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 19, 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 18, 2024 Federal Reserve Banks Dec 18, 2024 Dec 11, 2024 Dec 20, 2023 Reserve Bank credit 6,852,933 - 2,849 - 838,097 6,848,512 Securities held outright1 6,563,909 - 3,040 - 679,707 6,559,858 U.S. Treasury securities 4,312,700 - 2,921 - 482,198 4,308,724 Bills2 195,300 + 7 - 29,389 195,343 Notes and bonds, nominal2 3,657,899 - 3,047 - 432,742 3,653,836 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 341,360 Inflation compensation3 118,141 + 120 + 4,151 118,184 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,248,862 - 120 - 197,509 2,248,787 Unamortized premiums on securities held outright5 250,907 - 455 - 29,427 250,735 Unamortized discounts on securities held outright5 -23,923 + 164 + 2,356 -23,851 Repurchase agreements6 3 - 17 + 1 2 Foreign official 0 0 0 2 Others 2 - 18 + 1 0 Loans 18,505 - 2,172 - 116,152 17,139 Primary credit 2,174 - 123 - 11 2,076 Secondary credit 0 0 0 0 Seasonal credit 50 + 14 + 20 47 Paycheck Protection Program Liquidity Facility 1,985 - 5 - 1,568 1,983 Bank Term Funding Program 14,297 - 2,057 - 114,592 13,033 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,377 - 92 - 7,822 8,245 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 3,116 0 Net portfolio holdings of TALF II LLC8 0 0 - 198 0 Float -460 - 179 - 226 -309 Central bank liquidity swaps9 84 - 13 - 151 84 Other Federal Reserve assets10 35,530 + 2,956 - 3,655 36,609 Foreign currency denominated assets11 17,771 - 166 - 679 17,721 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 10,200 0 + 5,000 10,200 Treasury currency outstanding12 53,075 + 14 + 704 53,075 Total factors supplying reserve funds 6,945,020 - 3,001 - 833,071 6,940,549 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 18, 2024 Federal Reserve Banks Dec 18, 2024 Dec 11, 2024 Dec 20, 2023 Currency in circulation12 2,358,559 - 2,860 + 26,779 2,360,013 Reverse repurchase agreements13 529,102 - 12,353 - 533,487 522,209 Foreign official and international accounts 395,838 + 1,526 + 61,255 390,558 Others 133,265 - 13,877 - 594,740 131,651 Treasury cash holdings 333 - 7 - 64 326 Deposits with F.R. Banks, other than reserve balances 934,565 - 1,143 + 19,599 979,557 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 767,932 - 7,135 + 35,736 803,975 Foreign official 9,678 - 5 - 11 9,680 Other14 156,955 + 5,997 - 16,127 165,902 Treasury contributions to credit facilities15 3,461 0 - 6,850 3,461 Other liabilities and capital16 -163,230 - 4,311 - 85,172 -162,476 Total factors, other than reserve balances, absorbing reserve funds 3,662,791 - 20,671 - 579,195 3,703,090 Reserve balances with Federal Reserve Banks 3,282,229 + 17,670 - 253,876 3,237,459 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 18, 2024 Dec 18, 2024 Dec 11, 2024 Dec 20, 2023 Securities held in custody for foreign official and international accounts 3,303,037 + 6,608 - 83,989 3,303,207 Marketable U.S. Treasury securities1 2,919,116 + 7,013 - 39,334 2,919,184 Federal agency debt and mortgage-backed securities2 297,108 - 599 - 48,138 297,050 Other securities3 86,813 + 195 + 3,483 86,974 Securities lent to dealers 34,260 + 4,251 + 653 27,553 Overnight facility4 34,260 + 4,251 + 653 27,553 U.S. Treasury securities 34,260 + 4,251 + 653 27,553 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 18, 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 1,572 13,584 368 1,615 0 ... 17,139 U.S. Treasury securities2 Holdings 35,222 258,779 442,695 1,487,620 548,531 1,535,876 4,308,724 Weekly changes + 18,839 - 19,053 - 7,684 + 469 + 294 + 193 - 6,941 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 40 5,539 23,953 2,219,255 2,248,787 Weekly changes 0 - 1 0 - 48 + 49 - 194 - 195 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 4,206 272 ... ... 4,524 Repurchase agreements6 2 0 ... ... ... ... 2 Central bank liquidity swaps7 84 0 0 0 0 0 84 Reverse repurchase agreements6 522,209 0 ... ... ... ... 522,209 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 18, 2024 Mortgage-backed securities held outright1 2,248,787 Residential mortgage-backed securities 2,240,734 Commercial mortgage-backed securities 8,053 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 18, 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) 3,583 3,987 4,258 8,245 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 18, 2024 Dec 11, 2024 Dec 20, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 10,200 0 + 5,000 Coin 1,485 + 17 + 49 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,803,883 - 10,549 - 825,395 Securities held outright1 6,559,858 - 7,135 - 678,310 U.S. Treasury securities 4,308,724 - 6,941 - 483,605 Bills2 195,343 + 50 - 28,752 Notes and bonds, nominal2 3,653,836 - 7,110 - 434,845 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 Inflation compensation3 118,184 + 119 + 4,209 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,248,787 - 195 - 194,705 Unamortized premiums on securities held outright5 250,735 - 463 - 29,301 Unamortized discounts on securities held outright5 -23,851 + 163 + 2,338 Repurchase agreements6 2 - 5 + 2 Loans7 17,139 - 3,108 - 120,123 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,245 - 234 - 7,891 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 2,695 Net portfolio holdings of TALF II LLC8 0 0 - 169 Items in process of collection (0) 68 + 4 + 2 Bank premises 583 + 62 + 142 Central bank liquidity swaps9 84 - 13 - 151 Foreign currency denominated assets10 17,721 - 106 - 691 Other assets11 36,026 + 2,665 - 2,931 Total assets (0) 6,889,332 - 8,153 - 834,731 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 18, 2024 Dec 11, 2024 Dec 20, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,308,745 + 597 + 23,583 Reverse repurchase agreements12 522,209 - 74,075 - 601,993 Deposits (0) 4,217,016 + 69,793 - 164,731 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,237,459 - 36,347 - 239,829 U.S. Treasury, General Account 803,975 + 92,621 + 71,254 Foreign official 9,680 - 27 - 8 Other13 (0) 165,902 + 13,546 + 3,852 Deferred availability cash items (0) 377 - 44 + 49 Treasury contributions to credit facilities14 3,461 0 - 6,850 Other liabilities and accrued dividends15 -206,428 - 4,427 - 85,892 Total liabilities (0) 6,845,380 - 8,155 - 835,833 Capital accounts Capital paid in 37,167 + 2 + 1,102 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,952 + 2 + 1,102 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 18, 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 1,485 53 45 167 47 200 111 247 34 57 96 192 235 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,803,883 141,939 3,653,654 101,393 265,713 677,311 455,005 375,574 95,567 44,419 75,331 300,583 617,396 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 8,245 8,245 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 84 4 29 3 9 17 3 4 2 1 1 2 11 Foreign currency denominated assets4 17,721 739 6,128 624 1,885 3,496 581 870 399 111 193 426 2,269 Other assets5 36,678 862 17,213 632 1,433 3,866 3,268 1,985 895 487 755 1,834 3,447 Interdistrict settlement account 0+ 24,015- 41,712+ 25,811+ 3,164- 97,209+ 5,604- 17,748+ 12,344+ 7,527- 4,701+ 20,144 + 62,759 Total assets 6,889,332 176,586 3,641,977 129,287 273,248 589,238 467,570 362,349 109,876 52,956 72,274 324,967 689,003 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 18, 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 2,308,745 84,453 749,210 55,297 114,698 165,813 361,308 107,413 77,743 30,276 32,246 200,607 329,682 Reverse repurchase agreements6 522,209 10,862 281,022 7,780 20,364 52,053 34,938 28,820 7,307 3,262 5,742 22,804 47,255 Deposits 4,217,016 78,791 2,724,173 67,678 142,855 396,475 69,052 238,531 23,544 19,296 34,431 101,444 320,746 Depository institutions 3,237,459 78,786 1,849,237 67,677 142,810 396,154 69,025 134,725 23,530 19,109 34,399 101,305 320,703 U.S. Treasury, General Account 803,975 0 803,975 0 0 0 0 0 0 0 0 0 0 Foreign official 9,680 2 9,654 1 4 8 1 2 1 0 0 1 5 Other7 165,902 4 61,307 0 40 313 26 103,803 14 187 32 137 38 Earnings remittances due to the U.S. Treasury8 -214,279 -4,244 -130,080 -3,199 -9,594 -34,572 67 -15,289 2 -294 -816 -1,395 -14,865 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 8,228 1,409 2,767 205 347 903 722 466 185 135 185 259 646 Total liabilities 6,845,380 174,732 3,627,091 127,761 268,670 580,672 466,088 359,940 108,781 52,675 71,788 323,719 683,464 Capital Capital paid in 37,167 1,571 12,540 1,287 3,857 7,228 1,260 2,076 942 239 412 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 6,889,332 176,586 3,641,977 129,287 273,248 589,238 467,570 362,349 109,876 52,956 72,274 324,967 689,003 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 18, 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 18, 2024 Federal Reserve notes outstanding 2,788,096 Less: Notes held by F.R. Banks not subject to collateralization 479,351 Federal Reserve notes to be collateralized 2,308,745 Collateral held against Federal Reserve notes 2,308,745 Gold certificate account 11,037 Special drawing rights certificate account 10,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,287,508 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,559,860 Less: Face value of securities under reverse repurchase agreements 613,503 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,946,357 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.