Short-Term Borrowings

12 Months Ended

Dec. 31, 2020

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, including those related to the money market liquidity facility.

Collectively, short-term borrowings had weighted-average interest rates of 0.93% and 1.64% in 2020 and 2019, 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
	2020			2019			2018			2020			2019			2018			2020			2019			2018
Balance as of December 31	$	3,413		$	1,102		$	1,082		$	616		$	823		$	931		$	3,302		$	—		$	2,000
Maximum outstanding as of any month-end	5,373			4,125			3,441			823			931			1,078			25,665			—			2,000
Average outstanding during the year	2,615			1,616			2,048			771			898			1,023			8,251			3			nm
Weighted-average interest rate as of year-end	.00		%	.00		%	1.38		%	.23		%	1.75		%	1.74		%	1.35		%	.00		%	2.68		%
Weighted-average interest rate during the year	.14			1.90			.62			.78			1.51			1.46			1.23			.01			nm

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 $3.98 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2020.

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, 2020.


	U.S. Government Securities Sold				Repurchase Agreements(1)
(In millions)	Amortized Cost		Fair Value		Amortized Cost
Overnight maturity	$	2,992	$	3,981	$	3,413

(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 $100.45 billion in 2020 compared to $86.67 billion in 2019. The increase in average balance sheet netting, in 2020 compared to 2019, 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 $1.10 billion, as of December 31, 2020, 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, 2020 and 2019, there was no balance outstanding on this line of credit.