Borrowings and Bank Deposits

9 Months Ended

Sep. 30, 2011

Borrowings and bank deposits [Abstract]

Borrowings and Bank Deposits

6.BORROWINGS AND BANK DEPOSITS

Borrowings are summarized in the following table.

	At
(In millions)	September 30,		December 31,
	2011		2010
Short-term borrowings
Commercial paper
U.S.	$	25,659	$	27,398
Non-U.S.		9,922		9,497
Current portion of long-term borrowings(a)(b)(c)(e)		76,423		65,610
GE Interest Plus notes(d)		8,533		9,058
Other(c)		1,196		2,083
Total short-term borrowings	$	121,733	$	113,646
Long-term borrowings
Senior unsecured notes(a)(b)	$	234,968	$	263,043
Subordinated notes(e)		4,569		2,276
Subordinated debentures(f)(g)		7,430		7,298
Other(c)(h)		12,365		11,729
Total long-term borrowings	$	259,332	$	284,346
Non-recourse borrowings of consolidated securitization entities(i)	$	29,022	$	30,018
Bank deposits(j)	$	41,515	$	37,298
Total borrowings and bank deposits	$	451,602	$	465,308

• GECC had issued and outstanding $45,045 million and $53,495 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at September 30, 2011 and December 31, 2010, respectively. Of the above amounts, $32,495 million and $18,455 million is included in current portion of long-term borrowings at September 30, 2011 and December 31, 2010, respectively.
• Included in total long-term borrowings were $2,047 million and $2,395 million of obligations to holders of guaranteed investment contracts at September 30, 2011 and December 31, 2010, respectively. If the long-term credit rating of GECC were to fall below AA-/Aa3 or its short-term credit rating were to fall below A-1+/P-1, GECC could be required to provide up to $1,916 million as of September 30, 2011, to repay holders of GICs.
• Included $9,392 million and $11,117 million of funding secured by real estate, aircraft and other collateral at September 30, 2011 and December 31, 2010, respectively, of which $3,475 million and $4,653 million is non-recourse to GECC at September 30, 2011 and December 31, 2010, respectively.
• Entirely variable denomination floating rate demand notes.
• Included $117 million of subordinated notes guaranteed by GE included in current portion of long-term borrowings at September 30, 2011 and in long-term borrowings at December 31, 2010.
• Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
• Includes $2,981million of subordinated debentures, which constitute the sole assets of wholly-owned trusts who have issued trust preferred securities. Obligations associated with these trusts are unconditionally guaranteed by GECC.
• Included $2,066 million and $1,984 million of covered bonds at September 30, 2011 and December 31, 2010, respectively. If the short-term credit rating of GECC were reduced below A-1/P-1, GECC would be required to partially cash collateralize these bonds in an amount up to $790 million at September 30, 2011.
• Included at September 30, 2011 and December 31, 2010, were $11,670 million and $10,499 million of current portion of long-term borrowings, respectively, and $17,352 million and $19,519 million of long-term borrowings, respectively. See Note 13.
• Included $18,786 million and $18,781 million of deposits in non-U.S. banks at September 30, 2011 and December 31, 2010, respectively, and $14,755 million and $11,606 million of certificates of deposits with maturities greater than one year at September 30, 2011 and December 31, 2010, respectively.