|
Borrowings and Deposits (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
The tables below exclude Merrill Lynch’s intercompany borrowings from Bank of America (see Note 2 for further information). Total borrowings at December 31, 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) |
|
December 31,
2012 |
|
|
December 31,
2011 |
Senior debt |
$ |
47,702 |
|
|
|
$ |
59,394 |
|
Senior structured notes |
27,010 |
|
|
|
28,523 |
|
Subordinated debt |
10,740 |
|
|
|
12,661 |
|
Junior subordinated notes (related to trust preferred securities) |
3,809 |
|
|
|
3,789 |
|
Other subsidiary financing |
941 |
|
|
|
868 |
|
Debt issued by consolidated VIEs |
9,232 |
|
|
|
11,534 |
|
Total |
$ |
99,434 |
|
|
|
$ |
116,769 |
|
|
|
|
|
|
|
| Schedule of Borrowings and Deposits |
Borrowings and deposits at December 31, 2012 and December 31, 2011, are presented below:
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
December 31,
2012 |
|
|
December 31,
2011 |
Short-term borrowings |
|
|
|
|
|
|
Other unsecured short-term borrowings |
$ |
436 |
|
|
|
$ |
1,112 |
|
Short-term debt issued by consolidated VIEs(1)
|
2,940 |
|
|
|
4,939 |
|
Total |
$ |
3,376 |
|
|
|
$ |
6,051 |
|
Long-term borrowings(2)
|
|
|
|
|
|
|
Fixed-rate obligations(3)
|
$ |
52,224 |
|
|
|
$ |
60,482 |
|
Variable-rate obligations(4)(5)
|
33,733 |
|
|
|
39,852 |
|
Long-term debt issued by consolidated VIEs(1)
|
6,292 |
|
|
|
6,595 |
|
Total |
$ |
92,249 |
|
|
|
$ |
106,929 |
|
Deposits |
|
|
|
|
|
|
Non-U.S. |
$ |
12,873 |
|
|
|
$ |
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 December 31, 2012 and December 31, 2011 (excluding structured products) were as follows:
|
|
|
|
|
|
|
|
|
December 31,
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 December 31, 2012, long-term borrowings mature as follows:
|
|
|
|
|
|
|
|
(dollars in millions) |
|
Amount |
|
Percentage of Total |
Less than 1 year |
$ |
27,505 |
|
|
30 |
% |
1 – 2 years |
19,333 |
|
|
21 |
|
2 – 3 years |
5,427 |
|
|
6 |
|
3 – 4 years |
3,669 |
|
|
4 |
|
4 – 5 years |
8,817 |
|
|
10 |
|
Greater than 5 years |
27,498 |
|
|
29 |
|
Total |
$ |
92,249 |
|
|
100 |
% |
|
| Schedule of Preferred Stock and Trust Preferred Securities |
The following table summarizes Merrill Lynch’s trust preferred securities as of December 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
TRUST |
ISSUE
DATE
|
|
AGGREGATE
PRINCIPAL
AMOUNT
OF TRUST
PREFERRED
SECURITIES (4)
|
|
AGGREGATE
PRINCIPAL
AMOUNT
OF NOTES
|
|
AGGREGATE
CARRYING
VALUE
OF NOTES
|
|
ANNUAL
DISTRIBUTION
RATE
|
|
STATED
MATURITY OF THE TRUST SECURITIES
|
ML Preferred Capital Trust III |
Jan–1998 |
|
$ |
750 |
|
|
$ |
900 |
|
|
$ |
659 |
|
|
7.00 |
% |
|
Perpetual |
ML Preferred Capital Trust IV |
Jun–1998 |
|
400 |
|
|
480 |
|
|
349 |
|
|
7.12 |
|
|
Perpetual |
ML Preferred Capital Trust V |
Nov–1998 |
|
850 |
|
|
1,021 |
|
|
762 |
|
|
7.28 |
|
|
Perpetual |
ML Capital Trust I |
Dec-2006 |
|
1,050 |
|
|
1,051 |
|
|
580 |
|
|
6.45 |
|
|
Dec–2066(1)
|
ML Capital Trust II |
May–2007 |
|
950 |
|
|
951 |
|
|
907 |
|
|
6.45 |
|
|
Jun–2067(2)
|
ML Capital Trust III |
Aug–2007 |
|
750 |
|
|
751 |
|
|
552 |
|
|
7.375 |
|
|
Sep–2067(3)
|
Total |
|
|
$ |
4,750 |
|
|
$ |
5,154 |
|
|
$ |
3,809 |
|
|
|
|
|
|
|
|
(1) |
Merrill Lynch has the option to extend the maturity of the junior subordinated note until December, 2086.
|
|
|
(2) |
Merrill Lynch has the option to extend the maturity of the junior subordinated note until June, 2087.
|
|
|
(3) |
Merrill Lynch has the option to extend the maturity of the junior subordinated note until September, 2087.
|
|
|
(4) |
Includes related investments of $25 million.
|
|
| Schedule of Deposit Liabilities |
Deposits
Deposits at December 31, 2012 and December 31, 2011, are presented below:
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
December 31,
2012 |
|
|
December 31,
2011 |
Non-U.S. |
|
|
|
|
|
|
Non-interest bearing |
$ |
1,288 |
|
|
|
$ |
1,153 |
|
Interest bearing |
11,585 |
|
|
|
11,211 |
|
Total Deposits |
$ |
12,873 |
|
|
|
$ |
12,364 |
|
|