Consolidated VIEs - PNC Is Primary Beneficiary for PNC FINANCIAL SERVICES GROUP INC (PNC)

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PNC » Topics » Consolidated VIEs - PNC Is Primary Beneficiary

This excerpt taken from the PNC 10-Q filed May 11, 2009.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
March 31, 2009		$	1,452		$	803
December 31, 2008		$	1,499		$	863	(a)
Credit Risk Transfer Transaction
March 31, 2009		$	1,012		$	1,012
December 31, 2008		$	1,070		$	1,070

(a)	We have revised this amount due to PNC’s adoption of SFAS 160 as noncontrolling interests are no longer classified as aggregate liabilities.

These excerpts taken from the PNC 10-K filed Mar 2, 2009.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects (a)
December 31, 2008		$	1,499		$	1,455
December 31, 2007		$	1,108		$	1,108

Credit Risk Transfer Transaction (b)
December 31, 2008		$	1,070		$	1,070

(a)	Amounts for December 31, 2008 include National City, which PNC acquired on that date.

(b)	National City-related transaction.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects (a)
December 31, 2008		$	1,499		$	1,455
December 31, 2007		$	1,108		$	1,108
Credit Risk Transfer Transaction (b)
December 31, 2008		$	1,070		$	1,070

(a)	Amounts for December 31, 2008 include National City, which PNC acquired on that date.

(b)	National City-related transaction.

We hold significant variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on these VIEs follows:

This excerpt taken from the PNC 10-Q filed Nov 6, 2008.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
September 30, 2008		$	1,303		$	1,303
December 31, 2007		$	1,108		$	1,108

We hold significant variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on these VIEs follows:

This excerpt taken from the PNC 10-Q filed Aug 8, 2008.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
June 30, 2008		$	1,062		$	1,062
December 31, 2007		$	1,110		$	1,110

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We hold significant variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on these VIEs follows:

This excerpt taken from the PNC 10-Q filed May 12, 2008.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
March 31, 2008		$	1,085		$	1,085
December 31, 2007		$	1,110		$	1,110

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This excerpt taken from the PNC 10-K filed Feb 29, 2008.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
December 31, 2007		$	1,110		$	1,110
December 31, 2006		$	834		$	834

This excerpt taken from the PNC 10-K filed Feb 4, 2008.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
December 31, 2006
Partnership interests in low income housing projects		$	834		$	834
Total		$	834		$	834
December 31, 2005
Partnership interests in low income housing projects		$	680		$	680
Other			12			10
Total		$	692		$	690

This excerpt taken from the PNC 10-Q filed Nov 8, 2007.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
September 30, 2007		$	1,142		$	1,142
December 31, 2006			$834			$834

This excerpt taken from the PNC 10-Q filed Aug 8, 2007.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
June 30, 2007		$	761		$	761
December 31, 2006		$	834		$	834

This excerpt taken from the PNC 10-Q filed May 9, 2007.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
Partnership interests in low income housing projects
March 31, 2007		$	780		$	780
December 31, 2006		$	834		$	834

This excerpt taken from the PNC 10-K filed Mar 1, 2007.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
December 31, 2006
Partnership interests in low income housing projects		$	834		$	834
Total		$	834		$	834
December 31, 2005
Partnership interests in low income housing projects		$	680		$	680
Other			12			10
Total		$	692		$	690

This excerpt taken from the PNC 10-Q filed Nov 9, 2006.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets			Aggregate Liabilities
September 30, 2006
Partnership interests in low income housing projects		$	870		$	870
Other			18			18
Total		$	888		$	888
December 31, 2005
Partnership interests in low income housing projects		$	680		$	680
Other			12			10
Total		$	692		$	690

We also have subsidiaries that invest in and act as the investment manager for private equity funds organized as limited partnerships as part of our equity management activities. The funds invest in private equity investments to generate capital appreciation and profits. As permitted by FIN 46R, we have deferred applying the provisions of the interpretation for these entities pending further action by the FASB. Information on these entities follows:

This excerpt taken from the PNC 10-Q filed Aug 9, 2006.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets		Aggregate Liabilities
June 30, 2006
Partnership interests in low income housing projects		$619		$619
Other		33		30
Total		$652		$649
December 31, 2005
Partnership interests in low income housing projects		$680		$680
Other		12		10
Total		$692		$690

We also have subsidiaries that invest in and act as the investment manager for private equity funds organized as limited partnerships as part of our equity management activities. The funds invest in private equity investments to generate capital appreciation and profits. As permitted by FIN 46R, we have deferred applying the provisions of the interpretation for these entities pending further action by the FASB. Information on these entities follows:

This excerpt taken from the PNC 10-Q filed May 9, 2006.

Consolidated VIEs – PNC Is Primary Beneficiary


In millions		Aggregate Assets		Aggregate Debt
March 31, 2006
Partnership interests in low income housing projects		$636		$636
Other		13		11
Total		$649		$647
December 31, 2005
Partnership interests in low income housing projects		$680		$680
Other		12		10
Total		$692		$690

We also have subsidiaries that invest in and act as the investment manager for a private equity fund that is organized as a limited partnership as part of our equity management activities. The fund invests in private equity investments to generate capital appreciation and profits. As permitted by FIN 46R, we have deferred applying the provisions of the interpretation for this entity pending further action by the FASB. Information on this entity follows:

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