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 21, 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 20, 2024 Federal Reserve Banks Mar 20, 2024 Mar 13, 2024 Mar 22, 2023 Reserve Bank credit 7,493,427 - 12,383 -1,164,541 7,478,100 Securities held outright1 7,026,811 - 8,098 - 911,599 7,022,774 U.S. Treasury securities 4,621,734 - 7,593 - 707,095 4,620,435 Bills2 202,900 - 3,652 - 79,645 202,148 Notes and bonds, nominal2 3,945,996 - 4,521 - 620,636 3,945,236 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 360,612 Inflation compensation3 112,226 + 579 + 9,598 112,439 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,402,730 - 505 - 204,504 2,399,992 Unamortized premiums on securities held outright5 272,330 - 495 - 33,715 272,065 Unamortized discounts on securities held outright5 -25,317 + 227 + 2,364 -25,228 Repurchase agreements6 2 - 14 - 32,855 3 Foreign official 0 0 - 32,857 0 Others 2 - 14 + 2 3 Loans 166,797 - 6,427 - 173,902 155,967 Primary credit 2,172 - 172 - 114,815 2,672 Secondary credit 46 - 97 + 46 40 Seasonal credit 1 0 - 3 1 Paycheck Protection Program Liquidity Facility 3,083 - 33 - 7,431 3,072 Bank Term Funding Program 161,495 - 6,124 + 126,886 150,183 Other credit extensions7 0 0 - 178,586 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,674 - 171 - 7,590 14,655 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,597 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,943 0 Float -287 - 18 - 111 -353 Central bank liquidity swaps9 173 - 6 - 329 173 Other Federal Reserve assets10 38,244 + 2,620 + 736 38,045 Foreign currency denominated assets11 18,157 - 149 - 464 18,050 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,770 + 14 + 646 52,770 Total factors supplying reserve funds 7,580,596 - 12,516 -1,164,359 7,565,161 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 20, 2024 Federal Reserve Banks Mar 20, 2024 Mar 13, 2024 Mar 22, 2023 Currency in circulation12 2,340,778 + 1,508 + 25,787 2,342,299 Reverse repurchase agreements13 790,234 - 11 -1,713,450 845,466 Foreign official and international accounts 346,088 + 19,913 - 20,817 349,221 Others 444,146 - 19,924 -1,692,632 496,245 Treasury cash holdings 473 - 5 + 338 450 Deposits with F.R. Banks, other than reserve balances 991,567 + 54,679 + 515,607 982,555 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 809,298 + 40,929 + 549,711 812,605 Foreign official 11,266 + 133 + 1,664 12,393 Other14 171,004 + 13,618 - 35,767 157,557 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -103,319 + 2,521 - 113,083 -102,624 Total factors, other than reserve balances, absorbing reserve funds 4,027,172 + 58,693 -1,292,708 4,075,584 Reserve balances with Federal Reserve Banks 3,553,424 - 71,209 + 128,349 3,489,577 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 20, 2024 Mar 20, 2024 Mar 13, 2024 Mar 22, 2023 Securities held in custody for foreign official and international accounts 3,349,400 + 1,671 + 39,947 3,344,236 Marketable U.S. Treasury securities1 2,938,263 + 4,020 + 43,812 2,939,668 Federal agency debt and mortgage-backed securities2 329,290 - 1,837 - 4,364 323,661 Other securities3 81,847 - 512 + 499 80,907 Securities lent to dealers 33,336 - 841 - 13,162 38,008 Overnight facility4 33,336 - 841 - 13,162 38,008 U.S. Treasury securities 33,336 - 841 - 13,162 38,008 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 20, 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 17,238 22,189 113,472 3,068 0 ... 155,967 U.S. Treasury securities2 Holdings 58,267 273,686 534,164 1,536,304 709,808 1,508,207 4,620,435 Weekly changes + 39,729 - 32,255 - 8,329 - 7,830 + 108 + 162 - 8,416 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 5,634 30,797 2,363,525 2,399,992 Weekly changes 0 0 0 + 1 0 - 3,244 - 3,243 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,217 ... ... 7,217 Repurchase agreements6 3 0 ... ... ... ... 3 Central bank liquidity swaps7 173 0 0 0 0 0 173 Reverse repurchase agreements6 845,466 0 ... ... ... ... 845,466 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 20, 2024 Mortgage-backed securities held outright1 2,399,992 Residential mortgage-backed securities 2,391,784 Commercial mortgage-backed securities 8,208 Commitments to buy mortgage-backed securities2 20 Commitments to sell mortgage-backed securities2 67 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 20, 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) 6,070 6,390 8,264 14,655 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 20, 2024 Mar 13, 2024 Mar 22, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,549 + 13 + 264 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,425,581 - 28,589 -1,203,346 Securities held outright1 7,022,774 - 11,659 - 913,784 U.S. Treasury securities 4,620,435 - 8,416 - 708,541 Bills2 202,148 - 3,679 - 80,226 Notes and bonds, nominal2 3,945,236 - 5,317 - 621,396 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 Inflation compensation3 112,439 + 579 + 9,494 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,399,992 - 3,243 - 205,243 Unamortized premiums on securities held outright5 272,065 - 586 - 33,708 Unamortized discounts on securities held outright5 -25,228 + 230 + 2,366 Repurchase agreements6 3 - 1 - 59,997 Loans7 155,967 - 16,574 - 198,224 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,655 - 200 - 7,627 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,599 Net portfolio holdings of TALF II LLC8 0 0 - 1,944 Items in process of collection (0) 58 + 8 + 6 Bank premises 467 + 6 - 8 Central bank liquidity swaps9 173 - 6 - 414 Foreign currency denominated assets10 18,050 - 252 - 656 Other assets11 37,579 + 1,399 - 113 Total assets (0) 7,514,348 - 27,621 -1,219,439 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 20, 2024 Mar 13, 2024 Mar 22, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,291,524 + 779 + 22,803 Reverse repurchase agreements12 845,466 - 9,212 -1,804,518 Deposits (0) 4,472,132 - 21,425 + 683,063 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,489,577 - 83,576 + 119,591 U.S. Treasury, General Account 812,605 + 64,217 + 612,749 Foreign official 12,393 + 841 + 2,956 Other13 (0) 157,557 - 2,908 - 52,234 Deferred availability cash items (0) 411 - 45 + 86 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -145,766 + 2,283 - 113,606 Total liabilities (0) 7,471,206 - 27,621 -1,220,080 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 20, 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 1,549 53 48 155 53 193 115 276 37 56 107 188 269 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,425,581 154,614 4,071,544 123,178 227,413 517,209 504,117 464,163 115,833 58,632 105,287 369,206 714,385 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,655 14,655 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 173 7 62 6 16 35 5 6 4 1 2 4 25 Foreign currency denominated assets4 18,050 777 6,423 648 1,702 3,654 541 628 406 114 192 381 2,583 Other assets5 38,103 926 17,858 730 1,201 3,007 3,552 2,312 735 620 928 2,054 4,179 Interdistrict settlement account 0+ 4,661- 19,514- 6,721+ 60,725+ 82,572- 32,589- 81,076- 6,978- 5,874- 19,456- 46,236 + 70,487 Total assets 7,514,348 176,249 4,081,596 118,522 291,862 607,858 478,028 387,413 110,516 53,813 87,511 326,886 794,093 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 20, 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 2,291,524 81,079 745,307 50,157 111,044 162,903 354,485 121,490 72,531 30,968 42,444 191,609 327,507 Reverse repurchase agreements6 845,466 16,334 472,150 13,934 25,981 58,835 57,275 52,703 12,648 5,733 10,931 41,222 77,718 Deposits 4,472,132 71,269 2,943,450 54,210 156,167 401,185 63,873 221,551 24,203 16,915 33,993 94,276 391,039 Depository institutions 3,489,577 71,215 2,063,834 54,209 156,133 400,808 63,845 119,364 24,170 16,856 33,960 94,174 391,009 U.S. Treasury, General Account 812,605 0 812,605 0 0 0 0 0 0 0 0 0 0 Foreign official 12,393 2 12,367 1 4 8 1 1 1 0 0 1 6 Other7 157,557 52 54,644 0 30 368 27 102,186 32 59 33 101 25 Earnings remittances due to the U.S. Treasury8 -157,831 -3,086 -99,536 -1,531 -6,410 -24,934 102 -11,146 -21 -217 -552 -1,697 -8,804 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 12,476 1,405 5,374 241 502 1,414 814 690 184 143 221 356 1,132 Total liabilities 7,471,206 174,441 4,066,745 117,013 287,284 599,403 476,551 385,288 109,546 53,541 87,037 325,767 788,591 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 7,514,348 176,249 4,081,596 118,522 291,862 607,858 478,028 387,413 110,516 53,813 87,511 326,886 794,093 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 20, 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 20, 2024 Federal Reserve notes outstanding 2,725,131 Less: Notes held by F.R. Banks not subject to collateralization 433,607 Federal Reserve notes to be collateralized 2,291,524 Collateral held against Federal Reserve notes 2,291,524 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,275,287 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,022,777 Less: Face value of securities under reverse repurchase agreements 937,954 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,084,823 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.