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 2021 Form 10-K.


In millions of dollars	June 30, 2022		December 31, 2021
Securities purchased under agreements to resell	$	271,890	$	236,252
Deposits paid for securities borrowed	89,471		91,042
Total, net(1)	$	361,361	$	327,294
Allowance for credit losses on securities purchased and borrowed(2)	(27)		(6)
Total, net of allowance	$	361,334	$	327,288


In millions of dollars	June 30, 2022		December 31, 2021
Securities sold under agreements to repurchase	$	177,977	$	174,255
Deposits received for securities loaned	20,495		17,030
Total, net(1)	$	198,472	$	191,285

(1) The above tables do not include securities-for-securities lending transactions of $3.3 billion and $3.6 billion at June 30, 2022 and December 31, 2021, 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 the Company elected the fair value option, as described in Notes 20 and 21. 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. 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	$	277,976	$	99,999	$	177,977	$	72,056	$	105,921
Deposits received for securities loaned	29,914		9,419		20,495		2,517		17,978
Total	$	307,890	$	109,418	$	198,472	$	74,573	$	123,899


	As of December 31, 2021
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	$	367,594	$	131,342	$	236,252	$	205,349	$	30,903
Deposits paid for securities borrowed	107,041		15,999		91,042		17,326		73,716
Total	$	474,635	$	147,341	$	327,294	$	222,675	$	104,619


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	$	305,597	$	131,342	$	174,255	$	85,184	$	89,071
Deposits received for securities loaned	33,029		15,999		17,030		2,868		14,162
Total	$	338,626	$	147,341	$	191,285	$	88,052	$	103,233

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.

(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 June 30, 2022
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	$	122,684	$	74,776	$	27,466	$	53,050	$	277,976
Deposits received for securities loaned	20,504		1		1,452		7,957		29,914
Total	$	143,188	$	74,777	$	28,918	$	61,007	$	307,890


	As of December 31, 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	$	127,679	$	93,257	$	32,908	$	51,753	$	305,597
Deposits received for securities loaned	23,387		6		1,392		8,244		33,029
Total	$	151,066	$	93,263	$	34,300	$	59,997	$	338,626

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


	As of June 30, 2022
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	92,263	$	—	$	92,263
State and municipal securities	993		—		993
Foreign government securities	125,611		127		125,738
Corporate bonds	15,494		133		15,627
Equity securities	11,428		29,637		41,065
Mortgage-backed securities	23,506		—		23,506
Asset-backed securities	1,683		—		1,683
Other	6,998		17		7,015
Total	$	277,976	$	29,914	$	307,890


	As of December 31, 2021
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	85,861	$	90	$	85,951
State and municipal securities	1,053		—		1,053
Foreign government securities	133,352		212		133,564
Corporate bonds	20,398		152		20,550
Equity securities	25,653		32,517		58,170
Mortgage-backed securities	33,573		—		33,573
Asset-backed securities	1,681		—		1,681
Other	4,026		58		4,084
Total	$	305,597	$	33,029	$	338,626