Securities Sold Under Agreements to Repurchase

6 Months Ended

Jun. 30, 2011

Securities Sold Under Agreements to Repurchase [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

13 — SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

     Securities sold under agreements to repurchase (repurchase agreements) consist of the following:

	June 30,		December 31,
	2011		2010
	(In thousands)
Repurchase agreements, interest ranging from 3.35% to 4.51% (2010 - 0.99% to 4.51%)	$	1,200,000	$	1,400,000

     Repurchase agreements mature as follows:

	June 30,
	2011
	(In thousands)
Over ninety days to one year	$	100,000
One to three years		600,000
Three to five years		500,000
Total	$	1,200,000

     As of June 30, 2011 and December 31, 2010, the securities underlying such agreements were delivered to the dealers with whom the repurchase agreements were transacted.

Repurchase agreements as of June 30, 2011, grouped by counterparty, were as follows:

			Weighted-Average
Counterparty	Amount		Maturity (In Months)
UBS Financial Services, Inc.	$	100,000		13
Barclays Capital		100,000		14
Dean Witter / Morgan Stanley		200,000		25
Credit Suisse First Boston		300,000		32
JP Morgan Chase		200,000		33
Citigroup Global Markets		300,000		34
	$	1,200,000

     As part of the Corporation’s deleveraging strategies, approximately $200 million of repurchase agreements were repaid prior to maturity during the second quarter of 2011, realizing a loss of $1.6 million on the early extinguishment. The repaid repurchase agreements were scheduled to mature at various dates between September 2011 and September 2012 and had a weighted average cost of 1.06%.