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Funding & Liquidity Overview

Funding & Liquidity Overview

Funding Strategy

Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to meet our maturing obligations, cost-effectively finance current and future asset growth in our global businesses as well as to maintain a strong liquidity profile.

Liquidity Management

Our liquidity objective is to maintain access to a diverse set of on- and off-balance sheet liquidity sources. We seek to maintain liquidity sources in amounts sufficient to meet our expected future financial obligations and business requirements for liquidity for a period of at least twelve months in the event we are unable to raise new funds under our regular funding programs during a substantial weakening in economic conditions.

Our liquidity management strategy includes a number of elements, including, but not limited to:
  • Maintaining diversified funding sources (refer to the "Funding Strategy" section for more details);
  • Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;
  • Projecting cash inflows and outflows under a variety of economic and market scenarios;
  • Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements; and
  • Incorporating liquidity risk management as appropriate into our capital adequacy framework.

The amount and type of liquidity resources we maintain can vary over time, based upon the results of stress scenarios required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and other various regulatory liquidity requirements, such as the Liquidity Coverage Ratio, as well as additional stress scenarios required under our liquidity risk policy.

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