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 29, 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 28, 2024 Federal Reserve Banks Feb 28, 2024 Feb 21, 2024 Mar 1, 2023 Reserve Bank credit 7,539,667 - 7,860 - 792,723 7,531,099 Securities held outright1 7,073,165 - 6,960 - 901,153 7,066,839 U.S. Treasury securities 4,661,306 - 149 - 694,792 4,661,257 Bills2 210,353 0 - 74,668 210,353 Notes and bonds, nominal2 3,979,890 - 43 - 615,277 3,979,883 Notes and bonds, inflation-indexed2 360,222 0 - 15,342 360,222 Inflation compensation3 110,841 - 106 + 10,495 110,799 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,409,512 - 6,811 - 206,361 2,403,235 Unamortized premiums on securities held outright5 273,922 - 694 - 34,003 273,588 Unamortized discounts on securities held outright5 -25,780 - 127 + 2,101 -25,689 Repurchase agreements6 17 + 17 + 16 4 Foreign official 0 0 0 0 Others 17 + 17 + 16 4 Loans 169,203 - 619 + 153,822 168,773 Primary credit 2,201 - 178 - 2,418 2,105 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 1 Paycheck Protection Program Liquidity Facility 3,206 - 32 - 7,557 3,193 Bank Term Funding Program 163,796 - 409 + 163,796 163,474 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,812 + 14 - 7,579 14,826 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 - 1 - 5,590 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,949 0 Float -339 - 86 + 15 -831 Central bank liquidity swaps9 217 + 2 - 201 217 Other Federal Reserve assets10 34,449 + 593 + 1,798 33,372 Foreign currency denominated assets11 18,052 + 54 - 248 18,054 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,728 + 14 + 626 52,728 Total factors supplying reserve funds 7,626,687 - 7,793 - 792,346 7,618,121 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 28, 2024 Federal Reserve Banks Feb 28, 2024 Feb 21, 2024 Mar 1, 2023 Currency in circulation12 2,330,600 + 967 + 27,948 2,333,089 Reverse repurchase agreements13 865,893 - 9,215 -1,648,384 908,801 Foreign official and international accounts 333,307 - 9,326 - 29,790 338,946 Others 532,586 + 111 -1,618,594 569,855 Treasury cash holdings 468 + 28 + 363 477 Deposits with F.R. Banks, other than reserve balances 957,967 + 5,056 + 380,071 930,101 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 785,821 + 356 + 404,576 767,672 Foreign official 9,689 0 + 252 9,689 Other14 162,457 + 4,700 - 24,758 152,741 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -103,232 - 6,183 - 113,685 -102,768 Total factors, other than reserve balances, absorbing reserve funds 4,059,135 - 9,346 -1,361,595 4,077,140 Reserve balances with Federal Reserve Banks 3,567,552 + 1,553 + 569,249 3,540,982 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 28, 2024 Feb 28, 2024 Feb 21, 2024 Mar 1, 2023 Securities held in custody for foreign official and international accounts 3,353,525 - 14,723 + 593 3,340,012 Marketable U.S. Treasury securities1 2,937,177 - 12,456 - 6,139 2,924,944 Federal agency debt and mortgage-backed securities2 334,204 - 2,250 + 6,532 332,860 Other securities3 82,145 - 16 + 200 82,208 Securities lent to dealers 33,423 + 5,778 - 13,997 37,553 Overnight facility4 33,423 + 5,778 - 13,997 37,553 U.S. Treasury securities 33,423 + 5,778 - 13,983 37,553 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 28, 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 2,430 63,469 99,685 3,189 0 ... 168,773 U.S. Treasury securities2 Holdings 56,650 264,929 553,197 1,572,206 707,656 1,506,619 4,661,257 Weekly changes - 11,123 + 7,846 + 3,263 + 8,503 - 8,620 - 32 - 164 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 0 26 5,482 30,892 2,366,835 2,403,235 Weekly changes 0 - 1 - 6 - 88 - 675 - 10,216 - 10,985 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,302 ... ... 7,302 Repurchase agreements6 4 0 ... ... ... ... 4 Central bank liquidity swaps7 217 0 0 0 0 0 217 Reverse repurchase agreements6 908,801 0 ... ... ... ... 908,801 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 28, 2024 Mortgage-backed securities held outright1 2,403,235 Residential mortgage-backed securities 2,395,024 Commercial mortgage-backed securities 8,211 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 28, 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 6,481 8,345 14,826 Municipal Liquidity Facility LLC 0 0 0 0 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 28, 2024 Feb 21, 2024 Mar 1, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,526 - 11 + 220 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,483,515 - 13,141 - 759,739 Securities held outright1 7,066,839 - 11,149 - 881,695 U.S. Treasury securities 4,661,257 - 164 - 674,890 Bills2 210,353 0 - 74,668 Notes and bonds, nominal2 3,979,883 - 50 - 593,859 Notes and bonds, inflation-indexed2 360,222 0 - 16,802 Inflation compensation3 110,799 - 113 + 10,439 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,403,235 - 10,985 - 206,805 Unamortized premiums on securities held outright5 273,588 - 780 - 33,965 Unamortized discounts on securities held outright5 -25,689 - 121 + 2,211 Repurchase agreements6 4 + 3 + 4 Loans7 168,773 - 1,094 + 153,706 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,826 + 17 - 7,582 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 - 1 - 5,592 Net portfolio holdings of TALF II LLC8 0 0 - 1,939 Items in process of collection (0) 61 0 - 2 Bank premises 477 + 6 + 8 Central bank liquidity swaps9 217 + 2 - 202 Foreign currency denominated assets10 18,054 + 13 - 352 Other assets11 32,895 - 758 + 3,302 Total assets (0) 7,567,807 - 13,876 - 771,877 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 28, 2024 Feb 21, 2024 Mar 1, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,282,361 + 2,307 + 28,180 Reverse repurchase agreements12 908,801 - 5,824 -1,591,810 Deposits (0) 4,471,083 - 4,742 + 912,393 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,540,982 + 17,887 + 513,015 U.S. Treasury, General Account 767,672 - 21,087 + 416,657 Foreign official 9,689 + 2 + 251 Other13 (0) 152,741 - 1,542 - 17,529 Deferred availability cash items (0) 892 + 494 + 669 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -145,908 - 6,110 - 113,999 Total liabilities (0) 7,524,667 - 13,875 - 772,475 Capital accounts Capital paid in 36,355 0 + 598 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,140 0 + 598 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 28, 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 1,526 53 41 142 56 188 111 270 40 57 103 192 274 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,483,515 151,598 4,097,369 123,963 228,979 521,502 508,620 467,882 116,935 59,820 107,280 372,299 727,268 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,826 14,826 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 0 0 0 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 217 9 77 8 20 44 6 8 5 1 2 5 31 Foreign currency denominated assets4 18,054 777 6,424 649 1,702 3,655 541 629 406 114 192 381 2,584 Other assets5 33,433 827 14,775 640 1,021 2,648 3,220 1,987 838 606 892 1,819 4,160 Interdistrict settlement account 0+ 10,649- 112,833- 9,776+ 54,448+ 205,507- 30,207- 80,125- 6,337- 4,182- 16,684- 58,248 + 47,788 Total assets 7,567,807 179,296 4,011,028 116,151 286,979 734,731 484,579 391,753 112,367 56,680 92,237 317,737 784,270 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 28, 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 2,282,361 80,246 739,817 49,492 110,090 161,534 356,608 121,647 71,358 32,156 44,334 189,807 325,272 Reverse repurchase agreements6 908,801 17,558 507,520 14,978 27,928 63,243 61,566 56,651 13,595 6,162 11,750 44,310 83,540 Deposits 4,471,083 73,972 2,842,942 51,471 150,214 524,439 63,895 221,819 26,373 18,205 36,066 84,055 377,631 Depository institutions 3,540,982 73,920 2,016,765 51,469 150,180 524,099 63,865 118,622 26,368 18,097 36,035 83,956 377,603 U.S. Treasury, General Account 767,672 0 767,672 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 152,741 51 48,842 0 29 331 28 103,196 4 108 31 98 22 Earnings remittances due to the U.S. Treasury8 -153,936 -2,988 -97,203 -1,479 -6,121 -24,027 -174 -10,941 -80 -231 -568 -1,796 -8,329 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 8,919 1,262 3,101 179 290 1,087 1,206 450 150 117 181 242 656 Total liabilities 7,524,667 177,488 3,996,177 114,641 282,401 726,276 483,101 389,627 111,397 56,409 91,763 316,618 778,769 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 7,567,807 179,296 4,011,028 116,151 286,979 734,731 484,579 391,753 112,367 56,680 92,237 317,737 784,270 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 28, 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 28, 2024 Federal Reserve notes outstanding 2,719,306 Less: Notes held by F.R. Banks not subject to collateralization 436,945 Federal Reserve notes to be collateralized 2,282,361 Collateral held against Federal Reserve notes 2,282,361 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,266,124 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,066,843 Less: Face value of securities under reverse repurchase agreements 1,051,674 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,015,169 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.