Borrowings and Deposits (Tables)

9 Months Ended

Sep. 30, 2012

The tables below exclude Merrill Lynch’s intercompany borrowings from Bank of America, see Note 2 for further information. Total borrowings at September 30, 2012 and December 31, 2011, which are comprised of short-term borrowings, long-term borrowings and junior subordinated notes (related to trust preferred securities), consisted of the following:



(dollars in millions)
	September 30, 2012		December 31, 2011
Senior debt	$	48,026	$	59,394
Senior structured notes	26,849		28,523
Subordinated debt	10,719		12,661
Junior subordinated notes (related to trust preferred securities)	3,804		3,789
Other subsidiary financing	1,213		868
Debt issued by consolidated VIEs	10,297		11,534
Total	$	100,908	$	116,769

Schedule of Borrowings and Deposits

Borrowings and deposits at September 30, 2012 and December 31, 2011, are presented below:



(dollars in millions)
	September 30, 2012		December 31, 2011
Short-term borrowings
Other unsecured short-term borrowings	$	682	$	1,112
Short-term borrowings issued by consolidated VIEs⁽¹⁾	2,874		4,939
Total	$	3,556	$	6,051
Long-term borrowings⁽²⁾
Fixed-rate obligations⁽³⁾	$	52,729	$	60,482
Variable-rate obligations⁽⁴⁾⁽⁵⁾	33,396		39,852
Long-term borrowings issued by consolidated VIEs⁽¹⁾	7,423		6,595
Total	$	93,548	$	106,929
Deposits
Non-U.S.	$	12,529	$	12,364


(1)	See Note 9 for additional information on debt issued by consolidated VIEs.


(2)	Excludes junior subordinated notes (related to trust preferred securities).


(3)	Fixed-rate obligations are generally swapped to variable rates.


(4)	Variable interest rates are generally based on rates such as LIBOR, the U.S. Treasury Bill rate, or the Federal Funds rate.


(5)	Includes structured notes.

Schedule of Weighted Average Interest Rates for Borrowings

The weighted-average interest rates for borrowings at September 30, 2012 and December 31, 2011 (excluding structured products) were as follows:



	September 30, 2012		December 31, 2011
Short-term borrowings	0.2	%	0.4	%
Long-term borrowings	3.9		4.0
Junior subordinated notes (related to trust preferred securities)	6.5		6.5

Schedule of Maturities of Long-term Debt

At September 30, 2012, long-term borrowings mature as follows:



(dollars in millions)
	Amount		Percentage of Total
Less than 1 year	$	23,354	25	%
1 – 2 years	22,938		25
2 – 3 years	6,064		6
3 – 4 years	4,346		5
4 – 5 years	8,654		9
Greater than 5 years	28,192		30
Total	$	93,548	100	%

MERRILL LYNCH & CO., INC. 10-Q