Resale and Repurchase Agreements

3 Months Ended

Mar. 31, 2012

Resale and Repurchase Agreements

Resale and Repurchase Agreements

5.        Resale and Repurchase Agreements

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, 2011 for a detailed discussion of accounting policies related to the Company’s resale and repurchase agreements.

At March 31, 2012 and December 31, 2011, 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 $3.1 billion and $1.5 billion, respectively, substantially all of which was repledged in the form of repurchase agreements at March 31, 2011 and December 31, 2011.

The following tables provide detail on the composition of the outstanding repurchase agreements at March 31, 2012 and December 31, 2011:

	March 31, 2012
(In thousands)	Overnight		< 30 days		30-90 days		> 90 days		On Demand		Total
Collateral Type
U.S. Government and federal agency obligations	$	1,527,562	$	450,000	$	550,000	$	—	$	452,044	$	2,979,606

	December 31, 2011
(In thousands)	Overnight		< 30 days		30-90 days		> 90 days		On Demand		Total
Collateral Type
U.S. Government and federal agency obligations	$	1,204,641	$	—	$	—	$	—	$	273,440	$	1,478,081