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 2020 Annual Report on Form 10-K.


In millions of dollars	September 30, 2021		December 31, 2020
Securities purchased under agreements to resell	$	234,191	$	204,655
Deposits paid for securities borrowed	103,514		90,067
Total, net(1)	$	337,705	$	294,722
Allowance for credit losses on securities purchased and borrowed(2)	(9)		(10)
Total, net of allowance	$	337,696	$	294,712


In millions of dollars	September 30, 2021		December 31, 2020
Securities sold under agreements to repurchase	$	188,998	$	181,194
Deposits received for securities loaned	20,186		18,331
Total, net(1)	$	209,184	$	199,525

(1) The above tables do not include securities-for-securities lending transactions of $3.4 billion and $6.8 billion at September 30, 2021 and December 31, 2020, 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 posts or obtains 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	$	310,509	$	121,511	$	188,998	$	87,606	$	101,392
Deposits received for securities loaned	36,831		16,645		20,186		3,587		16,599
Total	$	347,340	$	138,156	$	209,184	$	91,193	$	117,991


	As of December 31, 2020
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	$	362,025	$	157,370	$	204,655	$	159,232	$	45,423
Deposits paid for securities borrowed	96,425		6,358		90,067		13,474		76,593
Total	$	458,450	$	163,728	$	294,722	$	172,706	$	122,016


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	$	338,564	$	157,370	$	181,194	$	95,563	$	85,631
Deposits received for securities loaned	24,689		6,358		18,331		7,982		10,349
Total	$	363,253	$	163,728	$	199,525	$	103,545	$	95,980

(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, 2021
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	$	137,111	$	87,435	$	33,974	$	51,989	$	310,509
Deposits received for securities loaned	26,931		42		2,088		7,770		36,831
Total	$	164,042	$	87,477	$	36,062	$	59,759	$	347,340


	As of December 31, 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	$	160,754	$	98,226	$	41,679	$	37,905	$	338,564
Deposits received for securities loaned	17,038		3		2,770		4,878		24,689
Total	$	177,792	$	98,229	$	44,449	$	42,783	$	363,253

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, 2021
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	108,346	$	2	$	108,348
State and municipal securities	996		—		996
Foreign government securities	134,204		200		134,404
Corporate bonds	22,914		297		23,211
Equity securities	22,025		36,202		58,227
Mortgage-backed securities	16,576		—		16,576
Asset-backed securities	1,571		—		1,571
Other	3,877		130		4,007
Total	$	310,509	$	36,831	$	347,340


	As of December 31, 2020
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	112,437	$	—	$	112,437
State and municipal securities	664		2		666
Foreign government securities	130,017		194		130,211
Corporate bonds	20,149		78		20,227
Equity securities	21,497		24,149		45,646
Mortgage-backed securities	45,566		—		45,566
Asset-backed securities	3,307		—		3,307
Other	4,927		266		5,193
Total	$	338,564	$	24,689	$	363,253