Borrowings and Bank Deposits (Tables)

3 Months Ended

Mar. 31, 2015


(In millions)	March 31, 2015		December 31, 2014

Short-term borrowings
Commercial paper(a)
U.S.	$	22,227	$	22,019
Non-U.S.		2,787		2,993
Current portion of long-term borrowings(a)(b)(c)		35,545		37,724
GE Interest Plus notes(d)		5,457		5,467
Other(c)		162		312
Total short-term borrowings	$	66,178	$	68,515

Long-term borrowings
Senior unsecured notes(a)(b)(e)	$	156,635	$	162,629
Subordinated notes(a)		4,635		4,804
Subordinated debentures(a)(f)(g)		6,543		7,085
Other(a)(c)(h)		10,224		13,231
Total long-term borrowings	$	178,037	$	187,749
Non-recourse borrowings of
consolidated securitization entities(i)	$	29,035	$	29,938
Bank deposits(j)	$	62,691	$	62,839
Total borrowings and bank deposits	$	335,941	$	349,041

On April 10, 2015, GE announced it would provide a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GECC. Short term borrowings included $25,014 million of commercial paper and $31,127 million of the current portion of long-term borrowings. Long term borrowings included $143,153 million of senior unsecured notes, $3,871 million of subordinated notes, $6,543 million of subordinated debentures, and $400 million of other.
Included $434 million and $439 million of obligations to holders of GICs at March 31, 2015 and December 31, 2014, respectively. These obligations included conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3. The remaining outstanding GICs will continue to be subject to their scheduled maturities and individual terms, which may include provisions permitting redemption upon a downgrade of one or more of GECC’s ratings, among other things.
Included $5,547 million and $5,552 million of funding secured by real estate, aircraft and other collateral at March 31, 2015 and December 31, 2014, respectively, of which $1,732 million and $1,847 million is non-recourse to GECC at March 31, 2015 and December 31, 2014, respectively.
Entirely variable denomination floating-rate demand notes.
Included $4,592 million related to Synchrony Financial.
Subordinated debentures receive rating agency equity credit.
Included $2,526 million of subordinated debentures, which constitute the sole assets of trusts that have issued trust preferred securities and where GECC owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GECC.
Included $5,651 million related to Synchrony Financial.
Included $6,374 million and $7,442 million of current portion of long-term borrowings at March 31, 2015 and December 31, 2014, respectively. See Note 12.
Included $8,913 million and $10,258 million of deposits in non-U.S. banks at March 31, 2015 and December 31, 2014, respectively, and $15,513 million and $22,848 million of certificates of deposits with maturities greater than one year at March 31, 2015 and December 31, 2014, respectively.