Wells Fargo 2014 Annual Report Download - page 203

2013
Pledged Assets
As part of our liquidity management strategy, we pledge assets to
secure trust and public deposits, borrowings and letters of credit
from the FHLB and FRB, securities sold under agreements to
repurchase (repurchase agreements), and for other purposes as
required or permitted by law or insurance statutory
requirements. The types of collateral we pledge include
securities issued by federal agencies, GSEs, domestic and foreign
companies and various commercial and consumer loans. The
following table provides the total carrying amount of pledged
assets by asset type. The table excludes pledged consolidated VIE
assets of $5.8 billion and $8.1 billion at December 31, 2014, and
December 31, 2013, respectively, which can only be used to settle
the liabilities of those entities. The table also excludes
$10.1 billion and $15.3 billion in assets pledged in transactions
accounted for as secured borrowings at December 31, 2014 and
2013, respectively. See Note 8 (Securitizations and Variable
Interest Entities) for additional information on consolidated VIE
assets and secured borrowings.
Dec. 31, Dec. 31,
(in millions) 2014
Trading assets and other (1) 49,685 30,288
Investment securities (2) 101,997 85,468
Mortgages held for sale and loans (3) 418,338 381,597
Total pledged assets $ 570,020 497,353
(1) Represent assets pledged to collateralize repurchase agreements and other securities financings. Balance includes $49.4 billion and $29.0 billion at December 31, 2014 and
2013, respectively, under agreements that permit the secured parties to sell or repledge the collateral.
(2) Includes carrying value of $6.6 billion and $8.7 billion (fair value of $6.8 billion and $8.7 billion) in collateral for repurchase agreements at December 31, 2014 and 2013,
respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Also includes $164 million in collateral pledged
under repurchase agreements at December 31, 2014, that permit the secured parties to sell or repledge the collateral.
(3) Includes mortgages held for sale of $8.7 billion and $7.3 billion at December 31, 2014 and 2013, respectively. Balance consists of mortgages held for sale and loans that
are pledged under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $1.7 billion and $2.1 billion at December 31, 2014
and 2013, respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase primarily from GNMA loan
securitizations. See Note 8 (Securitizations and Variable Interest Entities) for additional information.
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