Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

19. Short-Term Borrowings

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



December 31,
dollars in millions	2019			2018			2017
FEDERAL FUNDS PURCHASED
Balance at year end	$	200		—			$	3
Average during the year	61			$	537		128
Maximum month-end balance	1,000			3,197			2,331
Weighted-average rate during the year ^(a)	2.12		%	1.68		%	.72		%
Weighted-average rate at December 31 ^(a)	1.56			—			—
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end	$	187		$	319		$	374
Average during the year	203			391			389
Maximum month-end balance	283			614			472
Weighted-average rate during the year ^(a)	.22		%	.09		%	.08		%
Weighted-average rate at December 31 ^(a)	.09			.09			.08
OTHER SHORT-TERM BORROWINGS
Balance at year end	$	705		$	544		$	634
Average during the year	730			915			1,140
Maximum month-end balance	847			1,133			1,242
Weighted-average rate during the year ^(a)	2.31		%	2.34		%	1.34		%
Weighted-average rate at December 31 ^(a)	1.99			2.92			2.01


(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 20 (“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 $1.0 billion at December 31, 2019, 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, 2019, our unused secured borrowing capacity was $25.2 billion at the Federal Reserve Bank of Cleveland and $8.1 billion at the FHLB.