(7) Short-Term Borrowings

Short-term borrowings of the Company were cash management accounts as follows:

(dollars in thousands)	2017			2016			2015
Amount outstanding at December 31,	$	242,991			209,406			191,226
Maximum amount outstanding at any month end		252,996			209,406			194,738
Average amount outstanding		228,086			185,672			184,725
Weighted average interest rate:
For the year		0.61	%		0.59	%		0.66
As of year end		0.62			0.59			0.60

Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral.

Trustco Bank also has an available line of credit with the Federal Home Loan Bank of New York which approximates the balance of securities and/or loans pledged against such borrowings. The line of credit requires securities and/or loans to be pledged as collateral for the amount borrowed. As of December 31, 2017 and 2016, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.

Trustco Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of New York. The Bank can pledge certain securities to the Federal Reserve Bank to support this arrangement. As of December 31, 2017 and 2016, the Bank had no outstanding borrowings and loans with the Federal Reserve Bank of New York.