The Impact of Repo on Credit: What You Need to Know

The repo market, often unseen, profoundly influences credit availability and cost. Understanding its mechanics is crucial for investors, businesses, and policymakers navigating financial markets. This article demystifies repo's impact on credit, providing essential insights for informed decision-making in 2025.

What is the Repo Market?

The repurchase agreement, or repo, is a cornerstone of the modern financial system. At its core, a repo is a short-term borrowing arrangement, typically overnight, where one party sells a security (usually government debt) to another party with an agreement to repurchase it at a slightly higher price on a future date. The difference between the sale and repurchase price represents the interest paid on the loan. Essentially, it's a collateralized loan. The party selling the security is borrowing cash, and the party buying it is lending cash, secured by the collateral. This market is vital for the smooth functioning of financial markets, providing a critical source of short-term funding for banks, hedge funds, and other financial institutions. The sheer volume of transactions in the repo market—often trillions of dollars daily—underscores its significance. It's a key mechanism for managing liquidity and ensuring that financial institutions have access to the cash they need to operate and lend.

The Mechanics of a Repo Transaction

A typical repo transaction involves two parties: the borrower of cash (who sells the security) and the lender of cash (who buys the security). The transaction is structured as a sale and a simultaneous agreement to repurchase. For example, Bank A needs $100 million for one day. It sells $102 million worth of U.S. Treasury bonds to Money Market Fund B, agreeing to buy them back the next day for $100 million plus $10,000 in interest. Bank A has borrowed $100 million, and Money Market Fund B has lent $100 million, secured by $102 million in Treasury bonds. The $10,000 interest is the repo rate. The difference between the collateral value ($102 million) and the cash lent ($100 million) is known as the "haircut," which acts as a buffer for the lender against potential declines in the collateral's value.

Participants in the Repo Market

The repo market is populated by a diverse range of participants, each with specific needs and roles:

• Central Banks: They use repo operations as a primary tool for monetary policy, injecting or draining liquidity from the banking system to influence interest rates. For instance, the Federal Reserve's Open Market Operations frequently involve reverse repos and repos.
• Commercial Banks: Banks are major players, using repos to manage their daily liquidity needs, borrow funds for lending, or invest excess cash.
• Investment Banks: They act as intermediaries, facilitating repo transactions and providing liquidity to other market participants.
• Hedge Funds and Asset Managers: These entities often use repos to finance their portfolios, especially for fixed-income securities, and to leverage their investments.
• Money Market Funds: These funds are significant lenders in the repo market, seeking safe, short-term investments for their cash.
• Corporations: While less active than financial institutions, some large corporations may participate in the repo market to manage their short-term cash surpluses.

How the Repo Market Impacts Credit

The repo market's influence on credit is multifaceted, primarily stemming from its role in providing short-term funding and influencing overall liquidity. When the repo market functions smoothly, it facilitates the flow of credit throughout the economy. Conversely, disruptions can lead to credit crunches.

Facilitating Short-Term Lending

At its most fundamental level, the repo market allows financial institutions to borrow cash on a short-term basis, using high-quality securities as collateral. This readily available short-term funding is essential for banks to meet their daily obligations, such as funding loan disbursements, meeting reserve requirements, and managing unexpected cash outflows. Without an efficient repo market, banks would find it more difficult and expensive to obtain the necessary short-term funds, which could then restrict their ability to extend credit to businesses and consumers.

The Multiplier Effect on Credit Creation

The availability of cheap, short-term funding through repos has a multiplier effect on credit creation. Banks that can reliably access funds in the repo market are more willing and able to lend to businesses for expansion, individuals for mortgages and car loans, and governments for infrastructure projects. If repo rates rise significantly or liquidity dries up, banks may become more cautious about lending, leading to a contraction in credit availability. This ripple effect can slow economic growth. For example, in 2025, a slight increase in overnight repo rates might translate into slightly higher interest rates on business loans, potentially deterring some investment.

Impact on the Cost of Borrowing

Repo rates are a key benchmark for short-term borrowing costs across the financial system. Changes in repo rates, influenced by factors like central bank policy, market demand, and the availability of collateral, directly affect the cost of funds for financial institutions. These costs are then passed on to borrowers in the form of higher or lower interest rates on loans, mortgages, and other forms of credit. A stable and low repo rate generally supports lower borrowing costs, encouraging economic activity. Conversely, volatile or high repo rates can increase borrowing costs, dampening demand for credit and economic expansion.

Collateral Availability and Credit

The availability of high-quality collateral, such as U.S. Treasury securities, is crucial for the functioning of the repo market. If there is a shortage of eligible collateral, or if its perceived risk increases, repo rates can spike, and liquidity can dry up. This scarcity can make it harder for institutions to borrow, even if they are creditworthy. In such scenarios, credit markets can tighten as lenders become more risk-averse. The demand for specific types of collateral, like Treasury bonds, can also be influenced by global economic conditions and investor sentiment, indirectly impacting credit availability.

Repo's Role in Liquidity and Credit Availability

Liquidity is the lifeblood of the financial system, and the repo market plays an indispensable role in ensuring its adequate supply. Liquidity refers to the ease with which an asset can be converted into cash without affecting its market price. In the context of financial institutions, liquidity is essential for meeting short-term obligations and maintaining confidence.

Short-Term Funding Needs

Financial institutions operate on a maturity transformation basis: they take short-term deposits and fund long-term loans. This inherent mismatch means they constantly need access to short-term funding to bridge gaps. The repo market provides an efficient and cost-effective way to obtain this funding. Banks can pledge assets they hold (like government bonds) as collateral to borrow cash for a day or a few days. This allows them to continue lending without worrying about running out of immediate cash. In 2025, the average daily borrowing need for large global banks through the repo market is estimated to be in the hundreds of billions of dollars.

Central Bank Intervention and Liquidity Management

Central banks actively use the repo market to manage the overall liquidity in the financial system. Through open market operations, they can inject liquidity by buying securities from banks (a reverse repo from the bank's perspective, or a repo from the central bank's perspective when they lend cash) or drain liquidity by selling securities to banks (a repo from the bank's perspective, or a reverse repo from the central bank's perspective when they borrow cash). By adjusting the rates and volumes of these operations, central banks can influence overnight interest rates and ensure that there is sufficient liquidity for the banking system to function smoothly. For example, if the Federal Reserve sees signs of liquidity stress in early 2025, it might conduct more repo operations to inject cash.

Impact of Repo Market Stress on Credit

When the repo market experiences stress—characterized by soaring repo rates, reduced trading volumes, or a lack of willing lenders—it signals a broader liquidity crunch. This can have severe consequences for credit availability. If banks cannot secure short-term funding, they may hoard cash, reduce lending, and sell assets at fire-sale prices, further exacerbating market stress. The 2019 repo market turmoil, where overnight rates spiked dramatically, serves as a stark reminder of how quickly disruptions in this seemingly niche market can impact the broader financial system and credit conditions. Such events can lead to a rapid tightening of credit, making it difficult for businesses to access working capital or finance new projects.

Collateral Quality and Availability

The health of the repo market is intrinsically linked to the availability of high-quality collateral. Securities like U.S. Treasuries, German Bunds, and other sovereign debt are highly sought after. If there's a shortage of such collateral, or if its perceived risk increases (e.g., due to credit rating downgrades or market volatility), lenders become more hesitant, and repo rates rise. This can create a bottleneck, making it harder for institutions to borrow, even if they are otherwise solvent. In 2025, the increasing issuance of government debt by major economies is expected to bolster collateral availability, but geopolitical risks could still introduce volatility.

Repo Rates and Their Influence on Borrowing Costs

Repo rates are not just abstract market indicators; they are fundamental drivers of borrowing costs across the financial spectrum. Understanding how these rates are determined and how they propagate through the financial system is key to grasping their impact on credit.

Determinants of Repo Rates

Several factors influence the prevailing repo rates:

• Monetary Policy: Central bank policies are paramount. When central banks raise their target interest rates, this typically pushes up repo rates as the cost of central bank funding increases. Conversely, easing monetary policy tends to lower repo rates.
• Supply and Demand for Cash: Like any market, repo rates are driven by supply and demand. If there's high demand for cash (e.g., before tax deadlines or during periods of market uncertainty) and limited supply of cash from lenders, rates will rise.
• Availability of Collateral: A scarcity of high-quality collateral can drive up repo rates, as lenders demand a higher premium for lending cash against less readily available or perceived riskier collateral.
• Market Sentiment and Risk Aversion: During times of financial stress, lenders may demand higher rates to compensate for perceived counterparty risk or the risk of holding collateral that might decline in value.
• Seasonal Factors: Certain periods, like year-end, often see increased demand for funding, which can temporarily push repo rates higher.

The Transmission Mechanism to Broader Credit Markets

The influence of repo rates extends far beyond the overnight market:

• Benchmark for Other Short-Term Rates: Overnight repo rates serve as a benchmark for other short-term interest rates, including interbank lending rates (like SOFR in the U.S., which replaced LIBOR), commercial paper rates, and Treasury bill yields.
• Cost of Funds for Banks: For banks, the repo market is a significant source of funding. When repo rates rise, their cost of funds increases. This higher cost is then passed on to customers through higher interest rates on loans, credit cards, and other forms of credit.
• Influence on Longer-Term Rates: While repo rates are short-term, they influence expectations about future short-term rates, which in turn affect longer-term bond yields and loan rates. If the market expects repo rates to remain high, longer-term borrowing costs will likely be higher as well.
• Impact on Investment Decisions: Higher borrowing costs can deter businesses from taking out loans for expansion, R&D, or capital expenditures. Similarly, consumers may be less inclined to take out mortgages or car loans. This can lead to a slowdown in economic activity.

Illustrative Example (2025 Scenario)

Imagine in early 2025, the Federal Reserve signals a slightly tighter monetary policy, leading to an increase in the target range for the federal funds rate. This would likely push up the overnight repo rate from, say, 5.00% to 5.25%. A bank that relies heavily on repo funding would see its cost of borrowing increase. This might translate into a 0.10% to 0.25% increase in the prime lending rate, which is the benchmark for many variable-rate loans. Consequently, businesses seeking new loans for inventory or equipment might face slightly higher interest payments, potentially impacting their investment decisions.

Repo Rates and Financial Stability

When repo rates become excessively volatile or spike unexpectedly, it can signal underlying stress in the financial system. Such spikes can make it prohibitively expensive for some institutions to secure funding, potentially leading to defaults or fire sales of assets. This can then spill over into broader credit markets, causing a credit freeze. For instance, if a major institution suddenly faces a funding crisis and can no longer access the repo market at reasonable rates, it might be forced to liquidate assets, depressing prices and causing losses for other market participants, thereby tightening credit conditions for everyone.

Understanding Different Repo Agreements

The repo market is not monolithic. Various types of repo agreements exist, each serving different purposes and carrying different characteristics. Understanding these distinctions is crucial for appreciating the nuances of its impact on credit.

General Collateral (GC) vs. Special Collateral

This is a fundamental distinction:

• General Collateral (GC) Repo: This involves the borrowing or lending of a broad range of commonly traded securities, such as U.S. Treasury bills or bonds. The rate for GC repos is generally lower because the collateral is readily available and liquid. It reflects the general cost of funding in the market.
• Special Collateral Repo: This involves specific, often less liquid, securities that are in high demand for particular reasons (e.g., a specific bond that is scarce or needed for a particular trading strategy). The rates for special collateral repos are typically much higher than GC rates, reflecting the scarcity premium. The difference between the GC rate and the special rate for a particular security is known as the "specialness" or "special repo rate."

The distinction matters because it indicates where funding pressures might be concentrated. A spike in special collateral rates for a particular security might signal that institutions holding that security are facing specific funding challenges or are using it for a highly profitable but cash-intensive strategy.

Term Repo

While most repo transactions are overnight, longer-term repos, known as term repos, exist. These can range from a few days to several weeks or even months. Term repos provide greater certainty of funding for both parties, as the rate and maturity are fixed upfront. However, they also carry more risk, as market conditions can change significantly over longer periods. Term repo rates are generally higher than overnight rates to compensate for this increased risk and the commitment.

Tri-Party Repo

A significant portion of the repo market operates through tri-party arrangements. In a tri-party repo, a third party, typically a custodian bank (like BNY Mellon, J.P. Morgan Chase, or State Street), acts as an intermediary. The custodian handles collateral selection, valuation, and settlement, automating much of the process. This reduces operational risk and facilitates large volumes of transactions. Tri-party repos are common for money market funds and other large institutional investors seeking to lend cash against collateral.

Reverse Repo

A reverse repo is simply the other side of a repo transaction. If Party A enters into a repo agreement to borrow cash, Party B is entering into a reverse repo to lend cash. Central banks often use "reverse repo operations" to absorb liquidity from the market. For instance, if the Federal Reserve wants to drain cash, it might offer to sell securities to banks with an agreement to buy them back later, effectively borrowing cash from the banks.

Repo Agreements and Credit Extension

These different structures influence credit extension in various ways:

• GC Repo: Facilitates general liquidity, allowing banks to fund a wide range of lending activities.
• Special Repo: Can indicate concentrated demand for funding related to specific assets, potentially highlighting areas of speculative activity or market bottlenecks.
• Term Repo: Provides more stable funding, which can support longer-term credit commitments, but also locks in rates, potentially leading to mismatches if market rates move significantly.
• Tri-Party Repo: Streamlines and secures large-scale collateralized lending, making it easier for institutional investors to provide funding to the market, thereby supporting overall credit availability.

The choice of repo agreement can also reflect an institution's risk appetite and funding strategy, indirectly signaling its willingness or ability to extend credit.

Key Risks Associated with the Repo Market

While essential for financial stability, the repo market is not without its risks. Understanding these risks is crucial for policymakers, regulators, and market participants to prevent systemic issues.

Counterparty Risk

This is the risk that the other party in a repo transaction will default on their obligations. While repos are collateralized, a default can still result in losses for the non-defaulting party, especially if the value of the collateral has fallen below the amount of cash lent. The 2008 financial crisis highlighted this risk, particularly concerning Lehman Brothers' default. In 2025, heightened geopolitical uncertainty and potential economic slowdowns could increase the perceived counterparty risk.

Collateral Risk

Collateral risk encompasses several aspects:

• Valuation Risk: The risk that the market value of the collateral will decline significantly between the time of the transaction and its settlement or termination. This is why haircuts are applied.
• Liquidity Risk of Collateral: The risk that the collateral itself cannot be easily sold in the market if the borrower defaults, making it difficult for the lender to recover their cash.
• Custody Risk: The risk associated with the safekeeping of the collateral. If the custodian bank fails or makes an error, the collateral could be compromised.

The quality and liquidity of collateral are paramount. A sudden drop in the value of a key collateral asset, like a specific type of mortgage-backed security, could trigger widespread losses and liquidity shortages.

Liquidity Risk in the Repo Market Itself

This is the risk that the repo market may cease to function smoothly, leading to a drying up of liquidity. This can occur if lenders become unwilling to lend cash or if there's a shortage of eligible collateral. As seen in 2019, such disruptions can lead to sharp spikes in repo rates, making it difficult for even solvent institutions to obtain necessary funding. This can cascade into broader credit markets, as banks hoard cash and reduce lending.

Operational Risk

This refers to the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. In the repo market, this could involve errors in trade execution, settlement failures, or issues with collateral management systems. The complexity and high volume of transactions in the repo market make operational risk a constant concern, though tri-party repos have significantly mitigated some of these risks.

Systemic Risk

The interconnectedness of the repo market with the broader financial system means that a failure in the repo market can quickly become systemic. If a major participant defaults or if liquidity dries up, it can trigger a chain reaction of defaults and funding problems across multiple institutions and markets. This was a key concern during the 2008 crisis and remains a focus for regulators. In 2025, regulators are closely monitoring the repo market for signs of stress that could threaten financial stability.

Mitigating Risks

Various measures are in place to mitigate these risks:

• Collateralization and Haircuts: Ensuring sufficient collateral and applying appropriate haircuts.
• Central Clearing: For certain types of repo transactions, central clearing can reduce counterparty risk by interposing a central counterparty (CCP) between buyers and sellers.
• Regulation: Enhanced regulatory oversight and capital requirements for financial institutions involved in repo markets.
• Central Bank Intervention: Central banks stand ready to provide liquidity through repo operations during times of stress.

The Regulatory Landscape of Repo in 2025

The repo market, due to its systemic importance and historical role in financial crises, is under continuous regulatory scrutiny. In 2025, several regulatory initiatives and frameworks are in place or being considered to enhance stability and transparency.

Post-2008 Reforms and Their Evolution

Following the 2008 global financial crisis, regulators worldwide implemented reforms aimed at strengthening the resilience of financial markets. For the repo market, this included:

• Increased Transparency: Mandates for reporting repo transaction data to regulators to provide better market surveillance.
• Central Clearing: Encouraging or mandating central clearing for standardized repo transactions to reduce counterparty risk.
• Collateral Reforms: Rules regarding the quality and management of collateral used in derivatives and secured funding transactions.
• Liquidity Requirements: Enhanced liquidity coverage ratios (LCR) and net stable funding ratios (NSFR) for banks, which indirectly affect their demand for and supply of repo funding.

These reforms have aimed to make the market more robust and less prone to the kind of sudden liquidity freezes seen in the past.

Key Regulatory Bodies and Their Roles

Several key bodies influence the repo market:

• Central Banks (e.g., Federal Reserve, ECB, BoE): They are primary overseers and often direct participants, using repo operations for monetary policy and as a lender of last resort. They monitor market liquidity and stability.
• Securities Regulators (e.g., SEC in the U.S.): They oversee the securities used as collateral and the entities that trade them.
• Prudential Regulators (e.g., OCC, FDIC in the U.S.): They regulate banks and financial institutions, setting capital and liquidity requirements that influence their repo market activities.
• International Organizations (e.g., FSB, IOSCO): These bodies coordinate global regulatory efforts and set international standards for financial markets, including repo.

Current Trends and Focus Areas for 2025

In 2025, regulatory focus areas for the repo market include:

• Addressing "Runs" on Repo: Regulators are keenly aware of the potential for repo runs and are exploring tools to manage or prevent them, such as dynamic haircuts or enhanced margining.
• Central Clearing Expansion: Continued efforts to expand central clearing to more standardized repo transactions, particularly in the U.S. and Europe.
• Non-Bank Financial Intermediation (NBFI): Increased scrutiny of the role of non-bank entities (like hedge funds and money market funds) in the repo market and their potential to amplify systemic risk.
• Collateral Scarcity: Monitoring the supply and demand dynamics of high-quality collateral, especially government debt, which is crucial for repo market functioning.
• Cybersecurity: As more repo transactions become digitized, cybersecurity risks are a growing concern for regulators.

The aim is to foster a repo market that is both efficient in providing liquidity and resilient to shocks, thereby supporting stable credit conditions across the economy.

Real-World Impacts: Case Studies and Examples

Examining historical events and current market dynamics provides concrete examples of how the repo market impacts credit.

The 2019 Repo Market Stress

In September 2019, the U.S. repo market experienced significant turmoil. Overnight repo rates spiked from around 2% to over 10%, causing widespread disruption. This event was attributed to a confluence of factors, including large tax payments draining liquidity from the system, a surge in Treasury bill issuance that increased the demand for collateral, and reduced dealer inventories of safe assets. The Federal Reserve had to intervene aggressively with repo operations to inject liquidity and stabilize rates. This episode demonstrated how a seemingly technical market segment could rapidly affect broader credit conditions, forcing banks to become more cautious and potentially impacting their lending capacity.

The March 2020 Liquidity Crisis

During the initial shock of the COVID-19 pandemic in March 2020, the repo market again faced severe stress. As investors rushed to sell assets and hoard cash, demand for safe, liquid collateral surged, while the supply of cash in the repo market dwindled. This led to a sharp increase in repo rates and a seizing up of market liquidity. The Federal Reserve responded with unprecedented liquidity injections, including expanding its repo operations and even purchasing a vast array of securities to ensure market functioning. This crisis highlighted the critical role of repo in providing essential liquidity and how its dysfunction can quickly lead to a credit crunch, impacting everything from corporate bond markets to mortgage lending.

Repo's Role in Everyday Lending (2025 Perspective)

Consider a typical commercial bank in 2025. Each day, it receives deposits, makes loans, and processes payments. To manage its daily cash flow, it might borrow $500 million overnight through the repo market, pledging $510 million worth of Treasury bonds as collateral. This allows the bank to confidently fund its day-to-day operations, including making new business loans or extending credit lines to its customers. If the repo rate for this transaction is 5.10%, the bank incurs a cost of approximately $70,000 for that day's borrowing. This cost is factored into the interest rates it charges its borrowers. If this repo rate were to double due to market stress, the bank's funding costs would rise, and it might be forced to increase the rates it charges on new loans, thereby tightening credit conditions for businesses.

Impact on Specific Asset Classes

The repo market's health also affects the liquidity and pricing of various asset classes. For example, if there is a shortage of repo funding for mortgage-backed securities (MBS), it can become more expensive to finance positions in MBS. This can lead to reduced demand for MBS, lower prices, and consequently, higher mortgage rates for consumers. In 2025, the ongoing evolution of mortgage markets and the role of securitization continue to tie the health of MBS funding through repos to the broader housing credit market.

Lessons Learned

These examples underscore that the repo market is not just an esoteric financial tool but a critical plumbing system for the economy. Disruptions here have tangible consequences for the cost and availability of credit, affecting businesses, consumers, and overall economic growth. Regulators and market participants must remain vigilant to ensure its stability.

The Future of Repo and Credit

The repo market is constantly evolving, influenced by technological advancements, regulatory changes, and shifting economic landscapes. Its future trajectory will undoubtedly continue to shape credit conditions globally.

Technological Advancements and Efficiency

The increasing adoption of technology, such as distributed ledger technology (DLT) and artificial intelligence (AI), holds the potential to revolutionize the repo market. DLT could enable faster, more transparent, and more secure settlement of repo transactions, potentially reducing operational risks and increasing efficiency. AI could be used for better risk management, predictive analytics on market liquidity, and algorithmic trading. These advancements could lead to lower transaction costs and more stable funding, thereby supporting credit availability. By 2025, pilot programs exploring DLT for repo are already underway, with potential for broader adoption in the coming years.

Regulatory Evolution and Adaptation

As the financial system evolves, so too will regulations. Regulators will likely continue to refine rules governing collateral, margining, and central clearing in the repo market. The focus on non-bank financial intermediation will persist, with efforts to extend oversight to entities that play significant roles in repo markets but are not traditionally regulated as banks. The goal will be to foster a more resilient system that can withstand shocks without undue reliance on ad-hoc central bank interventions. Adapting to new forms of collateral, such as tokenized assets, may also become a regulatory challenge and opportunity.

Impact of Global Economic Trends

Global economic trends, including inflation, interest rate cycles, and geopolitical stability, will continue to profoundly influence the repo market and credit. For instance, persistent inflation might lead to higher interest rates, increasing the cost of funding through repos and potentially tightening credit. Conversely, a global economic slowdown could reduce demand for credit, impacting repo volumes. Geopolitical tensions can affect the demand for safe-haven collateral like U.S. Treasuries, influencing repo rates and liquidity. The ongoing transition towards sustainable finance may also introduce new types of collateral and funding needs within the repo market.

The Interplay with Other Funding Markets

The repo market does not operate in isolation. Its dynamics are closely intertwined with other funding markets, such as the commercial paper market, interbank lending, and derivatives markets. Changes in one market can spill over into others. For example, a disruption in the repo market could force institutions to seek funding elsewhere, potentially stressing other short-term funding sources. Understanding these interconnections is crucial for assessing the overall stability of the credit system. In 2025, the continued integration of various funding markets suggests that a holistic view of financial plumbing is essential.

Conclusion: Navigating the Repo-Credit Nexus

The repo market, though often operating behind the scenes, is a critical artery for the global financial system, profoundly influencing the availability and cost of credit. Its ability to provide short-term, collateralized funding is indispensable for banks and other institutions to manage liquidity, facilitate lending, and maintain the smooth functioning of capital markets. Understanding its mechanics—from the basic transaction to the intricacies of collateral and counterparty risk—is not just for financial experts but for anyone seeking to grasp the underpinnings of economic activity.

In 2025, the repo market continues to be shaped by monetary policy, regulatory oversight, and evolving market practices. Disruptions in this market, as history has shown, can rapidly translate into credit crunches, impacting businesses' ability to invest and consumers' access to loans. Conversely, a stable and liquid repo market supports economic growth by ensuring that credit flows efficiently. The ongoing efforts by central banks and regulators to enhance transparency, manage risks, and ensure adequate liquidity are vital for maintaining financial stability. For businesses and investors, staying informed about repo market conditions and their potential impact on borrowing costs and credit availability is a strategic imperative. Vigilance, adaptability, and a deep understanding of this crucial market are key to navigating the complex credit landscape ahead.