	At
(In millions)	September 30,		December 31,
	2012		2011

Short-term borrowings

GE
Commercial paper	$	2,200	$	1,801
Payable to banks		67		88
Current portion of long-term borrowings		5,052		41
Other		350		254
Total GE short-term borrowings		7,669		2,184

GECC
Commercial paper
U.S.		33,196		33,591
Non-U.S.		9,861		10,569
Current portion of long-term borrowings(a)(b)(c)(e)		61,071		82,650
GE Interest Plus notes(d)		8,301		8,474
Other(c)		1,158		1,049
Total GECC short-term borrowings		113,587		136,333

Eliminations		(821)		(906)
Total short-term borrowings	$	120,435	$	137,611


Long-term borrowings

GE
Senior notes	$	3,981	$	8,976
Payable to banks, principally U.S.		16		18
Other		391		411
Total GE long-term borrowings		4,388		9,405

GECC
Senior unsecured notes(b)		207,852		210,154
Subordinated notes(e)		4,979		4,862
Subordinated debentures(f)		7,239		7,215
Other(c)(g)		10,332		12,160
Total GECC long-term borrowings		230,402		234,391

Eliminations		(117)		(337)
Total long-term borrowings	$	234,673	$	243,459


Non-recourse borrowings of consolidated securitization entities(h)	$	31,171	$	29,258

Bank deposits(i)	$	45,196	$	43,115

Total borrowings and bank deposits	$	431,475	$	453,443

(a) GECC had issued and outstanding $12,550 million and $35,040 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at September 30, 2012 and December 31, 2011, respectively.

(b) Included in total long-term borrowings were $817 million and $1,845 million of obligations to holders of guaranteed investment contracts at September 30, 2012 and December 31, 2011, 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 or the short-term credit ratings fall below A-1+/P-1. On April 3, 2012, following the Moody's downgrade of GECC's long-term credit ratings to A1, $1,120 million of these GICs became redeemable by the holders. During the second and third quarters of 2012, holders of $386 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. The remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts. Following the redemption period, if the long-term credit ratings of GECC were to fall below AA-/A2, GECC could be required to provide up to $731 million as of September 30, 2012, to repay holders of certain GICs.

(c) Included $8,061 million and $8,538 million of funding secured by real estate, aircraft and other collateral at September 30, 2012 and December 31, 2011, respectively, of which $3,260 million and $2,983 million is non-recourse to GECC at September 30, 2012 and December 31, 2011, respectively.

(e) Included $300 million and $417 million of subordinated notes guaranteed by GE at September 30, 2012 and December 31, 2011, respectively, of which $117 million was included in current portion of long-term borrowings at December 31, 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 $1,942 million and $1,955 million of covered bonds at September 30, 2012 and December 31, 2011, 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 $711 million at September 30, 2012.

(h) Included at September 30, 2012 and December 31, 2011, were $8,514 million and $10,714 million of current portion of long-term borrowings, respectively, and $22,657 million and $18,544 million of long-term borrowings, respectively. See Note 18.

(i) Included $16,030 million and $16,281 million of deposits in non-U.S. banks at September 30, 2012 and December 31, 2011, respectively, and $18,538 million and $17,201 million of certificates of deposits with maturities greater than one year at September 30, 2012 and December 31, 2011, respectively.