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 March 14, 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 13, 2024 Federal Reserve Banks Mar 13, 2024 Mar 6, 2024 Mar 15, 2023 Reserve Bank credit 7,505,810 + 4,513 - 941,182 7,505,438 Securities held outright1 7,034,909 - 2,910 - 912,149 7,034,433 U.S. Treasury securities 4,629,327 - 2,910 - 705,530 4,628,851 Bills2 206,552 - 3,504 - 76,787 205,827 Notes and bonds, nominal2 3,950,517 + 14 - 622,209 3,950,553 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 360,612 Inflation compensation3 111,647 + 580 + 9,880 111,860 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,403,235 0 - 206,619 2,403,235 Unamortized premiums on securities held outright5 272,825 - 447 - 33,852 272,651 Unamortized discounts on securities held outright5 -25,544 + 230 + 2,263 -25,458 Repurchase agreements6 16 + 14 - 16 4 Foreign official 0 0 0 0 Others 16 + 14 - 16 4 Loans 173,224 + 4,706 + 17,589 172,541 Primary credit 2,344 + 366 - 82,613 1,825 Secondary credit 143 + 93 + 143 147 Seasonal credit 1 0 - 2 1 Paycheck Protection Program Liquidity Facility 3,116 - 41 - 7,472 3,104 Bank Term Funding Program 167,619 + 4,287 + 165,176 167,463 Other credit extensions7 0 0 - 57,643 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,845 + 14 - 7,562 14,855 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,595 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,941 0 Float -269 + 101 + 144 -406 Central bank liquidity swaps9 179 - 4 - 293 179 Other Federal Reserve assets10 35,624 + 2,808 + 228 36,641 Foreign currency denominated assets11 18,306 + 194 - 144 18,302 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,756 + 14 + 639 52,756 Total factors supplying reserve funds 7,593,112 + 4,721 - 940,688 7,592,737 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 13, 2024 Federal Reserve Banks Mar 13, 2024 Mar 6, 2024 Mar 15, 2023 Currency in circulation12 2,339,270 + 3,795 + 30,952 2,341,493 Reverse repurchase agreements13 790,245 + 5,124 -1,713,513 854,678 Foreign official and international accounts 326,175 - 6,520 - 31,894 332,940 Others 464,070 + 11,644 -1,681,620 521,738 Treasury cash holdings 478 0 + 347 476 Deposits with F.R. Banks, other than reserve balances 936,888 + 2,254 + 489,960 920,405 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 768,369 + 636 + 535,503 748,388 Foreign official 11,133 + 590 + 1,384 11,552 Other14 157,386 + 1,028 - 46,926 160,465 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -105,840 - 4,910 - 113,675 -104,907 Total factors, other than reserve balances, absorbing reserve funds 3,968,479 + 6,263 -1,313,839 4,019,585 Reserve balances with Federal Reserve Banks 3,624,633 - 1,543 + 373,151 3,573,153 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 13, 2024 Mar 13, 2024 Mar 6, 2024 Mar 15, 2023 Securities held in custody for foreign official and international accounts 3,347,729 + 3,830 - 14,446 3,343,757 Marketable U.S. Treasury securities1 2,934,243 + 4,134 - 15,656 2,931,118 Federal agency debt and mortgage-backed securities2 331,127 - 333 + 876 330,334 Other securities3 82,359 + 29 + 334 82,305 Securities lent to dealers 34,177 - 2,022 - 14,374 36,896 Overnight facility4 34,177 - 2,022 - 14,374 36,896 U.S. Treasury securities 34,177 - 2,022 - 14,374 36,896 Federal agency debt securities 0 0 0 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 13, 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 31,724 22,382 115,334 3,101 0 ... 172,541 U.S. Treasury securities2 Holdings 18,538 305,941 542,493 1,544,134 709,700 1,508,045 4,628,851 Weekly changes + 2,088 - 4,353 - 1,144 + 256 + 137 + 162 - 2,855 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 0 0 0 0 0 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,224 ... ... 7,224 Repurchase agreements6 4 0 ... ... ... ... 4 Central bank liquidity swaps7 179 0 0 0 0 0 179 Reverse repurchase agreements6 854,678 0 ... ... ... ... 854,678 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 13, 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 108 Commitments to sell mortgage-backed securities2 30 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 13, 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 6,398 8,457 14,855 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 13, 2024 Mar 6, 2024 Mar 15, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,536 + 12 + 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,454,170 + 285 -1,082,720 Securities held outright1 7,034,433 - 2,855 - 905,581 U.S. Treasury securities 4,628,851 - 2,855 - 700,076 Bills2 205,827 - 3,485 - 77,360 Notes and bonds, nominal2 3,950,553 + 50 - 616,079 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 Inflation compensation3 111,860 + 580 + 9,777 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,403,235 0 - 205,506 Unamortized premiums on securities held outright5 272,651 - 445 - 33,797 Unamortized discounts on securities held outright5 -25,458 + 227 + 2,262 Repurchase agreements6 4 - 1 + 4 Loans7 172,541 + 3,360 - 145,607 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,855 + 12 - 7,406 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,597 Net portfolio holdings of TALF II LLC8 0 0 - 1,942 Items in process of collection (0) 50 - 7 - 7 Bank premises 461 + 4 - 9 Central bank liquidity swaps9 179 - 4 - 293 Foreign currency denominated assets10 18,302 + 100 - 116 Other assets11 36,180 + 2,712 + 529 Total assets (0) 7,541,969 + 3,112 -1,097,331 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 13, 2024 Mar 6, 2024 Mar 15, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,290,745 + 2,462 + 30,378 Reverse repurchase agreements12 854,678 + 61,284 -1,568,448 Deposits (0) 4,493,557 - 55,317 + 561,427 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,573,153 - 47,536 + 128,943 U.S. Treasury, General Account 748,388 - 12,162 + 470,745 Foreign official 11,552 + 797 - 83 Other13 (0) 160,465 + 3,585 - 38,177 Deferred availability cash items (0) 456 - 358 + 215 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -148,049 - 4,961 - 113,637 Total liabilities (0) 7,498,827 + 3,112 -1,097,972 Capital accounts Capital paid in 36,357 0 + 641 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,142 0 + 641 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 13, 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 1,536 53 44 150 53 192 112 273 37 56 105 189 271 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,454,170 154,889 4,078,584 123,574 227,902 518,901 505,650 465,682 116,279 59,627 106,885 371,739 724,460 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,855 14,855 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 179 8 64 6 17 36 5 6 4 1 2 4 26 Foreign currency denominated assets4 18,302 788 6,513 658 1,726 3,706 549 637 412 116 194 386 2,619 Other assets5 36,690 876 16,794 700 1,136 2,898 3,432 2,213 691 664 939 1,966 4,380 Interdistrict settlement account 0+ 1,614- 91,300- 7,808+ 74,929+ 130,664- 31,449- 75,717- 8,031- 6,067- 19,161- 51,692 + 84,019 Total assets 7,541,969 173,639 4,015,873 117,806 306,514 657,584 480,586 394,199 109,871 54,660 89,415 323,882 817,941 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 13, 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 2,290,745 80,840 743,656 50,105 110,857 162,689 355,548 122,137 72,168 31,513 43,618 191,401 326,213 Reverse repurchase agreements6 854,678 16,512 477,295 14,086 26,265 59,477 57,899 53,278 12,785 5,795 11,050 41,672 78,564 Deposits 4,493,557 68,787 2,875,565 53,429 170,787 450,475 64,820 227,274 23,840 17,185 34,660 91,163 415,573 Depository institutions 3,573,153 68,734 2,063,036 53,427 170,754 450,091 64,792 120,173 23,806 17,128 34,630 91,071 415,510 U.S. Treasury, General Account 748,388 0 748,388 0 0 0 0 0 0 0 0 0 0 Foreign official 11,552 2 11,526 1 4 8 1 1 1 0 0 1 6 Other7 160,465 51 52,615 0 29 376 27 107,100 32 57 29 91 57 Earnings remittances due to the U.S. Treasury8 -156,243 -3,045 -98,609 -1,505 -6,293 -24,608 48 -11,067 -41 -224 -567 -1,724 -8,608 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 8,651 1,298 3,114 181 321 1,096 793 452 148 118 181 251 696 Total liabilities 7,498,827 171,830 4,001,021 116,296 301,937 649,128 479,109 392,073 108,900 54,388 88,941 322,763 812,439 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 7,541,969 173,639 4,015,873 117,806 306,514 657,584 480,586 394,199 109,871 54,660 89,415 323,882 817,941 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 13, 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 13, 2024 Federal Reserve notes outstanding 2,721,886 Less: Notes held by F.R. Banks not subject to collateralization 431,141 Federal Reserve notes to be collateralized 2,290,745 Collateral held against Federal Reserve notes 2,290,745 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,274,508 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,034,437 Less: Face value of securities under reverse repurchase agreements 940,475 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,093,963 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.