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. We phased out our commercial paper program prior to December 31, 2015 consistent with the objectives of our 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 0.13% and 0.05% in 2016 and 2015, 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)	2016			2015			2014			2016			2015			2014
Balance as of December 31	$	4,400		$	4,499		$	8,925		$	—		$	6		$	21
Maximum outstanding as of any month-end	5,572			10,977			10,955			29			29			29
Average outstanding during the year	4,113			8,875			8,817			31			21			20
Weighted-average interest rate as of year-end	.040		%	.020		%	.005		%	.00		%	.03		%	.01		%
Weighted-average interest rate for the year	.02			.01			.00			.17			.01			.00



	Tax-Exempt Investment Program									Corporate Commercial Paper Program⁽¹⁾
(Dollars in millions)	2016			2015			2014			2015			2014
Balance as of December 31	$	1,158		$	1,748		$	1,870		$	—		$	2,485
Maximum outstanding as of any month-end	1,726			1,865			1,938			2,919			2,485
Average outstanding during the year	1,512			1,807			1,903			1,897			2,136
Weighted-average interest rate as of year-end	.67		%	.03		%	.06		%	.00		%	.16		%
Weighted-average interest rate for the year	.36			.06			.08			.26			.17

⁽¹⁾ We phased out our commercial paper program prior to December 31, 2015.

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 $4.49 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2016.

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, 2016. 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⁽¹⁾
(In millions)	Amortized Cost		Fair Value		Amortized Cost
Overnight maturity	$	4,490	$	4,491	$	4,400

⁽¹⁾ Collateralized by investment securities

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 $30.86 billion for 2016 and $30.30 billion for 2015.

State Street Bank currently maintains a line of credit of CAD 1.40 billion, or approximately $1.04 billion as of December 31, 2016, 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, 2016 and 2015, there was no balance outstanding on this line of credit.