NOTE 2 – Cash and Short-Term Investments
A combination of reserves in the form of deposits with the FRB-NY and vault cash, totaling $79.1 million and $80.6 million at December 31, 2013 and 2012, respectively, were maintained to satisfy federal regulatory requirements. Vault cash is included in cash and due from banks and interest-bearing deposits at the FRB-NY are included in short-term investments in the Consolidated Statements of Condition. Interest-bearing deposits at the FRB-NY represent an alternative to overnight federal funds sold and had a yield of 0.25% at both December 31, 2013 and 2012.
Short-term investments consist of the following cash equivalents:
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As of December 31 (in millions) |
2013 | 2012 | ||||||
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Interest-bearing deposits at the FRB-NY |
$ | 102.5 | $ | 69.7 | ||||
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Money market mutual funds |
10.8 | 52.6 | ||||||
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Other |
10.3 | 9.1 | ||||||
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Total short-term investments |
$ | 123.6 | $ | 131.4 | ||||
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