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 26, 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 25, 2024 Federal Reserve Banks Dec 25, 2024 Dec 18, 2024 Dec 27, 2023 Reserve Bank credit 6,840,511 - 12,422 - 844,467 6,840,397 Securities held outright1 6,557,115 - 6,794 - 676,543 6,556,719 U.S. Treasury securities 4,308,816 - 3,884 - 482,351 4,308,893 Bills2 195,343 + 43 - 27,619 195,343 Notes and bonds, nominal2 3,653,850 - 4,049 - 434,831 3,653,886 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 341,360 Inflation compensation3 118,263 + 122 + 4,317 118,304 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,245,952 - 2,910 - 194,192 2,245,479 Unamortized premiums on securities held outright5 250,332 - 575 - 29,195 250,156 Unamortized discounts on securities held outright5 -23,708 + 215 + 2,260 -23,637 Repurchase agreements6 8 + 5 + 6 1 Foreign official 0 0 0 0 Others 8 + 6 + 6 1 Loans 10,384 - 8,121 - 129,264 9,866 Primary credit 2,216 + 42 - 291 2,056 Secondary credit 1 + 1 + 1 0 Seasonal credit 51 + 1 + 22 54 Paycheck Protection Program Liquidity Facility 1,977 - 8 - 1,497 1,976 Bank Term Funding Program 6,139 - 8,158 - 127,499 5,780 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,247 - 130 - 7,892 8,253 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 213 0 Net portfolio holdings of TALF II LLC8 0 0 - 46 0 Float -362 + 98 - 117 -267 Central bank liquidity swaps9 1,121 + 1,037 - 238 1,121 Other Federal Reserve assets10 37,376 + 1,846 - 3,222 38,185 Foreign currency denominated assets11 17,545 - 226 - 1,006 17,511 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 + 5,000 + 10,000 15,200 Treasury currency outstanding12 53,089 + 14 + 716 53,089 Total factors supplying reserve funds 6,937,386 - 7,634 - 834,756 6,937,237 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 25, 2024 Federal Reserve Banks Dec 25, 2024 Dec 18, 2024 Dec 27, 2023 Currency in circulation12 2,364,048 + 5,489 + 23,754 2,367,553 Reverse repurchase agreements13 511,036 - 18,066 - 621,879 566,327 Foreign official and international accounts 384,541 - 11,297 + 34,518 385,338 Others 126,495 - 6,770 - 656,396 180,989 Treasury cash holdings 324 - 9 - 70 316 Deposits with F.R. Banks, other than reserve balances 972,187 + 37,622 + 51,754 941,399 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 764,770 - 3,162 + 33,365 735,039 Foreign official 9,723 + 45 + 33 9,688 Other14 197,694 + 40,739 + 18,356 196,672 Treasury contributions to credit facilities15 3,461 0 - 4,388 3,461 Other liabilities and capital16 -161,053 + 2,177 - 84,852 -160,295 Total factors, other than reserve balances, absorbing reserve funds 3,690,004 + 27,213 - 635,680 3,718,761 Reserve balances with Federal Reserve Banks 3,247,382 - 34,847 - 199,077 3,218,476 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 25, 2024 Dec 25, 2024 Dec 18, 2024 Dec 27, 2023 Securities held in custody for foreign official and international accounts 3,297,337 - 5,700 - 88,403 3,285,218 Marketable U.S. Treasury securities1 2,915,417 - 3,699 - 42,833 2,903,537 Federal agency debt and mortgage-backed securities2 294,942 - 2,166 - 49,135 294,707 Other securities3 86,978 + 165 + 3,565 86,974 Securities lent to dealers 33,903 - 357 + 1,281 37,416 Overnight facility4 33,903 - 357 + 1,281 37,416 U.S. Treasury securities 33,903 - 357 + 1,281 37,416 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 25, 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 1,179 6,711 367 1,608 0 ... 9,866 U.S. Treasury securities2 Holdings 34,657 259,288 442,817 1,487,674 548,547 1,535,911 4,308,893 Weekly changes - 565 + 509 + 122 + 54 + 16 + 35 + 169 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 36 3,914 25,541 2,215,989 2,245,479 Weekly changes 0 0 - 4 - 1,625 + 1,588 - 3,266 - 3,308 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 4,191 17 ... ... 4,254 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 1 1,120 0 0 0 0 1,121 Reverse repurchase agreements6 566,327 0 ... ... ... ... 566,327 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 25, 2024 Mortgage-backed securities held outright1 2,245,479 Residential mortgage-backed securities 2,237,426 Commercial mortgage-backed securities 8,053 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Dec 25, 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 3,791 4,462 8,253 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 25, 2024 Dec 18, 2024 Dec 27, 2023 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 + 5,000 + 10,000 Coin 1,486 + 1 + 64 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,793,105 - 10,778 - 826,634 Securities held outright1 6,556,719 - 3,139 - 667,948 U.S. Treasury securities 4,308,893 + 169 - 481,654 Bills2 195,343 0 - 27,011 Notes and bonds, nominal2 3,653,886 + 50 - 434,795 Notes and bonds, inflation-indexed2 341,360 0 - 24,218 Inflation compensation3 118,304 + 120 + 4,371 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,245,479 - 3,308 - 186,294 Unamortized premiums on securities held outright5 250,156 - 579 - 29,015 Unamortized discounts on securities held outright5 -23,637 + 214 + 2,247 Repurchase agreements6 1 - 1 + 1 Loans7 9,866 - 7,273 - 131,919 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,253 + 8 - 7,903 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 213 Net portfolio holdings of TALF II LLC8 0 0 - 46 Items in process of collection (0) 67 - 1 - 123 Bank premises 597 + 14 + 159 Central bank liquidity swaps9 1,121 + 1,037 - 238 Foreign currency denominated assets10 17,511 - 210 - 1,158 Other assets11 37,588 + 1,562 - 724 Total assets (0) 6,885,963 - 3,369 - 826,818 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 25, 2024 Dec 18, 2024 Dec 27, 2023 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,316,262 + 7,517 + 22,441 Reverse repurchase agreements12 566,327 + 44,118 - 599,247 Deposits (0) 4,159,875 - 57,141 - 161,681 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,218,476 - 18,983 - 215,738 U.S. Treasury, General Account 735,039 - 68,936 + 21,975 Foreign official 9,688 + 8 - 2 Other13 (0) 196,672 + 30,770 + 32,084 Deferred availability cash items (0) 333 - 44 - 124 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -204,247 + 2,181 - 85,332 Total liabilities (0) 6,842,011 - 3,369 - 827,921 Capital accounts Capital paid in 37,167 0 + 1,102 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,952 0 + 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 25, 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 26,237 895 8,109 797 1,233 1,911 3,730 1,726 786 438 738 2,261 3,613 Coin 1,486 54 45 166 49 200 108 246 35 56 96 195 236 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,793,105 141,499 3,651,239 101,304 265,531 676,761 454,565 375,028 95,429 43,293 74,974 296,878 616,603 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 8,253 8,253 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 1,121 47 387 39 119 221 37 55 25 7 12 27 143 Foreign currency denominated assets4 17,511 731 6,057 616 1,863 3,454 574 859 394 110 191 421 2,241 Other assets5 38,251 887 18,287 661 1,511 4,101 3,403 2,081 711 461 774 1,766 3,607 Interdistrict settlement account 0+ 26,457- 48,649+ 25,449- 2,237- 107,215+ 5,428- 8,736+ 12,621+ 8,435- 3,093+ 25,131 + 66,410 Total assets 6,885,963 178,821 3,635,475 129,033 268,069 579,433 467,845 371,260 110,001 52,800 73,692 326,679 692,854 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 25, 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 2,316,262 84,968 749,681 56,089 115,655 166,675 362,056 108,096 78,000 30,478 32,559 201,211 330,796 Reverse repurchase agreements6 566,327 11,779 304,763 8,438 22,084 56,451 37,890 31,254 7,925 3,538 6,227 24,731 51,247 Deposits 4,159,875 79,545 2,692,222 65,947 134,925 381,176 65,589 244,201 22,768 18,648 35,021 100,525 319,310 Depository institutions 3,218,476 79,541 1,862,069 65,945 134,880 380,629 65,561 133,855 22,753 18,538 34,993 100,448 319,266 U.S. Treasury, General Account 735,039 0 735,039 0 0 0 0 0 0 0 0 0 0 Foreign official 9,688 2 9,662 1 4 8 1 2 1 0 0 1 5 Other7 196,672 3 85,452 0 40 539 26 110,344 14 109 28 76 39 Earnings remittances due to the U.S. Treasury8 -215,186 -4,284 -130,544 -3,232 -9,647 -34,719 86 -15,384 7 -297 -827 -1,386 -14,958 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 11,272 1,499 4,467 266 474 1,285 743 684 207 152 226 349 920 Total liabilities 6,842,011 176,968 3,620,590 127,507 263,491 570,866 466,363 368,850 108,906 52,519 73,206 325,431 687,315 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 6,885,963 178,821 3,635,475 129,033 268,069 579,433 467,845 371,260 110,001 52,800 73,692 326,679 692,854 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 25, 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 25, 2024 Federal Reserve notes outstanding 2,786,275 Less: Notes held by F.R. Banks not subject to collateralization 470,012 Federal Reserve notes to be collateralized 2,316,262 Collateral held against Federal Reserve notes 2,316,262 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,290,025 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,556,720 Less: Face value of securities under reverse repurchase agreements 655,949 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,900,771 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.