American Express seeks to maintain a variety of funding sources diversified by type of debt instrument, maturity, market, and investor base, among other factors.

American Express’ short-term funding programs are used primarily to meet working capital needs.       American Express' deposit programs and long term unsecured and asset securitization programs provide for the refinancing of maturities and funding for business growth.

• Liquidity risk is centrally managed by the Funding and Liquidity Committee, chaired by the Corporate Treasurer.
  
  
• The committee manages liquidity risk at an aggregate Company level and at the major legal entities in order to ensure that sufficient funding and liquidity resources are available in the amount and in the location needed in a stress event.
  
  
• The current funding strategy is to maintain sufficient cash and readily marketable securities on hand to meet funding requirements for the next 12 months, without access to the unsecured or secured debt capital markets.
  
  
• In addition to the deposit, short-term and long-term capital market programs, American Express has in place various sources of cash including
• Cash and readly marketable securities
• Committed bank credit facilities
• Access to the Federal Reserve discount window
  
  
• American Express also has substantial flexibility to manage its cash requirements:
• Discretionary expenses and investments
• Substantial intra-company ability to mobilize liquidity where needed
• Share repurchases
  
  
• Liquidity is managed through the breadth of sources of our funding programs, as well as through the quality and liquidity of our funded assets.

For further details, refer to our 10-Q or 10-K SEC filings and our Fixed Income Presentations.