BORROWED FUNDS

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



(in millions)	September 30, 2015		December 31, 2014
Federal funds purchased		$—		$574
Securities sold under agreements to repurchase	1,293		3,702
Other short-term borrowed funds (primarily current portion of FHLB advances)	5,861		6,253
Total short-term borrowed funds		$7,154		$10,529

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, 2015			As of and for the Year Ended December 31, 2014
Weighted-average interest rate at period-end:
Federal funds purchased and securities sold under agreements to repurchase	0.25		%	0.14		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.29			0.26
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase		$5,375			$7,022
Other short-term borrowed funds (primarily current portion of FHLB advances)	7,004			7,702
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase		$3,947			$5,699
Other short-term borrowed funds (primarily current portion of FHLB advances)	6,169			5,640
Weighted-average interest rate during the period:
Federal funds purchased and securities sold under agreements to repurchase	0.22		%	0.12		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.27			0.25

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



(in millions)	September 30, 2015		December 31, 2014
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		333
4.023% fixed rate subordinated debt, due 2024 ⁽¹⁾	333		333
4.082% fixed rate subordinated debt, due 2025 ⁽¹⁾	334		334
4.350% fixed rate subordinated debt, due 2025	250		—
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 ^{(2) (3)}	755		750
2.450% senior unsecured notes, due 2019 ^{(2) (3)}	763		746
Federal Home Loan advances due through 2033	18		772
Other	17		24
Total long-term borrowed funds		$4,153		$4,642

⁽¹⁾Intercompany borrowed funds with RBS. See Note 14 “Related Party Transactions” for further information.

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

⁽³⁾ $1.5 billion principal balance of unsecured notes presented net of $5 million and $13 million hedge of interest rate risk on medium term debt using interest rate swaps at September 30, 2015. See Note 12 “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 $9.8 billion and $11.3 billion at September 30, 2015 and December 31, 2014, respectively. The Company’s available FHLB borrowing capacity was $5.3 billion and $3.5 billion at September 30, 2015 and December 31, 2014, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, such as investment securities and loans, was pledged to provide borrowing capacity at the FRB. At September 30, 2015, the Company’s unused secured borrowing capacity was approximately $31.4 billion, which includes unencumbered 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, 2015:



Year	(in millions)
2015 or on demand		$—
2016	—
2017	761
2018	7
2019	764
2020 and thereafter	2,621
Total		$4,153