OTHER BORROWINGS

Securities sold under agreements to repurchase, FHLB advances and TRUPs at December 31, 2015 and 2014, were as follows (dollars in millions):



	December 31, 2015		December 31, 2014
Trust preferred securities⁽¹⁾	$	409	$	428
Securities sold under agreements to repurchase and FHLB advances:
Repurchase Agreements⁽²⁾	$	82	$	3,672
FHLB Advances	—		920
Fair value hedge adjustments and deferred costs	—		(49		)
Total securities sold under agreements to repurchase and FHLB advances	82		4,543
Total other borrowings	$	491	$	4,971


(1)	The Company's TRUPs do not begin maturing until 2031.


(2)	The maximum amount at any month end for repurchase agreements was $3.8 billion and $4.9 billion for the years ended December 31, 2015, respectively.

Repurchase agreements are collateralized by fixed- and variable-rate mortgage-backed securities or investment grade securities. The counterparties retain possession of the securities collateralizing the repurchase agreements until maturity of the repurchase agreement. The Company terminated $4.4 billion of repurchase agreements and FHLB advances during 2015. In connection with this termination, the Company recorded a pre-tax charge of $413 million in consolidated statement of income, including $43 million in the losses on early extinguishment of debt line item, and $370 million in the gains (losses) on securities and other line item that were reclassified from accumulated comprehensive loss attributable to cash flow hedges.

Prior to 2008, ETB Holdings, Inc. ("ETBH") raised capital through the formation of trusts, which sold TRUPs in the capital markets. The capital securities must be redeemed in whole at the due date, which is generally 30 years after issuance. Each trust issued Cumulative Preferred Securities, commonly referred to as TRUPs, at par with a liquidation amount of $1,000 per capital security. The trusts used the proceeds from the sale of issuances to purchase Junior Subordinated Debentures ("subordinated debentures") issued by ETBH, which guarantees the trust obligations and contributed proceeds from the sale of its subordinated debentures to E*TRADE Bank in the form of a capital contribution. The most recent issuance of TRUPs occurred in 2007.

During 2015, the Company redeemed approximately $19 million of TRUPs held by ETBH Capital Trust I and Capital Trust II in advance of maturity and recorded a net gain on early extinguishment of debt of approximately $4 million.

The face values of outstanding trusts at December 31, 2015 are shown below (dollars in millions):



Trusts	Face Value		Maturity Date	Annual Interest Rate
ETBH Capital Trust II⁽¹⁾	$	—	2031	10.25%
ETBH Capital Trust I	20		2031	3.75% above 6-month LIBOR
ETBH Capital Trust V, VI, VIII	51		2032	3.25%-3.65% above 3-month LIBOR
ETBH Capital Trust VII, IX—XII	65		2033	3.00%-3.30% above 3-month LIBOR
ETBH Capital Trust XIII—XVIII, XX	77		2034	2.45%-2.90% above 3-month LIBOR
ETBH Capital Trust XIX, XXI, XXII	60		2035	2.20%-2.40% above 3-month LIBOR
ETBH Capital Trust XXIII—XXIV	45		2036	2.10% above 3-month LIBOR
ETBH Capital Trust XXV—XXX	96		2037	1.90%-2.00% above 3-month LIBOR
Total	$	414

(1) The TRUPs were redeemed during December 2015 but the trust was not legally dissolved until early 2016.

External Line of Credits maintained at E*TRADE Clearing

E*TRADE Clearing maintains secured committed lines of credit with two unaffiliated banks, aggregating to $175 million at December 31, 2015. E*TRADE Clearing also has secured uncommitted lines of credit with several unaffiliated banks aggregating to $375 million and unsecured uncommitted lines of credit with two unaffiliated banks aggregating to $100 million at December 31, 2015. The secured committed lines are scheduled to mature in June 2016 while $75 million of the unsecured uncommitted line at one of the banks is scheduled to mature in August 2016. The remaining lines have no maturity date. During 2015, E*TRADE Clearing entered into a new 364-day, $345 million committed senior unsecured revolving credit facility with a syndicate of banks, which brought its total external liquidity lines to $995 million. The credit facility contains maintenance covenants relating to E*TRADE Clearing's minimum consolidated tangible net worth and regulatory net capital ratio. There were no outstanding balances for these lines at December 31, 2015.