FEDERAL FUNDS, SECURITIES BORROWED, LOANED, AND SUBJECT TO REPURCHASE AGREEMENTS (Tables)

9 Months Ended

Sep. 30, 2014

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Federal funds sold and securities borrowed or purchased under agreements to resell

Federal funds sold and securities borrowed or purchased under agreements to resell, at their respective carrying values, consisted of the following at September 30, 2014 and December 31, 2013:



In millions of dollars	September 30, 2014		December 31, 2013
Federal funds sold	$	—	$	20
Securities purchased under agreements to resell	125,302		136,649
Deposits paid for securities borrowed	120,160		120,368
Total	$	245,462	$	257,037

Federal funds purchased and securities loaned or sold under agreements to repurchase

Federal funds purchased and securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following:



In millions of dollars	September 30, 2014		December 31, 2013
Federal funds purchased	$	491	$	910
Securities sold under agreements to repurchase	148,870		175,691
Deposits received for securities loaned	26,371		26,911
Total	$	175,732	$	203,512

Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending

agreements and the related offsetting amount permitted under ASC 210-20-45, as of September 30, 2014 and December 31, 2013. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.



	As of September 30, 2014
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	179,360	$	54,058	$	125,302	$	89,901	$	35,401
Deposits paid for securities borrowed	120,160		—		120,160		17,653		102,507
Total	$	299,520	$	54,058	$	245,462	$	107,554	$	137,908



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	202,928	$	54,058	$	148,870	$	64,433	$	84,437
Deposits received for securities loaned	26,371		—		26,371		4,537		21,834
Total	$	229,299	$	54,058	$	175,241	$	68,970	$	106,271



	As of December 31, 2013
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	179,894	$	43,245	$	136,649	$	105,226	$	31,423
Deposits paid for securities borrowed	120,368		—		120,368		26,728		93,640
Total	$	300,262	$	43,245	$	257,017	$	131,954	$	125,063



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	218,936	$	43,245	$	175,691	$	80,082	$	95,609
Deposits received for securities loaned	26,911		—		26,911		3,833		23,078
Total	$	245,847	$	43,245	$	202,602	$	83,915	$	118,687


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	The total of this column for each period excludes Federal funds sold/purchased. See table on prior page.


(3)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.


(4)	Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending



	As of September 30, 2014
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	179,360	$	54,058	$	125,302	$	89,901	$	35,401
Deposits paid for securities borrowed	120,160		—		120,160		17,653		102,507
Total	$	299,520	$	54,058	$	245,462	$	107,554	$	137,908



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	202,928	$	54,058	$	148,870	$	64,433	$	84,437
Deposits received for securities loaned	26,371		—		26,371		4,537		21,834
Total	$	229,299	$	54,058	$	175,241	$	68,970	$	106,271



	As of December 31, 2013
In millions of dollars	Gross amounts of recognized assets		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of assets included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities purchased under agreements to resell	$	179,894	$	43,245	$	136,649	$	105,226	$	31,423
Deposits paid for securities borrowed	120,368		—		120,368		26,728		93,640
Total	$	300,262	$	43,245	$	257,017	$	131,954	$	125,063



In millions of dollars	Gross amounts of recognized liabilities		Gross amounts offset on the Consolidated Balance Sheet⁽¹⁾		Net amounts of liabilities included on the Consolidated Balance Sheet⁽²⁾		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default⁽³⁾		Net amounts⁽⁴⁾
Securities sold under agreements to repurchase	$	218,936	$	43,245	$	175,691	$	80,082	$	95,609
Deposits received for securities loaned	26,911		—		26,911		3,833		23,078
Total	$	245,847	$	43,245	$	202,602	$	83,915	$	118,687


(1)	Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.


(2)	The total of this column for each period excludes Federal funds sold/purchased. See table on prior page.


(3)	Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.


(4)	Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.