Citibank 2008 Annual Report Download - page 194
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Trust Preferred Securities
The Company has raised financing through the issuance of trust preferred
securities. In these transactions, the Company forms a statutory business
trust and owns all of the voting equity shares of the trust. The trust issues
preferred equity securities to third-party investors and invests the gross
proceeds in junior subordinated deferrable interest debentures issued by the
Company. These trusts have no assets, operations, revenues or cash flows
other than those related to the issuance, administration and repayment of
the preferred equity securities held by third-party investors. These trusts’
obligations are fully and unconditionally guaranteed by the Company.
Because the sole asset of the trust is a receivable from the Company, the
Company is not permitted to consolidate the trusts under FIN 46(R), even
though the Company owns all of the voting equity shares of the trust, has
fully guaranteed the trusts’ obligations, and has the right to redeem the
preferred securities in certain circumstances. The Company recognizes the
subordinated debentures on its balance sheet as long-term liabilities.
188