Sallie Mae 2009 Annual Report Download - page 176

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7. Borrowings (Continued)
Ending
Balance
(1)
Weighted
Average
Interest
Rate
(2)
Average
Balance
December 31, 2008 Year Ended
December 31,
2008
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2010-2047 ............... $ 79,212,638 4.12% $ 76,604,044
Non-U.S. dollar-denominated:
Australian dollar-denominated, due 2010-2011 .... 462,022 7.45 523,837
Euro-denominated, due 2010-2041 ............. 8,713,084 4.40 8,876,737
Singapore dollar-denominated ................ — — 4,508
Sterling-denominated, due 2010-2039 ........... 975,851 5.72 975,808
Japanese yen-denominated ................... — — 8,687
Hong Kong dollar-denominated, due 2011 ....... 113,691 5.06 113,666
Swedish krona-denominated, due 2010-2011...... 154,780 4.35 252,540
Canadian dollar-denominated, due 2011 ......... 229,885 4.57 229,885
Total floating rate notes ........................ 89,861,951 4.19 87,589,712
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2010-2043 ............... 14,749,681 5.08 12,473,864
Non-U.S.-dollar denominated:
Australian dollar-denominated, due 2010-2012 .... 247,928 7.37 407,308
Canadian dollar-denominated, due 2010-2011 ..... 635,274 4.49 972,215
Euro-denominated, due 2010-2039 ............. 6,874,043 2.86 4,807,924
Hong Kong dollar-denominated, due 2010-2016 . . . 189,860 4.14 167,518
Japanese yen-denominated, due 2010-2035 ....... 1,087,652 1.34 929,419
Singapore dollar-denominated, due 2014 ........ 80,576 2.95 58,884
Sterling-denominated, due 2010-2039 ........... 2,873,765 6.28 3,441,142
Swiss franc-denominated, due 2011 ............ 219,687 2.02 246,749
New Zealand dollar-denominated, due 2010 ...... 179,934 7.71 213,316
Mexican peso-denominated, due 2016 .......... 72,730 11.05 91,548
Swedish krona-denominated, due 2011 .......... 43,066 6.33 68,110
Total fixed rate notes .......................... 27,254,196 4.51 23,877,997
Unsecured term bank deposits — U.S. dollar-
denominated, due 2010-2013 ................... 1,108,647 4.36 157,268
Total long-term borrowings . . .................... $118,224,794 4.26% $111,624,977
(1)
Ending balance is expressed in U.S. dollars at December 31, 2008 spot currency exchange rate. Includes fair value adjustments
under ASC 815 for notes designated as the hedged item in a fair value hedge.
(2)
Weighted average interest rate is stated rate relative to currency denomination of note.
F-49
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)