PNC Bank 2013 Annual Report Download - page 235

For further discussion on ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities and the
impact of other instruments entered into under master netting arrangements, see Note 1 Accounting Policies. Refer to Note 17
Financial Derivatives for additional information related to offsetting of financial derivatives.
Table 156: Resale and Repurchase Agreements Offsetting
In millions
Gross
Resale
Agreements
Amounts
Offset
on the
Consolidated
Balance Sheet
Net
Resale
Agreements (a) (b)
Securities
Collateral
Held Under
Master Netting
Agreements (c)
Net
Amounts (b)
Resale Agreements
December 31, 2013 $1,542 $1,542 $1,453 $ 89
December 31, 2012 975 975 884 91
In millions
Gross
Repurchase
Agreements
Amounts
Offset
on the
Consolidated
Balance Sheet
Net
Repurchase
Agreements (d) (e)
Securities
Collateral
Pledged Under
Master Netting
Agreements (c)
Net
Amounts (e)
Repurchase Agreements
December 31, 2013 $4,183 $4,183 $3,166 $1,017
December 31, 2012 3,215 3,215 2,168 1,047
(a) Represents the resale agreement amount included in Federal funds sold and resale agreements on our Consolidated Balance Sheet and the related accrued interest income in the
amount of $1 million at both December 31, 2013 and December 31, 2012, respectively, which is included in Other Assets on the Consolidated Balance Sheet.
(b) These amounts include certain long term resale agreements of $89 million at both December 31, 2013 and December 31, 2012, respectively, which are fully collateralized but do not
have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore are not eligible under ASC 210-20 for netting.
(c) In accordance with the requirements of ASU 2011-11, represents the fair value of securities collateral purchased or sold, up to the amount owed under the agreement, for agreements
supported by a legally enforceable master netting agreement.
(d) Represents the repurchase agreement amount included in Federal funds purchased and repurchase agreements on our Consolidated Balance Sheet and the related accrued interest
expense in the amount of less than $1 million at both December 31, 2013 and December 31, 2012, which is included in Other Liabilities on the Consolidated Balance Sheet.
(e) These amounts include overnight repurchase agreements of $966 million and $997 million at December 31, 2013 and December 31, 2012, respectively, entered into with
municipalities, pension plans, and certain trusts and insurance companies as well as certain long term repurchase agreements of $50 million at both December 31, 2013 and
December 31, 2012, which are fully collateralized but do not have the benefits of a netting opinion and, therefore, might be subject to a stay in insolvency proceedings and therefore
are not eligible under ASC 210-20 for netting.
The PNC Financial Services Group, Inc. – Form 10-K 217