Citibank 2015 Annual Report Download - page 199

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agreements, and that the exercise of rights by the non-defaulting party to
terminate and close-out transactions on a net basis under these agreements
will not be stayed or avoided under applicable law upon an event of default
including bankruptcy, insolvency or similar proceeding.
A legal opinion may not have been sought or obtained for certain
jurisdictions where local law is silent or sufficiently ambiguous to determine
the enforceability of offsetting rights or where adverse case law or conflicting
regulation may cast doubt on the enforceability of such rights. In some
jurisdictions and for some counterparty types, the insolvency law for a
particular counterparty type may be nonexistent or unclear as overlapping
regimes may exist. For example, this may be the case for certain sovereigns,
municipalities, central banks and U.S. pension plans.
The following tables present the gross and net resale and repurchase
agreements and securities borrowing and lending agreements and the related
offsetting amount permitted under ASC 210-20-45. The tables also include
amounts related to financial instruments that are not permitted to be offset
under ASC 210-20-45 but would be eligible for offsetting to the extent that
an event of default occurred and a legal opinion supporting enforceability
of the offsetting rights has been obtained. Remaining exposures continue
to be secured by financial collateral, but the Company may not have sought
or been able to obtain a legal opinion evidencing enforceability of the
offsetting right.
As of December 31, 2015
In millions of dollars
Gross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet (1)
Net amounts of
assets included on
the Consolidated
Balance Sheet (2)
Amounts not offset on the
Consolidated Balance Sheet
but eligible for offsetting
upon counterparty default (3)
Net
amounts (4)
Securities purchased under agreements to resell $176,167 $56,390 $119,777 $ 92,039 $ 27,738
Deposits paid for securities borrowed 99,873 — 99,873 16,619 83,254
Total $276,040 $56,390 $219,650 $108,658 $110,992
In millions of dollars
Gross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet (1)
Net amounts of
liabilities included
on the Consolidated
Balance Sheet (2)
Amounts not offset on the
Consolidated Balance Sheet
but eligible for offsetting
upon counterparty default (3)
Net
amounts (4)
Securities sold under agreements to repurchase $188,040 $56,390 $131,650 $60,641 $71,009
Deposits received for securities loaned 14,657 — 14,657 3,226 11,431
Total $202,697 $56,390 $146,307 $63,867 $82,440
As of December 31, 2014
In millions of dollars
Gross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet (1)
Net amounts of
assets included on
the Consolidated
Balance Sheet (2)
Amounts not offset on the
Consolidated Balance Sheet
but eligible for offsetting upon
counterparty default (3)
Net
amounts (4)
Securities purchased under agreements to resell $180,318 $56,339 $123,979 $ 94,353 $ 29,626
Deposits paid for securities borrowed 118,591 — 118,591 15,139 103,452
Total $298,909 $56,339 $242,570 $109,492 $133,078
In millions of dollars
Gross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet (1)
Net amounts of
liabilities included
on the Consolidated
Balance Sheet (2)
Amounts not offset on the
Consolidated Balance Sheet
but eligible for offsetting upon
counterparty default (3)
Net
amounts (4)
Securities sold under agreements to repurchase $203,543 $56,339 $147,204 $ 72,928 $74,276
Deposits received for securities loaned 25,900 — 25,900 5,190 20,710
Total $229,443 $56,339 $173,104 $ 78,118 $94,986
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2) The total of this column for each period excludes Federal funds sold/purchased. See tables above.
(3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default has
occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.