DEBT

3 Months Ended

Mar. 31, 2012

15. DEBT

Short-Term Borrowings

Short-term borrowings consist of commercial paper and other borrowings with weighted average interest rates at March 31, 2012 and December 31 2011 as follows:

	March 31, 2012		December 31, 2011

*In millions of dollars*	Balance		Balance
Commercial paper
Bank	$	14,795	$	14,872
Non-bank		6,239		6,414

	$	21,034	$	21,286
Other borrowings(1)		34,577		33,155

Total	$	55,611	$	54,441

(1): At March 31, 2012 and December 31, 2011, collateralized advances from the Federal Home Loan Banks were $6 billion and $5 billion, respectively.

Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate, or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit.

Some of Citigroup's non-bank subsidiaries have credit facilities with Citigroup's subsidiary depository institutions, including Citibank, N.A. Borrowings under these facilities must be secured in accordance with Section 23A of the Federal Reserve Act.

Citigroup Global Markets Holdings Inc. (CGMHI) has substantial borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI's short-term requirements.

Long-Term Debt

*In millions of dollars*	March 31, 2012		December 31, 2011

Citigroup parent company	$	176,080	$	181,702
Bank(1)		70,660		76,544
Other non-bank		64,339		65,259

Total(2)(3)	$	311,079	$	323,505

(1): At March 31, 2012 and December 31, 2011, collateralized advances from the Federal Home Loan Banks were $11.0 billion.
(2): Of this amount, approximately $34.5 billion maturing in 2012 is guaranteed by the FDIC under the Temporary Liquidity Guarantee Program (TLGP).
(3): Includes senior notes with carrying values of $219 million issued to Safety First Trust Series 2007-3, 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2009-1, 2009-2, and 2009-3 at March 31, 2012 and $176 million issued to Safety First Trust Series 2007-3, 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2009-2, and 2009-3 at December 31, 2011. Citigroup Funding Inc. (CFI) owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts' common securities. The Safety First Trusts' obligations under the Safety First Trust securities are fully and unconditionally guaranteed by CFI, and CFI's guarantee obligations are fully and unconditionally guaranteed by Citigroup.

CGMHI has committed long-term financing facilities with unaffiliated banks. At March 31, 2012, CGMHI had drawn down the full $700 million available under these facilities, of which $150 million is guaranteed by Citigroup. Generally, a bank can terminate these facilities by giving CGMHI one-year prior notice.

Long-term debt includes junior subordinated debt with a balance sheet carrying value of $16,041 million and $16,057 million at March 31, 2012 and December 31, 2011, respectively. The Company formed statutory business trusts under the laws of the State of Delaware. The trusts exist for the exclusive purposes of (i) issuing trust securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of its parent; and (iii) engaging in only those activities necessary or incidental thereto. Generally, upon receipt of certain regulatory approvals, Citigroup has the right to redeem these securities.

The following table summarizes the financial structure of each of the Company's subsidiary trusts at March 31, 2012:

										Junior subordinated debentures owned by trust

								Common shares issued to parent		Junior subordinated debentures owned by trust
Trust securities with distributions guaranteed by Citigroup *In millions of dollars, except share amounts*	Issuance date		Securities issued		Liquidation value(1)		Coupon rate	Common shares issued to parent		Amount		Maturity		Redeemable by issuer beginning
Citigroup Capital III		Dec. 1996		194,053	$	194	7.625%		6,003	$	200		Dec. 1, 2036		Not redeemable
Citigroup Capital VII		July 2001		35,885,898		897	7.125%		1,109,874		925		July 31, 2031		July 31, 2006
Citigroup Capital VIII		Sept. 2001		43,651,597		1,091	6.950%		1,350,050		1,125		Sept. 15, 2031		Sept. 17, 2006
Citigroup Capital IX		Feb. 2003		33,874,813		847	6.000%		1,047,675		873		Feb. 14, 2033		Feb. 13, 2008
Citigroup Capital X		Sept. 2003		14,757,823		369	6.100%		456,428		380		Sept. 30, 2033		Sept. 30, 2008
Citigroup Capital XI		Sept. 2004		18,387,128		460	6.000%		568,675		474		Sept. 27, 2034		Sept. 27, 2009
Citigroup Capital XII		Mar. 2010		92,000,000		2,300	8.500%		1,000		2,300		Mar. 30, 2040		Mar. 30, 2015
Citigroup Capital XIII		Sept. 2010		89,840,000		2,246	7.875%		1,000		2,246		Oct. 30, 2040		Oct. 30, 2015
Citigroup Capital XIV		June 2006		12,227,281		306	6.875%		40,000		307		June 30, 2066		June 30, 2011
Citigroup Capital XV		Sept. 2006		25,210,733		630	6.500%		40,000		631		Sept. 15, 2066		Sept. 15, 2011
Citigroup Capital XVI		Nov. 2006		38,148,947		954	6.450%		20,000		954		Dec. 31, 2066		Dec. 31, 2011
Citigroup Capital XVII		Mar. 2007		28,047,927		701	6.350%		20,000		702		Mar. 15, 2067		Mar. 15, 2012
Citigroup Capital XVIII		June 2007		99,901		160	6.829%		50		160		June 28, 2067		June 28, 2017
Citigroup Capital XIX		Aug. 2007		22,771,968		569	7.250%		20,000		570		Aug. 15, 2067		Aug. 15, 2012
Citigroup Capital XX		Nov. 2007		17,709,814		443	7.875%		20,000		443		Dec. 15, 2067		Dec. 15, 2012
Citigroup Capital XXI		Dec. 2007		2,345,801		2,346	8.300%		500		2,346		Dec. 21, 2077		Dec. 21, 2037
Citigroup Capital XXXIII		July 2009		3,025,000		3,025	8.000%		100		3,025		July 30, 2039		July 30, 2014
Adam Capital Trust III		Dec. 2002		17,500		18	3 mo. LIB +335 bp.		542		18		Jan. 7, 2033		Jan. 7, 2008
Adam Statutory Trust III		Dec. 2002		25,000		25	3 mo. LIB +325 bp.		774		26		Dec. 26, 2032		Dec. 26, 2007
Adam Statutory Trust IV		Sept. 2003		40,000		40	3 mo. LIB +295 bp.		1,238		41		Sept. 17, 2033		Sept. 17, 2008
Adam Statutory Trust V		Mar. 2004		35,000		35	3 mo. LIB +279 bp.		1,083		36		Mar. 17, 2034		Mar. 17, 2009

Total obligated					$	17,656				$	17,782

(1): Represents the notional value received by investors from the trusts at the time of issuance.

In each case, the coupon rate on the debentures is the same as that on the trust securities. Distributions on the trust securities and interest on the debentures are payable quarterly, except for Citigroup Capital III, Citigroup Capital XVIII and Citigroup Capital XXI on which distributions are payable semiannually.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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