Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

Our short-term borrowings include securities sold under repurchase agreements, short-term borrowings associated with our tax-exempt investment program (more fully described in Note 14) and other short-term borrowings.

Collectively, short-term borrowings had weighted-average interest rates of 1.64% and 0.88% in 2019 and 2018, respectively.

The following table presents 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:



(Dollars in millions)	Securities Sold Under Repurchase Agreements									Tax-Exempt Investment Program									Other
	2019			2018			2017			2019			2018			2017			2019			2018			2017
Balance as of December 31	$	1,102		$	1,082		$	2,842		$	823		$	931		$	1,078		$	—		$	2,000		$	—
Maximum outstanding as of any month-end	4,125			3,441			4,302			931			1,078			1,158			—			2,000			—
Average outstanding during the year	1,616			2,048			3,683			898			1,023			1,127			3			nm			1
Weighted-average interest rate as of year-end	.00		%	1.38		%	.03		%	1.75		%	1.74		%	1.45		%	.00		%	2.68		%	.00		%
Weighted-average interest rate during the year	1.90			.62			.05			1.51			1.46			.79			.01			nm			.00

^nm Not meaningful

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 $4.11 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2019.

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, 2019.



	U.S. Government Securities Sold				Repurchase Agreements⁽¹⁾
(In millions)	Amortized Cost		Fair Value		Amortized Cost
Overnight maturity	$	3,891	$	4,112	$	1,102

⁽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 $86.67 billion in 2019 compared to $35.74 billion in 2018. The increase in average balance sheet netting, in 2019 compared to 2018, is primarily due to the expansion of our FICC program and new client activity.

State Street Bank currently maintains a line of credit of CAD 1.40 billion, or approximately $1.08 billion, as of December 31, 2019, 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, 2019 and 2018, there was no balance outstanding on this line of credit.