Short-Term Borrowings

12 Months Ended

Dec. 31, 2021

19. Short-Term Borrowings

Selected financial information pertaining to the components of our short-term borrowings is as follows:


December 31,
Dollars in millions	2021			2020			2019
FEDERAL FUNDS PURCHASED
Balance at year end	—			—			$	200
Average during the year	—			$	455		61
Maximum month-end balance	—			2,285			1,000
Weighted-average rate during the year (a)	—		%	1.24		%	2.12		%
Weighted-average rate at December 31 (a)	—			—			1.56
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end	$	173		$	220		$	187
Average during the year	239			215			203
Maximum month-end balance	281			267			283
Weighted-average rate during the year (a)	.02		%	.11		%	.22		%
Weighted-average rate at December 31 (a)	.01			.04			.09
OTHER SHORT-TERM BORROWINGS
Balance at year end	$	588		$	759		$	705
Average during the year	770			1,452			730
Maximum month-end balance	897			4,606			847
Weighted-average rate during the year (a)	1.08		%	0.85		%	2.31		%
Weighted-average rate at December 31 (a)	1.97			.60			1.99

(a)Rates exclude the effects of interest rate swaps and caps, which modify the repricing characteristics of certain short-term borrowings. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”).

As described below and in Note 20 (“Long-Term Debt”), KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities.

Short-term credit facilities. We maintain cash on deposit in our Federal Reserve account, which has reduced our need to obtain funds through various short-term unsecured money market products. This account, which was maintained at $10.2 billion at December 31, 2021, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2021, our unused secured borrowing capacity was $23.9 billion at the Federal Reserve Bank of Cleveland and $12.9 billion at the FHLB.