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The major factors for the changes and interest in fees, interest and other borrowing expenses and finance margin for the year ended December 31, 2011 are outlined in the table below: 

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•  Average finance receivables increased $319.2 million (net of $173.2 million of foreign exchange effects) from an increase in dealer wholesale financing, primarily in the U.S. and Canada and Europe as well as retail portfolio new business volume exceeding repayments. 

•  Lower market rates resulted in lower portfolio yields. 

•  Average debt balances increased $409.0 million in 2011, reflecting funding needed for a higher average finance receivable portfolio. 

•  Borrowing rates declined in 2011 due to lower market interest rates. 

•  Currency translation primarily relates to the stronger euro. 

The following table summarizes operating lease, rental and other income and depreciation and other expense: 

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