Consolidated cash and financial assets reflects the full consolidation of wholly owned and partially owned entities and includes  financial assets which are held throughout our operations and include both publicly traded investments as well as investments in  private entities. Common shares and loans receivable / deposits include investments that are allocated to certain of our business  operating segments. For example, BPY’s 22% common share investment in Canary Wharf Group $1.0 billion is included within  consolidated financial assets, and loans receivable / deposits includes loans issued by our private equity and real estate finance  operations.  We maintain a corporate portfolio of financial assets with the objective of generating favourable investment returns and providing  additional liquidity. Government and corporate bonds include short duration securities for liquidity purposes and longer dated securities that match  $119 million of insurance liabilities that are included in net working capital within our corporate segment. In addition to the carrying values of financial assets, we hold credit default swaps with a notional value of $800 million. The  carrying value of these derivative instruments reflected in our financial statements at December 31, 2013 was a liability of  $12 million. Corporate borrowings at December 31, 2013 included $662 million (2012 – $744 million) of commercial paper and bank  borrowings pursuant to, or backed by, $2.2 billion of committed revolving term credit facilities of which $1.9 billion have a  five-year term and the remaining $300 million have a four-year term. As at December 31, 2013, approximately $170 million  (December 31, 2012 – $253 million) of the facilities were utilized for letters of credit issued to support various business initiatives.  Corporate Borrowings Term debt of $3.3 billion (2012 – $2.8 billion) consists of public bonds and private placements, all of which are fixed rate  and have maturities ranging from 2016 until 2035. These financings provide an important source of long-term capital and an  appropriate match to our long-term asset profile.  Our corporate borrowings have an average term of eight years (December 31, 2012 – eight years). The average interest rate on  our corporate borrowings was 4.5% at December 31, 2013 (December 31, 2012 – 4.7%). In January 2014, we issued C$500 million of 12 year 4.82% notes and used the proceeds to repay commercial paper borrowings. As part of our financing strategy, the majority of our debt capital is in the form of property-specific mortgages, denominated in  local currencies that have recourse only to the assets being financed and have no recourse to the Corporation. Property-Specific Borrowings Average Term Consolidated AS AT DECEMBER 31  ($ MILLIONS) 2013 2012 2013 2012 Property  4 4 $ 21,577 $ 18,709 Renewable energy  12 12 4,907 4,347 Infrastructure  10 6 6,077 7,093 Residential development  2 3 2,465 2,890 Private equity  1 3 363 671 Corporate  1 2 106 10 Total  6 5 $ 35,495 $ 33,720 Property-specific borrowings increased during 2013 due to debt issued or assumed through acquisitions in our property and  renewable energy operations. We completed a number of refinancings within our infrastructure business that extended the  average term from six years to 10 years. The decrease in infrastructure borrowings is due primarily to the sale of North American  timberlands. Corporate Cash and Financial Assets Consolidated Cash and Financial Assets 52 BROOKFIELD ASSET MANAGEMENT 