Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

Short-Term Borrowings

Short-Term Borrowings

15. Short-term borrowings

Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Federal funds purchased are excess balances in reserve accounts held at theFRB that the Bancorp purchased from other member banks on an overnight basis. Other short-term borrowings include securities sold under repurchase agreements, derivative collateral, FHLB advances and other borrowings with original maturities of one year or less.

The following table summarizes short-term borrowings and weighted-average rates:
		2015				2014
($ in millions)		Amount	Rate			Amount	Rate
As of December 31:
Federal funds purchased	$	151	0.30	%	$	144	0.08	%
Other short-term borrowings		1,507	0.11			1,556	0.08
Average for the years ended December 31:
Federal funds purchased	$	920	0.13	%	$	458	0.09	%
Other short-term borrowings		1,721	0.12			1,873	0.10
Maximum month-end balance for the years ended December 31:
Federal funds purchased	$	200			$	286
Other short-term borrowings		4,904				3,756

The following table presents a summary of the Bancorp's other short-term borrowings as of December 31:
($ in millions)		2015	2014
Securities sold under repurchase agreements	$	925	995
Derivative collateral		582	561
Total other short-term borrowings	$	1,507	1,556

The Bancorp's securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale and other securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value.

The following table summarizes the Bancorp's securities sold under repurchase agreements by the type of collateral securing the borrowing and remaining contractual maturity as of December 31:
($ in millions)			2015			2014
			Amount	Remaining Contractual Maturity		Amount	Remaining Contractual Maturity
Collateral type:
	Agency residential mortgage-backed securities	$	646	Overnight	$	896	Overnight
	U.S. Treasury and federal agencies securities		279	Overnight		99	Overnight
Total securities sold under repurchase agreements		$	925		$	995