Fannie Mae 2004 Annual Report Download - page 315

Outstanding
Weighted
Average
Interest
Rate
(1)
Outstanding
Weighted
Average
Interest
Rate
(1)
2004 2003
As of December 31,
(Restated)
(Dollars in millions)
Federal funds purchased and securities sold under agreements to
repurchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,400 1.90% $ 3,673 1.03%
Fixed short-term debt:
U.S. discount notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $299,728 2.14% $327,967 1.11%
Foreign exchange discount notes . . . . . . . . . . . . . . . . . . . . . . . . 6,591 0.84 1,214 1.37
Other short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,724 1.59 1,863 1.53
Floating short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,250 2.19 10,235 1.03
Debt from consolidations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,987 2.20 2,383 1.14
Total short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $320,280 2.11% $343,662 1.11%
(1)
Includes discounts, premiums and other deferred price adjustments.
Our federal funds purchased and securities sold under agreements to repurchase represent agreements to
repurchase securities from banks with excess reserves on a particular day for a specified price, with the
repayment generally occurring on the following day. Our short-term debt includes U.S. discount notes and
foreign exchange discount notes, as well as other short-term debt. Our U.S. discount notes are unsecured
general obligations and have maturities ranging from overnight to 360 days from the date of issuance.
Additionally, we issue foreign exchange discount notes in the Euro money market enabling investors to hold
short-term investments in different currencies. We have the ability to issue foreign exchange discount notes in
all tradable currencies in maturities from 5 days to 360 days. Both of these types of debt securities are issued
with interest rates that are either fixed or floating. Additionally, we have short-term debt from consolidations,
which is described below.
F-64
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)