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These excerpts taken from the PNC 10-Q filed May 11, 2009. Credit Card Loans Retained interests in the credit card securitizations consist of seller’s interest, an interest-only strip, and asset-backed securities issued by the credit card securitization QSPE. Seller’s interest is recognized in portfolio loans on the Consolidated Balance Sheet and totaled approximately $202 million at March 31, 2009 and $315 million at December 31, 2008. The interest-only strips are recognized in other assets on the Consolidated Balance Sheet and totaled approximately $18 million at March 31, 2009 and $20 million at December 31, 2008. The asset-backed securities are recognized in investment securities on the Consolidated Balance Sheet and totaled approximately $26 million at March 31, 2009 and $25 million at December 31, 2008. These retained interests represent the maximum exposure to loss associated with our involvement in these securitizations.
Credit Card Loans
These excerpts taken from the PNC 10-K filed Mar 2, 2009. Credit Card Loans At December 31, 2008, National City’s credit card securitization series 2005-1, 2006-1, 2007-1, 2008-1, 2008-2, and 2008-3 were outstanding. Our continuing involvement in the securitized credit cards receivables consists primarily of servicing and a pro-rata undivided interest in all credit card receivables, or seller’s interest, in the QSPE. Servicing fees earned approximate current market rates for servicing fees; therefore, no servicing asset or liability existed at December 31, 2008. We hold a clean-up call repurchase option to the extent a securitization series extends past its scheduled note principal payoff date. To the extent this occurs, the clean-up call option is triggered when the principal balance of the asset-backed notes of any series reaches 5% of the initial principal balance of the asset-back notes issued at the securitization date. Our seller’s interest ranks equally with the investors’ interests in the trust. As the amount of the assets in the securitized pool fluctuates due to customer payments, purchases, cash advances, and credit losses, the carrying amount of the seller’s interest will vary. However, we are required to maintain seller’s interest at a minimum level of 5% Credit Card Loans
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