Fannie Mae 2008 Annual Report Download - page 347

our consolidated balance sheets. The following table displays our outstanding short-term borrowings and
weighted-average interest rates as of December 31, 2008 and 2007.
Outstanding
Weighted
Average
Interest
Rate
(1)
Outstanding
Weighted
Average
Interest
Rate
(1)
2008 2007
As of December 31,
(Dollars in millions)
Federal funds purchased and securities sold under
agreements to repurchase. . . . . . . . . . . . . . . . . . . . . . . $ 77 0.01% $ 869 3.48%
Fixed short-term debt:
Discount notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,932 1.75% $233,258 4.45%
Foreign exchange discount notes . . . . . . . . . . . . . . . . . 141 2.50 301 4.28
Other short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . 333 2.80 601 4.37
Total fixed short-term debt . . . . . . . . . . . . . . . . . . . . 323,406 1.75 234,160 4.45
Floating-rate short-term debt
(2)
. . . . . . . . . . . . . . . . . . . . 7,585 1.66 — —
Total short-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . $330,991 1.75% $234,160 4.45%
(1)
Includes discounts, premiums and other cost basis adjustments.
(2)
Includes a portion of structured debt instruments that is reported at fair value.
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 discount notes and foreign
exchange discount notes, as well as other short-term debt. Our 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.
F-69
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)