BORROWED FUNDS (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of short-term 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

Schedule of long-term borrowed funds

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.

Schedule of maturities of long-term borrowed funds

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