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 22, 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 21, 2024 Federal Reserve Banks Feb 21, 2024 Feb 14, 2024 Feb 22, 2023 Reserve Bank credit 7,547,527 - 49,447 - 801,219 7,545,469 Securities held outright1 7,080,125 - 31,935 - 909,196 7,077,988 U.S. Treasury securities 4,661,455 - 31,081 - 702,941 4,661,421 Bills2 210,353 0 - 74,668 210,353 Notes and bonds, nominal2 3,979,933 - 30,961 - 623,797 3,979,933 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 360,222 Inflation compensation3 110,947 - 120 + 10,281 110,912 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,416,323 - 854 - 206,255 2,414,220 Unamortized premiums on securities held outright5 274,616 - 603 - 34,115 274,368 Unamortized discounts on securities held outright5 -25,653 - 60 + 2,063 -25,568 Repurchase agreements6 0 - 1 0 1 Foreign official 0 0 0 0 Others 0 - 1 0 1 Loans 169,822 - 856 + 154,227 169,867 Primary credit 2,379 - 219 - 2,360 2,405 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Paycheck Protection Program Liquidity Facility 3,238 - 34 - 7,618 3,230 Bank Term Funding Program 164,205 - 603 + 164,205 164,231 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,798 - 309 - 7,585 14,809 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,586 1 Net portfolio holdings of TALF II LLC8 0 0 - 1,951 0 Float -253 - 30 - 99 -337 Central bank liquidity swaps9 215 - 12 - 178 215 Other Federal Reserve assets10 33,856 - 15,641 + 1,201 34,125 Foreign currency denominated assets11 17,998 + 3 - 471 18,041 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,714 + 14 + 619 52,714 Total factors supplying reserve funds 7,634,480 - 49,430 - 801,071 7,632,466 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 21, 2024 Federal Reserve Banks Feb 21, 2024 Feb 14, 2024 Feb 22, 2023 Currency in circulation12 2,329,633 + 2,854 + 28,475 2,330,768 Reverse repurchase agreements13 875,108 - 23,902 -1,538,537 914,625 Foreign official and international accounts 342,633 + 8,454 - 9,438 339,743 Others 532,475 - 32,356 -1,529,099 574,882 Treasury cash holdings 440 + 16 + 338 466 Deposits with F.R. Banks, other than reserve balances 952,911 - 55,425 + 280,594 952,730 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 785,465 - 52,540 + 308,132 788,759 Foreign official 9,689 0 + 253 9,687 Other14 157,757 - 2,885 - 27,791 154,283 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -97,049 + 1,973 - 113,454 -96,658 Total factors, other than reserve balances, absorbing reserve funds 4,068,481 - 74,484 -1,350,493 4,109,371 Reserve balances with Federal Reserve Banks 3,565,999 + 25,054 + 549,422 3,523,095 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 21, 2024 Feb 21, 2024 Feb 14, 2024 Feb 22, 2023 Securities held in custody for foreign official and international accounts 3,368,248 + 1,467 + 15,569 3,363,763 Marketable U.S. Treasury securities1 2,949,633 + 2,708 + 5,389 2,946,162 Federal agency debt and mortgage-backed securities2 336,454 - 1,139 + 9,974 335,589 Other securities3 82,161 - 101 + 206 82,011 Securities lent to dealers 27,645 - 2,383 - 9,023 33,527 Overnight facility4 27,645 - 2,383 - 9,023 33,527 U.S. Treasury securities 27,645 - 2,383 - 9,009 33,527 Federal agency debt securities 0 0 - 14 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 21, 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 2,517 65,061 99,063 3,227 0 ... 169,867 U.S. Treasury securities2 Holdings 67,773 257,083 549,934 1,563,703 716,276 1,506,651 4,661,421 Weekly changes - 50,394 + 62,348 - 2,770 - 16,603 - 25,472 + 1,817 - 31,074 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 5,570 31,567 2,377,051 2,414,220 Weekly changes 0 0 0 - 1 - 3 - 3,003 - 3,007 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,346 ... ... 7,346 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 215 0 0 0 0 0 215 Reverse repurchase agreements6 914,625 0 ... ... ... ... 914,625 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 21, 2024 Mortgage-backed securities held outright1 2,414,220 Residential mortgage-backed securities 2,406,005 Commercial mortgage-backed securities 8,215 Commitments to buy mortgage-backed securities2 78 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 Feb 21, 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) 6,283 6,511 8,298 14,809 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 21, 2024 Feb 14, 2024 Feb 22, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,537 + 10 + 235 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,496,656 - 35,378 - 786,393 Securities held outright1 7,077,988 - 34,081 - 908,899 U.S. Treasury securities 4,661,421 - 31,074 - 702,870 Bills2 210,353 0 - 74,668 Notes and bonds, nominal2 3,979,933 - 30,961 - 623,804 Notes and bonds, inflation-indexed2 360,222 0 - 14,757 Inflation compensation3 110,912 - 113 + 10,358 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,414,220 - 3,007 - 206,028 Unamortized premiums on securities held outright5 274,368 - 655 - 34,081 Unamortized discounts on securities held outright5 -25,568 - 61 + 2,081 Repurchase agreements6 1 + 1 + 1 Loans7 169,867 - 581 + 154,504 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,809 - 323 - 7,577 Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,588 Net portfolio holdings of TALF II LLC8 0 0 - 1,953 Items in process of collection (0) 61 - 3 + 6 Bank premises 471 + 24 - 16 Central bank liquidity swaps9 215 - 12 - 178 Foreign currency denominated assets10 18,041 + 109 - 358 Other assets11 33,653 - 16,619 + 1,313 Total assets (0) 7,581,683 - 52,191 - 800,507 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 21, 2024 Feb 14, 2024 Feb 22, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,280,054 + 2,637 + 28,157 Reverse repurchase agreements12 914,625 + 9,053 -1,556,732 Deposits (0) 4,475,825 - 65,742 + 848,439 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,523,095 - 14,374 + 539,537 U.S. Treasury, General Account 788,759 - 43,121 + 337,452 Foreign official 9,687 0 + 252 Other13 (0) 154,283 - 8,248 - 28,803 Deferred availability cash items (0) 398 + 22 + 46 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -139,798 + 1,836 - 113,112 Total liabilities (0) 7,538,542 - 52,193 - 801,111 Capital accounts Capital paid in 36,355 + 1 + 604 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,140 + 1 + 604 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 21, 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 1,537 51 39 142 57 189 118 271 40 58 102 194 277 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,496,656 151,779 4,103,908 124,170 229,367 522,338 509,610 468,725 118,182 59,921 107,506 372,826 728,324 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,809 14,809 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 215 9 76 8 20 44 6 7 5 1 2 5 31 Foreign currency denominated assets4 18,041 776 6,420 648 1,701 3,653 541 628 406 114 192 380 2,582 Other assets5 34,186 830 15,237 648 1,043 2,718 3,266 2,031 881 593 889 1,847 4,203 Interdistrict settlement account 0+ 4,144- 26,957- 11,862+ 41,296+ 176,704- 39,026- 86,986- 10,797- 7,200- 20,071- 56,914 + 37,671 Total assets 7,581,683 172,955 4,103,899 114,279 274,237 706,832 476,801 385,782 109,196 53,751 89,071 319,627 775,253 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 21, 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 2,280,054 79,967 740,668 49,451 110,094 160,626 355,259 121,442 71,190 32,390 44,638 189,467 324,862 Reverse repurchase agreements6 914,625 17,670 510,773 15,074 28,107 63,648 61,961 57,014 13,682 6,202 11,825 44,594 84,075 Deposits 4,475,825 67,701 2,928,069 49,466 137,039 496,209 57,539 215,331 23,258 14,982 32,485 85,902 367,845 Depository institutions 3,523,095 67,631 2,077,726 49,464 137,006 495,783 57,510 113,812 23,252 14,920 32,450 85,730 367,811 U.S. Treasury, General Account 788,759 0 788,759 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,662 1 4 8 1 1 1 0 0 1 6 Other7 154,283 69 51,922 0 30 417 27 101,517 5 62 34 171 29 Earnings remittances due to the U.S. Treasury8 -151,571 -2,950 -95,833 -1,450 -6,009 -23,544 -216 -10,813 -72 -224 -557 -1,788 -8,114 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 12,171 1,320 5,372 229 428 1,438 782 682 167 129 206 333 1,084 Total liabilities 7,538,542 171,147 4,089,049 112,769 269,659 698,377 475,324 383,656 108,225 53,479 88,597 318,508 769,752 Capital Capital paid in 36,355 1,525 12,504 1,271 3,856 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 7,581,683 172,955 4,103,899 114,279 274,237 706,832 476,801 385,782 109,196 53,751 89,071 319,627 775,253 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 21, 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 21, 2024 Federal Reserve notes outstanding 2,718,435 Less: Notes held by F.R. Banks not subject to collateralization 438,382 Federal Reserve notes to be collateralized 2,280,054 Collateral held against Federal Reserve notes 2,280,054 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,263,817 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,077,989 Less: Face value of securities under reverse repurchase agreements 1,067,549 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,010,440 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.