Short-Term Borrowings

12 Months Ended

Dec. 31, 2018

18. Short-Term Borrowings

Selected financial information pertaining to the components of our short-term borrowings is as follows:



December 31,
dollars in millions	2018			2017			2016
FEDERAL FUNDS PURCHASED
Balance at year end	—			$	3		$	1,005
Average during the year	$	537		128			44
Maximum month-end balance	3,197			2,331			1,005
Weighted-average rate during the year ^(a)	1.68		%	.72		%	.68		%
Weighted-average rate at December 31 ^(a)	—			—			.55
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end	$	319		$	374		$	497
Average during the year	391			389			443
Maximum month-end balance	614			472			684
Weighted-average rate during the year ^(a)	.09		%	.08		%	.04		%
Weighted-average rate at December 31 ^(a)	.09			.08			.07
OTHER SHORT-TERM BORROWINGS
Balance at year end	$	544		$	634		$	808
Average during the year	915			1,140			852
Maximum month-end balance	1,133			1,242			872
Weighted-average rate during the year ^(a)	2.34		%	1.34		%	1.18		%
Weighted-average rate at December 31 ^(a)	2.92			2.01			1.11


(a)	Rates exclude the effects of interest rate swaps and caps, which modify the repricing characteristics of certain short-term borrowings. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”).

As described below and in Note 19 (“Long-Term Debt”), KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities.

Short-term credit facilities. We maintain cash on deposit in our Federal Reserve account, which has reduced our need to obtain funds through various short-term unsecured money market products. This account, which was maintained at $2.1 billion at December 31, 2018, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2018, our unused secured borrowing capacity was $25.4 billion at the Federal Reserve Bank of Cleveland and $7.5 billion at the FHLB.