Non-Consolidated VIEs - Significant Variable Interests for PNC FINANCIAL SERVICES GROUP INC (PNC)

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PNC » Topics » Non-Consolidated VIEs - Significant Variable Interests

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
March 31, 2009
Market Street	$	4,618	$	4,744	$	6,653	(a)
Partnership interests in tax credit investments (b) (c)		1,117		649		860
Collateralized debt obligations		17				2
Total	$	5,752	$	5,393	$	7,515
December 31, 2008
Market Street	$	4,916	$	5,010	$	6,965	(a)
Partnership interests in tax credit investments (b) (c)		1,095		652		920
Collateralized debt obligations		20				2
Total	$	6,031	$	5,662	$	7,887

(a)

PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $6.1 billion and other credit enhancements of $.6 billion at March 31, 2009. The comparable amounts were $6.4 billion and $.6 billion at December 31, 2008. These liquidity commitments are included in the Net Unfunded Credit Commitments table in the Consolidated Balance Sheet Review section of this Report.

(b)	Amounts reported primarily represent low income housing projects.

(c)	Aggregate assets and aggregate liabilities represent approximate balances due to limited availability of financial information associated with the acquired National City partnerships that we did not sponsor.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
December 31, 2008
Market Street	$	4,916	$	5,010	$	6,965	(a)
Collateralized debt obligations		20				2
Partnership interests in tax credit investments (b) (c) (d)		1,095		652		920
Total (c)	$	6,031	$	5,662	$	7,887
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		298		184		155
Total	$	5,857	$	5,691	$	9,180

(a)

PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $6.4 billion and other credit enhancements of $.6 billion at December 31, 2008. The comparable amounts were $8.8 billion and $.2 billion at December 31, 2007. These liquidity commitments are included in the Net Unfunded Credit Commitments table in the Consolidated Balance Sheet Review section of this Report.

(b)	Amounts reported primarily represent low income housing projects.

(c)	Amounts include the impact of National City.

(d)	Aggregate assets and aggregate liabilities at December 31, 2008 represent approximate balances due to limited availability of financial information associated with the acquired National City partnerships that we did not sponsor.

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
December 31, 2008
Market Street	$	4,916	$	5,010	$	6,965	(a)
Collateralized debt obligations		20				2
Partnership interests in tax credit investments (b) (c) (d)		1,095		652		920
Total (c)	$	6,031	$	5,662	$	7,887
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		298		184		155
Total	$	5,857	$	5,691	$	9,180

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $6.4 billion and other credit enhancements of $.6 billion at December 31, 2008. The comparable amounts were $8.8 billion and $.2 billion at December 31, 2007.

(b)	Amounts reported primarily represent low income housing projects.

(c)	Amounts include the impact of National City.

(d)	Aggregate assets and aggregate liabilities at December 31, 2008 represent approximate balances due to limited availability of financial information associated with the acquired National City partnerships that we did not sponsor.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
September 30, 2008
Market Street	$	4,699	$	4,791	$	7,504	(a)
Collateralized debt obligations		38				4
Partnership interests in low income housing projects		325		199		284
Total	$	5,062	$	4,990	$	7,792
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		298		184		155
Total	$	5,857	$	5,691	$	9,180

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $7.3 billion and other credit enhancements of $.2 billion at September 30, 2008. The comparable amounts were $8.8 billion and $.2 billion at December 31, 2007.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
June 30, 2008
Market Street	$	4,582	$	4,628	$	7,230	(a)
Collateralized debt obligations		47		1		5
Partnership interests in low income housing projects		50		34		8
Total	$	4,679	$	4,663	$	7,243
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		50		34		8
Total	$	5,609	$	5,541	$	9,033

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $7.0 billion and other credit enhancements of $.2 billion at June 30, 2008. The comparable amounts were $8.8 billion and $.2 billion at December 31, 2007.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
March 31, 2008
Market Street	$	5,186	$	5,252	$	8,992	(a)
Collateralized debt obligations		55		1		5
Partnership interests in low income housing projects		50		34		8
Total	$	5,291	$	5,287	$	9,005
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		50		34		8
Total	$	5,609	$	5,541	$	9,033

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $8.8 billion and other credit enhancements of $.2 billion at both March 31, 2008 and December 31, 2007.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
December 31, 2007
Market Street	$	5,304	$	5,330	$	9,019	(a)
Collateralized debt obligations		255		177		6
Partnership interests in low income housing projects		50		34		8
Total	$	5,609	$	5,541	$	9,033
December 31, 2006
Market Street	$	4,020	$	4,020	$	6,117	^(a)
Collateralized debt obligations		815		570		22
Partnership interests in low income housing projects		33		30		8
Total	$	4,868	$	4,620	$	6,147

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $8.8 billion and other credit enhancements of $.2 billion at December 31, 2007. The comparable amounts at December 31, 2006 were $5.6 billion and $.6 billion, respectively.

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

Non-Consolidated VIEs – Significant Variable Interests


In millions	Aggregate Assets		Aggregate Liabilities		PNC Risk of Loss
December 31, 2006
Market Street	$	4,020	$	4,020	$	6,117	(a)
Collateralized debt obligations		815		570		22
Partnership interests in low income housing projects		33		30		8
Total	$	4,868	$	4,620	$	6,147
December 31, 2005
Collateralized debt obligations (b)	$	6,290	$	5,491	$	51
Private investment funds (b)		5,186		1,051		13
Market Street		3,519		3,519		5,089	(a)
Partnership interests in low income housing projects		35		29		2
Total	$	15,030	$	10,090	$	5,155

(a)	PNC’s risk of loss consists of off-balance sheet liquidity commitments to Market Street of $5.6 billion and other credit enhancements of $.6 billion at December 31, 2006. The comparable amounts at December 31, 2005 were $4.6 billion and $.4 billion, respectively.

(b)	Primarily held by BlackRock. We deconsolidated BlackRock effective September 29, 2006. See Note 2 Acquisitions for additional information. Includes both PNC’s direct risk of loss and BlackRock’s risk of loss, limited to PNC’s ownership interest in BlackRock.

The aggregate assets and liabilities of VIEs that we have consolidated in our financial statements are as follows:

EXCERPTS ON THIS PAGE:

10-Q	May 11, 2009

10-K (2 sections)	Mar 2, 2009

10-Q	Nov 6, 2008

10-Q	Aug 8, 2008

10-Q	May 12, 2008

10-K	Feb 29, 2008

10-K	Feb 4, 2008

PNC Financial Services (PNC)

PNC » Topics » Non-Consolidated VIEs - Significant Variable Interests

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