H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time March 7, 2024 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," was modified to reflect closing the Municipal Liquidity Facility LLC (MLF) and TALF II LLC (TALF II). MLF and TALF II related lines were removed from table 4 and table 6. Information on Principal Amounts of Credit Facilities LLC (table 4) footnote 2 was revised accordingly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 7, 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 Mar 6, 2024 Federal Reserve Banks Mar 6, 2024 Feb 28, 2024 Mar 8, 2023 Reserve Bank credit 7,501,297 - 38,370 - 803,552 7,502,080 Securities held outright1 7,037,819 - 35,346 - 910,394 7,037,288 U.S. Treasury securities 4,632,237 - 29,069 - 703,589 4,631,706 Bills2 210,056 - 297 - 74,063 209,312 Notes and bonds, nominal2 3,950,503 - 29,387 - 623,275 3,950,503 Notes and bonds, inflation-indexed2 360,612 + 390 - 16,412 360,612 Inflation compensation3 111,067 + 226 + 10,162 111,280 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,403,235 - 6,277 - 206,805 2,403,235 Unamortized premiums on securities held outright5 273,272 - 650 - 33,934 273,096 Unamortized discounts on securities held outright5 -25,774 + 6 + 2,156 -25,685 Repurchase agreements6 2 - 15 0 5 Foreign official 0 0 0 0 Others 2 - 15 0 5 Loans 168,518 - 685 + 153,414 169,181 Primary credit 1,978 - 223 - 2,457 1,882 Secondary credit 50 + 50 + 50 128 Seasonal credit 1 + 1 + 1 1 Paycheck Protection Program Liquidity Facility 3,157 - 49 - 7,512 3,148 Bank Term Funding Program 163,332 - 464 + 163,332 164,022 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,831 + 19 - 7,580 14,843 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,592 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,939 0 Float -370 - 31 - 110 -756 Central bank liquidity swaps9 183 - 34 - 228 183 Other Federal Reserve assets10 32,816 - 1,633 + 657 33,926 Foreign currency denominated assets11 18,112 + 60 - 209 18,202 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,742 + 14 + 632 52,742 Total factors supplying reserve funds 7,588,391 - 38,296 - 803,130 7,589,265 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 Mar 6, 2024 Federal Reserve Banks Mar 6, 2024 Feb 28, 2024 Mar 8, 2023 Currency in circulation12 2,335,475 + 4,875 + 28,992 2,339,026 Reverse repurchase agreements13 785,121 - 80,772 -1,756,131 793,394 Foreign official and international accounts 332,695 - 612 - 22,125 336,547 Others 452,426 - 80,160 -1,734,007 456,847 Treasury cash holdings 478 + 10 + 361 479 Deposits with F.R. Banks, other than reserve balances 934,634 - 23,333 + 417,817 928,185 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 767,733 - 18,088 + 434,383 760,550 Foreign official 10,543 + 854 + 945 10,755 Other14 156,358 - 6,099 - 17,511 156,880 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -100,930 + 2,302 - 112,715 -99,946 Total factors, other than reserve balances, absorbing reserve funds 3,962,216 - 96,919 -1,429,585 3,968,576 Reserve balances with Federal Reserve Banks 3,626,176 + 58,624 + 626,456 3,620,689 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 Mar 6, 2024 Mar 6, 2024 Feb 28, 2024 Mar 8, 2023 Securities held in custody for foreign official and international accounts 3,343,899 - 9,626 - 16,116 3,341,953 Marketable U.S. Treasury securities1 2,930,109 - 7,068 - 20,046 2,928,074 Federal agency debt and mortgage-backed securities2 331,460 - 2,744 + 3,552 331,461 Other securities3 82,330 + 185 + 378 82,417 Securities lent to dealers 36,199 + 2,776 - 8,786 34,635 Overnight facility4 36,199 + 2,776 - 8,786 34,635 U.S. Treasury securities 36,199 + 2,776 - 8,776 34,635 Federal agency debt securities 0 0 - 10 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, March 6, 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 19,244 42,856 103,937 3,144 0 ... 169,181 U.S. Treasury securities2 Holdings 16,450 310,294 543,637 1,543,878 709,563 1,507,883 4,631,706 Weekly changes - 40,200 + 45,365 - 9,560 - 28,328 + 1,907 + 1,264 - 29,551 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 35 5,633 30,797 2,366,769 2,403,235 Weekly changes 0 + 1 + 9 + 151 - 95 - 66 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,243 ... ... 7,243 Repurchase agreements6 5 0 ... ... ... ... 5 Central bank liquidity swaps7 183 0 0 0 0 0 183 Reverse repurchase agreements6 793,394 0 ... ... ... ... 793,394 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 Mar 6, 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 93 Commitments to sell mortgage-backed securities2 15 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 LLC Millions of dollars Wednesday Mar 6, 2024 Net portfolio holdings of Credit Facilities LLC Outstanding Credit Facilities LLC: 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 6,421 8,422 14,843 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 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 Mar 6, 2024 Feb 28, 2024 Mar 8, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,524 - 2 + 215 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,453,885 - 29,630 - 788,848 Securities held outright1 7,037,288 - 29,551 - 911,047 U.S. Treasury securities 4,631,706 - 29,551 - 704,242 Bills2 209,312 - 1,041 - 74,648 Notes and bonds, nominal2 3,950,503 - 29,380 - 623,239 Notes and bonds, inflation-indexed2 360,612 + 390 - 16,412 Inflation compensation3 111,280 + 481 + 10,058 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,403,235 0 - 206,805 Unamortized premiums on securities held outright5 273,096 - 492 - 33,936 Unamortized discounts on securities held outright5 -25,685 + 4 + 2,159 Repurchase agreements6 5 + 1 + 5 Loans7 169,181 + 408 + 153,972 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,843 + 17 - 7,588 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,594 Net portfolio holdings of TALF II LLC8 0 0 - 1,941 Items in process of collection (0) 57 - 4 + 12 Bank premises 457 - 20 - 13 Central bank liquidity swaps9 183 - 34 - 228 Foreign currency denominated assets10 18,202 + 148 - 4 Other assets11 33,468 + 573 + 561 Total assets (0) 7,538,857 - 28,950 - 803,426 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 Mar 6, 2024 Feb 28, 2024 Mar 8, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,288,283 + 5,922 + 30,482 Reverse repurchase agreements12 793,394 - 115,407 -1,766,956 Deposits (0) 4,548,874 + 77,791 +1,052,920 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,620,689 + 79,707 + 617,013 U.S. Treasury, General Account 760,550 - 7,122 + 448,819 Foreign official 10,755 + 1,066 + 1,321 Other13 (0) 156,880 + 4,139 - 14,233 Deferred availability cash items (0) 814 - 78 - 1 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -143,088 + 2,820 - 112,606 Total liabilities (0) 7,495,715 - 28,952 - 804,070 Capital accounts Capital paid in 36,357 + 2 + 644 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,142 + 2 + 644 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, March 6, 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 1,524 53 40 145 55 187 110 271 38 55 104 192 274 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,453,885 151,950 4,080,603 123,600 228,069 519,404 505,965 465,921 116,484 59,558 106,895 371,064 724,371 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,843 14,843 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 183 8 65 7 17 37 5 6 4 1 2 4 26 Foreign currency denominated assets4 18,202 783 6,478 654 1,716 3,685 546 634 410 115 193 384 2,605 Other assets5 33,983 810 15,073 648 1,048 2,687 3,242 2,023 866 638 912 1,811 4,224 Interdistrict settlement account 0+ 9,290- 83,812- 8,677+ 64,740+ 161,603- 33,926- 88,735- 7,793- 5,109- 19,457- 55,046 + 66,922 Total assets 7,538,857 178,294 4,023,623 116,901 296,397 688,791 478,229 381,224 110,488 55,523 89,101 319,699 800,587 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, March 6, 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 2,288,283 80,693 741,013 49,738 110,436 162,046 356,466 122,106 72,022 31,883 44,157 191,292 326,431 Reverse repurchase agreements6 793,394 15,328 443,071 13,076 24,381 55,212 53,748 49,457 11,869 5,380 10,258 38,684 72,931 Deposits 4,548,874 74,682 2,917,245 53,830 162,730 485,903 65,414 217,849 25,491 18,069 34,546 90,016 403,101 Depository institutions 3,620,689 74,629 2,092,684 53,829 162,697 485,475 65,382 115,072 25,457 17,994 34,516 89,917 403,038 U.S. Treasury, General Account 760,550 0 760,550 0 0 0 0 0 0 0 0 0 0 Foreign official 10,755 2 10,729 1 4 8 1 1 1 0 0 1 6 Other7 156,880 51 53,282 0 30 419 31 102,775 32 75 29 98 57 Earnings remittances due to the U.S. Treasury8 -154,980 -3,019 -97,851 -1,493 -6,198 -24,305 -63 -10,998 -46 -223 -556 -1,761 -8,464 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 12,705 1,364 5,294 239 470 1,480 1,187 685 182 143 223 350 1,088 Total liabilities 7,495,715 176,485 4,008,772 115,391 291,819 680,336 476,751 379,099 109,517 55,252 88,627 318,580 795,086 Capital Capital paid in 36,357 1,525 12,506 1,271 3,856 7,116 1,255 1,792 818 229 400 956 4,633 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 7,538,857 178,294 4,023,623 116,901 296,397 688,791 478,229 381,224 110,488 55,523 89,101 319,699 800,587 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, March 6, 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 Mar 6, 2024 Federal Reserve notes outstanding 2,720,390 Less: Notes held by F.R. Banks not subject to collateralization 432,107 Federal Reserve notes to be collateralized 2,288,283 Collateral held against Federal Reserve notes 2,288,283 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,272,047 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,037,293 Less: Face value of securities under reverse repurchase agreements 903,710 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,133,583 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.