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Commercial Paper and Other Short-Term Borrowings
 12 Months Ended
Dec. 31, 2011
Commercial Paper and Other Short-Term Borrowings and Long-Term Debt [Abstract]  
Commercial Paper and Other Short-Term Borrowings

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:

 

                 

(Dollars in millions)

   December 31,
2011		     December 31,
2010		  

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

   $ 597     $ 170  

Commercial paper, with weighted average interest rates of 0.22% at both December 31, 2011 and 2010

     2,498       745  

Other borrowed funds:

                

Term federal funds purchased, with weighted average interest rates of
0.15% at December 31, 2011 and 0.28% at December 31, 2010, respectively

     50       335  

Federal Home Loan Bank advances with a weighted average interest rate of 0.48% at December 31, 2011

     500       —  

All other borrowed funds, with weighted average interest rates of 0.73% and 1.20% at December 30, 2011 and December 31, 2010, respectively

     38       106  
   

 

 

    

 

 

  

Total commercial paper and other short-term borrowings

   $ 3,683     $ 1,356  
   

 

 

    

 

 

  

Federal funds purchased and securities sold under repurchase agreements:

                

Maximum outstanding at any month end

   $ 1,368     $ 576  

Average balance during the year

     471       157  

Weighted average interest rate during the year

     0.13 %      0.12 % 
     

Commercial paper:

                

Maximum outstanding at any month end

   $ 2,498     $ 962  

Average balance during the year

     1,233       651  

Weighted average interest rate during the year

     0.20 %      0.21 % 
     

Other borrowed funds:

                

Federal Home Loan Bank borrowings:

                

Maximum outstanding at any month end

   $ 1,000     $ —  

Average balance during the year

     516       3  

Weighted average interest rate during the year

     0.24 %      1.77 % 

Term federal funds purchased:

                

Maximum outstanding at any month end

   $ 689     $ 730  

Average balance during the year

     301       313  

Weighted average interest rate during the year

     0.24 %      0.23 % 

All other borrowed funds:

                

Maximum outstanding at any month end

   $ 130     $ 112  

Average balance during the year

     142       165  

Weighted average interest rate during the year

     0.88 %      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.