BORROWED FUNDS

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



(in millions)	March 31, 2016		December 31, 2015
Federal funds purchased		$23		$—
Securities sold under agreements to repurchase	691		802
Other short-term borrowed funds (primarily current portion of FHLB advances)	3,300		2,630
Total short-term borrowed funds		$4,014		$3,432

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



(dollars in millions)	As of and for the Three Months Ended March 31, 2016			As of and for the Year Ended December 31, 2015
Weighted-average interest rate at period-end:
Federal funds purchased and securities sold under agreements to repurchase	0.01		%	0.15		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.57			0.44
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase		$1,274			$5,375
Other short-term borrowed funds (primarily current portion of FHLB advances)	3,300			7,004
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase		$881			$3,364
Other short-term borrowed funds (primarily current portion of FHLB advances)	3,098			5,865
Weighted-average interest rate during the period:
Federal funds purchased and securities sold under agreements to repurchase	0.06		%	0.22		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.58			0.28

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



(in millions)	March 31, 2016		December 31, 2015
Citizens Financial Group, Inc.:
4.150% fixed rate subordinated debt, due 2022 ⁽¹⁾		$347		$350
5.158% fixed-to-floating rate subordinated debt, (LIBOR + 3.56%) callable, due 2023 ⁽²⁾	333		333
3.750% fixed rate subordinated debt, due 2024 ^{(2) (3)}	250		250
4.023% fixed rate subordinated debt, due 2024^{(2) (4)}	214		331
4.082% fixed rate subordinated debt, due 2025 ^{(2) (5)}	346		331
4.350% fixed rate subordinated debt, due 2025 ⁽⁶⁾	248		250
4.300% fixed rate subordinated debt, due 2025 ⁽⁷⁾	749		750
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 ^{(8) (9)}	752		749
2.300% senior unsecured notes, due 2018 ^{(8) (10)}	753		747
2.450% senior unsecured notes, due 2019 ^{(8) (11)}	763		752
2.500% senior unsecured notes, due 2019 ^(8)(12)	750		—
Federal Home Loan advances due through 2033	4,516		5,018
Other	14		25
Total long-term borrowed funds		$10,035		$9,886

⁽¹⁾These balances are comprised of: principal balances of $350 million at March 31, 2016 and December 31, 2015, as well as the impact of ($3) million of unamortized deferred issuance costs and discount at March 31, 2016.

⁽²⁾Borrowed funds with RBS. See Note 13 “Related Party Transactions and Significant Transactions with RBS” for further information.

⁽³⁾Prior to January 1, 2016, interest was payable at a fixed rate per annum of 4.153%.

⁽⁴⁾These balances are comprised of: principal balance of $208 million and $333 million at March 31, 2016 and December 31, 2015, respectively, as well as the impact from interest rate swaps of $6 million and ($2) million at March 31, 2016 and December 31, 2015, respectively. See Note 11 “Derivatives” for further information. In addition, on March 7, 2016, the Company repurchased $125 million of these securities from RBS. See Note 13 “Related Party Transactions and Significant Transactions with RBS” for further information.

⁽⁵⁾These balances are comprised of: principal balance of $334 million at March 31, 2016 and December 31, 2015; impact from interest rate swaps of $12 million and ($3) million at March 31, 2016 and December 31, 2015, respectively. See Note 11 “Derivatives” for further information.

⁽⁶⁾These balances are comprised of: principal balances of $250 million at March 31, 2016 and December 31, 2015, as well as the impact of ($2) million of unamortized deferred issuance costs and discount at March 31, 2016.

⁽⁷⁾These balances are comprised of: principal balances of $750 million at March 31, 2016 and December 31, 2015, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at March 31, 2016.

⁽⁸⁾These securities were offered under CBNA’s Global Bank Note Program dated December 1, 2014.

⁽⁹⁾ These balances are comprised of: principal balances of $750 million at March 31, 2016 and December 31, 2015; impact from interest rate swaps of $3 million and ($1) million at March 31, 2016 and December 31, 2015, respectively; and ($1) million of unamortized deferred issuance costs and discount at March 31, 2016. See Note 11 “Derivatives” for further information.

⁽¹⁰⁾These balances are comprised of: principal balances of $750 million at March 31, 2016 and December 31, 2015; impact from interest rate swaps of $6 million and ($3) million at March 31, 2016 and December 31, 2015, respectively; and ($3) million of unamortized deferred issuance costs and discount at March 31, 2016. See Note 11 “Derivatives” for further information.

⁽¹¹⁾ These balances are comprised of: principal balances of $750 million at March 31, 2016 and December 31, 2015; impact from interest rate swaps of $16 million and $2 million at March 31, 2016 and December 31, 2015, respectively; and ($3) million of unamortized deferred issuance costs and discount at March 31, 2016. See Note 11 “Derivatives” for further information.

⁽¹²⁾The balance is comprised of: principal balance of $750 million at March 31, 2016; impact from interest rate swaps of $2 million and $(2) million of unamortized deferred issuance costs and discount at March 31, 2016. See Note 11 “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 $12.1 billion and $11.3 billion at March 31, 2016 and December 31, 2015, respectively. The Company’s available FHLB borrowing capacity was $3.5 billion and $4.1 billion at March 31, 2016 and December 31, 2015, 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 March 31, 2016, the Company’s unused secured borrowing capacity was approximately $31.6 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 March 31, 2016:



Year (in millions)	CFG Parent Company		Banking Subsidiaries		Consolidated
2017 or on demand		$—		$5,256		$5,256
2018	—		759		759
2019	—		1,514		1,514
2020	—		2		2
2021	—		5		5
2022 and thereafter	2,487		12		2,499
Total		$2,487		$7,548		$10,035