Commitments and Guarantees

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to page 165 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated:


(In millions)	September 30, 2022		December 31, 2021
Commitments:
Unfunded credit facilities	$	31,534	$	33,026
Guarantees(1):
Indemnified securities financing	$	339,548	$	385,740
Standby letters of credit	2,162		3,237

(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

Approximately 76% of our unfunded commitments to extend credit expire within one year as of September 30, 2022, compared to approximately 76% as of December 31, 2021.

Indemnified Securities Financing

For additional information on our indemnified securities financing, refer to page 165 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:


(In millions)	September 30, 2022		December 31, 2021
Fair value of indemnified securities financing	$	339,548	$	385,740
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	355,848		404,121
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	59,787		61,560
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	64,515		67,014

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of September 30, 2022 and December 31, 2021, we had approximately $16.89 billion and $22.30 billion, respectively, of collateral provided and approximately $3.77 billion and $4.04 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.

FICC Guarantee

As a sponsoring member in the FICC member program, we provide a guarantee to FICC in the event a customer fails to perform its obligations under a transaction. In order to minimize the risk associated with this guarantee, sponsored members acting as buyers generally grant a security interest in the subject securities received under and held on their behalf by State Street. For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q.