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Note 11—Commercial Paper and Other Short-Term Borrowings
The following is a summary of the Company’s commercial paper and other short-term borrowings:
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(Dollars in millions)
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December 31,
2011 |
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December 31,
2010 |
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Federal funds purchased and securities sold under repurchase agreements with weighted average interest rates of 0.06% and 0.15% at
December 31, 2011 and December 31, 2010, respectively
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$ |
597 |
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$ |
170 |
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Commercial paper, with weighted average interest rates of 0.22% at both December 31, 2011 and 2010
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2,498 |
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|
745 |
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Other borrowed funds:
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Term federal funds purchased, with weighted average interest rates of
0.15% at December 31, 2011 and 0.28% at December 31,
2010, respectively
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50 |
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335 |
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Federal Home Loan Bank advances with a weighted average interest rate of 0.48% at December 31, 2011
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500 |
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— |
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All other borrowed funds, with weighted average interest rates of 0.73% and 1.20% at December 30, 2011 and December 31, 2010,
respectively
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38 |
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106 |
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Total commercial paper and other short-term borrowings
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$ |
3,683 |
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$ |
1,356 |
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Federal funds purchased and securities sold under repurchase agreements:
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Maximum outstanding at any month end
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$ |
1,368 |
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$ |
576 |
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Average balance during the year
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|
471 |
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|
157 |
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Weighted average interest rate during the year
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0.13 |
% |
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0.12 |
% |
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Commercial paper:
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Maximum outstanding at any month end
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$ |
2,498 |
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$ |
962 |
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Average balance during the year
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|
1,233 |
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|
651 |
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Weighted average interest rate during the year
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0.20 |
% |
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0.21 |
% |
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Other borrowed funds:
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Federal Home Loan Bank borrowings:
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Maximum outstanding at any month end
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$ |
1,000 |
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$ |
— |
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Average balance during the year
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|
516 |
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|
3 |
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Weighted average interest rate during the year
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0.24 |
% |
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1.77 |
% |
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Term federal funds purchased:
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|
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Maximum outstanding at any month end
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$ |
689 |
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$ |
730 |
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Average balance during the year
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|
301 |
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|
313 |
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Weighted average interest rate during the year
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0.24 |
% |
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0.23 |
% |
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All other borrowed funds:
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Maximum outstanding at any month end
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$ |
130 |
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$ |
112 |
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Average balance during the year
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|
142 |
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|
165 |
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Weighted average interest rate during the year
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0.88 |
% |
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1.51 |
% |
In September 2008, the Company established a $500 million, three-year unsecured revolving credit
facility with BTMU. This credit facility was renewed and expires on July 2014. As of December 31, 2011, the Company had no amount outstanding under this facility.
At December 31, 2011, federal funds purchased and securities sold under repurchase agreements had a weighted average remaining
maturity of 3 days. The commercial paper outstanding had a weighted average remaining maturity of 33 days.
Other
borrowed funds consist primarily of Federal Home Loan Bank advances, which had a weighted average remaining maturity of 83 days at December 31, 2011.
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