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

3 Months Ended

Mar. 31, 2016

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:



In millions of dollars	March 31, 2016		December 31, 2015
Federal funds sold	$	—	$	25
Securities purchased under agreements to resell	121,819		119,777
Deposits paid for securities borrowed	103,274		99,873
Total	$	225,093	$	219,675

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	March 31, 2016		December 31, 2015
Federal funds purchased	$	376	$	189
Securities sold under agreements to repurchase	140,267		131,650
Deposits received for securities loaned	16,565		14,657
Total	$	157,208	$	146,496

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. 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 March 31, 2016
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	$	177,767	$	55,948	$	121,819	$	87,866	$	33,953
Deposits paid for securities borrowed	103,274		—		103,274		16,291		86,983
Total	$	281,041	$	55,948	$	225,093	$	104,157	$	120,936



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	$	196,215	$	55,948	$	140,267	$	67,435	$	72,832
Deposits received for securities loaned	16,565		—		16,565		3,843		12,722
Total	$	212,780	$	55,948	$	156,832	$	71,278	$	85,554



	As of December 31, 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	$	176,167	$	56,390	$	119,777	$	92,039	$	27,738
Deposits paid for securities borrowed	99,873		—		99,873		16,619		83,254
Total	$	276,040	$	56,390	$	219,650	$	108,658	$	110,992



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	$	188,040	$	56,390	$	131,650	$	60,641	$	71,009
Deposits received for securities loaned	14,657		—		14,657		3,226		11,431
Total	$	202,697	$	56,390	$	146,307	$	63,867	$	82,440


(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 March 31, 2016
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	$	177,767	$	55,948	$	121,819	$	87,866	$	33,953
Deposits paid for securities borrowed	103,274		—		103,274		16,291		86,983
Total	$	281,041	$	55,948	$	225,093	$	104,157	$	120,936



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	$	196,215	$	55,948	$	140,267	$	67,435	$	72,832
Deposits received for securities loaned	16,565		—		16,565		3,843		12,722
Total	$	212,780	$	55,948	$	156,832	$	71,278	$	85,554



	As of December 31, 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	$	176,167	$	56,390	$	119,777	$	92,039	$	27,738
Deposits paid for securities borrowed	99,873		—		99,873		16,619		83,254
Total	$	276,040	$	56,390	$	219,650	$	108,658	$	110,992



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	$	188,040	$	56,390	$	131,650	$	60,641	$	71,009
Deposits received for securities loaned	14,657		—		14,657		3,226		11,431
Total	$	202,697	$	56,390	$	146,307	$	63,867	$	82,440


(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 tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity:



	As of March 31, 2016
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	$	106,370	$	46,934	$	17,933	$	24,978	$	196,215
Deposits received for securities loaned	12,199		785		1,506		2,075		16,565
Total	$	118,569	$	47,719	$	19,439	$	27,053	$	212,780



	As of December 31, 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	$	89,732	$	54,336	$	21,541	$	22,431	$	188,040
Deposits received for securities loaned	9,096		1,823		2,324		1,414		14,657
Total	$	98,828	$	56,159	$	23,865	$	23,845	$	202,697

The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral:



	As of March 31, 2016
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency	$	78,972	$	16	$	78,988
State and municipal	414		—		414
Foreign government	62,520		499		63,019
Corporate bonds	16,596		1,220		17,816
Equity securities	9,707		14,802		24,509
Mortgage-backed securities	18,712		—		18,712
Asset-backed securities	4,941		—		4,941
Other	4,353		28		4,381
Total	$	196,215	$	16,565	$	212,780



	As of December 31, 2015
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency	$	67,005	$	—	$	67,005
State and municipal	403		—		403
Foreign government	66,633		789		67,422
Corporate bonds	15,355		1,085		16,440
Equity securities	10,297		12,484		22,781
Mortgage-backed securities	19,913		—		19,913
Asset-backed securities	4,572		—		4,572
Other	3,862		299		4,161
Total	$	188,040	$	14,657	$	202,697