Resale and Repurchase Agreements

9 Months Ended

Sep. 30, 2011

Resale and Repurchase Agreements

Resale and Repurchase Agreements

5.        Resale and Repurchase Agreements

Transactions involving sales of securities under agreements to repurchase (“repurchase agreements”) or purchases of securities under agreements to resell (“resale agreements”) are presented on a net-by-counterparty basis when a legal right of offset exists.  Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 for additional information related to the Company’s accounting policies for these agreements.

At September 30, 2011 and December 31, 2010, the fair value of financial instruments received as collateral by the Company that it was permitted to deliver or repledge in connection with resale agreements was approximately $493.4 million and $86.8 million, respectively, of which $399.8 million was repledged in the form of repurchase agreements at September 30, 2011. The Company had no outstanding repurchase agreements at December 31, 2010.