Goldman Sachs 2013 Annual Report Download - page 198
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Notes to Consolidated Financial Statements
The Volcker Rule will restrict the firm from providing
financial support to covered funds (as defined in the rule)
after the expiration of the transition period in July 2015,
subject to possible extensions through July 2017. As a
general matter, in the ordinary course of business, the firm
does not expect to provide additional voluntary financial
support to any covered funds but may choose to do so with
respect to funds that are not subject to the Volcker Rule;
however, in the event that such support is provided, the
amount of any such support is not expected to be material.
In addition, in the ordinary course of business, the firm may
also engage in other activities with its affiliated funds
including, among others, securities lending, trade
execution, market making, custody, and acquisition and
bridge financing. See Note 18 for the firm’s investment
commitments related to these funds.
Note 23.
Interest Income and Interest Expense
Interest income is recorded on an accrual basis based on
contractual interest rates. The table below presents the
firm’s sources of interest income and interest expense.
Year Ended December
in millions 2013 2012 2011
Interest income
Deposits with banks $ 186 $ 156 $ 125
Securities borrowed, securities
purchased under agreements to
resell and federal funds sold 143 (77) 666
Financial instruments owned, at
fair value 8,159 9,817 10,718
Other interest 21,672 1,485 1,665
Total interest income 10,060 11,381 13,174
Interest expense
Deposits 387 399 280
Securities loaned and securities sold
under agreements to repurchase 576 822 905
Financial instruments sold, but not
yet purchased, at fair value 2,054 2,438 2,464
Short-term borrowings 3394 581 526
Long-term borrowings 33,752 3,736 3,439
Other interest 4(495) (475) 368
Total interest expense 6,668 7,501 7,982
Net interest income $ 3,392 $ 3,880 $ 5,192
1. Includes rebates paid and interest income on securities borrowed.
2. Includes interest income on customer debit balances and other interest-
earning assets.
3. Includes interest on unsecured borrowings and other secured financings.
4. Includes rebates received on other interest-bearing liabilities and interest
expense on customer credit balances.
196 Goldman Sachs 2013 Annual Report