eTrade 2005 Annual Report Download - page 94
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We are a member of, and own capital stock in, the FHLB system. In part, the FHLB provides us with reserve credit capacity and
authorizes us to apply for advances on the security of FHLB stock and various home mortgages and other assets—principally
securities that are obligations of, or guaranteed by, the United States government—provided we meet certain creditworthiness
standards. At December31, 2005, our outstanding advances from the FHLB totaled $3.9billion at interest rates ranging from 2.53% to
6.96% and at a weighted-average rate of 4.09%.
We also raise funds by selling securities to nationally recognized investment banking firms under agreements to repurchase the same
securities. The investment banking firms hold the securities in custody. We treat repurchase agreements as borrowings and secure
them with designated fixed- and variable-rate securities. We also participate in
59
2006. EDGAR Online, Inc.