Bank of America 2015 Annual Report Download - page 194

192 Bank of America 2015
Repurchase Agreements and Securities Loaned
Transactions Accounted for as Secured Borrowings
The tables below present securities sold under agreements to
repurchase and securities loaned by remaining contractual term
to maturity and class of collateral pledged. Included in “Other” are
transactions where the Corporation acts as the lender in a
securities lending agreement and receives securities that can be
pledged as collateral or sold. Certain agreements contain a right
to substitute collateral and/or terminate the agreement prior to
maturity at the option of the Corporation or the counterparty. Such
agreements are included in the table below based on the remaining
contractual term to maturity. At December 31, 2015, the
Corporation had no outstanding repurchase-to-maturity
transactions.
Remaining Contractual Maturity
December 31, 2015
(Dollars in millions)
Overnight and
Continuous
30 Days or
Less
After 30 Days
Through 90
Days
Greater than
90 Days (1) Total
Securities sold under agreements to repurchase $ 126,694 $ 86,879 $ 43,216 $ 27,514 $ 284,303
Securities loaned 39,772 363 2,352 2,288 44,775
Other 13,235 — — — 13,235
Total $ 179,701 $ 87,242 $ 45,568 $ 29,802 $ 342,313
(1) No agreements have maturities greater than three years.
Class of Collateral Pledged
December 31, 2015
(Dollars in millions)
Securities
Sold Under
Agreements
to Repurchase
Securities
Loaned Other Total
U.S. government and agency securities $ 142,572 $ — $ 27 $ 142,599
Corporate securities, trading loans and other 11,767 265 278 12,310
Equity securities 32,323 13,350 12,929 58,602
Non-U.S. sovereign debt 87,849 31,160 1 119,010
Mortgage trading loans and ABS 9,792 — — 9,792
Total $ 284,303 $ 44,775 $ 13,235 $ 342,313
The Corporation is required to post collateral with a market
value equal to or in excess of the principal amount borrowed under
repurchase agreements. For securities loaned transactions, the
Corporation receives collateral in the form of cash, letters of credit
or other securities. To ensure that the market value of the
underlying collateral remains sufficient, collateral is generally
valued daily and the Corporation may be required to deposit
additional collateral or may receive or return collateral pledged
when appropriate. Repurchase agreements and securities loaned
transactions are generally either overnight, continuous (i.e., no
stated term) or short-term. The Corporation manages liquidity risks
related to these agreements by sourcing funding from a diverse
group of counterparties, providing a range of securities collateral
and pursuing longer durations, when appropriate.