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## 11. SHORT-TERM BORROWINGS 

Selected financial information pertaining to the components of Key’s short-term borrowings is as follows: 

<img src='content_image/62537.jpg'>

Rates presented in the above table exclude the effects of interest rate swaps and caps, which modify the repricing and maturity characteristics of certain short-term borrowings. 

For more information about such GLYPH<222>nancial instruments, see Note 19 (GLYPH<210>Derivatives and Hedging ActivitiesGLYPH<211>), which begins on page 80. 

Key has several programs that support short-term financing needs. 

Bank note program. This program provides for the issuance of both long- and short-term debt of up to $20.0 billion ($19.0 billion by KBNA and $1.0 billion by Key Bank USA). At December 31, 2003, $16.6 billion was available for future issuance under this program. 

Euro note program. Under Key’s euro note program, KeyCorp, KBNA and Key Bank USA may issue both long- and short-term debt of up to $10.0 billion in the aggregate. The notes are offered exclusively to non-U.S. investors and can be denominated in U.S. dollars and many foreign currencies. During 2003, there were $197 million of borrowings issued under this program. At December 31, 2003, $4.0 billion was available for future issuance. 

KeyCorp medium-term note program. In November 2001, KeyCorp registered, under a universal shelf registration statement filed with the Securities and Exchange Commission, $2.2 billion of securities. At December 31, 2003, the entire amount registered had been allocated for the issuance of medium-term notes and the unused capacity totaled $1.4 billion. 

Commercial paper program. KeyCorp has a commercial paper program that provides funding availability of up to $500 million. At December 31, 2003 and 2002, there were no borrowings outstanding under the commercial paper program. 

In 2003, Key established a separate commercial paper program that provides funding availability of up to $1.0 billion in Canadian currency or the equivalent in U.S. currency. As of December 31, 2003, borrowings outstanding under this commercial paper program totaled $787 million in Canadian currency and $27 million in U.S. currency (equivalent to $35 million in Canadian currency). 

Line of credit. KBNA has overnight borrowing capacity at the Federal Reserve Bank. At December 31, 2003, this capacity was approximately $16.2 billion and was secured by approximately $20.9 billion of loans, primarily those in the commercial portfolio. There were no borrowings outstanding under this facility at December 31, 2003 or 2002. 

