The following table presents the composition of assets sold under agreements to repurchase at September 30, 2014 and December 31, 2013.

The repurchase agreements outstanding at September 30, 2014 were collateralized by $ 1.5 billion (December 31, 2013 - $ 1.3 billion) in investment securities available-for-sale, $ 122 million (December 31, 2013 - $ 309 million) in trading securities and $ 18 million (December 31, 2013 - $ 70 million) in securities sold not yet delivered in other assets. It is the Corporation's policy to maintain effective control over assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the consolidated statements of financial condition.

In addition, there were repurchase agreements outstanding collateralized by $ 142 million in securities purchased under agreements to resell to which the Corporation has the right to repledge the securities (December 31, 2013 - $ 189 million). It is the Corporation's policy to take possession of securities purchased under agreements to resell. However, the counterparties to such agreements maintain effective control over such securities; accordingly, these securities are not reflected in the Corporation's consolidated statements of financial condition.

During the third quarter of 2014, the Corporation refinanced approximately $638 million in long term structured repos in the U.S. with a yield of 4.41% and replaced them with lower cost short term repos of a similar amount. The fees associated with the refinancing of these repos were $39.7 million, of which $20.7 million were recorded as interest expense during the third quarter of 2014, with remainder to be recorded during the fourth quarter of 2014.

The following table presents the composition of other short-term borrowings at September 30, 2014 and December 31, 2013.

(In thousands)	September 30, 2014		December 31, 2013
Advances with the FHLB paying interest at maturity	$	-	$	400,000
Others		1,200		1,200
Total other short-term borrowings	$	1,200	$	401,200
Note: Refer to the Corporation's 2013 Annual Report for rates information at December 31, 2013.

The following table presents the composition of notes payable at September 30, 2014 and December 31, 2013.

(In thousands)		September 30, 2014		December 31, 2013

Advances with the FHLB with maturities ranging from 2014 through 2021 paying interest at
	monthly fixed rates ranging from 0.27% to 4.19 %	$	810,202	$	589,229

Unsecured senior debt securities maturing on 2019 paying interest semiannually at a
	fixed rate of 7.00%		450,000		-

Term notes maturing on 2014 paying interest semiannually at a fixed rate of 7.47%			675		675

Term notes maturing on 2014 paying interest monthly at a floating rate
	of 3.00% over the 10-year U.S. Treasury note rate^[1]		4		14

Junior subordinated deferrable interest debentures (related to trust preferred
	securities) with maturities ranging from 2027 to 2034 with fixed interest
	rates ranging from 6.125% to 8.327% (Refer to Note 20)		439,800		439,800

Junior subordinated deferrable interest debentures (related to trust preferred securities)
	($936,000 less discount of $404,460 at December 31, 2013), with no stated maturity
	and a fixed interest rate of 5.00% until, but excluding December 5, 2013 and
	9.00% thereafter (Refer to Note 20)^[2]		-		531,540

Others			22,892		23,496
Total notes payable		$	1,723,573	$	1,584,754

Note: Refer to the Corporation's 2013 Annual Report for rates information at December 31, 2013.

[1] The 10-year U.S. Treasury note key index rate at September 30, 2014 and December 31, 2013 was 2.49% and 3.03%, respectively.

[2] The debentures are perpetual and may be redeemed by the Corporation at any time, subject to the consent of the Board of Governors of the Federal Reserve System. The discount on the debentures was being amortized over an estimated 30-year term that started in August 2009. During the quarter ended June 30, 2014, in connection with the repayment of these Notes completed on July 2, 2014, the Corporation accelerated the related amortization of the discount and deferred costs amounting to $414.1 million, which is reflected as interest expense in the consolidated statement of operations. The effective interest rate, including the discount accretion, was approximately 16% at December 31, 2013.

During the quarter ended June 30, 2014, the Corporation received approval from the Federal Reserve System to repay the $935 million in TARP Capital Purchase Program funds. On July 2, 2014, the Corporation completed the repayment of these funds, which were partially funded with $400 million from the proceeds of the issuance of its $450 million aggregate principal amount of 7% Senior Notes due on 2019, which settled on July 1, 2014. Accordingly, during the quarter ended June 30, 2014, the Corporation accelerated the related amortization of $414.1 million of discount and deferred costs, which is reflected as interest expense in the consolidated statement of operations. Refer to additional information on Note 20, Trust Preferred Securities.

A breakdown of borrowings by contractual maturities at September 30, 2014 is included in the table below.

	Assets sold under			Short-term
(In thousands)	agreements to repurchase			borrowings	Notes payable		Total
Year
2014	$	1,085,807	$	1,200	$	16,701	$	1,103,708
2015		460,898		-		329,040		789,938
2016		104,007		-		247,105		351,112
2017		-		-		79,033		79,033
2018		-		-		107,203		107,203
Later years		-		-		944,491		944,491
Total borrowings	$	1,650,712	$	1,200	$	1,723,573	$	3,375,485