BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

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 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

Schedule of long-term borrowed funds

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

Schedule of maturities of long-term borrowed funds

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