REPURCHASE AGREEMENTS

12 Months Ended

Dec. 31, 2013

REPURCHASE AGREEMENTS

8.      REPURCHASE AGREEMENTS

The Company had outstanding $61.8 billion and $102.8 billion of repurchase agreements with weighted average borrowing rates of 2.33% and 1.53%, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 204 days and 191 days as of December 31, 2013 and 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 $67.9 billion and $222.1 million, respectively, at December 31, 2013 and $109.2 billion and $363.8 million, respectively, at December 31, 2012.

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

	December 31, 2013					December 31, 2012
	Repurchase Agreements		Weighted Average Rate			Repurchase Agreements		Weighted Average Rate
		(dollars in thousands)
1 day	$	-		0.00	%	$	-		0.00	%
2 to 29 days		21,171,574		0.36	%		33,191,448		0.50	%
30 to 59 days		13,373,921		0.43	%		28,383,851		0.45	%
60 to 89 days		3,592,266		0.44	%		8,602,680		0.42	%
90 to 119 days		4,010,334		0.52	%		4,804,671		0.57	%
Over 120 days		19,632,906		1.29	%		27,803,047		1.03	%
Total	$	61,781,001		0.68	%	$	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 the gross amounts of reverse repurchase agreements and 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 December 31, 2013 and 2012.

	December 31, 2013						December 31, 2012
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	2,524,980		$	64,205,981		$	3,650,053		$	104,624,655
Amounts Offset		(2,424,980	)		(2,424,980	)		(1,838,958	)		(1,838,958	)
Netted Amounts	$	100,000		$	61,781,001		$	1,811,095		$	102,785,697