H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time May 23, 2024 "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program) which occurred on May 17, 2024. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 23, 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 22, 2024 Federal Reserve Banks May 22, 2024 May 15, 2024 May 24, 2023 Reserve Bank credit 7,265,524 - 44,728 -1,140,328 7,263,580 Securities held outright1 6,861,243 - 27,795 - 908,679 6,859,354 U.S. Treasury securities 4,488,518 - 26,134 - 706,314 4,488,767 Bills2 195,218 0 - 85,823 195,218 Notes and bonds, nominal2 3,827,406 - 26,811 - 615,577 3,827,406 Notes and bonds, inflation-indexed2 350,161 0 - 15,275 350,161 Inflation compensation3 115,733 + 677 + 10,361 115,982 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,370,378 - 1,661 - 202,365 2,368,240 Unamortized premiums on securities held outright5 267,436 - 511 - 32,565 267,198 Unamortized discounts on securities held outright5 -25,290 - 335 + 2,526 -25,208 Repurchase agreements6 16 + 1 + 1 1 Foreign official 0 - 1 - 1 1 Others 15 + 1 0 0 Loans 118,649 - 1,030 - 181,937 118,619 Primary credit 6,571 + 174 - 505 6,664 Secondary credit 0 0 0 0 Seasonal credit 25 0 + 17 26 Paycheck Protection Program Liquidity Facility 2,929 - 13 - 5,297 2,925 Bank Term Funding Program 109,123 - 1,192 + 20,440 109,005 Other credit extensions7 0 0 - 196,593 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 11,649 - 2,430 - 8,840 11,304 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,577 0 Net portfolio holdings of TALF II LLC8 0 0 - 1,750 0 Float -246 - 11 - 78 -324 Central bank liquidity swaps9 123 - 6 - 271 123 Other Federal Reserve assets10 31,944 - 12,610 - 3,157 32,512 Foreign currency denominated assets11 17,949 + 82 - 510 17,895 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding12 52,896 + 14 + 690 52,896 Total factors supplying reserve funds 7,352,610 - 44,631 -1,140,147 7,350,612 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 22, 2024 Federal Reserve Banks May 22, 2024 May 15, 2024 May 24, 2023 Currency in circulation12 2,347,715 - 65 + 12,886 2,349,764 Reverse repurchase agreements13 835,124 - 4,878 -1,798,295 864,910 Foreign official and international accounts 372,828 + 7,404 + 3,857 368,528 Others 462,296 - 12,282 -1,802,152 496,382 Treasury cash holdings 450 + 6 + 231 442 Deposits with F.R. Banks, other than reserve balances 893,043 - 53,811 + 610,273 874,689 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 725,376 - 61,757 + 663,424 710,882 Foreign official 9,761 + 82 + 76 9,677 Other14 157,907 + 7,865 - 53,226 154,129 Treasury contributions to credit facilities15 5,313 - 2,125 - 8,329 4,958 Other liabilities and capital16 -119,828 - 4,805 - 107,535 -119,166 Total factors, other than reserve balances, absorbing reserve funds 3,961,816 - 65,679 -1,290,769 3,975,597 Reserve balances with Federal Reserve Banks 3,390,794 + 21,047 + 150,622 3,375,014 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 $5.0 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 22, 2024 May 22, 2024 May 15, 2024 May 24, 2023 Securities held in custody for foreign official and international accounts 3,323,789 - 13,388 - 73,729 3,319,281 Marketable U.S. Treasury securities1 2,929,498 - 11,744 - 43,531 2,927,435 Federal agency debt and mortgage-backed securities2 313,292 - 1,712 - 29,563 310,753 Other securities3 80,999 + 68 - 635 81,093 Securities lent to dealers 32,095 - 1,699 - 9,288 33,887 Overnight facility4 32,095 - 1,699 - 9,288 33,887 U.S. Treasury securities 32,095 - 1,699 - 9,279 33,887 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 22, 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 1,827 7,340 106,570 2,881 0 ... 118,619 U.S. Treasury securities2 Holdings 68,095 224,099 532,306 1,502,016 648,792 1,513,459 4,488,767 Weekly changes + 26,351 + 7,364 - 33,629 + 293 + 5,382 - 5,084 + 677 Federal agency debt securities3 Holdings 0 0 0 486 1,861 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 38 5,699 28,112 2,334,390 2,368,240 Weekly changes 0 0 0 0 - 46 - 3,698 - 3,743 Loan participations held by MS Facilities LLC (Main Street Lending Program)5 0 0 0 6,620 ... ... 6,620 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 123 0 0 0 0 0 123 Reverse repurchase agreements6 864,910 0 ... ... ... ... 864,910 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 22, 2024 Mortgage-backed securities held outright1 2,368,240 Residential mortgage-backed securities 2,360,076 Commercial mortgage-backed securities 8,164 Commitments to buy mortgage-backed securities2 68 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 22, 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 5,530 5,774 11,304 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 22, 2024 May 15, 2024 May 24, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,484 - 11 + 194 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,219,965 - 4,219 -1,116,634 Securities held outright1 6,859,354 - 3,066 - 908,379 U.S. Treasury securities 4,488,767 + 677 - 706,194 Bills2 195,218 0 - 85,823 Notes and bonds, nominal2 3,827,406 0 - 615,577 Notes and bonds, inflation-indexed2 350,161 0 - 15,275 Inflation compensation3 115,982 + 678 + 10,481 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,368,240 - 3,743 - 202,185 Unamortized premiums on securities held outright5 267,198 - 580 - 32,503 Unamortized discounts on securities held outright5 -25,208 - 272 + 2,517 Repurchase agreements6 1 + 1 - 29 Loans7 118,619 - 303 - 178,241 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 11,304 - 2,469 - 8,953 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,579 Net portfolio holdings of TALF II LLC8 0 0 - 1,752 Items in process of collection (0) 46 - 7 + 12 Bank premises 449 + 2 - 7 Central bank liquidity swaps9 123 - 7 - 268 Foreign currency denominated assets10 17,895 - 77 - 483 Other assets11 32,062 + 2,080 - 3,221 Total assets (0) 7,299,566 - 4,706 -1,136,689 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 22, 2024 May 15, 2024 May 24, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,298,791 + 1,356 + 11,558 Reverse repurchase agreements12 864,910 + 37,700 -1,746,096 Deposits (0) 4,249,703 - 36,292 + 712,967 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,375,014 - 41,372 + 124,243 U.S. Treasury, General Account 710,882 + 4,774 + 661,409 Foreign official 9,677 - 3 - 9 Other13 (0) 154,129 + 308 - 72,678 Deferred availability cash items (0) 370 - 22 + 135 Treasury contributions to credit facilities14 4,958 - 2,480 - 8,400 Other liabilities and accrued dividends15 -162,356 - 4,967 - 107,641 Total liabilities (0) 7,256,376 - 4,706 -1,137,478 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 $5.0 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 22, 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 1,484 42 46 166 48 195 109 261 29 53 104 167 265 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,219,965 160,474 3,834,415 108,281 280,374 718,150 484,980 400,805 105,596 50,292 86,791 320,421 669,386 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 11,304 11,304 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 123 5 43 4 13 24 4 6 3 1 1 3 16 Foreign currency denominated assets4 17,895 747 6,189 630 1,904 3,530 586 878 403 112 195 430 2,291 Other assets5 32,558 926 14,518 593 1,241 3,474 3,149 1,814 823 462 763 1,585 3,210 Interdistrict settlement account 0- 4,607+ 30,511+ 13,603- 11,565- 23,344- 16,851- 34,264- 1,839- 4,154- 13,195- 7,636 + 73,340 Total assets 7,299,566 169,454 3,890,850 123,794 272,776 703,233 474,246 370,608 105,498 47,037 75,119 316,282 750,668 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 22, 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 2,298,791 86,535 741,834 53,275 112,389 162,201 356,444 116,658 72,026 29,437 37,410 199,097 331,485 Reverse repurchase agreements6 864,910 17,990 465,443 12,886 33,727 86,213 57,866 47,732 12,103 5,403 9,510 37,770 78,267 Deposits 4,249,703 60,440 2,771,878 57,661 128,951 472,741 57,667 215,569 20,224 12,007 28,138 79,488 344,940 Depository institutions 3,375,014 60,382 2,001,467 57,660 128,917 472,356 57,641 111,998 20,218 11,940 28,107 79,423 344,904 U.S. Treasury, General Account 710,882 0 710,882 0 0 0 0 0 0 0 0 0 0 Foreign official 9,677 2 9,651 1 4 8 1 2 1 0 0 1 5 Other7 154,129 56 49,878 0 30 376 25 103,568 4 66 30 64 31 Earnings remittances due to the U.S. Treasury8 -170,342 -3,363 -106,350 -1,737 -7,183 -27,396 102 -11,957 14 -198 -579 -1,485 -10,208 Treasury contributions to credit facilities9 4,958 4,958 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,356 1,077 3,177 199 321 1,019 708 472 151 116 179 252 686 Total liabilities 7,256,376 167,636 3,875,981 122,284 268,205 694,777 472,787 368,474 104,517 46,765 74,658 315,122 745,169 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 7,299,566 169,454 3,890,850 123,794 272,776 703,233 474,246 370,608 105,498 47,037 75,119 316,282 750,668 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 22, 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 $5.0 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 22, 2024 Federal Reserve notes outstanding 2,748,312 Less: Notes held by F.R. Banks not subject to collateralization 449,521 Federal Reserve notes to be collateralized 2,298,791 Collateral held against Federal Reserve notes 2,298,791 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,282,554 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,859,355 Less: Face value of securities under reverse repurchase agreements 1,008,914 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,850,441 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.