Securities borrowed, lent and subject to repurchase agreements
 12 Months Ended
Dec. 31, 2021
Securities borrowed, lent and subject to repurchase agreements
15 Securities borrowed, lent and subject to repurchase agreements
end of 2021 2020
Securities borrowed or purchased under agreements to resell (CHF million)   
Central bank funds sold and securities purchased under resale agreements 65,017 53,910
Deposits paid for securities borrowed 38,889 38,366
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions  103,906 92,276
Securities lent or sold under agreements to repurchase (CHF million)   
Central bank funds purchased and securities sold under repurchase agreements 19,591 19,736
Deposits received for securities lent 15,683 17,258
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions  35,274 36,994
Repurchase and reverse repurchase agreements represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activity. These instruments are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time.
In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Group’s normal course of business, a significant portion of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2021 and 2020.
Bank  
Securities borrowed, lent and subject to repurchase agreements
14 Securities borrowed, lent and subject to repurchase agreements
end of 2021 2020
Securities borrowed or purchased under agreements to resell (CHF million)   
Central bank funds sold and securities purchased under resale agreements 65,017 53,910
Deposits paid for securities borrowed 38,889 38,366
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions  103,906 92,276
Securities lent or sold under agreements to repurchase (CHF million)   
Central bank funds purchased and securities sold under repurchase agreements 19,685 19,829
Deposits received for securities lent 15,683 17,258
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions  35,368 37,087
> Refer to “Note 15 – Securities borrowed, lent and subject to repurchase agreements” in VI – Consolidated financial statements – Credit Suisse Group for further information.