BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

summary of the Company’s short-term borrowed funds is presented below:

(in millions)	September 30, 2016		December 31, 2015
Federal funds purchased		$95		$—
Securities sold under agreements to repurchase	805		802
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,512		2,630
Total short-term borrowed funds		$3,412		$3,432

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

	As of and for the Three Months Ended September 30,						As of and for the Nine Months Ended September 30,						As of and for the Year Ended December 31,
(dollars in millions)	2016			2015			2016			2015			2015
Weighted-average interest rate at period-end:
Federal funds purchased and securities sold under agreements to repurchase	0.03		%	0.25		%	0.03		%	0.25		%	0.15		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.63			0.29			0.63			0.29			0.44
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase		$1,032			$3,356			$1,274			$5,375			$5,375
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,515			5,861			4,764			7,004			7,004
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase		$910			$2,880			$922			$3,947			$3,364
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,564			5,062			3,133			6,169			5,865
Weighted-average interest rate during the period:
Federal funds purchased and securities sold under agreements to repurchase	0.10		%	0.32		%	0.09		%	0.22		%	0.22		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	0.63			0.29			0.62			0.27			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.

Schedule of long-term borrowed funds

summary of the Company’s long-term borrowed funds is presented below:

(in millions)	September 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	333		333
3.750% fixed rate subordinated debt, due 2024 (2)	250		250
4.023% fixed rate subordinated debt, due 2024 (3)	42		331
4.082% fixed rate subordinated debt, due 2025 (4)	—		331
4.350% fixed rate subordinated debt, due 2025 (5)	249		250
4.300% fixed rate subordinated debt, due 2025 (6)	749		750
2.375% fixed rate senior unsecured debt, due 2021 (7)	348		—
Banking Subsidiaries:
1.600% senior unsecured notes, due 2017 (8) (9)	750		749
2.300% senior unsecured notes, due 2018 (8) (10)	752		747
2.450% senior unsecured notes, due 2019 (8) (11)	761		752
2.500% senior unsecured notes, due 2019 (8)(12)	749		—
2.550% senior unsecured notes, due 2021(8)(13)	998		—
Federal Home Loan advances due through 2033	5,564		5,018
Other	10		25
Total long-term borrowed funds		$11,902		$9,886

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

⁽²⁾ Prior to January 1, 2016, interest was payable at a fixed rate per annum of 4.153%.

⁽³⁾ These balances are comprised of: principal balance of $42 million and $333 million at September 30, 2016 and December 31, 2015, respectively, as well as the impact from interest rate swaps of zero and ($2) million at September 30, 2016 and December 31, 2015, respectively. See Note 11 “Derivatives” for further information. In addition, the Company repurchased $125 million and $166 million of these securities on March 7, 2016 and July 28, 2016, respectively.

⁽⁴⁾ These balances are comprised of: principal balance of zeroand$334 million at September 30, 2016 and December 31, 2015, respectively; impact from interest rate swaps of zero and ($3) million at September 30, 2016 and December 31, 2015, respectively. See Note 11 “Derivatives” for further information. On July 28, 2016, the Company repurchased $334 million of these securities.

⁽⁵⁾ These balances are comprised of: principal balances of $250 million at September 30, 2016 and December 31, 2015, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at September 30, 2016.

⁽⁶⁾ These balances are comprised of: principal balances of $750 million at September 30, 2016 and December 31, 2015, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at September 30, 2016.

⁽⁷⁾ This balance is comprised of: principal balance of $350 million at September 30, 2016, as well as the impact of ($2) million of unamortized deferred issuance costs and discount at September 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 September 30, 2016 and December 31, 2015; impact from interest rate swaps of $1 million and ($1) million at September 30, 2016 and December 31, 2015, respectively; and ($1) million of unamortized deferred issuance costs and discount at September 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹⁰⁾ These balances are comprised of: principal balances of $750 million at September 30, 2016 and December 31, 2015; impact from interest rate swaps of $4 million and ($3) million at September 30, 2016 and December 31, 2015, respectively; and ($2) million of unamortized deferred issuance costs and discount at September 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹¹⁾ These balances are comprised of: principal balances of $750 million at September 30, 2016 and December 31, 2015; impact from interest rate swaps of $14 million and $2 million at September 30, 2016 and December 31, 2015, respectively; and ($3) million of unamortized deferred issuance costs and discount at September 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹²⁾ This balance is comprised of: principal balance of $750 million at September 30, 2016; impact from interest rate swaps of $1 million and ($2) million of unamortized deferred issuance costs and discount at September 30, 2016. See Note 11 “Derivatives” for further information.

⁽¹³⁾ This balance is comprised of: principal balance of $1.0 billion at September 30, 2016; impact from interest rate swaps of $2 million and ($4) million of unamortized deferred issuance costs and discount at September 30, 2016. See Note 11 “Derivatives” for further information.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at September 30, 2016 is presented below:

Year (in millions)	CFG Parent Company		Banking Subsidiaries		Consolidated
2017 or on demand		$—		$4,251		$4,251
2018	—		2,807		2,807
2019	—		1,511		1,511
2020	—		2		2
2021	348		1,002		1,350
2022 and thereafter	1,970		11		1,981
Total		$2,318		$9,584		$11,902