BB&T 2008 Annual Report Download - page 107

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 9. Federal Funds Purchased, Securities Sold Under Agreements to Repurchase
and Short-Term Borrowed Funds
Federal funds purchased, securities sold under agreements to repurchase and short-term borrowed funds are
summarized as follows:
December 31,
2008 2007
(Dollars in millions)
Federal funds purchased $ 584 $ 1,190
Securities sold under agreements to repurchase 2,929 2,530
Master notes 1,708 1,797
Other short-term borrowed funds 5,567 5,117
Total $10,788 $10,634
Federal funds purchased represent unsecured borrowings from other banks and generally mature daily.
Securities sold under agreements to repurchase are borrowings collateralized primarily by securities of the U.S.
government or its agencies. Master notes are unsecured, non-negotiable obligations of BB&T Corporation
(variable rate commercial paper) that mature in less than one year. Other short-term borrowed funds include
unsecured bank notes that mature in less than one year, bank obligations with a maturity of seven days that are
collateralized by municipal securities, U.S. Treasury tax and loan deposit notes payable to the U.S. Treasury upon
demand or for periods of less than one month, and borrowings under the treasury auction facility.
A summary of selected data related to Federal funds purchased, securities sold under agreements to
repurchase and short-term borrowed funds follows:
As of /
For the Year Ended December 31,
2008 2007 2006
(Dollars in millions)
Maximum outstanding at any month-end during the year $15,704 $11,663 $8,782
Balance outstanding at end of year 10,788 10,634 8,087
Average outstanding during the year 10,580 9,325 7,006
Average interest rate during the year 2.22% 4.39% 4.30%
Average interest rate at end of year .87 3.64 4.67
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