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

3 Months Ended

Mar. 31, 2017

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, 2017		December 31, 2016
Federal funds sold	$	—	$	—
Securities purchased under agreements to resell	134,924		131,473
Deposits paid for securities borrowed	108,005		105,340
Total⁽¹⁾	$	242,929	$	236,813

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, 2017		December 31, 2016
Federal funds purchased	$	133	$	178
Securities sold under agreements to repurchase	133,129		125,685
Deposits received for securities loaned	14,968		15,958
Total⁽¹⁾	$	148,230	$	141,821

(1)

The above tables do not include securities-for-securities lending transactions of $11.8 billion and $9.3 billion at March 31, 2017 and December 31, 2016, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.

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, 2017
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	$	185,844	$	50,920	$	134,924	$	102,227	$	32,697
Deposits paid for securities borrowed	108,005		—		108,005		20,622		87,383
Total	$	293,849	$	50,920	$	242,929	$	122,849	$	120,080



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	$	184,049	$	50,920	$	133,129	$	66,956	$	66,173
Deposits received for securities loaned	14,968		—		14,968		3,447		11,521
Total	$	199,017	$	50,920	$	148,097	$	70,403	$	77,694



	As of December 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	$	176,284	$	44,811	$	131,473	$	102,874	$	28,599
Deposits paid for securities borrowed	105,340		—		105,340		16,200		89,140
Total	$	281,624	$	44,811	$	236,813	$	119,074	$	117,739



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	$	170,496	$	44,811	$	125,685	$	63,517	$	62,168
Deposits received for securities loaned	15,958		—		15,958		3,529		12,429
Total	$	186,454	$	44,811	$	141,643	$	67,046	$	74,597


(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, 2017
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	$	185,844	$	50,920	$	134,924	$	102,227	$	32,697
Deposits paid for securities borrowed	108,005		—		108,005		20,622		87,383
Total	$	293,849	$	50,920	$	242,929	$	122,849	$	120,080



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	$	184,049	$	50,920	$	133,129	$	66,956	$	66,173
Deposits received for securities loaned	14,968		—		14,968		3,447		11,521
Total	$	199,017	$	50,920	$	148,097	$	70,403	$	77,694



	As of December 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	$	176,284	$	44,811	$	131,473	$	102,874	$	28,599
Deposits paid for securities borrowed	105,340		—		105,340		16,200		89,140
Total	$	281,624	$	44,811	$	236,813	$	119,074	$	117,739



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	$	170,496	$	44,811	$	125,685	$	63,517	$	62,168
Deposits received for securities loaned	15,958		—		15,958		3,529		12,429
Total	$	186,454	$	44,811	$	141,643	$	67,046	$	74,597


(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, 2017
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	$	82,260	$	55,581	$	20,438	$	25,770	$	184,049
Deposits received for securities loaned	9,997		1,274		2,062		1,635		14,968
Total	$	92,257	$	56,855	$	22,500	$	27,405	$	199,017



	As of December 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	$	79,740	$	50,399	$	19,396	$	20,961	$	170,496
Deposits received for securities loaned	10,813		2,169		2,044		932		15,958
Total	$	90,553	$	52,568	$	21,440	$	21,893	$	186,454

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, 2017
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	67,821	$	78	$	67,899
State and municipal securities	794		—		794
Foreign government securities	65,167		1,145		66,312
Corporate bonds	19,098		698		19,796
Equity securities	10,756		12,593		23,349
Mortgage-backed securities	10,428		—		10,428
Asset-backed securities	6,016		—		6,016
Other	3,969		454		4,423
Total	$	184,049	$	14,968	$	199,017



	As of December 31, 2016
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	66,263	$	—	$	66,263
State and municipal securities	334		—		334
Foreign government securities	52,988		1,390		54,378
Corporate bonds	17,164		630		17,794
Equity securities	12,206		13,913		26,119
Mortgage-backed securities	11,421		—		11,421
Asset-backed securities	5,428		—		5,428
Other	4,692		25		4,717
Total	$	170,496	$	15,958	$	186,454