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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2013
Short-term Debt [Abstract]  
Short-Term Borrowings
Short-Term Borrowings
 
Short-term borrowings consisted of the following:
 
December 31
  
2013
 
  
 
Rate
 
2012
 
  
 
Rate
 
(dollars are in millions)
Federal funds purchased (day to day)
$
700

 
 
 
 
 
$
3

 
 
 
 
Securities sold under repurchase agreements(1)
12,921

 
 
 
0.15
%
 
6,817

 
 
 
0.15
%
Average during year
 
 
$
10,643

 
0.24

 
 
 
$
6,046

 
0.19

Maximum month-end balance
 
 
18,748

 
 
 
 
 
11,040

 
 
Commercial paper
3,379

 
 
 
0.22

 
5,022

 
 
 
0.27

Average during year
 
 
3,969

 
0.25

 
 
 
4,587

 
0.26

Maximum month-end balance
 
 
4,990

 
 
 
 
 
5,022

 
 
Precious metals
1,517

 
 
 
 
 
2,326

 
 
 
 
Other
618

 
 
 
 
 
765

 
 
 
 
Total short-term borrowings
$
19,135

 
 
 
 
 
$
14,933

 
 
 
 
 
(1)
The following table presents the quarter end and average quarterly balances of securities sold under repurchase agreements:
 
2013
 
2012
  
Fourth
 
Third
 
Second
 
First
 
Fourth
 
Third
 
Second
 
First
 
(in millions)
Quarter end balance
$
12,921

 
$
12,523

 
$
12,445

 
$
3,659

 
$
6,817

 
$
3,238

 
$
3,843

 
$
4,813

Average quarterly balance
14,781

 
11,371

 
8,794

 
7,538

 
5,481

 
5,155

 
5,394

 
8,168


In April 2012, we established a third party back-up line of credit to support issuances of commercial paper totaling $1.9 billion to replace a $2.5 billion unused line of credit with HSBC France which was terminated effective in July 2012. The third party back-up line of credit commitment was reduced to zero in January 2013 and expired in April 2013. At December 31, 2013 and 2012, we had a committed unused line of credit with HSBC Investments (Bahamas) Limited of $900 million, an uncommitted unused line of credit from our immediate parent, HSBC North America Inc. ("HNAI") of $150 million and a committed unused line of credit with HSBC of $500 million.
As a member of the New York FHLB, we have a secured borrowing facility that is collateralized by real estate loans and investment securities. At December 31, 2013 and 2012, the facility included $1.0 billion of borrowings included in long-term debt. The facility also allows access to further short-term borrowings based upon the amount of residential mortgage loans and securities pledged as collateral with the FHLB, which allows access to borrowings of up to $5.3 billion as of December 31, 2013. See Note 14, "Long-Term Debt," for further information regarding these borrowings.