Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

17. Short-Term Borrowings

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

December 31,
dollars in millions	2014			2013			2012
FEDERAL FUNDS PURCHASED
Balance at year end	$	18		$	18		$	8
Average during the year		32			164			111
Maximum month-end balance		36			1,486			613
Weighted-average rate during the year		.10	%		.09	%		.14	%
Weighted-average rate at December 31		.08			.10			.15
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end	$	557		$	1,516		$	1,601
Average during the year		1,150			1,638			1,703
Maximum month-end balance		1,519			2,099			2,455
Weighted-average rate during the year		.16	%		.13	%		.19	%
Weighted-average rate at December 31		.01			.15			.14
OTHER SHORT-TERM BORROWINGS
Balance at year end	$	423		$	343		$	287
Average during the year		597			394			413
Maximum month-end balance		996			466			599
Weighted-average rate during the year		1.49	%		1.89	%		1.69	%
Weighted-average rate at December 31		1.58			2.00			1.81

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 18 (“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 $3.8 billion at December 31, 2014, 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 Federal Home Loan Bank of Cincinnati and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2014, our unused secured borrowing capacity was $18.7 billion at the Federal Reserve Bank of Cleveland and $3.5 billion at the Federal Home Loan Bank of Cincinnati.