Short-Term Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

A summary of short-term borrowings for the years 2021, 2020 and 2019 is presented in the following table:

Table 8.10.1

SHORT-TERM BORROWINGS

(Dollars in millions)	Trading Liabilities			Federal Funds Purchased			Securities Sold Under Agreements to Repurchase			Other Short-term Borrowings
2021
Average balance	$	540		$	949		$	1,235		$	124
Year-end balance	426			775			1,247			102
Maximum month-end outstanding	685			1,037			1,615			146
Average rate for the year	1.11		%	0.12		%	0.30		%	0.09		%
Average rate at year-end	1.62		%	0.10		%	0.11		%	0.08		%
2020
Average balance	$	457		$	862		$	1,109		$	626
Year-end balance	353			845			1,187			166
Maximum month-end outstanding	983			1,487			1,661			4,061
Average rate for the year	1.24		%	0.34		%	0.50		%	0.84		%
Average rate at year-end	0.77		%	0.10		%	0.26		%	0.09		%
2019
Average balance	$	503		$	738		$	701		$	538
Year-end balance	506			548			717			2,253
Maximum month-end outstanding	754			1,282			772			2,276
Average rate for the year	2.48		%	2.08		%	2.07		%	2.10		%
Average rate at year-end	2.07		%	1.55		%	1.72		%	2.14		%

Federal funds purchased and securities sold under agreements to repurchase generally have maturities of less than 90 days. Trading liabilities, which represent short positions in securities, are generally held for less than 90 days. Other short-term borrowings have original

maturities of one year or less. On December 31, 2021, fixed income trading securities with a fair value of $33 million were pledged to secure other short-term borrowings.