|
Borrowings and Deposits (Tables)
|
9 Months Ended |
|
Sep. 30, 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 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 |
% |
|