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

9 Months Ended

Sep. 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 September 30, 2015 and December 31, 2014:



In millions of dollars	September 30, 2015		December 31, 2014
Securities purchased under agreements to resell	$	130,129	$	123,979
Deposits paid for securities borrowed	101,566		118,591
Total	$	231,695	$	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 September 30, 2015 and December 31, 2014:



In millions of dollars	September 30, 2015		December 31, 2014
Federal funds purchased	$	133	$	334
Securities sold under agreements to repurchase	148,547		147,204
Deposits received for securities loaned	19,924		25,900
Total	$	168,604	$	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 September 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 September 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	$	176,900	$	46,771	$	130,129	$	97,314	$	32,815
Deposits paid for securities borrowed	101,566		—		101,566		16,919		84,647
Total	$	278,466	$	46,771	$	231,695	$	114,233	$	117,462



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	$	195,318	$	46,771	$	148,547	$	69,502	$	79,045
Deposits received for securities loaned	19,924		—		19,924		4,725		15,199
Total	$	215,242	$	46,771	$	168,471	$	74,227	$	94,244



	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 September 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	$	176,900	$	46,771	$	130,129	$	97,314	$	32,815
Deposits paid for securities borrowed	101,566		—		101,566		16,919		84,647
Total	$	278,466	$	46,771	$	231,695	$	114,233	$	117,462



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	$	195,318	$	46,771	$	148,547	$	69,502	$	79,045
Deposits received for securities loaned	19,924		—		19,924		4,725		15,199
Total	$	215,242	$	46,771	$	168,471	$	74,227	$	94,244



	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 September 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	$	105,497	$	48,454	$	17,420	$	23,947	$	195,318
Deposits received for securities loaned	13,572		2,482		2,019		1,851		19,924
Total	$	119,069	$	50,936	$	19,439	$	25,798	$	215,242

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



In millions of dollars	Repurchase Agreements		Securities Lending Agreements		Total
U.S Treasury and federal agency	$	75,722	$	21	$	75,743
State and municipal	629		—		629
Foreign government	59,532		619		60,151
Corporate bonds	15,859		1,155		17,014
Equity securities	10,762		18,060		28,822
Mortgage-backed securities	23,217		—		23,217
Asset-backed securities	4,498		—		4,498
Other	5,099		69		5,168
Total	$	195,318	$	19,924	$	215,242