NOTE 8 SHORT-TERM FUNDING:

Short-term funding at December 31 was as follows.



	2015		2014
	($ in Thousands)
Federal funds purchased	$	47,870	$	109,770
Securities sold under agreements to repurchase	383,568		384,221
Federal funds purchased and securities sold under agreements to repurchase	431,438		493,991
FHLB advances	335,000		500,000
Commercial paper	67,978		74,297
Other short-term funding	402,978		574,297
Total short-term funding	$	834,416	$	1,068,288

Securities sold under agreements to repurchase ("repurchase agreements")

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). See Note 15 for additional disclosures on balance sheet offsetting.

The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of December 31, 2015, the Corporation pledged GSE mortgage-related securities with a fair value of $474 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities.

The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2015 is presented in the following table.



	Remaining Contractual Maturity of the Agreements
December 31, 2015	Overnight and Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
					($ in Thousands)
Repurchase agreements
GSE securities	$	383,568	$	—	$	—	$	—	$	383,568
Total	$	383,568	$	—	$	—	$	—	$	383,568
Gross amounts of recognized liabilities for repurchase agreements									$	383,568