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 14. State Street phased-out its commercial paper program prior to December 31, 2015 consistent with the objectives of its 2015 recovery and resolution plan developed pursuant to the requirements of the Dodd-Frank Act.

Collectively, short-term borrowings had weighted-average interest rates of 0.05% and 0.04% for the years ended December 31, 2015 and 2014, 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)	2015			2014			2013			2015			2014			2013
Balance as of December 31	$	4,499		$	8,925		$	7,953		$	6		$	21		$	19
Maximum outstanding as of any month-end	10,977			10,955			11,538			29			29			570
Average outstanding during the year	8,875			8,817			8,436			21			20			298
Weighted-average interest rate as of year-end	.020		%	.005		%	.003		%	.03		%	.01		%	.13		%
Weighted-average interest rate for the year	.01			.00			.01			.01			.00			.00

	Tax-Exempt Investment Program									Corporate Commercial Paper Program
(Dollars in millions)	2015			2014			2013			2015			2014			2013
Balance as of December 31	$	1,748		$	1,870		$	1,948		$	—		$	2,485		$	1,819
Maximum outstanding as of any month-end	1,865			1,938			2,135			2,919			2,485			2,535
Average outstanding during the year	1,807			1,903			2,030			1,897			2,136			1,632
Weighted-average interest rate as of year-end	.03		%	.06		%	.09		%	.00		%	.16		%	.14		%
Weighted-average interest rate for the year	.06			.08			.13			.26			.17			.18

The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2015:



(In millions)
Collateralized by securities purchased under resale agreements	$	202
Collateralized by investment securities	4,195
Collateralized by trading account assets	102
Total	$	4,499

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 $4.28 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2015.

The following table presents information about these U.S. government securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2015. The table excludes repurchase agreements collateralized by securities purchased under resale agreements and collateralized by trading account assets.



	U.S. Government Securities Sold				Repurchase Agreements
(In millions)	Amortized Cost		Fair Value		Amortized Cost
Overnight maturity	$	4,348	$	4,284	$	4,195

We maintain 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 the clearing organization. As a result of this netting, the average balances of securities purchased under resale agreements and securities sold under repurchase agreements were reduced by $30.30 billion for 2015 and $28.82 billion for 2014.

State Street Bank currently maintains a line of credit of CAD 1.40 billion, or approximately $1.09 billion as of December 31, 2015, 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, 2015 and 2014, there was no balance outstanding on this line of credit.