BORROWED FUNDS (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

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

(in millions)	June 30, 2017		December 31, 2016
Federal funds purchased		$—		$533
Securities sold under agreements to repurchase	429		615
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,004		3,211
Total short-term borrowed funds		$2,433		$4,359

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

	As of and for the Three Months Ended June 30,						As of and for the Six Months Ended June 30,						As of and for the Year Ended December 31,
(dollars in millions)	2017			2016			2017			2016			2016
Weighted-average interest rate at period-end:(1)
Federal funds purchased and securities sold under agreements to repurchase	—		%	—		%	—		%	—		%	0.26		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	1.31			0.65			1.31			0.65			0.94
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$1,075			$968			$1,174			$1,274			$1,522
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,507			4,764			3,508			4,764			5,461
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$808			$974			$845			$927			$947
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,275			3,743			2,617			3,421			3,207
Weighted-average interest rate during the period:(1)
Federal funds purchased and securities sold under agreements to repurchase	0.36		%	0.08		%	0.28		%	0.07		%	0.09		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	1.22			0.61			1.14			0.60			0.64

⁽¹⁾ Rates exclude certain hedging costs.

⁽²⁾ Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable.

Schedule of long-term borrowed funds

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

(in millions)	June 30, 2017		December 31, 2016
Citizens Financial Group, Inc.:
4.150% fixed-rate subordinated debt, due 2022 (1)		$347		$347
5.158% fixed-to-floating rate subordinated debt, due 2023, converting to floating at 3-month LIBOR + 3.56% and callable beginning June 2018	333		333
3.750% fixed-rate subordinated debt, due 2024	250		250
4.023% fixed-rate subordinated debt, due 2024	42		42
4.350% fixed-rate subordinated debt, due 2025 (2)	249		249
4.300% fixed-rate subordinated debt, due 2025 (3)	749		749
2.375% fixed-rate senior unsecured debt, due 2021 (4)	348		348
Banking Subsidiaries:
2.300% senior unsecured notes, due 2018 (5)(6)	746		745
2.450% senior unsecured notes, due 2019 (5)(7)	748		747
2.500% senior unsecured notes, due 2019 (5)(8)	743		741
2.250% senior unsecured notes, due 2020 (5)(9)	698		—
Floating-rate senior unsecured notes, due 2020 (5)(10)	299		—
Floating-rate senior unsecured notes, due 2020 (5)(11)	249		—
2.200% senior unsecured notes, due 2020 (5)(12)	498		—
2.550% senior unsecured notes, due 2021(5)(13)	973		965
Floating-rate senior unsecured notes, due 2022 (5)(14)	249		—
2.650% senior unsecured notes, due 2022(5)(15)	497		—
Federal Home Loan advances due through 2033	5,112		7,264
Other	24		10
Total long-term borrowed funds		$13,154		$12,790

⁽¹⁾ These balances are composed of: principal balances of $350 million at June 30, 2017 and December 31, 2016, as well as the impact of ($3) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016.

⁽²⁾ These balances are composed of: principal balances of $250 million at June 30, 2017 and December 31, 2016, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016.

⁽³⁾ These balances are composed of: principal balances of $750 million at June 30, 2017 and December 31, 2016, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016.

⁽⁴⁾ These balances are composed of: principal balance of $350 million at June 30, 2017 and December 31, 2016, as well as the impact of ($2) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016.

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

⁽⁶⁾ These balances are composed of: principal balances of $750 million at June 30, 2017 and December 31, 2016, as well as the impact from interest rate swaps of ($3) million at June 30, 2017 and December 31, 2016; and ($1) million and ($2) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽⁷⁾ These balances are composed of: principal balances of $750 million at June 30, 2017 and December 31, 2016, as well as the impact of ($2) million and ($3) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016, respectively.

⁽⁸⁾ These balances are composed of: principal balance of $750 million at June 30, 2017 and December 31, 2016, as well as the impact from interest rate swaps of ($6) million and ($7) million at June 30, 2017 and December 31, 2016, respectively; and ($1) million and ($2) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽⁹⁾ This balance is composed of: principal balance of $700 million at June 30, 2017; impact from interest rate swaps of $1 million and ($3) million of unamortized deferred issuance costs and discount at June 30, 2017. See Note 10 “Derivatives” for further information.

⁽¹⁰⁾ This balance is composed of: principal balance of $300 million at June 30, 2017, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2017.

⁽¹¹⁾ These balances are composed of: principal balance of $250 million at June 30, 2017, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2017.

⁽¹²⁾ This balance is composed of: principal balance of $500 million at June 30, 2017, as well as the impact of ($2) million of unamortized deferred issuance costs and discount at June 30, 2017.

⁽¹³⁾ These balances are composed of: principal balance of $1.0 billion at June 30, 2017 and December 31, 2016, as well as the impact from interest rate swaps of ($23) million and ($30) million at June 30, 2017 and December 31, 2016, respectively; and ($4) million and ($5) million of unamortized deferred issuance costs and discount at June 30, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽¹⁴⁾ This balance is composed of: principal balance of $250 million at June 30, 2017, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at June 30, 2017.

⁽¹⁵⁾ This balance is composed of: principal balance of $500 million at June 30, 2017, as well as the impact from interest rate swaps of ($1) million and ($2) million of unamortized deferred issuance costs and discount at June 30, 2017.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at June 30, 2017 is presented below:

(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2018 or on demand		$—		$5,847		$5,847
2019	—		1,491		1,491
2020	—		1,762		1,762
2021	348		977		1,325
2022	347		752		1,099
2023 and thereafter	1,623		7		1,630
Total		$2,318		$10,836		$13,154