Citibank 2010 Annual Report Download - page 67

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Deposits
Citi continues to focus on maintaining a geographically diverse retail and
corporate deposit base that stood at $845 billion at December 31, 2010,
as compared with $836 billion at December 31, 2009 and $850 billion
at September 30, 2010. The $9 billion increase in deposits year over year
was largely due to FX translation and higher deposit volumes in Regional
Consumer Banking and Transaction Services. These increases were
partially offset by a decrease in Securities and Banking and Citi Holdings’
deposits. Compared to the prior quarter, deposits decreased modestly by
$5 billion due primarily to lower balances in Securities and Banking and
Citi Holdings, partially offset by increases in FX translation and higher
deposit volumes in Regional Consumer Banking.
Citigroup’s deposits are diversified across clients, products and regions, with
approximately 64% outside of the United States as of December 31, 2010. Deposits
can be interest bearing or non-interest bearing. As of December 31, 2010, interest-
bearing deposits payable by Citigroup’s foreign and domestic banking subsidiaries
constituted 58% and 27% of total deposits, respectively, while non-interest-bearing
deposits constituted 7% and 9%, respectively.
Long-Term Debt
Long-term debt is an important funding source because of its multi-year
maturity structure. At December 31, 2010, long-term debt outstanding for
Citigroup was as follows:
In billions of dollars Non-bank Bank
Total
Citigroup (1)
Long-term debt (2)(3) $268.0 $113.2 (4) $381.2
(1) Total long-term debt at December 31, 2010 includes $69.7 billion of long-term debt related to VIEs
consolidated effective January 1, 2010 with the adoption of SFAS 166/167.
(2) Original maturities of one year or more.
(3) Of this amount, approximately $58.3 billion is guaranteed by the FDIC under the TLGP with
$20.3 billion maturing in 2011 and $38.0 billion maturing in 2012.
(4) At December 31, 2010, collateralized advances from the FHLBs were $18.2 billion.
The table below details the long-term debt issuances of Citigroup during the past five quarters.
In billions of dollars 4Q09
Full year
2009 1Q10 2Q10 3Q10 4Q10
Full year
2010
Unsecured long-term debt issued under TLGP guarantee $10.0 $ 58.9 $ — $ — $ — $ — $ —
Unsecured long-term debt issued without TLGP guarantee 4.6 (1) 26.0 1.3 5.3 (2) 7.6 5.9 (3) 20.1
Unsecured long-term debt issued on a local country level 2.5 7.3 1.7 0.9 2.1 2.2 6.9
Trust preferred securities (TRUPS) — 27.1 2.3 — — — 2.3
Secured debt and securitizations 2.7 17.0 2.0 — — 2.5 4.5
Total $19.8 $136.3 $7.3 $6.2 $9.7 $10.6 $33.8
(1) Includes $1.9 billion of senior debt issued under remarketing of $1.9 billion of Citigroup Capital XXIX Trust Preferred securities held by ADIA to enable them to execute the forward stock purchase contract in
March 2010.
(2) Includes $1.9 billion of senior debt issued under remarketing of $1.9 billion of Citigroup Capital XXX Trust Preferred securities held by ADIA to enable them to execute the forward stock purchase contract in
September 2010.
(3) Includes $1.9 billion of senior debt issued under remarketing of $1.9 billion of Citigroup Capital XXXI Trust Preferred securities held by ADIA to enable them to execute the forward stock purchase contract in
March 2011.