HSBC 2002 Annual Report Download - page 150

HSBC HOLDINGS PLC
Other information (continued)
148
Short-term borrowings
HSBC includes short-term borrowings within customer accounts, deposits by banks and debt securities in issue and
does not show short-term borrowings separately on the balance sheet. Short-term borrowings are defined by the SEC
as Federal funds purchased and securities sold under agreements to repurchase, commercial paper and other short-
term borrowings. Securities sold under agreements to repurchase are the only significant short-term borrowings of
HSBC. The following table provides additional information with respect to HSBC’ s securities sold under
agreements to repurchase for each of the past three years.
Year ended 31 December
2002 2001 2000
US$m US$m US$m
Outstanding at 31 December.......................................................... 21,397 16,882 16,312
Average amount outstanding during the year ................................ 21,089 23,850 15,374
Maximum quarter-end balance outstanding during the year .......... 21,468 24,901 16,313
Weighted average interest rate during the year.............................. 4.0% 4.9% 7.5%
Weighted average interest rate at the year-end .............................. 3.9% 5.1% 6.6%
Disclosure Controls
Within the 90 day period prior to the filing of this report, an evaluation has been carried out under the supervision
and with the participation of the Company’ s management, including the Company’ s Group Chairman and Group
Finance Director, of the effectiveness of the design and operation of the Company’ s disclosure controls and
procedures. Based upon and as of that evaluation, the Group Chairman and Group Finance Director concluded that
the disclosure controls and procedures are effective in all material respects to ensure that information required to be
disclosed in the report the Company files and submits under the Exchange Act is recorded, processed, summarised
and reported as and when required.
In addition, there have been no significant changes in the Company’ s internal controls or in other factors that
could significantly affect these controls subsequent to the date of their evaluation.