Ally Bank 2014 Annual Report Download - page 134
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
122
15. Short-term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
2014 2013
December 31, ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total
Demand notes $ 3,338 $ — $ 3,338 $ 3,225 $ — $ 3,225
Federal Home Loan Bank — 2,950 2,950 — 3,570 3,570
Securities sold under agreements to repurchase (b) — 774 774 — 1,500 1,500
Other (c) ——— — 250 250
Total short-term borrowings $ 3,338 $ 3,724 $ 7,062 $ 3,225 $ 5,320 $ 8,545
Weighted average interest rate (d) 0.8% 0.8%
(a) Refer to Note 16 for further details on assets restricted as collateral for payment of the related debt.
(b) We periodically enter into term repurchase agreements, short-term borrowing arrangements in which we sell financial instruments to one or more
investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. The financial
instruments sold under agreement to repurchase typically consist of U.S. government and agency securities.
(c) Other relates to secured borrowings at Corporate Finance.
(d) Based on the debt outstanding and the interest rate at December 31 of each year.
16. Long-term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions) Amount Interest rate
Weighted-average
interest rate (a)
Due date
range
2014
Unsecured debt
Fixed rate (b) $ 18,961
Variable rate 376
Trust preferred securities 2,626
Fair value adjustment (c) 452
Total unsecured debt 22,415 0.33 - 8.30% 5.90% 2015 - 2049
Secured debt
Fixed rate 19,827
Variable rate 24,316
Total secured debt (d) (e) 44,143 0.21 - 4.59% 0.94% 2015 - 2023
Total long-term debt $ 66,558
2013
Unsecured debt
Fixed rate (b) $ 21,367
Variable rate 2,755
Trust preferred securities 2,624
Fair value adjustment (c) 445
Total unsecured debt 27,191 0.32 - 10.29% 6.28 % 2014 - 2049
Secured debt
Fixed rate 20,492
Variable rate 21,782
Total secured debt (d) (e) 42,274 0.40 - 4.59% 0.98 % 2014 - 2022
Total long-term debt $ 69,465
(a) Based on the debt outstanding and the interest rate at December 31 of each year.
(b) Includes subordinated debt of $297 million at December 31, 2014 and $271 million at December 31, 2013.
(c) Amount represents the hedge accounting adjustment of fixed-rate debt.
(d) Includes $24.3 billion and $24.1 billion of VIE secured debt outstanding at December 31, 2014 and 2013, respectively.
(e) Includes $17.0 billion and $15.1 billion of debt outstanding from the Automotive secured revolving credit facilities at December 31, 2014 and 2013,
respectively.