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 15,132 15,132 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 227 10 81 8 21 46 7 8 5 1 2 5 32 Foreign currency denominated assets4 17,932 772 6,382 644 1,691 3,631 538 624 404 113 190 378 2,566 Other assets5 50,783 1,144 24,539 920 1,552 3,864 4,393 3,061 1,141 739 1,095 2,646 5,690 Interdistrict settlement account 0- 5,005- 12,012- 13,241+ 50,211+ 151,651- 41,396- 87,610- 12,037- 6,583- 20,639- 68,106 + 64,768 Total assets 7,633,874 165,166 4,147,552 113,763 284,716 685,318 477,913 388,400 109,197 54,681 89,202 310,967 807,000 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, February 14, 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 2,277,417 79,951 741,054 49,389 109,494 159,975 354,069 121,574 71,517 32,361 45,194 189,010 323,828 Reverse repurchase agreements6 905,572 17,495 505,717 14,925 27,829 63,018 61,347 56,450 13,547 6,140 11,708 44,153 83,243 Deposits 4,541,567 60,160 2,977,392 49,193 148,460 475,992 60,641 218,495 23,099 16,020 32,205 78,237 401,672 Depository institutions 3,537,469 60,089 2,080,344 49,192 148,428 475,611 60,578 112,249 23,094 15,963 32,175 78,108 401,638 U.S. Treasury, General Account 831,880 0 831,880 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,661 1 4 8 1 1 1 0 0 1 6 Other7 162,531 69 55,507 0 28 373 62 106,244 5 57 29 128 29 Earnings remittances due to the U.S. Treasury8 -149,508 -2,919 -94,538 -1,426 -5,924 -23,174 -271 -10,703 -79 -225 -553 -1,787 -7,910 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 8,249 1,232 3,076 172 280 1,051 648 458 142 113 174 236 666 Total liabilities 7,590,735 163,357 4,132,701 112,253 280,139 676,863 476,435 386,274 108,226 54,410 88,728 309,848 801,499 Capital Capital paid in 36,354 1,525 12,504 1,271 3,855 7,116 1,255 1,792 818 229 400 956 4,632 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 7,633,874 165,166 4,147,552 113,763 284,716 685,318 477,913 388,400 109,197 54,681 89,202 310,967 807,000 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, February 14, 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 Feb 14, 2024 Federal Reserve notes outstanding 2,716,705 Less: Notes held by F.R. Banks not subject to collateralization 439,289 Federal Reserve notes to be collateralized 2,277,417 Collateral held against Federal Reserve notes 2,277,417 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,261,180 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,112,069 Less: Face value of securities under reverse repurchase agreements 1,051,220 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,060,849 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.