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C » Topics » Citicorp's Consolidated VIEs-Balance Sheet Classification

This excerpt taken from the C 10-Q filed Nov 6, 2009.

Citicorp's Consolidated VIEs—Balance Sheet Classification

        The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations:

In billions of dollars   September 30,
2009 		  December 31,
2008 		 

Cash

   $ 0.0   $ 0.7  

Trading account assets

     3.5     4.3  

Investments

     10.2     12.5  

Loans

     0.3     0.5  

Other assets

     2.0     1.7  
           

Total assets of consolidated VIEs

   $ 16.0   $ 19.7  
           

        The following table presents the carrying amounts and classification of the third-party liabilities of the consolidated VIEs:

In billions of dollars   September 30,
2009 		  December 31,
2008 		 

Short-term borrowings

   $ 9.4   $ 14.2  

Long-term debt

     5.6     5.6  

Other liabilities

     0.2     0.9  
           

Total liabilities of consolidated VIEs

   $ 15.2   $ 20.7  
           

        The consolidated VIEs included in the table above represent hundreds of separate entities with which the Company is involved. In general, the third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to the Company, except where the Company has provided a guarantee to the investors or is the counterparty to certain derivative transactions involving the VIE. In addition, the assets are generally restricted only to pay such liabilities. Thus, the Company's maximum legal exposure to loss related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets due to outstanding third-party financing. Intercompany liabilities are excluded from the table.

This excerpt taken from the C 10-Q filed Aug 7, 2009.

Citicorp's Consolidated VIEs—Balance Sheet Classification

        The following table presents the carrying amounts and classifications of consolidated assets that are collateral for consolidated VIE obligations:

In billions of dollars   June 30,
2009 		  December 31,
2008 		 
Cash   $ 0.4   $ 0.7  
Trading account assets     3.0     4.3  
Investments     17.0     12.5  
Loans     0.2     0.5  
Other assets     2.1     1.7  
           
Total assets of consolidated VIEs   $ 22.7   $ 19.7  
           

        The following table presents the carrying amounts and classification of the third-party liabilities of the consolidated VIEs:

In billions of dollars   June 30,
2009 		  December 31,
2008 		 
Short-term borrowings   $ 16.8   $ 14.2  
Long-term debt     5.7     5.6  
Other liabilities     0.2     0.9  
           
Total liabilities of consolidated VIEs   $ 22.7   $ 20.7  
           

        The consolidated VIEs included in the table above represent hundreds of separate entities with which the Company is involved. In general, the third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to the Company, except where the Company has provided a guarantee to the investors or is the counterparty to certain derivative transactions involving the VIE. In addition, the assets are generally restricted only to pay such liabilities. Thus, the Company's maximum legal exposure to loss related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets due to outstanding third-party financing. Intercompany liabilities are excluded from the table.

EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
10-Q
Aug 7, 2009

RELATED TOPICS for C:

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