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Short-Term Borrowings (a)
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Short-Term Borrowings (a)

 NOTE 11   Short-Term Borrowings (a)

The following table is a summary of short-term borrowings for the last three years:

 

    2013      2012             2011  
(Dollars in Millions)   Amount        Rate             Amount        Rate             Amount        Rate  

At year-end

                                   

Federal funds purchased

   $ 594           .11 %           $ 950           .11 %           $ 1,036           .11 % 

Securities sold under agreements to repurchase

     2,057           5.34              3,388           3.26              6,986           3.35   

Commercial paper

     19,400           .11              16,202           .12              15,973           .12   

Other short-term borrowings

     5,557           .19              5,762           .29              6,473           .26  

Total

   $ 27,608           .52 %           $ 26,302           .57 %           $ 30,468           .89 % 

Average for the year

                                   

Federal funds purchased (b)

   $ 1,879           9.72 %           $ 1,338           15.32 %           $ 968           22.61 % 

Securities sold under agreements to repurchase

     2,403           4.65              4,942           3.52              7,483           3.22   

Commercial paper

     17,467           .12              15,806           .14              15,204           .15   

Other short-term borrowings

     5,934           .72              6,463           .72              7,048           .77  

Total (b)

   $ 27,683           1.29 %           $ 28,549           1.57 %           $ 30,703           1.75 % 

Maximum month-end balance

                                   

Federal funds purchased

   $ 3,569                  $ 2,467                  $ 1,172        

Securities sold under agreements to repurchase

     3,121                    5,922                    9,071        

Commercial paper

     19,400                    17,385                    16,768        

Other short-term borrowings

     6,301                          7,443                          7,514              

 

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2013, 2012 and 2011 was $181 million, $203 million and $218 million, respectively.