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Offsetting financial assets and liabilities (Tables)
 12 Months Ended
Oct. 31, 2020
Text block [abstract]  
Schedule of Financial Assets and Financial Liabilities
The following table identifies the amounts that have been offset on the consolidated balance sheet in accordance with the requirements of IAS 32 “Financial Instruments: Presentation”, and also those amounts that are subject to enforceable netting agreements but do not qualify for offsetting on the consolidated balance sheet either because we do not have a currently enforceable legal right to
set-off
the recognized amounts, or because we do not intend to settle on a net basis or to realize the asset and settle the liability simultaneously.
Financial assets
 
 
 
Amounts subject to enforceable netting agreements
 
 
 
 
 
 
 
 
 
 



Gross
amounts of
recognized

financial
assets
 
 
 

 
 
 
 


Gross
amounts
offset on the
consolidated
balance sheet
 
 
 
 
 
(1)
 
 
   
 
 

Related amounts not
set-off
on

the consolidated balance sheet
 

 
 
 


Amounts not
subject to
enforceable
netting
agreements
 
 
 
 
 
(4)
 
 
 


Net amounts
presented on

the consolidated
balance sheet
 
 

 
 
$ millions, as at October 31
 
 
Net
amounts
 
 
 
 
Financial
instruments
 
 
(2)
 
 
 
Collateral
received
 
 
(3)
 
 
 
Net
amounts
 
 
2020 Derivatives
 
$
59,024
 
 
$
(29,989
) 
 
$
29,035
 
 
$
(19,347
) 
 
$
(5,170
) 
 
$
4,518
 
 
$
3,695
 
 
$
32,730
 
Cash collateral on securities borrowed
 
 
8,547
 
 
 
–
 
 
 
8,547
 
 
 
–
 
 
 
(8,267
) 
 
 
280
 
 
 
–
 
 
 
8,547
 
Securities purchased under resale agreements
 
 
68,335
 
 
 
(2,740
) 
 
 
65,595
 
 
 
–
 
 
 
(65,178
) 
 
 
417
 
 
 
–
 
 
 
65,595
 
 
 
$
135,906
 
 
$
(32,729
) 
 
$
  103,177
 
 
$
(19,347
) 
 
$
(78,615
) 
 
$
5,215
 
 
$
3,695
 
 
$
  106,872
 
2019 Derivatives
 
$
42,156
 
 
$
(21,206
) 
 
$
20,950
 
 
$
(14,572
) 
 
$
(3,888)
 
 
$
2,490
 
 
$
2,945
 
 
$
23,895
 
Cash collateral on securities borrowed
 
 
3,664
 
 
 
–
 
 
 
3,664
 
 
 
–
 
 
 
(3,588
) 
 
 
76
 
 
 
–
 
 
 
3,664
 
Securities purchased under resale agreements
 
 
59,131
 
 
 
(3,020
) 
 
 
56,111
 
 
 
–
 
 
 
(55,721
) 
 
 
390
 
 
 
–
 
 
 
56,111
 
 
 
$
  104,951
 
 
$
  (24,226
) 
 
$
  80,725
 
 
$
  (14,572
) 
 
$
  (63,197
) 
 
$
  2,956
 
 
$
  2,945
 
 
$
  83,670
 
Financial liabilities
 
 
 
Amounts subject to enforceable netting agreements
 
 
 
 
 
 
 
 
 
 



Gross
amounts of
recognized

financial
liabilities
 
 
 

 
 
 
 


Gross
amounts
offset on the
consolidated
balance sheet
 
 
 
 
 
(1)
 
 
   
 
 

Related amounts not
set-off
on

the consolidated balance sheet
 

 
 
 


Amounts not
subject to
enforceable
netting
agreements
 
 
 
 
 
(4)
 
 
 


Net amounts
presented on

the consolidated
balance sheet
 
 

 
 
$ millions, as at October 31
 
 
Net
amounts
 
 
 
 
Financial
instruments
 
 
(2)
 
 
 
Collateral
pledged
 
 
(3)
 
 
 
Net
amounts
 
 
2020 Derivatives
 
$
56,461
 
 
$
(29,989
) 
 
$
26,472
 
 
$
(19,347
) 
 
$
(5,883
) 
 
$
1,242
 
 
$
4,036
 
 
$
30,508
 
Cash collateral on securities lent
 
 
1,824
 
 
 
–
 
 
 
1,824
 
 
 
–
 
 
 
(1,719
) 
 
 
105
 
 
 
–
 
 
 
1,824
 
Obligations related to securities sold under repurchase agreements
 
 
74,393
 
 
 
(2,740
) 
 
 
71,653
 
 
 
–
 
 
 
(71,368
) 
 
 
285
 
 
 
–
 
 
 
71,653
 
 
 
$
132,678
 
 
$
(32,729
) 
 
$
99,949
 
 
$
(19,347
) 
 
$
(78,970
) 
 
$
1,632
 
 
$
4,036
 
 
$
  103,985
 
2019 Derivatives
 
$
43,941
 
 
$
(21,206
) 
 
$
22,735
 
 
$
(14,572
) 
 
$
(6,840)
 
 
$
1,323
 
 
$
2,378
 
 
$
25,113
 
Cash collateral on securities lent
 
 
1,822
 
 
 
–
 
 
 
1,822
 
 
 
–
 
 
 
(1,779
) 
 
 
43
 
 
 
–
 
 
 
1,822
 
Obligations related to securities sold under repurchase agreements
 
 
54,821
 
 
 
(3,020
) 
 
 
51,801
 
 
 
–
 
 
 
(51,343
) 
 
 
458
 
 
 
–
 
 
 
51,801
 
 
 
$
  100,584
 
 
$
  (24,226
) 
 
$
  76,358
 
 
$
  (14,572
) 
 
$
  (59,962)
 
 
$
  1,824
 
 
$
  2,378
 
 
$
  78,736
 
 
(1)
Comprises amounts related to financial instruments which qualify for offsetting. Derivatives cleared through the CME are considered to be
settled-to-market
and not
collateralized-to-market.
Derivatives which are
settled-to-market
are settled on a daily basis, resulting in derecognition, rather than offsetting, of the related amounts. As a result,
settled-to-market
amounts are not considered to be subject to enforceable netting arrangements. In the absence of this, an amount of $964 million as at October 31, 2020 (2019: $355 million) relating to derivatives cleared through CME would otherwise have been considered to be offset on the consolidated balance sheet.
(2)
Comprises amounts subject to
set-off
under enforceable netting agreements, such as ISDA agreements, derivative exchange or clearing counterparty agreements, global master repurchase agreements, and global master securities lending agreements. Under such arrangements, all outstanding transactions governed by the relevant agreement can be offset if an event of default or other predetermined event occurs.
(3)
Collateral received and pledged amounts are reflected at fair value, but have been limited to the net balance sheet exposure so as not to include any over-collateralization.
(4)
Includes contractual rights of
set-off
that are subject to uncertainty under the laws of the relevant jurisdiction, exchange-traded derivatives and derivatives which are
settled-to-market.
The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the “Credit risk” section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or
re-pledged.