Short-Term Borrowings

12 Months Ended

Dec. 31, 2022

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 0.83% and 0.31% in 2022 and 2021, 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
	2022			2021			2020			2022			2021			2020			2022			2021			2020
Balance as of December 31	$	1,177		$	1,575		$	3,413		$	—		$	—		$	616		$	2,000		$	—		$	3,302
Maximum outstanding as of any month-end	11,517			1,575			5,373			—			616			823			8,525			—			25,665
Average outstanding during the year	3,633			667			2,615			—			523			771			696			315			8,251
Weighted-average interest rate as of year-end	2.31		%	.00		%	.00		%	—		%	—		%	.23		%	4.18		%	.00		%	1.35		%
Weighted-average interest rate during the year	.39			(.00)			.14			—			.31			.78			.01			—			1.23

Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. Applicable securities with a fair value of $0.96 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2022.

The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2022.


	Securities Sold				Repurchase Agreements(1)
(In millions)	Amortized Cost		Fair Value		Amortized Cost
Overnight maturity	$	986	$	963	$	1,173

(1) Collateralized by investment securities.

We maintain an agreement with a clearing organization (FICC) that enables us to net securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of the clearing organization when specific netting criteria are met. The impact of this netting was $71.02 billion on average in 2022 compared to $62.15 billion in 2021, primarily due to higher FICC repo volumes.

State Street Bank currently maintains a line of credit of CAD 1.40 billion, or approximately $1.03 billion, as of December 31, 2022, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancellable by either party with prior notice. As of both December 31, 2022 and 2021, there was no balance outstanding on this line of credit.