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 May 16, 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 May 15, 2024 Federal Reserve Banks May 15, 2024 May 8, 2024 May 17, 2023 Reserve Bank credit 7,310,252 - 7,926 -1,137,935 7,268,176 Securities held outright1 6,889,038 - 3,731 - 899,493 6,862,420 U.S. Treasury securities 4,514,652 - 3,722 - 696,336 4,488,090 Bills2 195,218 + 64 - 85,823 195,218 Notes and bonds, nominal2 3,854,217 - 4,468 - 605,273 3,827,406 Notes and bonds, inflation-indexed2 350,161 + 3 - 15,275 350,161 Inflation compensation3 115,056 + 679 + 10,035 115,304 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,372,039 - 10 - 203,157 2,371,983 Unamortized premiums on securities held outright5 267,947 - 430 - 32,822 267,778 Unamortized discounts on securities held outright5 -24,955 - 22 + 2,528 -24,936 Repurchase agreements6 15 + 14 + 13 0 Foreign official 1 + 1 + 1 0 Others 14 + 14 + 12 0 Loans 119,679 - 4,199 - 194,346 118,922 Primary credit 6,397 + 197 - 2,804 6,364 Secondary credit 0 0 0 0 Seasonal credit 25 + 6 + 18 25 Paycheck Protection Program Liquidity Facility 2,942 - 12 - 5,399 2,938 Bank Term Funding Program 110,315 - 4,390 + 24,415 109,595 Other credit extensions7 0 0 - 210,576 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 14,079 - 37 - 8,064 13,773 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,618 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,900 0 Float -235 + 59 - 92 -340 Central bank liquidity swaps9 129 + 4 - 281 130 Other Federal Reserve assets10 44,554 + 415 + 2,140 30,428 Foreign currency denominated assets11 17,867 - 54 - 781 17,972 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,882 + 14 + 687 52,882 Total factors supplying reserve funds 7,397,241 - 7,967 -1,138,030 7,355,271 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 May 15, 2024 Federal Reserve Banks May 15, 2024 May 8, 2024 May 17, 2023 Currency in circulation12 2,347,780 - 207 + 14,719 2,348,375 Reverse repurchase agreements13 840,002 + 21,026 -1,766,879 827,210 Foreign official and international accounts 365,424 + 6,005 - 17,506 383,431 Others 474,578 + 15,021 -1,749,373 443,779 Treasury cash holdings 444 + 1 + 233 451 Deposits with F.R. Banks, other than reserve balances 946,854 - 69,936 + 609,763 869,609 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 787,133 - 64,458 + 670,913 706,108 Foreign official 9,679 - 566 - 6 9,680 Other14 150,042 - 4,912 - 61,144 153,821 Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438 Other liabilities and capital16 -115,023 + 2,558 - 108,824 -114,199 Total factors, other than reserve balances, absorbing reserve funds 4,027,495 - 46,557 -1,258,898 3,938,885 Reserve balances with Federal Reserve Banks 3,369,747 + 38,591 + 120,869 3,416,386 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 May 15, 2024 May 15, 2024 May 8, 2024 May 17, 2023 Securities held in custody for foreign official and international accounts 3,337,177 - 18,790 - 52,413 3,327,425 Marketable U.S. Treasury securities1 2,941,242 - 18,635 - 24,711 2,931,375 Federal agency debt and mortgage-backed securities2 315,004 - 190 - 26,908 315,130 Other securities3 80,931 + 35 - 794 80,920 Securities lent to dealers 33,794 + 1,661 - 8,141 35,349 Overnight facility4 33,794 + 1,661 - 8,141 35,349 U.S. Treasury securities 33,794 + 1,661 - 8,132 35,349 Federal agency debt securities 0 0 - 9 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, May 15, 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 1,752 7,619 106,654 2,896 0 ... 118,922 U.S. Treasury securities2 Holdings 41,744 216,735 565,935 1,501,723 643,410 1,518,543 4,488,090 Weekly changes - 48,196 + 4,704 + 43,804 - 4,377 - 35,152 + 8,615 - 30,601 Federal agency debt securities3 Holdings 0 0 0 486 1,861 0 2,347 Weekly changes 0 0 0 + 486 - 486 0 0 Mortgage-backed securities4 Holdings 0 0 38 5,699 28,158 2,338,088 2,371,983 Weekly changes 0 0 0 0 0 - 65 - 66 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 6,629 ... ... 6,629 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 130 0 0 0 0 0 130 Reverse repurchase agreements6 827,210 0 ... ... ... ... 827,210 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 May 15, 2024 Mortgage-backed securities held outright1 2,371,983 Residential mortgage-backed securities 2,363,818 Commercial mortgage-backed securities 8,166 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday May 15, 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) 5,486 5,542 8,231 13,773 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 credit losses updated as of March 31, 2024. 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 May 15, 2024 May 8, 2024 May 17, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,495 - 13 + 192 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,224,184 - 34,114 -1,133,019 Securities held outright1 6,862,420 - 30,667 - 908,965 U.S. Treasury securities 4,488,090 - 30,601 - 706,520 Bills2 195,218 0 - 85,823 Notes and bonds, nominal2 3,827,406 - 31,279 - 615,577 Notes and bonds, inflation-indexed2 350,161 0 - 15,275 Inflation compensation3 115,304 + 677 + 10,154 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,371,983 - 66 - 202,445 Unamortized premiums on securities held outright5 267,778 - 457 - 32,705 Unamortized discounts on securities held outright5 -24,936 - 81 + 2,574 Repurchase agreements6 0 - 1 - 6 Loans7 118,922 - 2,908 - 193,918 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 13,773 - 357 - 8,229 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,621 Net portfolio holdings of TALF II LLC8 0 0 - 1,902 Items in process of collection (0) 53 - 5 + 5 Bank premises 447 + 8 - 3 Central bank liquidity swaps9 130 + 5 - 280 Foreign currency denominated assets10 17,972 + 137 - 560 Other assets11 29,982 - 14,796 - 3,072 Total assets (0) 7,304,272 - 49,136 -1,152,488 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 May 15, 2024 May 8, 2024 May 17, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,297,435 - 617 + 14,107 Reverse repurchase agreements12 827,210 - 27,754 -1,771,417 Deposits (0) 4,285,995 - 23,517 + 720,612 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,416,386 + 85,699 + 136,399 U.S. Treasury, General Account 706,108 - 110,701 + 637,776 Foreign official 9,680 - 16 - 5 Other13 (0) 153,821 + 1,502 - 53,558 Deferred availability cash items (0) 392 + 97 + 104 Treasury contributions to credit facilities14 7,438 0 - 7,909 Other liabilities and accrued dividends15 -157,389 + 2,653 - 108,774 Total liabilities (0) 7,261,082 - 49,136 -1,153,276 Capital accounts Capital paid in 36,405 0 + 788 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,190 0 + 788 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, May 15, 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 16,237 563 5,129 517 761 1,203 2,268 1,108 484 272 460 1,311 2,161 Coin 1,495 44 48 164 51 188 109 264 30 53 105 173 266 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,224,184 160,587 3,836,523 108,342 280,528 718,464 485,301 401,123 105,694 50,402 86,846 320,615 669,761 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 13,773 13,773 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 130 5 45 5 14 26 4 6 3 1 1 3 17 Foreign currency denominated assets4 17,972 750 6,216 633 1,912 3,545 589 882 405 112 196 432 2,301 Other assets5 30,481 872 13,438 562 1,161 3,261 3,024 1,700 797 436 733 1,488 3,009 Interdistrict settlement account 0- 1,971+ 17,825+ 11,807- 6,465- 24,483- 18,823- 33,605- 2,231- 3,926- 11,333- 6,093 + 79,298 Total assets 7,304,272 174,623 3,879,224 122,029 277,961 702,204 472,472 371,478 105,181 47,350 77,009 317,928 756,812 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, May 15, 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 2,297,435 86,557 741,705 53,554 111,123 162,202 356,006 118,160 72,000 29,856 37,876 198,358 330,040 Reverse repurchase agreements6 827,210 17,206 445,155 12,324 32,257 82,455 55,344 45,652 11,575 5,168 9,095 36,124 74,855 Deposits 4,285,995 63,824 2,777,830 56,099 136,667 474,690 58,791 216,709 20,424 12,125 29,942 83,461 355,433 Depository institutions 3,416,386 63,735 2,009,918 56,097 136,633 474,257 58,713 115,964 20,419 12,057 29,913 83,282 355,396 U.S. Treasury, General Account 706,108 0 706,108 0 0 0 0 0 0 0 0 0 0 Foreign official 9,680 2 9,653 1 4 8 1 2 1 0 0 1 5 Other7 153,821 87 52,151 0 29 425 77 100,742 4 68 29 178 32 Earnings remittances due to the U.S. Treasury8 -168,899 -3,349 -105,499 -1,710 -7,130 -27,139 126 -11,865 26 -203 -578 -1,507 -10,072 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 11,903 1,129 5,163 253 473 1,542 747 688 174 132 213 334 1,056 Total liabilities 7,261,082 172,805 3,864,355 120,519 273,390 693,749 471,013 369,344 104,199 47,078 76,548 316,769 751,313 Capital Capital paid in 36,405 1,535 12,523 1,271 3,849 7,117 1,236 1,802 829 230 387 996 4,630 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 7,304,272 174,623 3,879,224 122,029 277,961 702,204 472,472 371,478 105,181 47,350 77,009 317,928 756,812 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, May 15, 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 May 15, 2024 Federal Reserve notes outstanding 2,745,329 Less: Notes held by F.R. Banks not subject to collateralization 447,894 Federal Reserve notes to be collateralized 2,297,435 Collateral held against Federal Reserve notes 2,297,435 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,281,198 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,862,420 Less: Face value of securities under reverse repurchase agreements 964,247 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,898,174 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.