BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of short-term 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

Schedule of long-term borrowed funds

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.

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, 2015:

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