Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 7,401,571

-   25,014

-1,184,904

 7,402,180

Securities held outright1

 6,966,377

-   21,878

-  911,134

 6,966,629

U.S. Treasury securities

 4,575,595

-   21,878

-  705,089

 4,575,846

Bills2

   195,143

         0

-   85,823

   195,143

Notes and bonds, nominal2

 3,905,763

-   22,556

-  612,033

 3,905,763

Notes and bonds, inflation-indexed2

   360,612

         0

-   16,412

   360,612

Inflation compensation3

   114,077

+      678

+    9,180

   114,328

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,388,435

         0

-  206,045

 2,388,435

Unamortized premiums on securities held outright5

   270,600

-      434

-   33,456

   270,436

Unamortized discounts on securities held outright5

   -24,823

+       41

+    2,579

   -24,742

Repurchase agreements6

         0

-        2

-   34,286

         1

Foreign official

         0

         0

-   34,286

         0

Others

         0

-        2

         0

         1

Loans

   135,134

-    4,953

-  191,463

   134,427

Primary credit

     4,925

-    1,180

-   62,996

     5,053

Secondary credit

        19

-       26

+       19

         0

Seasonal credit

         3

+        2

+        2

         2

Paycheck Protection Program Liquidity Facility

     3,036

-       12

-    6,032

     3,028

Bank Term Funding Program

   127,151

-    3,737

+   50,444

   126,344

Other credit extensions7

         0

         0

-  172,900

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    14,691

+       13

-    7,639

    14,705

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,605

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,924

         0

Float

      -250

+      324

-       76

      -268

Central bank liquidity swaps9

       150

-       37

-      334

       150

Other Federal Reserve assets10

    39,692

+    1,912

-    1,567

    40,844

Foreign currency denominated assets11

    18,035

+       13

-      815

    17,888

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,812

+       14

+      664

    52,812

Total factors supplying reserve funds

 7,488,659

-   24,987

-1,185,055

 7,489,121

Currency in circulation12

 2,347,294

+    2,453

+   22,824

 2,347,725

Reverse repurchase agreements13

   792,053

-  112,347

-1,800,022

   799,197

Foreign official and international accounts

   350,635

-   24,526

-   22,100

   353,381

Others

   441,418

-   87,821

-1,777,922

   445,816

Treasury cash holdings

       441

-        3

+      273

       441

Deposits with F.R. Banks, other than reserve balances

   866,710

-   82,339

+  540,136

   830,092

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   704,971

-   63,680

+  595,763

   672,537

Foreign official

     9,693

-    3,227

-      574

     9,693

Other14

   152,046

-   15,432

-   55,052

   147,862

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -112,122

-    5,307

-  113,214

  -111,463

Total factors, other than reserve balances,
absorbing reserve funds

 3,901,814

-  197,544

-1,357,912

 3,873,430

Reserve balances with Federal Reserve Banks

 3,586,845

+  172,557

+  172,856

 3,615,691

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 LLC of $7.4 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,359,248

+   13,835

+   28,300

 3,365,774

Marketable U.S. Treasury securities1

 2,955,926

+   14,228

+   45,888

 2,962,588

Federal agency debt and mortgage-backed securities2

   322,230

-      369

-   17,937

   322,187

Other securities3

    81,092

-       24

+      349

    80,998

Securities lent to dealers

    35,976

-    8,636

-   11,733

    34,187

Overnight facility4

    35,976

-    8,636

-   11,733

    34,187

U.S. Treasury securities

    35,976

-    8,636

-   11,706

    34,187

Federal agency debt securities

         0

         0

-       28

         0

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.

Loans1

     4,365

    16,706

   110,332

     3,024

         0

...

   134,427

U.S. Treasury securities2

Holdings

    70,295

   239,556

   535,303

 1,520,551

   701,407

 1,508,735

 4,575,846

Weekly changes

-      690

+       43

+      736

+      278

+      128

+      191

+      684

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        34

     5,607

    30,175

 2,352,618

 2,388,435

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     7,023

...

...

     7,023

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       150

         0

         0

         0

         0

         0

       150

Reverse repurchase agreements6

   799,197

         0

...

...

...

...

   799,197

Term deposits

         0

         0

         0

...

...

...

         0

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 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 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.

Mortgage-backed securities held outright1

 2,388,435

Residential mortgage-backed securities

 2,380,240

Commercial mortgage-backed securities

     8,195

Commitments to buy mortgage-backed securities2

        20

Commitments to sell mortgage-backed securities2

       139

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.

MS Facilities LLC (Main Street Lending Program)

     6,070

     6,315

     8,390

    14,705

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 loan losses updated as of December 31, 2023.

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,545

-        6

+      236

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 7,346,750

-    4,236

-1,158,644

Securities held outright1

 6,966,629

+      685

-  911,112

U.S. Treasury securities

 4,575,846

+      684

-  705,068

Bills2

   195,143

         0

-   85,823

Notes and bonds, nominal2

 3,905,763

         0

-  612,033

Notes and bonds, inflation-indexed2

   360,612

         0

-   16,412

Inflation compensation3

   114,328

+      684

+    9,201

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,388,435

         0

-  206,045

Unamortized premiums on securities held outright5

   270,436

-      429

-   33,444

Unamortized discounts on securities held outright5

   -24,742

+       42

+    2,572

Repurchase agreements6

         1

-        1

-   29,999

Loans7

   134,427

-    4,533

-  186,660

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    14,705

+       17

-    7,646

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,607

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,925

Items in process of collection

(0)

        58

+       10

         0

Bank premises

       448

+        3

-        5

Central bank liquidity swaps9

       150

-       37

-      334

Foreign currency denominated assets10

    17,888

-      143

-    1,010

Other assets11

    40,396

+    3,011

-    1,686

Total assets

(0)

 7,438,176

-    1,382

-1,176,621

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,296,895

+      561

+   22,814

Reverse repurchase agreements12

   799,197

-    2,439

-1,877,530

Deposits

(0)

 4,445,783

+    6,068

+  798,719

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,615,691

+   74,524

+  268,138

U.S. Treasury, General Account

   672,537

-   60,291

+  585,983

Foreign official

     9,693

-    1,006

-       65

Other13

(0)

   147,862

-    7,159

-   55,337

Deferred availability cash items

(0)

       326

-      499

+       18

Treasury contributions to credit facilities14

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

  -154,603

-    5,073

-  113,670

Total liabilities

(0)

 7,395,036

-    1,382

-1,177,559

Capital accounts

Capital paid in

    36,355

-        1

+      938

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,140

-        1

+      938

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 LLC of $7.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,545

        47

        54

       164

        50

       199

       107

       273

        34

        57

       110

       182

       268

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 7,346,750

   152,965

 4,037,297

   121,983

   225,286

   512,925

   499,472

   459,855

   114,288

    55,513

   102,834

   363,092

   701,238

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    14,705

    14,705

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       150

         6

        52

         5

        16

        30

         5

         7

         3

         1

         2

         4

        19

Foreign currency denominated

assets4

    17,888

       746

     6,186

       630

     1,903

     3,529

       586

       878

       403

       112

       195

       430

     2,290

Other assets5

    40,902

     1,012

    19,652

       784

     1,296

     3,247

     3,754

     2,514

       786

       577

       935

     2,108

     4,237

Interdistrict settlement account

         0

+   13,997

-  202,236

-    5,909

+  100,262

+  170,811

-   22,945

-   80,863

-    4,475

-    4,985

-   18,122

-   40,001

+   94,465

Total assets

 7,438,176

   184,036

 3,866,180

   118,182

   329,565

   691,928

   483,266

   383,768

   111,517

    51,539

    86,406

   327,106

   804,682

Liabilities

Federal Reserve notes, net

 2,296,895

    82,982

   747,251

    50,929

   111,029

   162,955

   355,666

   120,819

    72,176

    30,974

    40,069

   194,170

   327,875

Reverse repurchase agreements6

   799,197

    15,440

   446,311

    13,172

    24,560

    55,616

    54,141

    49,819

    11,955

     5,419

    10,333

    38,966

    73,464

Deposits

 4,445,783

    78,230

 2,756,707

    53,993

   195,876

   489,778

    71,280

   221,982

    26,264

    14,973

    35,933

    94,215

   406,550

Depository institutions

 3,615,691

    78,177

 2,026,195

    53,992

   195,845

   489,193

    71,253

   123,349

    26,249

    14,918

    35,903

    94,110

   406,508

U.S. Treasury, General Account

   672,537

         0

   672,537

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,693

         2

     9,667

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   147,862

        52

    48,309

         0

        27

       577

        26

    98,631

        14

        55

        30

       104

        37

Earnings remittances due to the U.S. Treasury8

  -162,906

    -3,240

  -102,049

    -1,616

    -6,838

   -25,889

        74

   -11,454

       -14

      -221

      -578

    -1,647

    -9,434

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,629

     1,377

     3,105

       194

       361

     1,013

       637

       477

       157

       124

       191

       267

       727

Total liabilities

 7,395,036

   182,227

 3,851,326

   116,672

   324,987

   683,473

   481,797

   381,643

   110,538

    51,268

    85,948

   325,972

   799,182

Capital

Capital paid in

    36,355

     1,525

    12,508

     1,271

     3,856

     7,116

     1,247

     1,792

       826

       229

       384

       970

     4,631

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

 7,438,176

   184,036

 3,866,180

   118,182

   329,565

   691,928

   483,266

   383,768

   111,517

    51,539

    86,406

   327,106

   804,682

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 LLC of $7.4 billion.

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 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 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 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).

Federal Reserve notes outstanding

 2,730,752

Less: Notes held by F.R. Banks not subject to collateralization

   433,858

Federal Reserve notes to be collateralized

 2,296,895

Collateral held against Federal Reserve notes

 2,296,895

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,280,658

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 6,966,630

Less: Face value of securities under reverse repurchase agreements

   919,165

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 6,047,465

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.