in non-centrally cleared bilateral repos (NCCBR) the Treasury haircut is mostly 0%, and a significant portion has negative haircuts - meaning that more money is lent in the repo that the market value of the Treasury collateral

current tri-party repo haircut average for Treasury collateral is 2%, supervisory is 4% (Capital Adequacy Requirements)

with a 2% haircut the collateral funding multiplier is 50x, with a 4% haircut - 25x

the smaller the haircut - the larger the maximum rehypothecated credit