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Borrowings and Deposits (Tables)
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6 Months Ended |
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Jun. 30, 2012
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| Debt Disclosure [Abstract] |
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| 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 June 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:
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(dollars in millions) |
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June 30,
2012 |
|
December 31,
2011 |
Senior debt |
$ |
50,796 |
|
|
$ |
59,394 |
|
Senior structured notes |
27,719 |
|
|
28,523 |
|
Subordinated debt |
10,597 |
|
|
12,661 |
|
Junior subordinated notes (related to trust preferred securities) |
3,799 |
|
|
3,789 |
|
Other subsidiary financing |
1,103 |
|
|
868 |
|
Debt issued by consolidated VIEs |
10,061 |
|
|
11,534 |
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Total |
$ |
104,075 |
|
|
$ |
116,769 |
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|
|
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| Schedule of Borrowings and Deposits |
Borrowings and deposits at June 30, 2012 and December 31, 2011, are presented below:
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(dollars in millions) |
|
June 30,
2012 |
|
|
December 31,
2011 |
Short-term borrowings |
|
|
|
|
|
|
Other unsecured short-term borrowings |
$ |
1,053 |
|
|
|
$ |
1,112 |
|
Short-term debt issued by consolidated VIEs(1)
|
3,165 |
|
|
|
4,939 |
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Total |
$ |
4,218 |
|
|
|
$ |
6,051 |
|
Long-term borrowings(2)
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|
|
|
|
|
|
Fixed-rate obligations(3)
|
$ |
54,954 |
|
|
|
$ |
60,482 |
|
Variable-rate obligations(4)(5)
|
34,208 |
|
|
|
39,852 |
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Long-term debt issued by consolidated VIEs(1)
|
6,896 |
|
|
|
6,595 |
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Total |
$ |
96,058 |
|
|
|
$ |
106,929 |
|
Deposits |
|
|
|
|
|
|
Non-U.S. |
$ |
12,289 |
|
|
|
$ |
12,364 |
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(1) |
See Note 9 for additional information on debt issued by consolidated VIEs. |
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(2) |
Excludes junior subordinated notes (related to trust preferred securities). |
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(3) |
Fixed-rate obligations are generally swapped to variable rates. |
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(4) |
Variable interest rates are generally based on rates such as LIBOR, the U.S. Treasury Bill rate, or the Federal Funds rate. |
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(5) |
Includes structured notes. |
See Note 5 for additional information on the fair value of long-term borrowings.
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| Schedule of Weighted Average Interest Rates for Borrowings |
The weighted-average interest rates for borrowings at June 30, 2012 and December 31, 2011 (excluding structured products) were as follows:
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June 30,
2012 |
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|
December 31,
2011 |
Short-term borrowings |
0.3 |
% |
|
|
0.4 |
% |
Long-term borrowings |
4.0 |
|
|
|
4.0 |
|
Junior subordinated notes (related to trust preferred securities) |
6.5 |
|
|
|
6.5 |
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|
| Schedule of Maturities of Long-term Debt |
At June 30, 2012, long-term borrowings mature as follows:
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|
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(dollars in millions) |
|
Amount |
|
Percentage of Total |
Less than 1 year |
$ |
25,750 |
|
|
27 |
% |
1 – 2 years |
20,224 |
|
|
21 |
|
2 – 3 years |
9,689 |
|
|
10 |
|
3 – 4 years |
4,847 |
|
|
5 |
|
4 – 5 years |
5,045 |
|
|
5 |
|
Greater than 5 years |
30,503 |
|
|
32 |
|
Total |
$ |
96,058 |
|
|
100 |
% |
|