For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 11 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K.


In millions of dollars	September 30, 2020		December 31, 2019
Securities purchased under agreements to resell	$	205,383	$	169,874
Deposits paid for securities borrowed	83,979		81,448
Total, net(1)	$	289,362	$	251,322
Allowance for credit losses on securities purchased and borrowed(2)	(4)		—
Total, net of allowance	$	289,358	$	251,322


In millions of dollars	September 30, 2020		December 31, 2019
Securities sold under agreements to repurchase	$	194,534	$	155,164
Deposits received for securities loaned	12,693		11,175
Total, net(1)	$	207,227	$	166,339

(1) The above tables do not include securities-for-securities lending transactions of $5.1 billion and $6.3 billion at September 30, 2020 and December 31, 2019, 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.

It is the Company’s policy to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection.

A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 20 and 21 to the Consolidated Financial Statements. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements.

A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 21 to the Consolidated Financial Statements. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection.

agreements and the related offsetting amounts 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 has 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.


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		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)		Net amounts(3)
Securities sold under agreements to repurchase	$	309,749	$	115,215	$	194,534	$	99,500	$	95,034
Deposits received for securities loaned	18,336		5,643		12,693		3,978		8,715
Total	$	328,085	$	120,858	$	207,227	$	103,478	$	103,749


	As of December 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		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)		Net amounts(3)
Securities purchased under agreements to resell	$	281,274	$	111,400	$	169,874	$	134,150	$	35,724
Deposits paid for securities borrowed	90,047		8,599		81,448		27,067		54,381
Total	$	371,321	$	119,999	$	251,322	$	161,217	$	90,105


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		Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)		Net amounts(3)
Securities sold under agreements to repurchase	$	266,564	$	111,400	$	155,164	$	91,034	$	64,130
Deposits received for securities loaned	19,774		8,599		11,175		3,138		8,037
Total	$	286,338	$	119,999	$	166,339	$	94,172	$	72,167

(2)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.

(3)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.

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:


	As of September 30, 2020
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	$	152,290	$	76,162	$	39,462	$	41,835	$	309,749
Deposits received for securities loaned	11,412		651		2,421		3,852		18,336
Total	$	163,702	$	76,813	$	41,883	$	45,687	$	328,085


	As of December 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	$	108,534	$	82,749	$	35,108	$	40,173	$	266,564
Deposits received for securities loaned	15,758		208		1,789		2,019		19,774
Total	$	124,292	$	82,957	$	36,897	$	42,192	$	286,338

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


	As of September 30, 2020
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	109,674	$	2	$	109,676
State and municipal securities	896		1		897
Foreign government securities	115,031		309		115,340
Corporate bonds	19,891		370		20,261
Equity securities	15,124		15,249		30,373
Mortgage-backed securities	39,652		—		39,652
Asset-backed securities	3,792		—		3,792
Other	5,689		2,405		8,094
Total	$	309,749	$	18,336	$	328,085


	As of December 31, 2019
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	100,781	$	27	$	100,808
State and municipal securities	1,938		5		1,943
Foreign government securities	95,880		272		96,152
Corporate bonds	18,761		249		19,010
Equity securities	12,010		19,069		31,079
Mortgage-backed securities	28,458		—		28,458
Asset-backed securities	4,873		—		4,873
Other	3,863		152		4,015
Total	$	266,564	$	19,774	$	286,338