Bank of America 2009 Annual Report Download - page 89

As presented in Table 40, foreign exposure to borrowers or counter-
parties in emerging markets increased $4.7 billion to $50.6 billion at
December 31, 2009, compared to $45.8 billion at December 31, 2008.
The increase was due to the acquisition of Merrill Lynch partially offset by
the sale of CCB common shares in 2009. Foreign exposure to borrowers
or counterparties in emerging markets represented 20 percent and 35
percent of total foreign exposure at December 31, 2009 and 2008.
Table 40 Selected Emerging Markets (1)
(Dollars in millions)
Loans and
Leases, and
Loan
Commitments
Other
Financing
(2)
Derivative
Assets
(3)
Securities/
Other
Investments
(4)
Total Cross-
border
Exposure
(5)
Local
Country
Exposure
Net of Local
Liabilities
(6)
Total
Emerging
Market
Exposure at
December 31,
2009
Increase
(Decrease)
From
December 31,
2008
Region/Country
Asia Pacific
China
$ 572 $ 517 $ 704 $10,270 $12,063 $ – $12,063 $(8,642)
India 1,702 1,091 639 1,704 5,136 1,024 6,160 1,726
South Korea 428 803 1,275 2,505 5,011 – 5,011 335
Hong Kong 391 337 98 276 1,102 – 1,102 421
Singapore 293 54 228 293 868 – 868 (701)
Taiwan 279 32 86 127 524 205 729 (113)
Other Asia Pacific
(7)
248 63 147 505 963 68 1,031 426
Total Asia Pacific 3,913 2,897 3,177 15,680 25,667 1,297 26,964 (6,548)
Latin America
Brazil 522 475 156 6,396 7,549 1,905 9,454 5,585
Mexico 1,667 291 524 2,860 5,342 129 5,471 1,314
Chile 604 248 281 26 1,159 2 1,161 582
Other Latin America
(7)
150 319 354 446 1,269 211 1,480 833
Total Latin America 2,943 1,333 1,315 9,728 15,319 2,247 17,566 8,314
Middle East and Africa
South Africa 133 2 93 920 1,148 – 1,148 821
Bahrain 119 8 36 970 1,133 – 1,133 (56)
United Arab Emirates 469 12 167 72 720 – 720 310
Other Middle East and Africa
(7)
315 92 142 218 767 1 768 239
Total Middle East and Africa 1,036 114 438 2,180 3,768 1 3,769 1,314
Central and Eastern Europe
Russian Federation 116 66 273 214 669 – 669 577
Other Central and Eastern Europe
(7)
141 356 289 788 1,574 32 1,606 1,069
Total Central and Eastern Europe 257 422 562 1,002 2,243 32 2,275 1,646
Total emerging market exposure $8,149 $4,766 $5,492 $28,590 $46,997 $3,577 $50,574 $ 4,726
(1) There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Asia Pacific excluding Japan, Australia and New Zealand; all countries in Latin America excluding
Cayman Islands and Bermuda; all countries in Middle East and Africa; and all countries in Central and Eastern Europe. There was no emerging market exposure included in the portfolio accounted for under the fair
value option at December 31, 2009 and 2008.
(2) Includes acceptances, SBLCs, commercial letters of credit and formal guarantees.
(3) Derivative assets are carried at fair value and have been reduced by the amount of cash collateral applied of $557 million and $152 million at December 31, 2009 and 2008. At December 31, 2009 and 2008, there
were $616 million and $531 million of other marketable securities collateralizing derivative assets.
(4) Generally, cross-border resale agreements are presented based on the domicile of the counterparty, consistent with FFIEC reporting requirements. Cross-border resale agreements where the underlying securities are
U.S. Treasury securities, in which case the domicile is the U.S., are excluded from this presentation.
(5) Cross-border exposure includes amounts payable to the Corporation by borrowers or counterparties with a country of residence other than the one in which the credit is booked, regardless of the currency in which the
claim is denominated, consistent with FFIEC reporting requirements.
(6) Local country exposure includes amounts payable to the Corporation by borrowers with a country of residence in which the credit is booked, regardless of the currency in which the claim is denominated. Local funding or
liabilities are subtracted from local exposures consistent with FFIEC reporting requirements. Total amount of available local liabilities funding local country exposure at December 31, 2009 was $17.6 billion compared
to $12.6 billion at December 31, 2008. Local liabilities at December 31, 2009 in Asia Pacific, Latin America, and Middle East and Africa were $16.3 billion, $857 million and $449 million, respectively, of which $8.7
billion were in Singapore, $2.1 billion were in Hong Kong, $1.5 billion were in both China and India, $1.3 billion were in South Korea, and $734 million were in Mexico. There were no other countries with available local
liabilities funding local country exposure greater than $500 million.
(7) No country included in Other Asia Pacific, Other Latin America, Other Middle East and Africa, and Other Central and Eastern Europe had total foreign exposure of more than $500 million.
Bank of America 2009 87