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

3 Months Ended

Mar. 31, 2019

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 and purchased under agreements to resell, at their respective carrying values, consisted of the following:



In millions of dollars	March 31, 2019		December 31, 2018
Federal funds sold	$	—	$	—
Securities purchased under agreements to resell	163,382		159,364
Deposits paid for securities borrowed	101,113		111,320
Total⁽¹⁾	$	264,495	$	270,684

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

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



In millions of dollars	March 31, 2019		December 31, 2018
Federal funds purchased	$	—	$	—
Securities sold under agreements to repurchase	172,231		166,090
Deposits received for securities loaned	18,141		11,678
Total⁽¹⁾	$	190,372	$	177,768

(1)

The above tables do not include securities-for-securities lending transactions of $14.6 billion and $15.9 billion at March 31, 2019 and December 31, 2018, 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, 2019
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	$	268,095	$	104,713	$	163,382	$	129,911	$	33,471
Deposits paid for securities borrowed	101,113		—		101,113		28,040		73,073
Total	$	369,208	$	104,713	$	264,495	$	157,951	$	106,544



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	$	276,944	$	104,713	$	172,231	$	91,923	$	80,308
Deposits received for securities loaned	18,141		—		18,141		5,351		12,790
Total	$	295,085	$	104,713	$	190,372	$	97,274	$	93,098



	As of December 31, 2018
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	$	246,788	$	87,424	$	159,364	$	124,557	$	34,807
Deposits paid for securities borrowed	111,320		—		111,320		35,766		75,554
Total	$	358,108	$	87,424	$	270,684	$	160,323	$	110,361



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	$	253,514	$	87,424	$	166,090	$	82,823	$	83,267
Deposits received for securities loaned	11,678		—		11,678		3,415		8,263
Total	$	265,192	$	87,424	$	177,768	$	86,238	$	91,530


(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, 2019
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	$	268,095	$	104,713	$	163,382	$	129,911	$	33,471
Deposits paid for securities borrowed	101,113		—		101,113		28,040		73,073
Total	$	369,208	$	104,713	$	264,495	$	157,951	$	106,544



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	$	276,944	$	104,713	$	172,231	$	91,923	$	80,308
Deposits received for securities loaned	18,141		—		18,141		5,351		12,790
Total	$	295,085	$	104,713	$	190,372	$	97,274	$	93,098



	As of December 31, 2018
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	$	246,788	$	87,424	$	159,364	$	124,557	$	34,807
Deposits paid for securities borrowed	111,320		—		111,320		35,766		75,554
Total	$	358,108	$	87,424	$	270,684	$	160,323	$	110,361



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	$	253,514	$	87,424	$	166,090	$	82,823	$	83,267
Deposits received for securities loaned	11,678		—		11,678		3,415		8,263
Total	$	265,192	$	87,424	$	177,768	$	86,238	$	91,530


(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, 2019
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	$	140,262	$	60,664	$	33,724	$	42,294	$	276,944
Deposits received for securities loaned	12,567		459		2,691		2,424		18,141
Total	$	152,829	$	61,123	$	36,415	$	44,718	$	295,085



	As of December 31, 2018
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	$	108,405	$	70,850	$	29,898	$	44,361	$	253,514
Deposits received for securities loaned	6,296		774		2,626		1,982		11,678
Total	$	114,701	$	71,624	$	32,524	$	46,343	$	265,192

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, 2019
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	101,780	$	—	$	101,780
State and municipal securities	1,644		—		1,644
Foreign government securities	106,764		565		107,329
Corporate bonds	22,264		660		22,924
Equity securities	14,616		16,570		31,186
Mortgage-backed securities	20,112		—		20,112
Asset-backed securities	5,861		—		5,861
Other	3,903		346		4,249
Total	$	276,944	$	18,141	$	295,085



	As of December 31, 2018
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	86,785	$	41	$	86,826
State and municipal securities	2,605		—		2,605
Foreign government securities	99,131		179		99,310
Corporate bonds	21,719		749		22,468
Equity securities	12,920		10,664		23,584
Mortgage-backed securities	19,421		—		19,421
Asset-backed securities	6,207		—		6,207
Other	4,726		45		4,771
Total	$	253,514	$	11,678	$	265,192