Assets sold under agreements to repurchase

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements [Abstract]

Federal Funds Purchased And Assets Sold Under Agreements To Repurchase [Text Block]

Note 19– Assets sold under agreements to repurchase

The following table summarizes certain information on assets sold under agreements to repurchase at December 31, 2012 and 2011:

(Dollars in thousands)		2012			2011
Assets sold under agreements to repurchase		$	2,016,752		$	2,141,097
Maximum aggregate balance outstanding at any month-end		$	2,113,557		$	2,822,308
Average monthly aggregate balance outstanding		$	1,885,207		$	2,480,490
Weighted average interest rate:
	For the year		2.33	%		2.20	%
	At December 31		1.91	%		2.57	%

The repurchase agreements outstanding at December 31, 2012were collateralized by $ 1.6 billion in investment securities available for sale, $ 272million in trading securities and $ 133million in securities sold not yet delivered in other assets (2011 - $ 1.8billion in investment securities available for sale,$ 403 million in trading securities and $68 million in securities sold not yet delivered in other assets). It is the Corporation's policy to maintain effective control over assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the consolidated statement of financial condition.

In addition, there were repurchase agreements outstanding collateralized by $ 227 million(2011 - $ 274 million) in securities purchased underlying agreements to resell to which the Corporation has the right to repledge. It is the Corporation's policy to take possession of securities purchased under agreements to resell. However, the counterparties to such agreements maintain effective control over such securities, and accordingly are not reflected in the Corporation's consolidated statements of financial condition.

The following table presents the liability associated with the repurchase transactions (including accrued interest), their maturities and weighted average interest rates. Also, it includes the carrying value and approximate market value of the collateral (including accrued interest) at December 31, 2012 and 2011. The information excludes repurchase agreement transactions which were collateralized with securities or other assets held-for-trading purposes or which have been obtained under agreements to resell.

		2012								2011
					Carrying		Market	Weighted					Carrying		Market	Weighted
		Repurchase			value of		value of	average		Repurchase			value of		value of	average
(Dollars in thousands)			liability		collateral		collateral	interest rate			liability		collateral		collateral	interest rate
Obligations of U.S. government
	sponsored entities
	Within 30 days	$	160,288	$	163,934	$	163,934	0.40	%	$	121,004	$	126,317	$	126,317	0.37	%
	After 30 to 90 days		7,312		7,102		7,102	0.60			-		-		-	-
	After 90 days		119,120		143,502		143,502	4.88			348,100		393,998		393,998	3.55
Total obligations of U.S. government
	sponsored entities		286,720		314,538		314,538	2.27			469,104		520,315		520,315	2.73
Mortgage-backed securities
	Within 30 days		43,107		47,307		47,307	0.54			39,148		43,009		43,009	0.46
	After 30 to 90 days		98,887		105,903		105,903	0.60			6,369		7,011		7,011	4.37
	After 90 days		320,780		380,900		380,900	3.75			633,930		628,243		628,243	3.99
Total mortgage-backed securities			462,774		534,110		534,110	2.78			679,447		678,263		678,263	3.79
Collateralized mortgage obligations
	Within 30 days		330,000		365,404		365,404	0.53			194,958		240,675		240,675	0.59
	After 30 to 90 days		69,856		76,516		76,516	0.60			43,704		47,388		47,388	4.37
	After 90 days		287,038		341,687		341,687	4.24			130,003		291,096		291,096	3.52
Total collateralized mortgage
	obligations		686,894		783,607		783,607	2.09			368,665		579,159		579,159	2.08
Total		$	1,436,388	$	1,632,255	$	1,632,255	2.35	%	$	1,517,216	$	1,777,737	$	1,777,737	3.05	%