BORROWED FUNDS

The following is a summary of the Company’s short-term borrowed funds:



(in millions)	As of September 30, 2014		As of December 31, 2013
Federal funds purchased		$—		$689
Securities sold under agreements to repurchase	5,184		4,102
Other short-term borrowed funds	6,715		2,251
Total short-term borrowed funds		$11,899		$7,042

Key data related to short-term borrowed funds is presented in the following table:



(dollars in millions)	As of and For the Nine Months Ended September 30, 2014			As of and For the Year Ended December 31, 2013
Weighted-average interest rate at period end:
Federal funds purchased and securities sold under agreements to repurchase	0.12		%	0.09		%
Other short-term borrowed funds	0.25			0.20
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase		$7,022			$5,114
Other short-term borrowed funds	7,702			2,251
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase		$5,908			$2,400
Other short-term borrowed funds	5,479			259
Weighted-average interest rate during the period:
Federal funds purchased and securities sold under agreements to repurchase	0.08		%	0.31		%
Other short-term borrowed funds	0.26			0.44

The following is a summary of the Company’s long-term borrowed funds:



(in millions)	September 30, 2014		December 31, 2013
Citizens Financial Group, Inc.:
4.150% fixed rate subordinated debt, due 2022		$350		$350
5.158% fixed-to-floating rate subordinated debt, (LIBOR + 3.56%) callable, due 2023⁽¹⁾	333		333
4.771% fixed rate subordinated debt, due 2023⁽¹⁾	333		333
4.691% fixed rate subordinated debt, due 2024⁽¹⁾	334		334
4.153% fixed rate subordinated debt, due 2024⁽¹⁾	333		—
4.023% fixed rate subordinated debt, due 2024⁽¹⁾	333		—
Banking Subsidiaries:
Federal Home Loan advances due through 2033	23		25
Other	23		30
Total long-term borrowed funds		$2,062		$1,405

⁽¹⁾ Intercompany borrowed funds with the RBS Group. See Note 14 “Related Party Transactions” to the Company's unaudited interim Consolidated Financial Statements in Part I, Item 1 — Financial Information included elsewhere in this report.

Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $11.0 billion and $4.2 billion at September 30, 2014 and December 31, 2013, respectively. The Company’s available FHLB borrowing capacity was $3.5 billion and $8.2 billion at September 30, 2014 and December 31, 2013, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, such as investment securities and loans, is pledged to provide borrowing capacity at the FRB. At September 30, 2014, the Company’s unused secured borrowing capacity was approximately $26.0 billion, which includes free securities, FHLB borrowing capacity, and FRB discount window capacity.

The following is a summary of maturities for the Company’s long-term borrowed funds at September 30, 2014:



Year	(in millions)
2015 or on demand		$1
2016	5
2017	13
2018	11
2019	1
2020 and thereafter	2,031
Total		$2,062