restrictions, the Bancorp’s ability to redeem the junior subordinated notes prior to their scheduled maturity. In November 2010, the Bancorp amended the debt covenants to  remove a requirement to issue replacement capital securities at  least 180 days prior to calling the trust preferred securities.  The 8.88% junior subordinated notes due in 2068, with a  current carrying value and outstanding principal balance of $400  million at December 31, 2010, pay a fixed rate until 2058, then  convert to floating rate at three month LIBOR plus 500 bp. The  Bancorp entered into an interest rate swap to convert $275 million  of the fixed rate debt into a floating rate. At December 31, 2010,  the rate paid on the swap was 3.54%. The obligations were issued  by Fifth Third Capital Trust VII. The Bancorp’s obligations under  the transaction documents, taken together, have the effect of  providing a full and unconditional guarantee by the Bancorp, on a  subordinated basis, of the payment obligations under the trust  preferred securities. The junior subordinated notes may be  redeemed at the option of the Bancorp on or after May 15, 2013,  or in certain other limited circumstances, at a redemption price of  100% of the principal amount plus accrued but unpaid interest.  All redemptions are subject to certain conditions and generally  require approval by the FRB. On January 25, 2011, the Bancorp issued $1.0 billion of  senior notes to third party investors. The senior notes bear a fixed  rate of interest of 3.625% per annum. The notes are unsecured,  senior obligations of the Bancorp. Payment of the full principal  amount of the notes will be due upon maturity on January 25,  2016. The notes will not be subject to the redemption at the  Bancorp’s option at any time prior to maturity. See Note 32 for  further information.  Medium-term senior notes and subordinated bank notes with  maturities ranging from one year to 30 years can be issued by the  Bancorp’s subsidiary bank, of which $1.0 billion was outstanding  at December 31, 2010 with $19.0 billion available for future  issuance. The senior floating-rate bank notes due in 2013 pay a  floating rate at three-month LIBOR plus 11 bp. For the  subordinated fixed-rate bank notes due in 2015, the Bancorp  entered into interest rate swaps to convert the fixed-rate debt into  floating rate. At December 31, 2010, the weighted-average rate  paid on the swaps was 0.39%.  The senior fixed-rate bank notes matured and were paid in  February of 2010. The junior subordinated floating-rate bank notes due in 2032  and 2033 were assumed by a subsidiary of the Bancorp as part of  the acquisition of RG Crown in November 2008. Two of the  notes due in 2032 and 2033 pay floating rates at three-month  LIBOR plus 325 and 310 bp, respectively. A third note, due in  2032, pays a floating rate at six-month LIBOR plus 370 bp. The three-month LIBOR plus 290 bp and the three-month  LIBOR plus 279 bp junior subordinated debentures due in 2033  and 2034, respectively, were assumed by a subsidiary of the  Bancorp in connection with the acquisition of First National Bank  in 2005. The obligations were issued to FNB Statutory Trusts I  and II, respectively.  The junior subordinated floating-rate bank notes due in 2035  were assumed by a subsidiary of the Bancorp as part of the  acquisition of First Charter in May 2008. The obligations were  issued to First Charter Capital Trust I and II, respectively. The  notes of First Charter Capital Trust I and II pay floating at three- month LIBOR plus 169 bp and 142 bp, respectively. The Bancorp  has fully and unconditionally guaranteed all obligations under the  acquired trust preferred securities issued by First Charter Capital  Trust I and II.  At December 31, 2010, FHLB advances have rates ranging  from 0% to 8.34%, with interest payable monthly. The advances  are secured by certain residential mortgage loans and securities  totaling $12.7 billion. At December 31, 2010, $500 million of  FHLB advances are floating-rate. The Bancorp entered into an  interest rate swap with a notional value of $500 million to convert  the floating-rate advances to a fixed rate of 2.63%. In November  2010, the Bancorp repaid a floating-rate advance of $1.0 billion  due in 2012 and terminated the interest rate cap associated with  this advance. The Bancorp recognized a gain on this extinguishment of debt of $1 million. The $1.6 billion in advances  mature as follows: $2 million in 2011, $500 million in 2013, $3  million in 2014, $5 million in 2015 and $1.1 billion thereafter.  As previously discussed in Note 12, the Bancorp was  determined to be the primary beneficiary of VIEs associated with  certain automobile loan and home equity securitizations and,  effective January 1, 2010, these VIEs have been consolidated in  the Bancorp’s Consolidated Financial Statements. As of December 31, 2010, the outstanding long-term debt associated  with the automobile loan securitizations and home equity  securitization was $559 million and $133 million, respectively.  Third-party holders of this debt do not have recourse to the  general assets of the Bancorp. Subsidiary Long-Term Borrowings  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  100 Fifth Third Bancorp