Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]


NOTE 3 – Cash and Cash Equivalents

A combination of reserves in the form of deposits with the FRB-NY and vault cash, totaling $171.6 million and $124.1 million at December 31, 2019 and 2018, respectively, were maintained to satisfy federal regulatory requirements. Vault cash is included in cash and due from banks, and interest-bearing deposits with the FRB-NY are included in short-term investments in the Consolidated Statements of Condition. These deposits represent an alternative to overnight federal funds sold and yielded 1.55% and 2.40% at December 31, 2019 and 2018, respectively. Cash and due from banks included restricted cash totaling $13.8 million at December 31, 2017 (none at December 31, 2019 and 2018) relating to one remaining securitization assumed in the acquisition of LEAF that was repaid in June 2018 (see Note 2).

Short-term investments consist of the following cash equivalents:


As of December 31 (in millions)	2019		2018
Interest-bearing deposits at the FRB-NY	$	219.4	$	234.0
Money market mutual funds	5.7		26.3
Other (1)	91.7		6.0
Total short-term investments	$	316.8	$	266.3

(1)Includes cash collateral posted for certain derivative positions at both December 31, 2019 and 2018.