Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings consisted of the following:

	December 31
	2014				Rate		2013				Rate
	(dollars are in millions)
Federal funds purchased (day to day)	$	—					$	700
Securities sold under repurchase agreements(1)	7,707				0.48	%	12,921				0.15	%
Average during year			$	13,498	0.26				$	10,643	0.24
Maximum month-end balance			19,254						18,748
Commercial paper	4,772				0.23		3,379				0.22
Average during year			4,537		0.23				3,969		0.25
Maximum month-end balance			4,963						4,990
Precious metals	40						1,517
Other	276						618
Total short-term borrowings	$	12,795					$	19,135

⁽¹⁾  The following table presents the quarter end and average quarterly balances of securities sold under repurchase agreements:

	2014								2013
	Fourth		Third		Second		First		Fourth		Third		Second		First
	(in millions)
Quarter end balance	$	7,707	$	6,634	$	6,481	$	19,254	$	12,921	$	12,523	$	12,445	$	3,659
Average quarterly balance	8,902		9,106		16,849		19,300		14,781		11,371		8,794		7,538