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

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014:



In millions of dollars	June 30, 2015		December 31, 2014
Securities purchased under agreements to resell	$	132,083	$	123,979
Deposits paid for securities borrowed	104,971		118,591
Total	$	237,054	$	242,570

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 at June 30, 2015 and December 31, 2014:



In millions of dollars	June 30, 2015		December 31, 2014
Federal funds purchased	$	776	$	334
Securities sold under agreements to repurchase	154,546		147,204
Deposits received for securities loaned	21,690		25,900
Total	$	177,012	$	173,438

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 June 30, 2015 and December 31, 2014. 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 that 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 June 30, 2015
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	$	179,973	$	47,890	$	132,083	$	99,055	$	33,028
Deposits paid for securities borrowed	104,971		—		104,971		14,982		89,989
Total	$	284,944	$	47,890	$	237,054	$	114,037	$	123,017



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	$	202,436	$	47,890	$	154,546	$	77,855	$	76,691
Deposits received for securities loaned	21,690		—		21,690		2,688		19,002
Total	$	224,126	$	47,890	$	176,236	$	80,543	$	95,693



	As of December 31, 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	$	180,318	$	56,339	$	123,979	$	94,353	$	29,626
Deposits paid for securities borrowed	118,591		—		118,591		15,139		103,452
Total	$	298,909	$	56,339	$	242,570	$	109,492	$	133,078



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	$	203,543	$	56,339	$	147,204	$	72,928	$	74,276
Deposits received for securities loaned	25,900		—		25,900		5,190		20,710
Total	$	229,443	$	56,339	$	173,104	$	78,118	$	94,986


(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 tables above.


(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 that 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 June 30, 2015
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	$	179,973	$	47,890	$	132,083	$	99,055	$	33,028
Deposits paid for securities borrowed	104,971		—		104,971		14,982		89,989
Total	$	284,944	$	47,890	$	237,054	$	114,037	$	123,017



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	$	202,436	$	47,890	$	154,546	$	77,855	$	76,691
Deposits received for securities loaned	21,690		—		21,690		2,688		19,002
Total	$	224,126	$	47,890	$	176,236	$	80,543	$	95,693



	As of December 31, 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	$	180,318	$	56,339	$	123,979	$	94,353	$	29,626
Deposits paid for securities borrowed	118,591		—		118,591		15,139		103,452
Total	$	298,909	$	56,339	$	242,570	$	109,492	$	133,078



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	$	203,543	$	56,339	$	147,204	$	72,928	$	74,276
Deposits received for securities loaned	25,900		—		25,900		5,190		20,710
Total	$	229,443	$	56,339	$	173,104	$	78,118	$	94,986


(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 tables above.


(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 that 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.

Gross amount of liabilities associated with repurchase agreements and securities lending agreements

The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity as of June 30, 2015:



In millions of dollars	Open and Overnight		Up to 30 Days		31-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase	$	107,314	$	51,753	$	19,215	$	24,154	$	202,436
Deposits received for securities loaned	12,745		5,439		2,423		1,083		21,690
Total	$	120,059	$	57,192	$	21,638	$	25,237	$	224,126

The following table presents the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral as of June 30, 2015:



In millions of dollars	Repurchase Agreements		Securities Lending Agreements		Total
U.S Treasury and federal agency	$	79,091	$	—	$	79,091
State and municipal	568		—		568
Foreign government	58,111		795		58,906
Corporate bonds	17,325		1,168		18,493
Equity securities	13,930		19,547		33,477
Mortgage-backed securities	21,041		—		21,041
Asset-backed securities	5,099		—		5,099
Other	7,271		180		7,451
Total	$	202,436	$	21,690	$	224,126