0 77 First BanCorp.> 2001 Interest rate swaps with an aggregate notional principal balance of $1,553,665,000 ($58,165,000 fixed to floating and $1,495,000,000 floating to fixed), had an unrealized loss of approximately $15,053,000 at December 31, 2001. Pay-fixed swaps at December 31, 2001 had a fixed weighted average rate payment of 7.14% and a floating weighted average rate receiving of 4.20%. At December 31, 2000, there are no pay-fixed swaps outstanding. Receive- fixed swaps at December 31, 2001, have a floating weighted average rate payment of 2.16% (2000 - 6.64%) and a fixed weighted average rate receiv- ing of 6.32% (2000 - 7.54%). Floating rates are based on a 83% to 100% of the average of the last three months LIBOR rate. For swap transactions, the amounts potentially subject to credit loss are the net streams of payments under the agreements and not the notional principal amounts used to express the volume of the swaps. At December 31, 2001, the Corporation had total net receivable of $12,755,949 (2000 - $5,527,697) related to the swap transactions. The Corporation controls the credit risk of its interest rate swap agreements through approvals, lim- its, and monitoring procedures. The Corporation does not anticipate non- performance by the counterparties. As part of the swap transactions, the Corporation is required to pledge collateral in the form of deposits in banks or securities.The book value and aggregate market value of securi- ties pledged as collateral for interest rate swaps at December 31, 2001 was approximately $48.1 million and $47.9 million, respectively (2000 - $15.8 million and $15.9 million, respectively). The period to maturity of the swaps at December 31, 2001 ranged from one year through twenty years (2000 - from one year through fifteen years). The Corporation also issues interest rate protection agreements (Caps) to limit its exposure to rising interest rates on its deposits. Under these agreements, the Corporation pays an up front premium or fee for the right to receive cash flow payments in excess of the predetermined cap rate; thus, effectively capping its interest rate cost for the duration of the agree- ment. The following table indicates the agreements outstanding at December 31, 2001 (dollars in thousands): Interest rate protection agreements (Caps) Management designated these caps as cash-flow hedges. For a qualifying cash flow hedge, an interest rate cap is carried on the statement of finan- cial condition at fair value with the time value change reflected through the current statement of income.Any intrinsic value is reflected through com- prehensive income and will be reflected in future statements of income when payments are received from the counter party. On January 1, 2001 a loss of approximately $1.3 million was recognized in the statement of income as a cumulative effect of the adoption of SFAS No. 133, as a result of unamortized premium paid for caps of $1.5 million less an estimated fair market value of $200,000. Prior to the implementation of SFAS No. 133, the premium was amortized as an adjustment to interest expense on bor- rowings. The amortization of premium in 2000 and 1999 amounted to approximately $352,000, and $252,000, respectively. The fair value of these caps at December 31, 2001 is zero. Cap agreements notional amount  Cap Rate Current 90 day LIBOR Maturity (In thousands) $200,000 7.50% 1.88% August 17, 2002 200,000 7.25% 1.88% August 17, 2002 200,000 7.00% 1.88% August 17, 2002