H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern Time November 29, 2024 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks", has been modified to reflect the Federal Reserve's semi annual return on November 22, 2024, of a portion of Treasury equity investment in the MS Facilities 2020 LLC (Main Street Lending Program). The remaining Treasury equity investment is reported on Factors Affecting Reserve Balances of Depository Institutions (table 1), Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and Statement of Condition of Each Federal Reserve Bank (table 6), and all remaining Treasury equity investment belongs to MS Facilities 2020 LLC. Consequently, the amount was removed from 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).

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 29, 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 Nov 27, 2024 Federal Reserve Banks Nov 27, 2024 Nov 20, 2024 Nov 29, 2023 Reserve Bank credit 6,873,798 - 18,728 - 895,018 6,863,270 Securities held outright1 6,581,977 - 11,108 - 717,654 6,574,462 U.S. Treasury securities 4,323,050 - 2,295 - 520,022 4,323,134 Bills2 195,293 0 - 35,973 195,293 Notes and bonds, nominal2 3,668,652 - 2,470 - 463,799 3,668,652 Notes and bonds, inflation-indexed2 341,360 0 - 24,045 341,360 Inflation compensation3 117,744 + 175 + 3,794 117,828 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,256,580 - 8,813 - 197,632 2,248,982 Unamortized premiums on securities held outright5 252,400 - 720 - 29,717 252,020 Unamortized discounts on securities held outright5 -24,123 + 46 + 2,425 -24,016 Repurchase agreements6 6 + 1 + 5 0 Foreign official 5 + 1 + 5 0 Others 1 0 0 0 Loans 24,241 - 3,428 - 130,076 23,059 Primary credit 2,457 - 326 - 100 2,498 Secondary credit 0 0 0 0 Seasonal credit 44 - 8 + 22 43 Paycheck Protection Program Liquidity Facility 2,010 - 10 - 1,994 2,009 Bank Term Funding Program 19,730 - 3,084 - 94,129 18,509 Other credit extensions7 0 0 - 33,875 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,663 - 1,308 - 7,917 8,457 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,601 0 Net portfolio holdings of TALF II LLC8 0 0 - 382 0 Float -458 - 151 - 195 -1,132 Central bank liquidity swaps9 128 - 4 - 106 128 Other Federal Reserve assets10 30,964 - 2,056 - 5,799 30,291 Foreign currency denominated assets11 17,697 - 100 - 455 17,968 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 10,200 0 + 5,000 10,200 Treasury currency outstanding12 53,033 + 14 + 669 53,033 Total factors supplying reserve funds 6,965,768 - 18,814 - 889,804 6,955,512 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 Nov 27, 2024 Federal Reserve Banks Nov 27, 2024 Nov 20, 2024 Nov 29, 2023 Currency in circulation12 2,359,144 + 426 + 26,860 2,362,860 Reverse repurchase agreements13 576,746 + 3,828 - 644,320 569,509 Foreign official and international accounts 390,072 + 10,039 + 52,445 399,694 Others 186,674 - 6,211 - 696,765 169,815 Treasury cash holdings 353 + 6 - 38 352 Deposits with F.R. Banks, other than reserve balances 955,364 + 35,054 + 37,772 941,279 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 775,250 + 23,377 + 36,041 782,704 Foreign official 9,687 + 4 - 3 9,688 Other14 170,427 + 11,673 + 1,733 148,887 Treasury contributions to credit facilities15 3,675 - 1,283 - 6,636 3,461 Other liabilities and capital16 -157,188 + 2,366 - 89,535 -155,984 Total factors, other than reserve balances, absorbing reserve funds 3,738,094 + 40,397 - 675,897 3,721,477 Reserve balances with Federal Reserve Banks 3,227,674 - 59,211 - 213,907 3,234,035 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 2020 LLC. 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 Nov 27, 2024 Nov 27, 2024 Nov 20, 2024 Nov 29, 2023 Securities held in custody for foreign official and international accounts 3,317,682 - 2,867 - 79,239 3,314,374 Marketable U.S. Treasury securities1 2,931,983 + 1,968 - 34,889 2,930,099 Federal agency debt and mortgage-backed securities2 298,254 - 4,116 - 47,914 297,725 Other securities3 87,445 - 719 + 3,565 86,550 Securities lent to dealers 30,730 - 1,137 - 4,281 33,182 Overnight facility4 30,730 - 1,137 - 4,281 33,182 U.S. Treasury securities 30,730 - 1,137 - 4,281 33,182 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, November 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 1,754 18,835 834 1,636 0 ... 23,059 U.S. Treasury securities2 Holdings 40,733 244,124 455,496 1,499,246 549,009 1,534,525 4,323,134 Weekly changes - 8,706 + 12,057 - 3,326 + 88 + 26 + 57 + 196 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 10 5,552 23,963 2,219,456 2,248,982 Weekly changes 0 - 1 - 4 - 542 - 150 - 12,602 - 13,297 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 46 0 1,670 3,131 ... ... 4,847 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 128 0 0 0 0 0 128 Reverse repurchase agreements6 569,509 0 ... ... ... ... 569,509 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 2020 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 2020 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 Nov 27, 2024 Mortgage-backed securities held outright1 2,248,982 Residential mortgage-backed securities 2,240,923 Commercial mortgage-backed securities 8,058 Commitments to buy mortgage-backed securities2 15 Commitments to sell mortgage-backed securities2 77 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 Nov 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 2020 LLC (Main Street Lending Program) 3,821 4,297 4,160 8,457 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 September 30, 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 Nov 27, 2024 Nov 20, 2024 Nov 29, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 10,200 0 + 5,000 Coin 1,454 + 4 + 60 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,825,525 - 17,015 - 876,216 Securities held outright1 6,574,462 - 13,102 - 718,094 U.S. Treasury securities 4,323,134 + 196 - 520,040 Bills2 195,293 0 - 35,973 Notes and bonds, nominal2 3,668,652 0 - 463,799 Notes and bonds, inflation-indexed2 341,360 0 - 24,045 Inflation compensation3 117,828 + 196 + 3,777 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,248,982 - 13,297 - 198,053 Unamortized premiums on securities held outright5 252,020 - 795 - 29,740 Unamortized discounts on securities held outright5 -24,016 + 69 + 2,467 Repurchase agreements6 0 - 11 - 3 Loans7 23,059 - 3,175 - 130,847 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,457 - 1,488 - 8,141 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,604 Net portfolio holdings of TALF II LLC8 0 0 - 382 Items in process of collection (0) 80 - 4 + 29 Bank premises 512 + 16 + 80 Central bank liquidity swaps9 128 - 4 - 106 Foreign currency denominated assets10 17,968 + 264 - 279 Other assets11 29,779 - 364 - 5,445 Total assets (0) 6,905,140 - 18,591 - 891,005 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 Nov 27, 2024 Nov 20, 2024 Nov 29, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,311,629 + 4,646 + 29,755 Reverse repurchase agreements12 569,509 - 30,633 - 684,647 Deposits (0) 4,175,314 + 5,070 - 140,805 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,234,035 - 33,294 - 161,361 U.S. Treasury, General Account 782,704 + 44,870 + 29,134 Foreign official 9,688 + 4 - 2 Other13 (0) 148,887 - 6,510 - 8,576 Deferred availability cash items (0) 1,212 + 825 + 354 Treasury contributions to credit facilities14 3,461 - 1,497 - 6,850 Other liabilities and accrued dividends15 -199,915 + 2,706 - 89,966 Total liabilities (0) 6,861,210 - 18,883 - 892,159 Capital accounts Capital paid in 37,145 + 292 + 1,154 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,930 + 292 + 1,154 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 2020 LLC. 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, November 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 21,237 729 6,619 657 997 1,557 2,999 1,417 635 355 599 1,786 2,887 Coin 1,454 52 47 168 42 199 102 247 32 56 95 179 234 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,825,525 142,882 3,662,348 101,701 266,708 679,698 456,501 376,773 95,917 44,653 76,413 302,254 619,677 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 8,457 8,457 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 128 5 44 5 14 25 4 6 3 1 1 3 16 Foreign currency denominated assets4 17,968 749 6,221 632 1,910 3,542 588 881 404 112 195 432 2,299 Other assets5 30,371 755 13,777 544 1,191 3,200 2,892 1,649 778 449 700 1,580 2,856 Interdistrict settlement account 0+ 30,232- 99,643+ 34,071+ 3,231- 51,995+ 9,364- 27,904+ 12,969+ 8,887- 8,175+ 8,690 + 80,273 Total assets 6,905,140 183,861 3,589,414 137,777 274,093 636,226 472,451 353,069 110,739 54,513 69,830 314,924 708,243 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, November 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 2,311,629 85,378 752,589 55,439 114,897 167,443 360,944 105,515 77,710 30,258 29,639 201,394 330,421 Reverse repurchase agreements6 569,509 11,846 306,476 8,485 22,208 56,768 38,102 31,430 7,969 3,558 6,262 24,870 51,535 Deposits 4,175,314 83,988 2,639,588 75,096 141,349 436,006 70,205 228,051 23,744 20,535 33,998 88,466 334,288 Depository institutions 3,234,035 83,983 1,796,759 75,094 141,313 435,442 70,173 130,525 23,739 20,410 33,967 88,374 334,255 U.S. Treasury, General Account 782,704 0 782,704 0 0 0 0 0 0 0 0 0 0 Foreign official 9,688 2 9,661 1 4 8 1 2 1 0 0 1 5 Other7 148,887 3 50,464 0 32 556 30 97,524 4 125 31 91 27 Earnings remittances due to the U.S. Treasury8 -210,971 -4,109 -128,584 -3,074 -9,388 -34,035 106 -14,980 22 -270 -785 -1,393 -14,480 Treasury contributions to credit facilities9 3,461 3,461 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 12,268 1,445 4,463 305 448 1,478 1,611 658 201 151 230 339 940 Total liabilities 6,861,210 182,008 3,574,532 136,251 269,514 627,660 470,968 350,674 109,645 54,232 69,344 313,677 702,705 Capital Capital paid in 37,145 1,571 12,536 1,287 3,857 7,228 1,260 2,062 941 238 412 1,085 4,670 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 6,905,140 183,861 3,589,414 137,777 274,093 636,226 472,451 353,069 110,739 54,513 69,830 314,924 708,243 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, November 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 2020 LLC. 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 2020 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 2020 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 2020 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 Nov 27, 2024 Federal Reserve notes outstanding 2,785,788 Less: Notes held by F.R. Banks not subject to collateralization 474,159 Federal Reserve notes to be collateralized 2,311,629 Collateral held against Federal Reserve notes 2,311,629 Gold certificate account 11,037 Special drawing rights certificate account 10,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,290,392 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,574,462 Less: Face value of securities under reverse repurchase agreements 612,687 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,961,776 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.