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Cash and cash equivalents
 12 Months Ended
Dec. 31, 2011
Cash and cash equivalents
3. Cash and cash equivalents

 

Cash and cash equivalents are as follows:

 

    December 31,  
(In thousands of US$)   2011     2010  
             
Cash and due from banks     12,814       5,570  
Interest-bearing deposits in banks     830,670       431,144  
Total     843,484       436,714  
Less:                
Interest-bearing deposits with original maturities of more than three months     30,000       -  
Pledged deposits     23,994       16,075  
      789,490       420,639  

 

On December 31, 2011 and 2010, the New York Agency had a pledged deposit with a carrying value of $3.0 million with the New York State Banking Department, as required by law since March 1994. As of December 31, 2011 and 2010, the Bank had pledged deposits of $21.0 million and $13.1 million, respectively, to secure derivative financial instruments transactions and repurchase agreements.