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Note 19: Short-term borrowings


In € millions

 

2010

 

2011

Debt to credit institutions

 

168

 

300

Current portion of long-term borrowings

 

739

 

194

Total

 

907

 

494

In June 2011, bonds totaling €0.5 billion matured. This payback reduced the short-term borrowings outstanding.

We have a $1.0 billion commercial paper program and a €1.5 billion euro commercial paper program, which had no paper outstanding at year-end 2011 and 2010. The US commercial paper program has been renegotiated and reactivated in January 2012 and the maximum has been increased to $3 billion. The commercial paper programs can only be used to the extent that the equivalent portion of the revolving credit facility is not used. See also Note 24.

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