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#1104722 - 01/02/09 03:57 PM Deposit Confirmations
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
I am doing deposit confirmations for the first time. In my sample is an account that has a repurchase agreement. For these accounts, do you confirm anything regarding the pledged securities or just the balances and interest posted like the rest of the accounts?

Thanks

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#1106459 - 01/06/09 11:03 PM Re: Deposit Confirmations Reed
Curious Banker Offline
100 Club
Joined: May 2004
Posts: 184
Midwest
I perform a seperate Repurchase Agreement Audit so I confirm that information at that time (Interest Rate, Security Description, etc). For a Deposit Audit, I just confirm the balance in the account as of audit date and the last amount of interest posted.
Last edited by Curious Banker; 01/06/09 11:04 PM.
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#1106513 - 01/07/09 05:30 AM Re: Deposit Confirmations Curious Banker
Dazed and Confused Offline
Gold Star
Dazed and Confused
Joined: Feb 2006
Posts: 250
Big XII South
Agree with CB ... but it can get confusing to customers if they have both a traditional deposit account and a repo ... and you confirm the deposit account only (or the repo only). I normally sent the traditional deposit confirmations and repurchase agreement confirmations at the same time. And don't forget to confirm the CUSIP, repo term, and other identifying features of the underlying security.

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#1106605 - 01/07/09 02:34 PM Re: Deposit Confirmations Dazed and Confused
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
Thank you both. We have a very small number of repurchase agreements so it makes sense to combine it with the deposit confirms for us. The last thing D & C said kind of hit on the meat of my question. What specifically do you confirm regarding the securities and repurchase agreement? I actually already sent out my confims with just the name of the securities because I couldn't find and answer to that and needed to get them out, but I'd like to be more prepared next time.

Thanks for your help!

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