Capital One 2006 Annual Report Download - page 104

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86
Note 9
Borrowings
Borrowings as of December 31, 2006 and 2005 were as follows:
2006 2005
Outstanding
Weighted
Average
Rate Outstanding
Weighted
Average
Rate
Interest-bearing deposits $ 74,122,822 3.72% $ 43,092,096 3.55%
Senior and subordinated notes
Bank notesî‚—fixed rate $ 3,519,649 5.49% $ 4,371,893 5.69%
Corporation 6,205,821 5.72% 2,372,086 6.13%
Total $ 9,725,470
$ 6,743,979
Other borrowings
Secured borrowings $ 14,532,381 5.19% $ 11,884,947 4.27%
Junior capital income securities and subordinated
debentures 1,623,726 7.92% 166,930 4.96%
FHLB advances 2,648,363 5.32% 1,465,344 4.45%
Federal funds purchased and resale agreements 3,736,470 5.27% 745,719 3.62%
Other short-term borrowings 1,716,067 5.89% 1,271,221 2.09%
Total $ 24,257,007
$ 15,534,161
Interest-Bearing Deposits
As of December 31, 2006, the Company had $74.1 billion in interest-bearing deposits of which $12.0 billion represents large
denomination certificates of $100 thousand or more. As of December 31, 2005, the Company had $43.1 billion in interest-
bearing deposits of which $11.0 billion represents large denomination certificates of $100 thousand or more.
Senior and Subordinated Notes
The Senior and Subordinated Global Bank Note Program gives the Bank the ability to issue securities to both U.S. and non-
U.S. lenders and to raise funds in U.S. and foreign currencies. The Senior and Subordinated Global Bank Note Program had
$3.2 billion and $4.2 billion outstanding at December 31, 2006 and 2005, respectively. Prior to the establishment of the
Senior and Subordinated Global Bank Note Program, the Bank issued senior unsecured debt through its $8.0 billion Senior
Domestic Bank Note Program, of which $166.2 million and $211.6 million was outstanding at December 31, 2006 and 2005,
respectively. The Bank did not renew the Senior Domestic Bank Note Program for future issuances following the
establishment of the Senior and Subordinated Global Bank Note Program.
Prior to 2006, the Company issued senior and subordinated notes that as of December 31, 2006 had a par amount of $5.5
billion.
In August 2006, the Company issued $1.0 billion aggregate principal amount of 6.150% Subordinated Notes due
September 1, 2016.
In September 2006, the Company issued $1.1 billion of Floating Rate Senior Notes due September 10, 2009 and $1.1 billion
of 5.7% Senior Notes due September 15, 2011.
In December 2006, in connection with the North Fork acquisition, the Company assumed $150.0 million of 9.25%
Subordinated Notes due October 1, 2010, $350.0 million of 3.20% senior notes due June 6, 2008, $350.0 million of 5.875%
fixed rate subordinated notes due August 15, 2012 and $150.0 million of 5.00% fixed rate subordinated loans due August 15,
2012.
During 2005, the Company issued $500.0 million of ten year 5.5% fixed rate senior notes.
In November 2005, as part of the Hibernia acquisition, the Company assumed $100.0 million in ten year 5.35% fixed rate
subordinated notes.