The seller of the security who later repurchases it is entering into a repurchase agreement; the purchaser who later resells the security enters into a reverse repurchase agreement.
Monetary tools that provided temporary adjustments to the balance sheet, such as reverse repurchase agreements and term deposits, were used to meet these operational needs.
Balance sheet management activities decreased reverse repurchase agreements -- non-trading and deposits by banks by $2.8bn and $1.1bn respectively, as well as $0.4bn of debt securities matured during the quarter.
