Short-Term Borrowings

6 Months Ended

Jun. 30, 2011

Note 15. Short-Term Borrowings

Short-term borrowings were comprised of the following:



	As of
	June		December
in millions	2011		2010

Other secured financings (short-term)	$	26,509	$	24,529
Unsecured short-term borrowings		56,554		47,842


Total	$	83,063	$	72,371

See Note 9 for further information about other secured financings.

Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. Short-term borrowings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, and such amounts approximate fair value due to the short-term nature of the obligations.

The table below presents unsecured short-term borrowings.



	As of
	June			December
in millions	2011			2010

Current portion of unsecured long-term borrowings ¹	$	33,236		$	25,396
Hybrid financial instruments		14,456			13,223
Promissory notes		3,252			3,265
Commercial paper		925			1,306
Other short-term borrowings		4,685			4,652


Total	$	56,554		$	47,842



Weighted average interest rate ²		1.74	%		1.77	%


1.	Includes $17.14 billion and $10.43 billion as of June 2011 and December 2010, respectively, guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP).

2.	The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.