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 2022 Form 10-K.


In millions of dollars	September 30, 2023		December 31, 2022
Securities purchased under agreements to resell	$	264,838	$	291,272
Deposits paid for securities borrowed	70,274		74,165
Total, net(1)	$	335,112	$	365,437
Allowance for credit losses on securities purchased and borrowed(2)	(53)		(36)
Total, net of allowance	$	335,059	$	365,401


In millions of dollars	September 30, 2023		December 31, 2022
Securities sold under agreements to repurchase	$	242,611	$	183,827
Deposits received for securities loaned	14,159		18,617
Total, net(1)	$	256,770	$	202,444

(1) The above tables do not include securities-for-securities lending transactions of $7.2 billion and $4.4 billion at September 30, 2023 and December 31, 2022, 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 22 and 23. 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 23. 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.

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending 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	$	477,635	$	235,024	$	242,611	$	155,168	$	87,443
Deposits received for securities loaned	29,365		15,206		14,159		3,877		10,282
Total	$	507,000	$	250,230	$	256,770	$	159,045	$	97,725


	As of December 31, 2022
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	$	403,663	$	112,391	$	291,272	$	204,077	$	87,195
Deposits paid for securities borrowed	88,817		14,652		74,165		13,844		60,321
Total	$	492,480	$	127,043	$	365,437	$	217,921	$	147,516


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	$	296,218	$	112,391	$	183,827	$	71,635	$	112,192
Deposits received for securities loaned	33,269		14,652		18,617		2,542		16,075
Total	$	329,487	$	127,043	$	202,444	$	74,177	$	128,267

(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, 2023
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	$	248,681	$	142,516	$	29,711	$	56,727	$	477,635
Deposits received for securities loaned	20,634		242		556		7,933		29,365
Total	$	269,315	$	142,758	$	30,267	$	64,660	$	507,000


	As of December 31, 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	$	138,710	$	86,819	$	25,119	$	45,570	$	296,218
Deposits received for securities loaned	25,388		267		2,121		5,493		33,269
Total	$	164,098	$	87,086	$	27,240	$	51,063	$	329,487

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, 2023
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	191,944	$	—	$	191,944
State and municipal securities	1,434		2		1,436
Foreign government securities	161,785		626		162,411
Corporate bonds	15,761		23		15,784
Equity securities	15,478		28,228		43,706
Mortgage-backed securities	67,390		—		67,390

Other	23,843		486		24,329
Total	$	477,635	$	29,365	$	507,000


	As of December 31, 2022
In millions of dollars	Repurchase agreements		Securities lending agreements		Total
U.S. Treasury and federal agency securities	$	99,979	$	106	$	100,085
State and municipal securities	1,911		—		1,911
Foreign government securities	123,826		13		123,839
Corporate bonds	14,308		45		14,353
Equity securities	9,749		33,096		42,845
Mortgage-backed securities	36,225		—		36,225
Asset-backed securities	1,755		—		1,755
Other	8,465		9		8,474
Total	$	296,218	$	33,269	$	329,487