BORROWED FUNDS (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

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

	December 31,
(in millions)	2015		2014
Federal funds purchased		$—		$574
Securities sold under agreements to repurchase	802		3,702
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,630		6,253
Total short-term borrowed funds		$3,432		$10,529

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)	2015			2014			2013
Weighted-average interest rate at year-end:
Federal funds purchased and securities sold under agreements to repurchase	0.15		%	0.14		%	0.09		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.44			0.26			0.20
Maximum amount outstanding at month-end during the year:
Federal funds purchased and securities sold under agreements to repurchase		$5,375			$7,022			$5,114
Other short-term borrowed funds (primarily current portion of FHLB advances)	7,004			7,702			2,251
Average amount outstanding during the year:
Federal funds purchased and securities sold under agreements to repurchase		$3,364			$5,699			$2,400
Other short-term borrowed funds (primarily current portion of FHLB advances)	5,865			5,640			251
Weighted-average interest rate during the year:
Federal funds purchased and securities sold under agreements to repurchase	0.22		%	0.12		%	0.31		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.28			0.25			0.44

Schedule of long-term borrowed funds

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

	December 31,
(in millions)	2015		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
4.691% fixed rate subordinated debt, due 2024 (1)	—		334
4.153% fixed rate subordinated debt, due 2024 (1) (2)	250		333
4.023% fixed rate subordinated debt, due 2024 (1) (3)	331		333
4.082% fixed rate subordinated debt, due 2025 (1) (4)	331		334
4.350% fixed rate subordinated debt, due 2025	250		—
4.300% fixed rate subordinated debt, due 2025	750		—
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 (5) (6)	749		750
2.300% senior unsecured notes, due 2018 (5) (7)	747		—
2.450% senior unsecured notes, due 2019 (5) (8)	752		746
Federal Home Loan advances due through 2033	5,018		772
Other	25		24
Total long-term borrowed funds		$9,886		$4,642

⁽¹⁾ Borrowed funds with RBS. See Note 19 “Related Party Transactions and Significant Transactions with RBS” for further information.

⁽²⁾ Interest is payable until January 1, 2016 at a fixed rate per annum of 4.153% and at a fixed rate per annum of 3.750% thereafter.

⁽³⁾ $333 million principal balance of subordinated debt reflects the impact of $2 million hedge of interest rate risk on medium term debt using interest rate swaps at December 31, 2015. See Note 16 “Derivatives” for further information.

⁽⁴⁾ $334 million principal balance of subordinated debt reflects the impact of $3 million hedge of interest rate risk on medium term debt using interest rate swaps at December 31, 2015. See Note 16 “Derivatives” for further information.

⁽⁵⁾ These securities were offered under CBNA’s Global Bank Note Program dated December 1, 2014.

⁽⁶⁾$750 million principal balance of unsecured notes reflects the impact of $1 million hedge of interest rate risk on medium term debt using interest rate swaps at December 31, 2015. See Note 16 “Derivatives” for further information.

⁽⁷⁾ $750 million principal balance of unsecured notes reflects the impact of $3 million hedge of interest rate risk on medium term debt using interest rate swaps at December 31, 2015. See Note 16 “Derivatives” for further information.

⁽⁸⁾ $750 million principal balance of unsecured notes reflects the impact of $2 million hedge of interest rate risk on medium term debt using interest rate swaps at December 31, 2015. See Note 16 “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 December 31, 2015:

Year (in millions)	CFG Parent Company		Banking Subsidiaries		Consolidated
2016 or on demand		$—		$—		$—
2017	—		5,764		5,764
2018	—		753		753
2019	—		753		753
2020	—		2		2
2021 and thereafter	2,595		19		2,614
Total		$2,595		$7,291		$9,886