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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2011
Short-Term Borrowings and Long-Term Debt [Abstract]  
Short-Term Borrowings

15.    Short-Term Borrowings

 

Short-term borrowings consisted of the following:

 

                                                 
    December 31  
     2011            Rate     2010            Rate  
    (dollars are in millions)  

Federal funds purchased (day to day)

   $ 90                     $ 78                  

Securities sold under repurchase agreements (1)(2)

     7,417               .22 %      7,317               .20 % 

Average during year

           $ 11,579       .28             $ 7,865       .68  

Maximum month-end balance

             15,088                       11,862          

Commercial paper

     4,836               .06       6,049               .23  

Average during year

             3,931       .19               6,284       .25  

Maximum month-end balance

             6,134                       6,849          

Precious metals

     1,639                       1,438                  

Other

     2,027                       305                  
   

 

 

                    

 

 

                  

Total short-term borrowings

   $ 16,009                     $ 15,187                  
   

 

 

                    

 

 

                  

 

 

(1) 

Exceeded 30 percent of shareholders’ equity at December 31, 2011 and 2010.

 

(2) 

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

 

                                                                 
    2011     2010  
     Fourth     Third     Second     First     Fourth     Third     Second     First  
    (in millions)  

Quarter end balance

   $ 7,417     $ 12,913     $ 8,463     $ 8,807     $ 7,317     $ 10,330     $ 4,688     $ 1,103  

Average quarterly balance

     11,560       10,913       9,927       13,949       9,842       8,900       6,820       5,838  

At December 31, 2011, we had a committed unused line of credit from HSBC France of $2.5 billion. This line of credit does not require compensating balance arrangements and commitment fees are not significant. At December 31, 2010, we had a committed unused line of credit with HSBC Bank plc for $2.5 billion, which matured during 2011. At December 31, 2011 and 2010, we also had an unused line of credit from our immediate parent, HSBC North America Inc. (“HNAI”), of $150 million.

As a member of the New York FHLB, we have a secured borrowing facility that is collateralized by real estate loans and investment securities. At December 31, 2011 and 2010, the facility included $1.0 billion of borrowings included in long-term debt. The facility also allows access to further short-term borrowings based upon the amount of residential mortgage loans and securities pledged as collateral with the FHLB, which were undrawn as of December 31, 2011 and 2010. See Note 16, “Long-Term Debt,” for further information regarding these borrowings.