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94 GE 2010 ANNUAL REPORT
    
Note 10.
Borrowings and Bank Deposits
SHORT-TERM BORROWINGS
2010 2009
Average Average
December 31 (In millions) Amount rate
(a) Amount rate
(a)
GE
Commercial paper $ — — % $ — —%
Payable to banks 73 2.44 83 4.80
Current portion of long-term borrowings 21 8.35 27 6.56
Other 362 394
Total GE short-term borrowings 456 504
GECS
Commercial paper
U.S. 32,547 0.28 37,775 0.20
Non-U.S. 9,497 1.41 9,525 0.86
Current portion of long-term borrowings
(b)(c)(d) 65,612 3.24 69,878 3.27
GE Interest Plus notes
(e) 9,058 1.59 7,541 2.40
Other
(d) 2,083 6,035
Total GECS short-term borrowings 118,797 130,754
ELIMINATIONS (1,294) (1,389)
Total short-term borrowings $117,959 $129,869
LONG-TERM BORROWINGS
2010 2009
Average Average
December 31 (In millions) Maturities Amount rate
(a) Amount rate
(a)
GE
Senior notes 2013–2017 $ 8,971 5.11 % $ 8,968 5.12%
Payable to banks, principally U.S. 2012–2016 25 3.08 2,001 2.96
Other 660 712
Total GE long-term borrowings 9,656 11,681
GECS
Senior unsecured notes
(b)(c) 2012–2055 262,789 3.29 304,344 3.31
Subordinated notes
(f) 2012–2037 2,575 5.48 2,686 5.77
Subordinated debentures
(g) 2066–2067 7,298 6.63 7,647 6.48
Other
(d)(h) 11,745 10,752
Total GECS long-term borrowings 284,407 325,429
ELIMINATIONS (740) (938)
Total long-term borrowings $293,323 $336,172
NON-RECOURSE BORROWINGS OF CONSOLIDATED SECURITIZATION ENTITIES (i) 2011–2021 $ 30,060 2.88 % $ 3,883 0.57%
BANK DEPOSITS (j) $ 37,298 $ 33,519
TOTAL BORROWINGS AND BANK DEPOSITS $478,640 $503,443
(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) GECC had issued and outstanding $53,495 million and $59,336 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under
the Temporary Liquidity Guarantee Program at December 31, 2010 and 2009, respectively. Of the above amounts, $18,455 million and $5,841 million are included in current
portion of long-term borrowings at December 31, 2010 and 2009, respectively.
(c) Included in total long-term borrowings were $2,395 million and $3,138 million of obligations to holders of GICs at December 31, 2010 and 2009, respectively. If the long-term
credit rating of GECC were to fall below AA-/Aa3 or its short-term credit rating were to fall below A-1+/P-1, GECC could be required to provide up to approximately $2,300 million
as of December 31, 2010, to repay holders of GICs.
(d) Included $11,135 million and $10,604 million of funding secured by real estate, aircraft and other collateral at December 31, 2010 and 2009, respectively, of which $4,671 million
and $5,667 million is non-recourse to GECS at December 31, 2010 and 2009, respectively.
(e) Entirely variable denomination floating-rate demand notes.
(f) Included $417 million of subordinated notes guaranteed by GE at both December 31, 2010 and 2009.
(g) Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
(h) Included $1,984 million and $1,649 million of covered bonds at December 31, 2010 and 2009, respectively. If the short-term credit rating of GECC were reduced below A-1/P-1,
GECC would be required to partially cash collateralize these bonds in an amount up to $764 million at December 31, 2010.
(i) Included at December 31, 2010 was $10,499 million of current portion of long-term borrowings and $19,561 million of long-term borrowings related to former QSPEs
consolidated on January 1, 2010 upon our adoption of ASU 2009-16 & 17, previously consolidated liquidating securitization entities and other on-book securitization borrowings.
Included at December 31, 2009, was $2,424 million of commercial paper, $378 million of current portion of long-term borrowings and $1,081 million of long-term borrowings
issued by consolidated liquidating securitization entities. See Note 24.
(j) Included $18,781 million and $15,848 million of deposits in non-U.S. banks at December 31, 2010 and 2009, respectively, and $11,329 million and $10,476 million of certificates
of deposits distributed by brokers with maturities greater than one year at December 31, 2010 and 2009, respectively.
Additional information about borrowings and associated swaps can be found in Note 22.