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Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were acquired or sold plus accrued interest. To minimize any potential credit risk associated with these transactions, the fair value of the securities purchased or sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. It is Northern Trust’s policy to take possession, either directly or via third-party custodians, of securities purchased under agreements to resell. Securities sold under agreements to repurchase are either directly held by, or pledged to the counterparty until the repurchase.
During the third quarter of 2021, Northern Trust became a Government Securities Division (GSD) netting and sponsoring member in the Fixed Income Clearing Corporation (FICC) sponsored member program. FICC, a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, is a central counterparty and provides netting and settlement for the U.S. Government securities marketplace. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when FICC is the counterparty.
The following tables summarize information related to Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase.
TABLE 64: SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
($ In Millions)20212020
Balance at December 31$686.4 $1,596.5 
Average Balance During the Year1,067.4 1,253.1 
Average Interest Rate Earned During the Year0.33 %0.31 %
Maximum Month-End Balance During the Year$1,819.1 $2,055.6 

TABLE 65: SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
($ In Millions)20212020
Balance at December 31$531.9 $39.8 
Average Balance During the Year232.0 218.3 
Average Interest Rate Paid During the Year0.07 %0.47 %
Maximum Month-End Balance During the Year$892.6 $269.8 

TABLE 66: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS
REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS
December 31, 2021December 31, 2020
($ In Millions)OVERNIGHT AND CONTINUOUSUP TO 30 DAYSTOTALOVERNIGHT AND CONTINUOUSUP TO 30 DAYSTOTAL
U.S. Treasury and Agency Securities$32.4 $499.5 $531.9 $39.8 $— $39.8 
Total Borrowings32.4 499.5 531.9 39.8 — 39.8 
Net Amount of Recognized Liabilities for Repurchase Agreements in Note 2832.4 499.5 531.9 39.8 — 39.8 
Amounts related to agreements not included in Note 28— — — — — —