GECS Borrowings and Bank Deposits

6 Months Ended

Jun. 30, 2011

Borrowings and bank deposits [Abstract]

GECS Borrowings and Bank Deposits

8. GECS Borrowings and Bank Deposits

GECS borrowings are summarized in the following table.

	At
(In millions)	June 30,		December 31,
	2011		2010
Short-term borrowings
Commercial paper
U.S.	$	30,838	$	32,547
Non-U.S.		9,862		9,497
Current portion of long-term borrowings(a)(b)(c)(e)		72,948		65,612
GE Interest Plus notes(d)		8,544		9,058
Other(c)		1,451		2,083
GECS short-term borrowings	$	123,643	$	118,797
Long-term borrowings
Senior unsecured notes(a)(b)	$	243,364	$	262,789
Subordinated notes(e)		4,661		2,575
Subordinated debentures(f)		7,591		7,298
Other(c)(g)		13,346		11,745
GECS long-term borrowings	$	268,962	$	284,407
Non-recourse borrowings of consolidated securitization entities(h)	$	29,075	$	30,018
Bank deposits(i)	$	41,548	$	37,298
Total borrowings and bank deposits	$	463,228	$	470,520

(a)       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 June 30, 2011 and December 31, 2010, respectively. Of the above amounts, $28,095 million and $18,455 million is included in current portion of long-term borrowings at June 30, 2011 and December 31, 2010, respectively.

(b)       Included in total long-term borrowings were $2,073 million and $2,395 million of obligations to holders of guaranteed investment contracts at June 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 $1,961 million as of June 30, 2011, to repay holders of GICs.

(c)       Included $10,670 million and $11,135 million of funding secured by real estate, aircraft and other collateral at June 30, 2011 and December 31, 2010, respectively, of which $4,477 million and $4,671 million is non-recourse to GECS at June 30, 2011 and December 31, 2010, respectively.

(d)       Entirely variable denomination floating rate demand notes.

(e)       Included $417 million of subordinated notes guaranteed by GE at both June 30, 2011 and December 31, 2010, of which $117 million is included in current portion of long-term borrowings at June 30, 2011.

(f)       Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.

(g)       Included $2,126 million and $1,984 million of covered bonds at June 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 $825 million at June 30, 2011.

(h)       Included at June 30, 2011 and December 31, 2010, were $11,590 million and $10,499 million of current portion of long-term borrowings, respectively, and $17,485 million and $19,519 million of long-term borrowings, respectively. See Note 18.

(i)       Included $20,864 million and $18,781 million of deposits in non-U.S. banks at June 30, 2011 and December 31, 2010, respectively, and $13,869 million and $11,606 million of certificates of deposits with maturities greater than one year at June 30, 2011 and December 31, 2010, respectively.