Goldman Sachs 2000 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2000 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

58 Goldman Sachs Annual Report 2000
The fair value of derivative financial instruments used for trading purposes, computed in accordance with the firm’s netting
policy, is set forth below:
As of November
2000 1999
(in millions) Assets Liabilities Assets Liabilities
Year End
Forward settlement contracts $ 6,315 $ 6,748 $ 4,555 $ 4,625
Swap agreements 15,767 15,879 12,052 11,587
Option contracts 12,543 15,118 14,018 12,274
Total $34,625 $37,745 $30,625 $28,486
Monthly Average
Forward settlement contracts $ 5,040 $ 4,862 $ 3,877 $ 3,619
Swap agreements 14,720 14,639 10,414 11,210
Option contracts 13,438 13,727 9,249 9,707
Total $33,198 $33,228 $23,540 $24,536
Note 5/Short-Term Borrowings
The firm obtains secured short-term financing principally through the use of repurchase agreements and securities lending
agreements, collateralized mainly by U.S. government, federal agency, investment-grade foreign sovereign obligations and
equity securities. The firm obtains unsecured short-term borrowings through issuance of commercial paper, promissory notes
and bank loans. The carrying value of these short-term obligations approximates fair value due to their short-term nature.
Short-term borrowings are set forth below:
As of November
(in millions) 2000 1999
Commercial paper $10,721 $ 9,403
Promissory notes 14,516 11,061
Bank loans and other(1) 8,234 17,292
Total(2) $33,471 $37,756
(1) As of November 2000 and November 1999, short-term borrowings included $4.06 billion and $10.82 billion of long-term borrowings maturing
within one year, respectively.
(2) As of November 2000 and November 1999, weighted average interest rates for short-term borrowings, including commercial paper, were 6.43%
and 5.66%, respectively.
The firm maintains unencumbered securities with a market value in excess of all uncollateralized short-term borrowings.