So we're looking at Goldman Sachs' balance sheet here, specifically the liabilities and equity section. And we're gonna take a look in detail at the deposits line. You can see here that the deposits are about $124 billion, so this is a big number. And they'll also generate interest expense, which will be recorded on the income statement of Goldman Sachs and you can see here we have interest expense of about 7 billion. Not all of the interest expense relates to deposits, but there'll be a considerable amount, which does. Let's take a look at the kind of bigger picture in terms of deposits funding in institution. And if we go to a basic bank's balance sheet so this could be a commercial or retail bank rather than just looking at an investment bank, most banks do take a spread business, and that's by taking on deposits and paying a slightly lower interest rate on deposits and then lending out the money to people at slightly higher interest rates. And that's hence where we get the term spread business. However, you've got to be careful that the loans you're making don't go bad and that you get enough money back from the loans to give a return to your shareholders, but also to be able to pay back the deposit holders. So most banks have a pretty advanced and sophisticated risk management process in place to make sure that they do make good loans. But the regulators also get involved and the regulators say, "Well look, "we also want to make sure that you have "some headroom between the amount "that you are lending out versus the deposits." And that headroom they will require to be shareholders' equity. So the regulators get involved in making sure there's a certain amount of equity capital in every institution. So, in essence, a bank is an intermediary, and they're taking money from deposit holders, and then they're lending it out in the form of loans, paying a low interest rate on deposits, and charging a high interest rate on loans. And for most banks, deposits form a really big base of their financing. And that's, in the case of Goldman Sachs specifically 'cause we're looking at their balance sheet, that's an increasing funding source of Goldman Sachs after their recent acquisition of a bank. Let's take a look at more detail at the breakdown of the deposits. Now, you can see here that the bulk of the deposits are from the private bank and online retail, but there are also some brokered certificates of deposits and some deposit suite programs. And the deposit suite programs are related to institutions in the financial markets that will sweep client accounts and put it into a federally insured deposit institution like Goldman Sachs. Notice also that they're broken down between savings and demand deposits. And these are deposits which don't have a maturity date and they can be... Have to be repaid immediately on demand versus time deposits where they will be locked in time. In other words, they won't be able to be demanded to be repaid immediately. There'll be some time period that they have to be repaid within. And we can see that with this breakdown. If you look here, this is a kind of maturity profile of the deposits from 2017 onwards. And you can see actually about half the deposits, a little less than half actually are going to have to be repaid within the 2017 year. Whereas, a significant chunk actually has to be paid after. And you can see this is the amount that has to be paid off each year of the deposit. So that they'll kind of come due effectively. And then, there's 7 billion, which have got to be paid after 2022. So some of the deposits actually have pretty long dated maturities. But if we come back to the overall picture there's 77 billion of demand deposits and then 46 billion of time deposits. And actually most of those have gotta be repaid within the next 12 months, but this gives you a nice kind of picture of the breakdown of deposits on the Goldman Sachs balance sheet.
