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Managing and Pricing Non-Deposit LiabilitiesManaging and Pricing Non-Deposit LiabilitiesQuestions & ProblemsCompare and contrast Fed funds transactions with RPs?Repurchase agreements (RPs) are less popular than Fed funds and more complex.Both fed funds and Rps are instruments available for short term borrowing. However, RP agreements are collateralized loans and thus, the lender is not exposed to credit.