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 28, 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 27, 2024 Federal Reserve Banks Mar 27, 2024 Mar 20, 2024 Mar 29, 2023 Reserve Bank credit 7,462,673 - 30,754 -1,233,353 7,448,490 Securities held outright1 7,016,041 - 10,770 - 916,075 7,008,864 U.S. Treasury securities 4,618,654 - 3,080 - 710,489 4,618,082 Bills2 200,000 - 2,900 - 81,997 199,215 Notes and bonds, nominal2 3,945,236 - 760 - 621,396 3,945,236 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 360,612 Inflation compensation3 112,806 + 580 + 9,316 113,019 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,395,039 - 7,691 - 205,587 2,388,435 Unamortized premiums on securities held outright5 271,654 - 676 - 33,657 271,336 Unamortized discounts on securities held outright5 -25,084 + 233 + 2,432 -24,991 Repurchase agreements6 0 - 2 - 59,287 0 Foreign official 0 0 - 59,286 0 Others 0 - 2 - 2 0 Loans 147,595 - 19,202 - 210,319 142,136 Primary credit 6,086 + 3,914 - 98,813 6,270 Secondary credit 31 - 15 + 31 0 Seasonal credit 1 0 - 3 1 Paycheck Protection Program Liquidity Facility 3,064 - 19 - 7,203 3,059 Bank Term Funding Program 138,413 - 23,082 + 75,768 132,806 Other credit extensions7 0 0 - 180,100 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,657 - 17 - 7,628 14,671 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,600 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,944 0 Float -279 + 8 - 49 -368 Central bank liquidity swaps9 179 + 6 - 411 179 Other Federal Reserve assets10 37,911 - 333 - 814 36,663 Foreign currency denominated assets11 18,032 - 125 - 772 18,030 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,784 + 14 + 652 52,784 Total factors supplying reserve funds 7,549,730 - 30,866 -1,233,474 7,535,545 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 27, 2024 Federal Reserve Banks Mar 27, 2024 Mar 20, 2024 Mar 29, 2023 Currency in circulation12 2,342,259 + 1,481 + 20,484 2,344,024 Reverse repurchase agreements13 832,204 + 41,970 -1,764,535 872,746 Foreign official and international accounts 348,714 + 2,626 - 18,586 354,389 Others 483,490 + 39,344 -1,745,949 518,357 Treasury cash holdings 449 - 24 + 297 444 Deposits with F.R. Banks, other than reserve balances 980,079 - 11,488 + 573,785 946,645 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 802,233 - 7,065 + 618,656 772,260 Foreign official 13,625 + 2,359 + 4,186 14,547 Other14 164,221 - 6,783 - 49,057 159,839 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -108,821 - 5,502 - 114,126 -108,156 Total factors, other than reserve balances, absorbing reserve funds 4,053,609 + 26,437 -1,292,003 4,063,142 Reserve balances with Federal Reserve Banks 3,496,121 - 57,303 + 58,529 3,472,403 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 27, 2024 Mar 27, 2024 Mar 20, 2024 Mar 29, 2023 Securities held in custody for foreign official and international accounts 3,340,755 - 8,645 + 46,847 3,337,764 Marketable U.S. Treasury securities1 2,936,743 - 1,520 + 64,036 2,933,972 Federal agency debt and mortgage-backed securities2 323,044 - 6,246 - 16,810 322,679 Other securities3 80,968 - 879 - 379 81,112 Securities lent to dealers 36,276 + 2,940 - 13,768 35,882 Overnight facility4 36,276 + 2,940 - 13,768 35,882 U.S. Treasury securities 36,276 + 2,940 - 13,768 35,882 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 27, 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 5,649 21,862 111,570 3,055 0 ... 142,136 U.S. Treasury securities2 Holdings 63,612 265,894 533,751 1,536,540 709,916 1,508,369 4,618,082 Weekly changes + 5,345 - 7,792 - 413 + 236 + 108 + 162 - 2,353 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 28 5,522 30,156 2,352,729 2,388,435 Weekly changes 0 - 1 - 7 - 112 - 641 - 10,796 - 11,557 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 7,133 ... ... 7,133 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 179 0 0 0 0 0 179 Reverse repurchase agreements6 872,746 0 ... ... ... ... 872,746 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 27, 2024 Mortgage-backed securities held outright1 2,388,435 Residential mortgage-backed securities 2,380,240 Commercial mortgage-backed securities 8,195 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 27, 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 6,379 8,292 14,671 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 27, 2024 Mar 20, 2024 Mar 29, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,552 + 3 + 263 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,397,345 - 28,236 -1,203,990 Securities held outright1 7,008,864 - 13,910 - 917,267 U.S. Treasury securities 4,618,082 - 2,353 - 711,221 Bills2 199,215 - 2,933 - 82,625 Notes and bonds, nominal2 3,945,236 0 - 621,396 Notes and bonds, inflation-indexed2 360,612 0 - 16,412 Inflation compensation3 113,019 + 580 + 9,213 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,388,435 - 11,557 - 206,045 Unamortized premiums on securities held outright5 271,336 - 729 - 33,622 Unamortized discounts on securities held outright5 -24,991 + 237 + 2,430 Repurchase agreements6 0 - 3 - 55,000 Loans7 142,136 - 13,831 - 200,531 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,671 + 16 - 7,633 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,602 Net portfolio holdings of TALF II LLC8 0 0 - 1,946 Items in process of collection (0) 63 + 5 + 13 Bank premises 461 - 6 - 13 Central bank liquidity swaps9 179 + 6 - 406 Foreign currency denominated assets10 18,030 - 20 - 715 Other assets11 36,201 - 1,378 - 1,175 Total assets (0) 7,484,739 - 29,609 -1,221,203 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 27, 2024 Mar 20, 2024 Mar 29, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,293,232 + 1,708 + 19,840 Reverse repurchase agreements12 872,746 + 27,280 -1,759,796 Deposits (0) 4,419,048 - 53,084 + 640,284 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,472,403 - 17,174 + 70,603 U.S. Treasury, General Account 772,260 - 40,345 + 609,502 Foreign official 14,547 + 2,154 + 5,111 Other13 (0) 159,839 + 2,282 - 44,931 Deferred availability cash items (0) 430 + 19 - 94 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -151,298 - 5,532 - 114,470 Total liabilities (0) 7,441,596 - 29,610 -1,222,144 Capital accounts Capital paid in 36,357 0 + 940 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,142 0 + 940 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 27, 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 1,552 51 52 158 51 196 110 275 36 55 109 186 271 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,397,345 153,996 4,062,037 122,762 226,747 515,982 502,704 462,921 115,497 56,107 103,966 365,550 709,076 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 14,671 14,671 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 18,030 776 6,417 648 1,700 3,650 540 628 406 114 191 380 2,580 Other assets5 36,725 914 17,341 714 1,170 2,937 3,477 2,254 726 527 891 1,898 3,876 Interdistrict settlement account 0+ 12,996- 110,000- 6,772+ 78,194+ 102,669- 25,104- 66,092- 5,507- 4,256- 16,650- 45,945 + 86,469 Total assets 7,484,739 183,968 3,981,085 118,041 308,630 626,657 484,021 401,096 111,642 52,812 88,961 323,363 804,462 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 27, 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 2,293,232 81,276 747,214 50,357 110,725 163,143 354,813 121,321 72,607 31,228 41,013 191,802 327,731 Reverse repurchase agreements6 872,746 16,861 487,385 14,384 26,820 60,734 59,123 54,404 13,056 5,918 11,284 42,552 80,225 Deposits 4,419,048 78,369 2,828,975 53,157 172,696 418,527 67,781 234,022 24,864 15,490 36,558 89,312 399,297 Depository institutions 3,472,403 78,316 1,991,378 53,156 172,664 418,245 67,718 125,734 24,831 15,374 36,528 89,193 399,266 U.S. Treasury, General Account 772,260 0 772,260 0 0 0 0 0 0 0 0 0 0 Foreign official 14,547 2 14,521 1 4 8 1 1 1 0 0 1 6 Other7 159,839 51 50,815 0 28 274 61 108,287 32 116 30 118 26 Earnings remittances due to the U.S. Treasury8 -159,473 -3,123 -100,475 -1,550 -6,515 -25,225 77 -11,235 -4 -215 -554 -1,675 -8,978 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 8,605 1,337 3,134 184 327 1,022 749 459 149 120 184 253 685 Total liabilities 7,441,596 182,159 3,966,234 116,532 304,053 618,202 482,543 398,971 110,671 52,540 88,486 322,244 798,961 Capital Capital paid in 36,357 1,525 12,506 1,271 3,856 7,116 1,255 1,792 818 229 401 956 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 7,484,739 183,968 3,981,085 118,041 308,630 626,657 484,021 401,096 111,642 52,812 88,961 323,363 804,462 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 27, 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 27, 2024 Federal Reserve notes outstanding 2,728,149 Less: Notes held by F.R. Banks not subject to collateralization 434,917 Federal Reserve notes to be collateralized 2,293,232 Collateral held against Federal Reserve notes 2,293,232 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,276,995 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,008,864 Less: Face value of securities under reverse repurchase agreements 956,582 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,052,282 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.