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84 GE 2009 ANNUAL REPORT
    
Note 10.
Borrowings and Bank Deposits
SHORT-TERM BORROWINGS
2009 2008
December 31 (Dollars in millions) Amount
Average
rate (a) Amount
Average
rate (a)
GE
Commercial paper
U.S. $ — — % $— — %
Non-U.S. — — 1 7.82
Payable to banks 83 4.80 78 2.91
Current portion of long-term debt 27 6.56 1,703 0.84
Other 394 593
Total 504 2,375
GECS
Commercial paper
U.S.
Unsecured (b) 37,775 0.20 62,768 2.12
Asset-backed (c) 2,424 0.29 3,652 2.57
Non-U.S. 9,525 0.86 9,033 4.12
Current portion of long-term debt (b) (d) (e) 70,262 3.39 69,682 3.83
GE Interest Plus notes (f) 7,541 2.40 5,633 3.58
Other 6,412 13,131
Total 133,939 163,899
ELIMINATIONS (1,389) (2,213)
Total short-term borrowings $133,054 $164,061
LONG-TERM BORROWINGS
2009 2008
December 31 (Dollars in millions) Maturities Amount
Average
rate (a) Amount
Average
rate (a)
GE
Senior notes 2013–2017 $ 8,968 5.12 % $ 8,962 5.11 %
Industrial development/pollution control bonds 2011–2027 264 0.19 264 1.10
Payable to banks, principally U.S. 2010–2016 2,001 2.96 317 6.93
Other 448 284
Total 11,681 9,827
GECS
Senior notes
Unsecured (b) (e) (g) 2011–2055 312,852 3.23 296,760 4.82
Asset-backed (h) 2011–2035 3,390 4.01 5,002 5.12
Subordinated notes (i) 2012–2037 2,686 5.77 2,866 5.70
Subordinated debentures (j) 2066–2067 7,647 6.48 7,315 6.20
Other 897 1,905
Total 327,472 313,848
ELIMINATIONS (938) (828)
Total long-term borrowings $338,215 $322,847
BANK DEPOSITS (k) $ 38,923 $ 36,854
TOTAL BORROWINGS AND BANK DEPOSITS $510,192 $523,762
(a) Based on year-end balances and year-end local currency interest rates. Current portion of long-term debt included the effects of related fair value interest rate and currency
hedges, if any, directly associated with the original debt issuance.
(b) General Electric Capital Corporation (GE Capital) had issued and outstanding $59,336 million (long-term borrowings) and $35,243 million ($21,823 million commercial paper
and $13,420 million long-term borrowings) of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity
Guarantee Program at December 31, 2009 and 2008, respectively. GE Capital and GE are parties to an Eligible Entity Designation Agreement and GE Capital is subject to the
terms of a Master Agreement, each entered into with the FDIC. The terms of these agreements include, among other things, a requirement that GE and GE Capital reimburse
the FDIC for any amounts that the FDIC pays to holders of GE Capital debt that is guaranteed by the FDIC.
(c) Consists entirely of obligations of consolidated, liquidating securitization entities. See Note 23.
(d) Included $204 million and $326 million of asset-backed senior notes, issued by consolidated, liquidating securitization entities at December 31, 2009 and 2008, respectively.
(e) Included in total long-term borrowings was $3,138 million of obligations to holders of guaranteed investment contracts at December 31, 2009, of which GE Capital could be
required to repay up to approximately $3,000 million if its long-term credit rating were to fall below AA–/Aa3 or its short-term credit rating were to fall below A–1+/P–1.
(f) Entirely variable denomination floating rate demand notes.