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 December 5, 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 Dec 4, 2024 Federal Reserve Banks Dec 4, 2024 Nov 27, 2024 Dec 6, 2023 Reserve Bank credit 6,860,112 - 13,686 - 837,177 6,854,318 Securities held outright1 6,571,224 - 10,753 - 691,606 6,566,874 U.S. Treasury securities 4,319,895 - 3,155 - 493,553 4,315,545 Bills2 195,293 0 - 35,727 195,293 Notes and bonds, nominal2 3,665,349 - 3,303 - 437,427 3,660,946 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 341,360 Inflation compensation3 117,892 + 148 + 3,819 117,945 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,248,982 - 7,598 - 198,053 2,248,982 Unamortized premiums on securities held outright5 251,824 - 576 - 29,594 251,628 Unamortized discounts on securities held outright5 -24,210 - 87 + 2,495 -24,190 Repurchase agreements6 2 - 4 - 28 7 Foreign official 0 - 5 0 0 Others 2 + 1 - 28 7 Loans 22,666 - 1,575 - 101,096 21,602 Primary credit 2,645 + 188 + 535 2,430 Secondary credit 0 0 0 0 Seasonal credit 38 - 6 + 21 33 Paycheck Protection Program Liquidity Facility 2,004 - 6 - 1,856 1,992 Bank Term Funding Program 17,979 - 1,751 - 99,795 17,147 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,461 - 202 - 8,142 8,468 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,604 0 Net portfolio holdings of TALF II LLC8 0 0 - 323 0 Float -596 - 138 - 295 -819 Central bank liquidity swaps9 105 - 23 - 133 101 Other Federal Reserve assets10 30,637 - 327 - 2,849 30,647 Foreign currency denominated assets11 18,016 + 319 - 133 17,931 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 10,200 0 + 5,000 10,200 Treasury currency outstanding12 53,047 + 14 + 680 53,047 Total factors supplying reserve funds 6,952,416 - 13,352 - 831,631 6,946,537 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 Dec 4, 2024 Federal Reserve Banks Dec 4, 2024 Nov 27, 2024 Dec 6, 2023 Currency in circulation12 2,363,704 + 4,560 + 32,437 2,363,572 Reverse repurchase agreements13 571,122 - 5,624 - 578,360 547,563 Foreign official and international accounts 396,409 + 6,337 + 59,816 384,697 Others 174,713 - 11,961 - 638,176 162,866 Treasury cash holdings 351 - 2 - 46 341 Deposits with F.R. Banks, other than reserve balances 949,968 - 5,396 + 97,128 975,890 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 789,516 + 14,266 + 107,007 815,011 Foreign official 9,904 + 217 - 517 9,883 Other14 150,548 - 19,879 - 9,362 150,996 Treasury contributions to credit facilities15 3,461 - 214 - 6,850 3,461 Other liabilities and capital16 -161,266 - 4,078 - 87,642 -160,439 Total factors, other than reserve balances, absorbing reserve funds 3,727,340 - 10,754 - 543,333 3,730,388 Reserve balances with Federal Reserve Banks 3,225,075 - 2,599 - 288,299 3,216,149 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 Dec 4, 2024 Dec 4, 2024 Nov 27, 2024 Dec 6, 2023 Securities held in custody for foreign official and international accounts 3,317,188 - 494 - 68,848 3,308,017 Marketable U.S. Treasury securities1 2,933,032 + 1,049 - 23,417 2,923,942 Federal agency debt and mortgage-backed securities2 297,693 - 561 - 48,054 297,705 Other securities3 86,464 - 981 + 2,624 86,370 Securities lent to dealers 29,982 - 748 - 7,202 33,731 Overnight facility4 29,982 - 748 - 7,202 33,731 U.S. Treasury securities 29,982 - 748 - 7,202 33,731 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, December 4, 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 2,194 17,176 608 1,623 0 ... 21,602 U.S. Treasury securities2 Holdings 14,153 280,053 450,372 1,487,098 548,221 1,535,648 4,315,545 Weekly changes - 26,580 + 35,929 - 5,124 - 12,148 - 788 + 1,123 - 7,589 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 1 40 5,587 23,904 2,219,449 2,248,982 Weekly changes 0 + 1 + 30 + 35 - 59 - 7 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 46 0 2,036 2,702 ... ... 4,784 Repurchase agreements6 7 0 ... ... ... ... 7 Central bank liquidity swaps7 101 0 0 0 0 0 101 Reverse repurchase agreements6 547,563 0 ... ... ... ... 547,563 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 Dec 4, 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 146 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 Dec 4, 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 4,233 4,234 8,468 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 Dec 4, 2024 Nov 27, 2024 Dec 6, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 10,200 0 + 5,000 Coin 1,453 - 1 + 33 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,815,921 - 9,604 - 828,301 Securities held outright1 6,566,874 - 7,588 - 695,328 U.S. Treasury securities 4,315,545 - 7,589 - 497,275 Bills2 195,293 0 - 35,115 Notes and bonds, nominal2 3,660,946 - 7,706 - 441,830 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 Inflation compensation3 117,945 + 117 + 3,887 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,248,982 0 - 198,053 Unamortized premiums on securities held outright5 251,628 - 392 - 29,590 Unamortized discounts on securities held outright5 -24,190 - 174 + 2,421 Repurchase agreements6 7 + 7 + 1 Loans7 21,602 - 1,457 - 105,805 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,468 + 11 - 8,150 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,606 Net portfolio holdings of TALF II LLC8 0 0 - 323 Items in process of collection (0) 69 - 11 + 14 Bank premises 493 - 19 + 71 Central bank liquidity swaps9 101 - 27 - 137 Foreign currency denominated assets10 17,931 - 37 - 139 Other assets11 30,154 + 375 - 4,019 Total assets (0) 6,895,827 - 9,313 - 841,558 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 Dec 4, 2024 Nov 27, 2024 Dec 6, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,312,315 + 686 + 31,008 Reverse repurchase agreements12 547,563 - 21,946 - 636,965 Deposits (0) 4,192,039 + 16,725 - 141,823 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,216,149 - 17,886 - 280,605 U.S. Treasury, General Account 815,011 + 32,307 + 147,333 Foreign official 9,883 + 195 + 201 Other13 (0) 150,996 + 2,109 - 8,751 Deferred availability cash items (0) 888 - 324 + 209 Treasury contributions to credit facilities14 3,461 0 - 6,850 Other liabilities and accrued dividends15 -204,389 - 4,474 - 88,237 Total liabilities (0) 6,851,877 - 9,333 - 842,658 Capital accounts Capital paid in 37,165 + 20 + 1,100 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,950 + 20 + 1,100 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, December 4, 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 1,453 52 47 167 42 199 102 246 32 56 96 181 232 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,815,921 142,682 3,658,234 101,555 266,115 678,800 455,844 376,290 95,726 44,563 75,982 301,474 618,656 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 8,468 8,468 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 101 4 35 4 11 20 3 5 2 1 1 2 13 Foreign currency denominated assets4 17,931 748 6,202 631 1,907 3,537 587 880 404 112 195 431 2,295 Other assets5 30,716 762 13,982 545 1,192 3,239 2,894 1,667 780 461 687 1,591 2,916 Interdistrict settlement account 0+ 33,205- 128,103+ 34,106+ 14,857- 56,847+ 11,562- 21,872+ 13,768+ 7,840- 8,367+ 16,860 + 82,991 Total assets 6,895,827 186,651 3,557,015 137,665 285,121 630,505 473,992 358,633 111,347 53,388 69,194 322,325 709,991 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, December 4, 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 2,312,315 85,370 752,290 55,473 115,003 166,689 360,698 106,033 77,885 30,258 30,420 201,259 330,936 Reverse repurchase agreements6 547,563 11,389 294,666 8,158 21,352 54,580 36,634 30,219 7,662 3,421 6,021 23,912 49,550 Deposits 4,192,039 87,321 2,621,609 75,406 153,303 433,979 73,894 234,593 24,523 19,568 32,864 97,044 337,934 Depository institutions 3,216,149 87,316 1,746,695 75,405 153,268 433,576 73,865 134,364 24,500 19,487 32,833 96,958 337,882 U.S. Treasury, General Account 815,011 0 815,011 0 0 0 0 0 0 0 0 0 0 Foreign official 9,883 2 9,857 1 4 8 1 2 1 0 0 1 5 Other7 150,996 4 50,046 0 31 395 28 100,226 23 80 31 86 47 Earnings remittances due to the U.S. Treasury8 -212,207 -4,158 -129,124 -3,118 -9,455 -34,241 64 -15,077 -3 -281 -797 -1,398 -14,620 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 8,707 1,414 2,689 220 339 930 1,219 456 186 141 201 260 653 Total liabilities 6,851,877 184,797 3,542,129 136,139 280,543 621,938 472,510 356,223 110,253 53,107 68,708 321,077 704,452 Capital Capital paid in 37,165 1,571 12,540 1,287 3,857 7,228 1,260 2,076 941 238 412 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 6,895,827 186,651 3,557,015 137,665 285,121 630,505 473,992 358,633 111,347 53,388 69,194 322,325 709,991 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, December 4, 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 Dec 4, 2024 Federal Reserve notes outstanding 2,785,785 Less: Notes held by F.R. Banks not subject to collateralization 473,470 Federal Reserve notes to be collateralized 2,312,315 Collateral held against Federal Reserve notes 2,312,315 Gold certificate account 11,037 Special drawing rights certificate account 10,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,291,078 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,566,881 Less: Face value of securities under reverse repurchase agreements 630,739 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,936,141 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.