Goldman Sachs 2009 Annual Report Download - page 126
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124
Notes to Consolidated Financial Statements
Included in the above table are time deposits of $9.30billion and $8.49billion as of December2009 and November2008,
respectively. The following table sets forth the maturities of time deposits as of December2009:
As of December2009
(inmillions) U.S. Non-U.S. Total
2010 $1,777 $737 $2,514
2011 1,603 – 1,603
2012 871 – 871
2013 1,720 – 1,720
2014 531 – 531
2015–thereafter 2,058 – 2,058
Total $8,560 (1) $737 (2) $9,297
(1) Includes $242million greater than $100,000, of which $111million matures within three months, $58million matures within three to six months, $32million
matures within six to twelve months, and $41million matures after twelve months.
(2) Substantially all were greater than $100,000.
NOTE 6
Short-Term Borrowings
As of December2009 and November2008, short-term borrowings were $50.45billion and $73.89billion, respectively, comprised
of $12.93billion and $21.23billion, respectively, included in “Other secured nancings” in the consolidated statements of nancial
condition and $37.52billion and $52.66billion, respectively, of unsecured short-term borrowings. See Note3 for information on
other secured nancings.
Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the
nancial statement date and unsecured long-term borrowings that are redeemable within one year of the nancial statement date
at the option of the holder. The rm accounts for promissory notes, commercial paper and certain hybrid nancial instruments at
fair value under the fair value option. Short-term borrowings that are not recorded at fair value are recorded based on the amount
of cash received plus accrued interest, and such amounts approximate fair value due to the short-term nature of the obligations.
Unsecured short-term borrowings are set forth below:
As of
December November
(inmillions)
2009 2008
Current portion of unsecured long-term borrowings
(1) (2) $17,928 $26,281
Hybrid nancial instruments 10,741 12,086
Promissory notes
(3) 2,119 6,944
Commercial paper
(4) 1,660 1,125
Other short-term borrowings 5,068 6,222
Total
(5) $37,516 $52,658
(1) Includes $1.73billion as of December2009, guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee
Program (TLGP).
(2) Includes $17.05billion and $25.12billion as of December2009 and November2008, respectively, issued by Group Inc.
(3) Includes $0 and $3.42billion as of December2009 and November2008, respectively, guaranteed by the FDIC under the TLGP.
(4) Includes $0 and $751million as of December2009 and November2008, respectively, guaranteed by the FDIC under the TLGP.
(5) The weighted average interest rates for these borrowings, after giving effect to hedging activities, were 1.31% and 3.37% as of December2009 and
November2008, respectively, and excluded nancial instruments accounted for at fair value under the fair value option.