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## Deposits >. 

Total deposits amounted to $4,099 million at December 31, 2001, as com- pared to $3,346 million and $2,565 million at December 31, 2000 and 1999, respectively. 

The following table presents the composition of total deposits. 

<img src='content_image/122024.jpg'>

Total deposits are composed of branch-based deposits, brokered deposits and to a lesser extent of institutional deposits. Institutional deposits include certificates issued to agencies of the Government of Puerto Rico. 

Total interest bearing deposits increased by $745 million at December 31, 2001 when compared to December 31, 2000. This fluctuation was mainly due to: (1) an increase in branch-based deposits of $92 million; (2) an increase of $691 million in brokered certificates of deposits; net of (3) a decrease of $38 million in certificates issued to the agencies of the Government of Puerto Rico. Non-interest bearing deposits increased by $8 million in 2001. 

## Borrowings >. 

At December 31, 2001 total borrowings amounted to $3,425 million as compared to $2,069 million and $1,804 million at December 31, 2000 and 1999, respectively. The increase in borrowings of $1,356 million was nec- essary to finance the growth in the investment portfolio of $1,483 million. The following table presents the composition of borrowings. 

<img src='content_image/122023.jpg'>

