Short-Term Borrowings

Our short-term borrowings include securities sold under repurchase agreements, federal funds purchased and other short-term borrowings; other short-term borrowings include borrowings associated with our tax-exempt investment program, more fully described in note 12, and commercial paper issued in connection with our corporate program, under which we can issue up to $3 billion of commercial paper with original maturities of up to 270 days from the date of issue. Collectively, short-term borrowings had weighted-average interest rates of 0.55% and 0.64% for the years ended December 31, 2012 and 2011, respectively.

The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of short-term borrowings as of and for the years ended December 31:



	Securities Sold Under Repurchase Agreements									Federal Funds Purchased
(Dollars in millions)	2012			2011			2010			2012			2011			2010
Balance as of December 31	$	8,006		$	8,572		$	7,599		$	399		$	656		$	7,748
Maximum outstanding at any month-end	9,306			9,853			9,058			1,145			8,259			7,748
Average outstanding during the year	7,697			9,040			8,108			784			845			1,759
Weighted-average interest rate at year-end	.06		%	.04		%	.04		%	.13		%	.05		%	.01		%
Weighted-average interest rate during the year	.01			.11			.05			.09			.05			.05

	Tax-Exempt Investment Program									Corporate Commercial Paper Program
(Dollars in millions)	2012			2011			2010			2012			2011			2010
Balance as of December 31	$	2,148		$	2,294		$	2,484		$	2,318		$	2,384		$	2,799
Maximum outstanding at any month-end	2,274			2,473			2,690			2,503			2,825			2,831
Average outstanding during the year	2,214			2,404			2,594			2,382			2,449			2,791
Weighted-average interest rate at year-end	.17		%	.18		%	.37		%	.22		%	.22		%	.31		%
Weighted-average interest rate during the year	.21			.26			.33			.23			.23			.31



	Conduit Commercial Paper Program
(Dollars in millions)	2011			2010
Balance as of December 31	$	—		$	1,919
Maximum outstanding at any month-end	271			7,275
Average outstanding during the year	113			6,339
Weighted-average interest rate at year-end	—		%	.57		%
Weighted-average interest rate during the year	.47			.32

The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2012:



(In millions)
Collateralized by securities purchased under resale agreements	$	2,026
Collateralized by investment securities	5,980
Total	$	8,006

Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. U.S. government securities with a fair value of $6.12 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2012. The following table presents information about these U.S. government securities and the related repurchase agreements, including accrued interest, as of December 31, 2012. The table excludes repurchase agreements collateralized by securities purchased under resale agreements.



	U.S. Government Securities Sold				Repurchase Agreements
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Rate
Overnight maturity	$	6,076	$	6,120	$	5,980	.016	%

We have entered into an agreement with a clearing organization that enables us to net all securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of this organization. As a result of this netting, the average balances of securities purchased under resale agreements and securities sold under repurchase agreements were each reduced by $21.29 billion for 2012 and by $20.97 billion for 2011.

State Street Bank currently maintains a line of credit of CAD $800 million, or approximately $803 million as of December 31, 2012, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancelable by either party with prior notice. As of December 31, 2012, no balance was outstanding on this line of credit.