REPURCHASE AGREEMENTS

3 Months Ended

Mar. 31, 2013

REPURCHASE AGREEMENTS

6. REPURCHASE AGREEMENTS

The Company had outstanding $100.3billion and $102.8 billion of repurchase agreements with weighted average borrowing rates of 1.49% and 1.53%, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 198 days and 191 days as of March 31, 2013 and December 31, 2012, respectively.  Investment Securities and U.S. Treasury securities pledged as collateral under these repurchase agreements and interest rate swaps had an estimated fair value and accrued interest of $103.1 billion and $328.2 million at March 31, 2013, respectively, and $109.2 billion and $363.8 million at December 31, 2012, respectively.

At March 31, 2013 and December 31, 2012, the repurchase agreements had the following remaining maturities and weighted average rates:

	March 31, 2013					December 31, 2012
	Repurchase  Agreements		Weighted Average Rate			Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	6,664,087		0.32	%	$	-		-
2 to 29 days		26,451,593		0.46	%		33,191,448		0.50	%
30 to 59 days		13,129,666		0.44	%		28,383,851		0.45	%
60 to 89 days		8,705,572		0.36	%		8,602,680		0.42	%
90 to 119 days		11,103,023		0.47	%		4,804,671		0.57	%
Over 120 days		34,269,001		0.91	%		27,803,047		1.03	%
Total	$	100,322,942		0.59	%	$	102,785,697		0.63	%

Repurchase agreements and reverse repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements permit netting. The following table summarizes gross amounts of repurchase agreements and reverse repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition as of March 31, 2013 and December 31, 2012.

	March 31, 2013						December 31, 2012
	Reverse Repurchase  Agreements			Repurchase  Agreements			Reverse Repurchase  Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	7,041,379		$	102,430,856		$	3,650,053		$	104,624,655
Amounts Offset		(2,107,914	)		(2,107,914	)		(1,838,958	)		(1,838,958	)
Netted Amounts	$	4,933,465		$	100,322,942		$	1,811,095		$	102,785,697