Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-term Borrowings [Abstract]

Short-Term Borrowings

14. Short-Term Borrowings

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

December 31, dollars in millions	2011			2010			2009
FEDERAL FUNDS PURCHASED
Balance at year end	$	25		$	32		$	160
Average during the year		120			118			143
Maximum month-end balance		844			1,050			214
Weighted-average rate during the year		.13	%		.15	%		.16	%
Weighted-average rate at December 31		.08			.14			.11
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end	$	1,686		$	2,013		$	1,582
Average during the year		1,861			1,926			1,475
Maximum month-end balance		2,286			2,305			1,582
Weighted-average rate during the year		.28	%		.32	%		.32	%
Weighted-average rate at December 31		.25			.29			.32
OTHER SHORT-TERM BORROWINGS
Balance at year end	$	337		$	1,151		$	340
Average during the year		619			545			1,907
Maximum month-end balance		1,007			1,151			5,078
Weighted-average rate during the year		1.84	%		2.63	%		.84	%
Weighted-average rate at December 31		1.60			2.64			3.22

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 15, KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. In addition, certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding more in keeping with current market conditions. 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 $2.8 billion, at December 31, 2011, 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 Federal Home Loan Bank of Cincinnati and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2011, our unused secured borrowing capacity was $12.3 billion at the Federal Reserve Bank of Cleveland and $6.4 billion at the Federal Home Loan Bank of Cincinnati.