Morgan Stanley 2009 Annual Report Download - page 239

(2) Based on net income as a percentage of average total equity.
(3) Dividends declared per common share as a percentage of net income per diluted share.
Short-term Borrowings
2009 Fiscal 2008 Fiscal 2007
One Month Ended
December 31, 2008
(dollars in millions)
Securities sold under repurchase agreements(1):
Period-end balance .............................. $159,401 $102,401 $162,840 92,213
Average balance(2) .............................. 142,197 168,659 274,959 97,307
Maximum balance at any month-end ................ 210,482 272,126 335,522 102,401
Securities loaned(1):
Period-end balance .............................. $ 26,246 $ 14,821 $110,423 $ 14,580
Average balance(2) .............................. 22,679 58,754 153,008 14,701
Maximum balance at any month-end ................ 26,867 110,446 209,592 14,821
Commercial paper:
Period-end balance .............................. $ 783 $ 6,744 $ 22,596 $ 7,388
Average balance(2) .............................. 924 12,397 25,362 7,066
Maximum balance at any month-end ................ 5,367 19,895 31,442 7,388
Weighted average interest rate during the period ....... 2.4% 4.2% 5.1% 2.7%
Weighted average interest rate on period-end balance . . . 0.8% 2.6% 4.8% 2.3%
(1) The Company considers its principal trading, investment banking, commissions, and interest and dividend income, along with the
associated interest expense, as one integrated activity for each of the Company’s separate businesses and is therefore unable to provide
weighted average interest rates for Securities sold under repurchase agreements and Securities loaned. See Note 1 and Note 15 of the
consolidated financial statements for further information.
(2) Average balances are calculated based upon weekly balances for 2009 and month-end balances for fiscal 2008, fiscal 2007 and the one
month ended December 31, 2008.
Cross-border Outstandings
Cross-border outstandings are based upon the Federal Financial Institutions Examination Council’s (“FFIEC”)
regulatory guidelines for reporting cross-border risk. Claims include cash, receivables, securities purchased under
agreements to resell, securities borrowed and cash trading instruments, but exclude derivative instruments and
commitments. Securities purchased under agreements to resell and securities borrowed are presented based on
the domicile of the counterparty, without reduction for related securities collateral held.
The following table sets forth cross-border outstandings for each country in which cross-border outstandings
exceed 1% of the Company’s consolidated assets or 20% of the Company’s total capital, whichever is less, as of
December 31, 2009 in accordance with the FFIEC guidelines (dollars in millions):
Country Banks Governments Other Total
Denmark ............................................... $ 796 $5,701 $ 647 $ 7,144
France ................................................. 9,721 2,175 14,664 26,560
Germany ............................................... 10,897 2,280 11,050 24,227
Ireland ................................................ 3,922 6 4,514 8,442
Italy .................................................. 1,399 2,391 1,761 5,551
Luxembourg ............................................ 3,967 1 8,622 12,590
Netherlands ............................................ 3,740 271 10,516 14,527
Spain ................................................. 1,660 316 4,211 6,187
Switzerland ............................................ 4,497 — 6,564 11,061
United Kingdom ........................................ 13,151 1 9,674 22,826
Cayman Islands ......................................... — — 36,034 36,034
Japan ................................................. 11,159 194 6,374 17,727
Korea ................................................. 531 3,098 8,899 12,528
Canada ................................................ 2,163 262 4,554 6,979
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