BORROWED FUNDS

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



(in millions)	June 30, 2016		December 31, 2015
Securities sold under agreements to repurchase		$717		$802
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,770		2,630
Total short-term borrowed funds		$3,487		$3,432

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



(dollars in millions)	As of and for the Six Months Ended June 30, 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	0.00		%	0.15		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.65			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)	4,764			7,004
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase		$927			$3,364
Other short-term borrowed funds (primarily current portion of FHLB advances)	3,421			5,865
Weighted-average interest rate during the period:
Federal funds purchased and securities sold under agreements to repurchase	0.07		%	0.22		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.60			0.28

Note: Balances are net of certain short-term receivables associated with reverse repurchase agreements. Interest expense includes the full cost of the repurchase agreements, but excludes certain hedging costs and broker fees.

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



(in millions)	June 30, 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)}	218		331
4.082% fixed rate subordinated debt, due 2025 ^{(2) (5)}	355		331
4.350% fixed rate subordinated debt, due 2025 ⁽⁶⁾	249		250
4.300% fixed rate subordinated debt, due 2025 ⁽⁷⁾	749		750
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 ^{(8) (9)}	753		749
2.300% senior unsecured notes, due 2018 ^{(8) (10)}	756		747
2.450% senior unsecured notes, due 2019 ^{(8) (11)}	767		752
2.500% senior unsecured notes, due 2019 ^(8)(12)	753		—
2.550% senior unsecured notes, due 2021^(8)(13)	1,004		—
Federal Home Loan advances due through 2033	5,264		5,018
Other	12		25
Total long-term borrowed funds		$11,810		$9,886

⁽¹⁾These balances are comprised of: principal balances of $350 million at June 30, 2016 and December 31, 2015, as well as the impact of ($3) million of unamortized deferred issuance costs and discount at June 30, 2016.

⁽²⁾Borrowed funds with RBS as of December 31, 2015. 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 June 30, 2016 and December 31, 2015, respectively, as well as the impact from interest rate swaps of $10 million and ($2) million at June 30, 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 June 30, 2016 and December 31, 2015; impact from interest rate swaps of $21 million and ($3) million at June 30, 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 June 30, 2016 and December 31, 2015, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2016.

⁽⁷⁾These balances are comprised of: principal balances of $750 million at June 30, 2016 and December 31, 2015, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 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 June 30, 2016 and December 31, 2015; impact from interest rate swaps of $4 million and ($1) million at June 30, 2016 and December 31, 2015, respectively; and ($1) million of unamortized deferred issuance costs and discount at June 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹⁰⁾These balances are comprised of: principal balances of $750 million at June 30, 2016 and December 31, 2015; impact from interest rate swaps of $8 million and ($3) million at June 30, 2016 and December 31, 2015, respectively; and ($2) million of unamortized deferred issuance costs and discount at June 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹¹⁾ These balances are comprised of: principal balances of $750 million at June 30, 2016 and December 31, 2015; impact from interest rate swaps of $20 million and $2 million at June 30, 2016 and December 31, 2015, respectively; and ($3) million of unamortized deferred issuance costs and discount at June 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹²⁾The balance is comprised of: principal balance of $750 million at June 30, 2016; impact from interest rate swaps of $5 million and ($2) million of unamortized deferred issuance costs and discount at June 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹³⁾The balance is comprised of: principal balance of $1.0 billion at June 30, 2016; impact from interest rate swaps of $9 million and ($5) million of unamortized deferred issuance costs and discount at June 30, 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 $12.0 billion and $11.3 billion at June 30, 2016 and December 31, 2015, respectively. The Company’s available FHLB borrowing capacity was $3.5 billion and $4.1 billion at June 30, 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 June 30, 2016, the Company’s unused secured borrowing capacity was approximately $32.2 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 June 30, 2016:



Year (in millions)	CFG Parent Company		Banking Subsidiaries		Consolidated
2017 or on demand		$—		$6,004		$6,004
2018	—		761		761
2019	—		1,521		1,521
2020	—		2		2
2021	—		1,009		1,009
2022 and thereafter	2,501		12		2,513
Total		$2,501		$9,309		$11,810