(7)	Short-Term Borrowings

Short-term borrowings of the Company were cash management accounts as follows:

(dollars in thousands)	2018			2017		2016

Amount outstanding at December 31,	$	161,893			242,991		209,406
Maximum amount outstanding at any month end		233,522			252,996		209,406
Average amount outstanding		194,810			228,086		185,672
Weighted average interest rate:
For the year		0.65	%		0.61		0.59
As of year end		0.95			0.62		0.59

Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral.

Trustco Bank also has an available line of credit with the Federal Home Loan Bank of New York which approximates the balance of securities and/or loans pledged against such borrowings. The line of credit requires securities and/or loans to be pledged as collateral for the amount borrowed. As of December 31, 2018 and 2017, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.

Trustco Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of New York. The Bank can pledge certain securities to the Federal Reserve Bank to support this arrangement. As of December 31, 2018 and 2017, the Bank had no outstanding borrowings and loans with the Federal Reserve Bank of New York.