BORROWED FUNDS

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



	December 31,
(in millions)	2014		2013
Federal funds purchased		$574		$689
Securities sold under agreements to repurchase	3,702		4,102
Other short-term borrowed funds	6,253		2,251
Total short-term borrowed funds		$10,529		$7,042

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



	As of and for the Year Ended December 31,
(dollars in millions)	2014			2013			2012
Weighted-average interest rate at year-end:
Federal funds purchased and securities sold under agreements to repurchase	0.14		%	0.09		%	0.10		%
Other short-term borrowed funds	0.26			0.20			0.29
Maximum amount outstanding at month-end during the year:
Federal funds purchased and securities sold under agreements to repurchase		$7,022			$5,114			$4,393
Other short-term borrowed funds	7,702			2,251			5,050
Average amount outstanding during the year:
Federal funds purchased and securities sold under agreements to repurchase		$5,699			$2,400			$2,716
Other short-term borrowed funds	5,640			251			3,026
Weighted-average interest rate during the year:
Federal funds purchased and securities sold under agreements to repurchase	0.12		%	0.31		%	0.22		%
Other short-term borrowed funds	0.25			0.44			0.33

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



	December 31,
(in millions)	2014		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		—
4.082% fixed rate subordinated debt, due 2025 ⁽¹⁾	334		—
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 ⁽²⁾	750		—
2.450% senior unsecured notes, due 2019 ^{(2) (3)}	746		—
Federal Home Loan advances due through 2033	772		25
Other	24		30
Total long-term borrowed funds		$4,642		$1,405

⁽¹⁾Intercompany borrowed funds with RBS Group. See Note 18 “Related Party Transactions” for further information.

⁽²⁾These securities were offered under CBNA's Global Bank Note Program dated December 1, 2014.

⁽³⁾ $750 million principal balance of unsecured notes presented net of $4 million hedge of interest rate risk on medium term debt using interest rate swaps. See Note 15 “Derivatives” for further information.

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 $11.3 billion and $4.2 billion at December 31, 2014 and 2013, respectively. The Company’s available FHLB borrowing capacity was $3.5 billion and $8.2 billion at December 31, 2014 and 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 December 31, 2014, the Company’s unused secured borrowing capacity was approximately $26.3 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 December 31, 2014:



Year	(in millions)
2015 or on demand		$—
2016	755
2017	762
2018	11
2019	747
2020 and thereafter	2,367
Total		$4,642