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C » Topics » Credit Commitments and Lines of Credit

These excerpts taken from the C 10-K filed Feb 27, 2009.

Credit Commitments and Lines of Credit

The table below summarizes Citigroup’s credit commitments as of December 31, 2008 and December 31, 2007:

 

In millions of dollars   U.S.    Outside
of U.S.		    December 31,
2008		   

December 31,

2007

Financial standby letters of credit and foreign office guarantees

   $ 68,100    $ 26,136    $ 94,236    $ 87,066

Performance standby letters of credit and foreign office guarantees

     5,809      10,487      16,296      18,055

Commercial and similar letters of credit

     2,187      6,028      8,215      9,175

One- to four-family residential mortgages

     628      309      937      4,587

Revolving open-end loans secured by one- to four-family
residential properties

     22,591      2,621      25,212      35,187

Commercial real estate, construction and land development

     2,084      618      2,702      4,834

Credit card lines (1)

     867,261      135,176      1,002,437      1,103,535

Commercial and other consumer loan commitments (2)

     217,818      92,179      309,997      473,631

Total

   $ 1,186,478    $ 273,554    $ 1,460,032    $ 1,736,070

 

(1) Credit card lines are unconditionally cancelable by the issuer.
(2) Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $140 billion and $259 billion with original maturity of less than one year at December 31, 2008 and December 31, 2007, respectively.

See Note 29 to the Consolidated Financial Statements on page 206 for additional information on credit commitments and lines of credit.

 

 

104

Table of Contents

 

Credit Commitments and Lines of Credit

The table below summarizes Citigroup’s credit commitments as of December 31, 2008 and December 31, 2007:

 

In millions of dollars   U.S.    Outside
of U.S.		    December 31,
2008		   

December 31,

2007

Financial standby letters of credit and foreign office guarantees

   $ 68,100    $ 26,136    $ 94,236    $ 87,066

Performance standby letters of credit and foreign office guarantees

     5,809      10,487      16,296      18,055

Commercial and similar letters of credit

     2,187      6,028      8,215      9,175

One- to four-family residential mortgages

     628      309      937      4,587

Revolving open-end loans secured by one- to four-family
residential properties

     22,591      2,621      25,212      35,187

Commercial real estate, construction and land development

     2,084      618      2,702      4,834

Credit card lines (1)

     867,261      135,176      1,002,437      1,103,535

Commercial and other consumer loan commitments (2)

     217,818      92,179      309,997      473,631

Total

   $ 1,186,478    $ 273,554    $ 1,460,032    $ 1,736,070

 

(1) Credit card lines are unconditionally cancelable by the issuer.
(2) Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $140 billion and $259 billion with original maturity of less than one year at December 31, 2008 and December 31, 2007, respectively.

See Note 29 to the Consolidated Financial Statements on page 206 for additional information on credit commitments and lines of credit.

 

 

104

Table of Contents

 

This excerpt taken from the C 10-Q filed Oct 31, 2008.

Credit Commitments and Lines of Credit

        The table below summarizes Citigroup's credit commitments as of September 30, 2008 and December 31, 2007:

In millions of dollars   U.S.   Outside
of U.S. 		  September 30,
2008 		  December 31,
2007 		 

Financial standby letters of credit and foreign office guarantees

   $ 55,448   $ 27,536   $ 82,984   $ 87,066  

Performance standby letters of credit and foreign office guarantees

     5,997     10,207     16,204     18,055  

Commercial and similar letters of credit

     2,440     7,249     9,689     9,175  

One- to four-family residential mortgages

     832     363     1,195     4,587  

Revolving open-end loans secured by one- to four-family residential properties

     25,193     2,926     28,119     35,187  

Commercial real estate, construction and land development

     2,496     700     3,196     4,834  

Credit card lines(1)

     939,992     155,872     1,095,864     1,103,535  

Commercial and other consumer loan commitments(2)

     267,119     133,605     400,724     473,631  
                   

Total

   $ 1,299,517   $ 338,458   $ 1,637,975   $ 1,736,070  
                   
(1)
Credit card lines are unconditionally cancelable by the issuer.

(2)
Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $175 billion and $259 billion with original maturity of less than one year at September 30, 2008 and December 31, 2007, respectively.

        See Note 18 to the Consolidated Financial Statements on page 143 for additional information on credit commitments and lines of credit.

77

This excerpt taken from the C 10-Q filed Aug 1, 2008.

Credit Commitments and Lines of Credit

        The table below summarizes Citigroup's credit commitments as of June 30, 2008 and December 31, 2007:

In millions of dollars
   U.S.
   Outside
of U.S.
   June 30,
2008
   December 31,
2007
Financial standby letters of credit and foreign office guarantees   $ 56,751   $ 27,661   $ 84,412   $ 87,066
Performance standby letters of credit and foreign office guarantees     6,017     11,613     17,630     18,055
Commercial and similar letters of credit     2,067     8,342     10,409     9,175
One- to four-family residential mortgages     1,678     623     2,301     4,587
Revolving open-end loans secured by one- to four-family residential properties     27,318     3,349     30,667     35,187
Commercial real estate, construction and land development     2,827     796     3,623     4,834
Credit card lines(1)     965,675     164,337     1,130,012     1,103,535
Commercial and other consumer loan commitments(2)     283,954     145,729     429,683     473,631
   
 
 
 
Total   $ 1,346,287   $ 362,450   $ 1,708,737   $ 1,736,070
   
 
 
 
(1)
Credit card lines are unconditionally cancelable by the issuer.

(2)
Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $237 billion and $259 billion with original maturity of less than one year at June 30, 2008 and December 31, 2007, respectively.

        See Note 18 to the Consolidated Financial Statements on page 127 for additional information on credit commitments and lines of credit.

65

This excerpt taken from the C 10-Q filed May 2, 2008.

Credit Commitments and Lines of Credit

        The table below summarizes Citigroup's credit commitments as of March 31, 2008 and December 31, 2007:

In millions of dollars
   U.S.
   Outside
of U.S.
   March 31,
2008
   December 31,
2007
Financial standby letters of credit and foreign office guarantees   $ 53,347   $ 28,603   $ 81,950   $ 87,066
Performance standby letters of credit and foreign office guarantees     5,994     12,531     18,525     18,055
Commercial and similar letters of credit     1,650     8,099     9,749     9,175
One- to four-family residential mortgages     5,893     763     6,656     4,587
Revolving open-end loans secured by one- to four-family residential properties     30,266     3,346     33,612     35,187
Commercial real estate, construction and land development     3,291     812     4,103     4,834
Credit card lines(1)     961,838     157,858     1,119,696     1,103,535
Commercial and other consumer loan commitments(2)     295,614     160,897     456,511     473,631
   
 
 
 
Total   $ 1,357,893   $ 372,909   $ 1,730,802   $ 1,736,070
   
 
 
 
(1)
Credit card lines are unconditionally cancelable by the issuer.

(2)
Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $238 billion and $259 billion with original maturity of less than one year at March 31, 2008 and December 31, 2007, respectively.

        See Note 17 to the Consolidated Financial Statements on page 107 for additional information on credit commitments and lines of credit.

This excerpt taken from the C 10-K filed Feb 22, 2008.

Credit Commitments and Lines of Credit

The table below summarizes Citigroup’s credit commitments as of December 31, 2007 and December 31, 2006:

In millions of dollars   U.S.    Outside
of U.S.		    December 31,
2007		    December 31,
2006

Financial standby letters of credit and foreign office guarantees

   $ 56,665    $ 30,401    $ 87,066    $ 72,548

Performance standby letters of credit and foreign office guarantees

     5,340      12,715      18,055      15,802

Commercial and similar letters of credit

     1,483      7,692      9,175      7,861

One- to four-family residential mortgages

     3,824      763      4,587      3,457

Revolving open-end loans secured by one- to four-family residential properties

     31,930      3,257      35,187      32,449

Commercial real estate, construction and land development

     3,736      1,098      4,834      4,007

Credit card lines (1)

     949,939      153,596      1,103,535      987,409

Commercial and other consumer loan commitments (2)

     303,376      170,255      473,631      439,931

Total

   $ 1,356,293    $ 379,777    $ 1,736,070    $ 1,563,464

 

(1) Credit card lines are unconditionally cancelable by the issuer.
(2) Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $259 billion and $251 billion with original maturity of less than one year at December 31, 2007 and December 31, 2006, respectively.

 

 

See Note 28 to the Consolidated Financial Statements on page 176 for additional information on credit commitments and lines of credit.

This excerpt taken from the C 10-Q filed Nov 5, 2007.

Credit Commitments and Lines of Credit

        The table below summarizes Citigroup's credit commitments as of September 30, 2007 and December 31, 2006.

In millions of dollars
   Sept. 30,
2007
   Dec. 31,
2006
Financial standby letters of credit and foreign office guarantees   $ 87,387   $ 72,548
Performance standby letters of credit and foreign office guarantees     16,479     15,802
Commercial and similar letters of credit     9,177     7,861
One- to four-family residential mortgages     7,424     3,457
Revolving open-end loans secured by one- to four-family residential properties     35,967     32,449
Commercial real estate, construction and land development     5,387     4,007
Credit card lines(1)     1,030,123     987,409
Commercial and other consumer loan commitments(2)     513,668     439,931
   
 
Total   $ 1,705,612   $ 1,563,464
   
 
(1)
Credit card lines are unconditionally cancelable by the issuer.

(2)
Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities. Amounts include $282 billion and $251 billion with original maturity of less than one year at September 30, 2007 and December 31, 2006, respectively.

Highly-Leveraged Financing Commitments

        Included in the line item "Commercial and other consumer loan commitments" in the table above are highly-leveraged financing commitments which are agreements that provide funding to a borrower with higher levels of debt (measured by the ratio of debt capital to equity capital of the borrower) than is generally considered normal for other companies. Highly-leveraged financing is commonly employed in corporate acquisitions, management buy-outs and similar transactions.

        As a result, debt service (that is, principal and interest payments) absorbs a significant portion of the cash flows generated by the borrower's business. Consequently, the risk that the borrower may not be able to service its debt obligations is greater. However, to compensate for this risk, the interest rate and fees charged for this type of financing is generally higher.

        Citigroup manages the risk associated with highly-leveraged financings it has entered into by selling a majority of its exposures to the market prior to or shortly after funding. In certain cases, all or a portion of a highly-leveraged financing to be retained is hedged with credit derivatives or other hedging instruments. Thus, when a highly-leveraged financing is funded, Citigroup records the resulting loan as follows:

    •
    The portion that will be sold is recorded as a loan held-for-sale in Other Assets on the Consolidated Balance Sheet, and measured at the lower-of-cost-or-market (LOCOM)

    •
    The portion that will be retained is recorded as a loan held-for-investment in Loans and measured at amortized cost less impairment.

        Prior to funding, highly-leveraged financing commitments are assessed for impairment in accordance with SFAS 5 and losses are recorded when they are probable and reasonably estimable. For the portion of loan commitments that relate to loans that will be held-for-investment, loss estimates are made based on the borrower's ability to repay the facility according to its contractual terms. For the portion of loan commitments that relate to loans that will be held-for-sale, loss estimates are made in reference to current conditions in the resale market (both interest rate risk and credit risk are considered in the estimate). Loan origination, commitment, underwriting, other fees have been netted against the impairment losses.

        Due to the dislocation of the credit markets during the quarter, liquidity in the market for highly-leveraged financings has declined significantly. Consequently, Citigroup has been unable to sell a number of highly-leveraged financings that it entered into during the quarter, resulting in total exposure of $57 billion as of September 30, 2007 ($19 billion for funded and $38 billion for unfunded commitments). The reduction in liquidity has resulted in Citigroup's recognizing total losses on such products during the quarter of $1.4 billion pre-tax of which $552 million is on funded highly-leveraged loans and $800 million on unfunded highly-leveraged financing commitments.

47

This excerpt taken from the C 10-Q filed Aug 3, 2007.

Credit Commitments and Lines of Credit

The table below summarizes Citigroup’s credit commitments as of June 30, 2007 and December 31, 2006.

In millions of dollars

 

June 30,
2007

 

December 31,
2006

 

Financial standby letters of credit and foreign office guarantees

 

$

80,654

 

$

72,548

 

Performance standby letters of credit and foreign office guarantees

 

16,242

 

15,802

 

Commercial and similar letters of credit

 

9,270

 

7,861

 

One- to four-family residential mortgages

 

6,641

 

3,457

 

Revolving open-end loans secured by one- to four-family residential properties

 

34,136

 

32,449

 

Commercial real estate, construction and land development

 

5,177

 

4,007

 

Credit card lines(1)

 

1,014,718

 

987,409

 

Commercial and other consumer loan commitments(2)

 

548,441

 

439,931

 

Total

 

$

1,715,279

 

$

1,563,464

 

(1)             Credit card lines are unconditionally cancelable by the issuer.

(2)             Includes commercial commitments to make or purchase loans, to purchase third-party receivables, and to provide note issuance or revolving underwriting facilities.  Amounts include $315 billion and $251 billion with original maturity of less than one year at June 30, 2007 and December 31, 2006, respectively.

43



 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009
10-Q
Oct 31, 2008
10-Q
Aug 1, 2008
10-Q
May 2, 2008
10-K
Feb 22, 2008
10-Q
Nov 5, 2007
10-Q
Aug 3, 2007

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