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 January 23, 2025 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 Jan 22, 2025 Federal Reserve Banks Jan 22, 2025 Jan 15, 2025 Jan 24, 2024 Reserve Bank credit 6,788,171 - 16,757 - 851,080 6,785,912 Securities held outright1 6,509,167 - 15,141 - 646,094 6,506,748 U.S. Treasury securities 4,274,579 - 14,128 - 447,940 4,274,563 Bills2 195,343 0 - 17,036 195,343 Notes and bonds, nominal2 3,653,635 + 15,265 - 384,737 3,653,635 Notes and bonds, inflation-indexed2 318,894 - 19,442 - 41,328 318,894 Inflation compensation3 106,707 - 9,951 - 4,838 106,691 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,232,241 - 1,013 - 198,155 2,229,838 Unamortized premiums on securities held outright5 248,208 - 515 - 28,915 247,992 Unamortized discounts on securities held outright5 -24,005 - 461 + 1,551 -23,942 Repurchase agreements6 1 + 1 0 1 Foreign official 0 0 0 1 Others 1 + 1 0 0 Loans 5,061 - 1,876 - 165,543 5,279 Primary credit 2,812 + 280 + 285 3,092 Secondary credit 0 0 0 0 Seasonal credit 0 - 1 0 1 Paycheck Protection Program Liquidity Facility 1,943 - 8 - 1,399 1,940 Bank Term Funding Program 305 - 2,149 - 164,430 247 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,648 - 533 - 7,729 7,641 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 31 0 Net portfolio holdings of TALF II LLC8 0 0 - 7 0 Float -284 + 38 - 39 -415 Central bank liquidity swaps9 105 + 7 - 119 105 Other Federal Reserve assets10 42,272 + 1,725 - 4,151 42,503 Foreign currency denominated assets11 17,506 + 140 - 661 17,592 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,145 + 14 + 728 53,145 Total factors supplying reserve funds 6,885,064 - 16,602 - 841,012 6,882,890 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 Jan 22, 2025 Federal Reserve Banks Jan 22, 2025 Jan 15, 2025 Jan 24, 2024 Currency in circulation12 2,353,811 - 6,497 + 21,996 2,352,459 Reverse repurchase agreements13 498,402 - 52,302 - 476,051 516,449 Foreign official and international accounts 385,860 + 2,084 + 40,212 392,468 Others 112,542 - 54,385 - 516,263 123,981 Treasury cash holdings 324 + 7 - 83 331 Deposits with F.R. Banks, other than reserve balances 862,618 + 48,333 - 110,013 844,275 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 677,282 + 36,057 - 122,076 665,485 Foreign official 9,688 0 - 2 9,687 Other14 175,648 + 12,275 + 12,065 169,103 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -165,830 + 2,396 - 78,478 -165,281 Total factors, other than reserve balances, absorbing reserve funds 3,552,785 - 8,064 - 646,608 3,551,694 Reserve balances with Federal Reserve Banks 3,332,278 - 8,538 - 194,405 3,331,196 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 Jan 22, 2025 Jan 22, 2025 Jan 15, 2025 Jan 24, 2024 Securities held in custody for foreign official and international accounts 3,258,621 + 18,396 - 98,419 3,255,144 Marketable U.S. Treasury securities1 2,881,840 + 21,631 - 50,240 2,881,285 Federal agency debt and mortgage-backed securities2 291,630 - 2,091 - 50,364 288,677 Other securities3 85,151 - 1,144 + 2,185 85,183 Securities lent to dealers 25,270 - 4,892 - 6,904 22,648 Overnight facility4 25,270 - 4,892 - 6,904 22,648 U.S. Treasury securities 25,270 - 4,892 - 6,904 22,648 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, January 22, 2025 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 1,458 1,884 358 1,579 0 ... 5,279 U.S. Treasury securities2 Holdings 62,262 219,145 449,828 1,456,811 545,665 1,540,851 4,274,563 Weekly changes + 25,265 - 21,961 - 3,312 - 23 - 5 - 17 - 52 Federal agency debt securities3 Holdings 0 0 0 1,151 1,196 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 44 3,944 31,419 2,194,430 2,229,838 Weekly changes 0 0 - 2 - 1 - 1 - 3,364 - 3,367 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 4,060 12 ... ... 4,117 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 105 0 0 0 0 0 105 Reverse repurchase agreements6 516,449 0 ... ... ... ... 516,449 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 Jan 22, 2025 Mortgage-backed securities held outright1 2,229,838 Residential mortgage-backed securities 2,221,793 Commercial mortgage-backed securities 8,045 Commitments to buy mortgage-backed securities2 71 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 Jan 22, 2025 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) 2,953 3,652 3,989 7,641 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 Jan 22, 2025 Jan 15, 2025 Jan 24, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,525 + 23 + 39 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,736,078 - 4,578 - 842,504 Securities held outright1 6,506,748 - 3,418 - 646,545 U.S. Treasury securities 4,274,563 - 52 - 447,739 Bills2 195,343 0 - 16,899 Notes and bonds, nominal2 3,653,635 0 - 384,737 Notes and bonds, inflation-indexed2 318,894 0 - 41,328 Inflation compensation3 106,691 - 52 - 4,775 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,229,838 - 3,367 - 198,806 Unamortized premiums on securities held outright5 247,992 - 560 - 28,858 Unamortized discounts on securities held outright5 -23,942 + 69 + 1,510 Repurchase agreements6 1 + 1 + 1 Loans7 5,279 - 669 - 168,612 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,641 - 8 - 7,753 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 1 Net portfolio holdings of TALF II LLC8 0 0 0 Items in process of collection (0) 80 + 28 + 32 Bank premises 591 + 4 + 152 Central bank liquidity swaps9 105 + 7 - 119 Foreign currency denominated assets10 17,592 + 158 - 635 Other assets11 41,912 + 2,056 - 4,681 Total assets (0) 6,831,760 - 2,310 - 845,470 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 Jan 22, 2025 Jan 15, 2025 Jan 24, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,301,166 - 3,571 + 22,459 Reverse repurchase agreements12 516,449 + 11,808 - 463,620 Deposits (0) 4,175,471 - 12,972 - 322,018 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,331,196 - 27,845 - 158,515 U.S. Treasury, General Account 665,485 + 14,298 - 149,674 Foreign official 9,687 - 1 - 2 Other13 (0) 169,103 + 577 - 13,827 Deferred availability cash items (0) 494 + 95 + 97 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -209,336 + 2,330 - 79,614 Total liabilities (0) 6,787,705 - 2,309 - 846,674 Capital accounts Capital paid in 37,271 0 + 1,205 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,056 0 + 1,205 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, January 22, 2025 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 1,525 53 52 169 46 203 122 251 36 58 98 197 238 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,736,078 140,093 3,622,792 100,408 263,345 670,955 450,469 371,962 94,344 42,752 74,048 294,208 610,703 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,641 7,641 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 105 4 36 4 11 21 3 5 2 1 1 3 13 Foreign currency denominated assets4 17,592 734 6,084 619 1,871 3,470 576 863 396 110 192 423 2,252 Other assets5 42,583 970 20,714 722 1,691 4,521 3,688 2,313 781 485 823 1,942 3,933 Interdistrict settlement account 0+ 19,462+ 29,467+ 25,248- 17,917- 112,030+ 928- 16,089+ 10,353+ 6,937- 2,896+ 3,322 + 53,215 Total assets 6,831,760 169,851 3,687,253 127,968 250,281 569,051 459,518 361,032 106,699 50,781 73,004 302,356 673,967 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, January 22, 2025 (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 2,301,166 83,581 749,660 55,487 114,203 165,261 357,891 106,148 77,324 29,885 32,955 199,501 329,271 Reverse repurchase agreements6 516,449 10,742 277,922 7,694 20,139 51,479 34,552 28,502 7,227 3,226 5,678 22,553 46,734 Deposits 4,175,471 73,181 2,773,312 66,394 120,839 377,912 64,560 239,151 20,865 17,569 34,554 80,138 306,995 Depository institutions 3,331,196 73,176 2,039,065 66,393 120,803 377,668 64,528 129,679 20,848 17,489 34,525 80,069 306,954 U.S. Treasury, General Account 665,485 0 665,485 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,661 1 4 8 1 2 1 0 0 1 5 Other7 169,103 4 59,101 0 32 237 30 109,470 16 79 29 68 37 Earnings remittances due to the U.S. Treasury8 -219,666 -4,448 -132,756 -3,379 -9,853 -35,347 39 -15,874 -26 -334 -878 -1,445 -15,366 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 10,825 1,474 4,288 250 392 1,178 904 649 195 152 207 326 811 Total liabilities 6,787,705 167,991 3,672,425 126,446 245,720 560,483 457,946 358,576 105,585 50,498 72,516 301,072 668,445 Capital Capital paid in 37,271 1,574 12,540 1,287 3,857 7,246 1,342 2,076 942 239 412 1,085 4,670 Surplus 6,785 287 2,288 235 704 1,322 230 379 172 44 75 198 852 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 6,831,760 169,851 3,687,253 127,968 250,281 569,051 459,518 361,032 106,699 50,781 73,004 302,356 673,967 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, January 22, 2025 (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 Jan 22, 2025 Federal Reserve notes outstanding 2,786,266 Less: Notes held by F.R. Banks not subject to collateralization 485,100 Federal Reserve notes to be collateralized 2,301,166 Collateral held against Federal Reserve notes 2,301,166 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,274,929 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,506,749 Less: Face value of securities under reverse repurchase agreements 591,148 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,915,601 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.