Macquarie Bank is the heaviest user of the Australian government guarantee on its own debt with around one third of the bank's debt covered by the scheme.In an investor presentation published via the ASX yesterday, Macquarie said it placed $16 billion in debt covered by the government guarantee since October 2008. The bank's annual report (for March 2009) shows around $48 billion of issued debt, with no more recent data available. Total liabilities (including deposits, derivatives and subordinated debt) were $124 billion at March 2009.Some of this funding (much of it raised offshore) is being recycled as loans to Australian business.The bank said its loan book increased by 40 per cent over the year to June 2009 and increased by 17 per cent over the June 2009 quarter. The bank said of this, 80 per cent was loans advanced to Australian business.Having been an aggressive issuer of guaranteed debt in the early months of the scheme, Macquarie succeeded in pushing out the average life of its liabilities when spreads were very high. There was little change in the mix of the liabilities of Macquarie Group (rather than Macquarie Bank) as of June 2009, according to yesterday's presentation.This means the bulk of the guaranteed debt was sold at very wide margins. Only about 10 per cent of group debt is due to be refinanced over the next 12 months.Another funding detail of interest is that Macquarie reported no growth in retail deposits over the June 2009 quarter, perhaps reflecting a shift by its private clients into other investment options.Meanwhile the bank provided some guidance, of sorts, over its first-half profit.The bank said September 2009 half-year profit was "estimated to be approximately midway between" the September 2008 and March 2009 half-year profits "but subject to market conditions and significant swing factors and excluding the impact of one off items".That suggests the first-half profit will be somewhere between $270 million and $640 million. One one-off gain on top of that will be from the buyback of some debt securities.