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 issuance. Collectively, short-term borrowings had weighted-average interest rates of 0.48% and 0.55% for the years ended December 31, 2013 and 2012, respectively.

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



	Securities Sold Under Repurchase Agreements									Federal Funds Purchased
(Dollars in millions)	2013			2012			2011			2013			2012			2011
Balance as of December 31	$	7,953		$	8,006		$	8,572		$	19		$	399		$	656
Maximum outstanding as of any month-end	11,538			9,306			9,853			570			1,145			8,259
Average outstanding during the year	8,436			7,697			9,040			297			784			845
Weighted-average interest rate as of year-end	.003		%	.06		%	.04		%	.13		%	.13		%	.05		%
Weighted-average interest rate for the year	.01			.01			.11			.02			.09			.05

	Tax-Exempt Investment Program									Corporate Commercial Paper Program
(Dollars in millions)	2013			2012			2011			2013			2012			2011
Balance as of December 31	$	1,948		$	2,148		$	2,294		$	1,819		$	2,318		$	2,384
Maximum outstanding as of any month-end	2,135			2,274			2,473			2,535			2,503			2,825
Average outstanding during the year	2,030			2,214			2,404			1,632			2,382			2,449
Weighted-average interest rate as of year-end	.09		%	.17		%	.18		%	.14		%	.22		%	.22		%
Weighted-average interest rate for the year	.13			.21			.26			.18			.23			.23

The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2013:



(In millions)
Collateralized by securities purchased under resale agreements	$	1,454
Collateralized by investment securities	6,499
Total	$	7,953

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 $6.68 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2013. The following table presents information about these U.S. government securities and the related repurchase agreements, including accrued interest, as of December 31, 2013. 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	$	7,097	$	6,677	$	6,499	.004	%

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 $28.25 billion for 2013 and by $21.29 billion for 2012.

State Street Bank currently maintains a line of credit of CAD $800 million, or approximately $753 million as of December 31, 2013, 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, 2013, there was no balance outstanding on this line of credit.