Citibank 2011 Annual Report Download - page 241

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Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables
above as of December 31, 2011:
In millions of dollars Liquidity facilities Loan commitments
Citicorp
#ITIADMINISTEREDæASSETBACKEDæCOMMERCIALæPAPERæCONDUITSæ!"#0 $13,016 $ —
4HIRDPARTYæCOMMERCIALæPAPERæCONDUITS 298 —
!SSETBASEDæFINANCING 5 2,886
-UNICIPALæSECURITIESæTENDERæOPTIONæBONDæTRUSTSæ4/"S 5,413 —
-UNICIPALæINVESTMENTS 390 1,049
)NVESTMENTæFUNDS —63
/THER — 279
Total Citicorp $19,122 $4,277
Citi Holdings
#OLLATERALIZEDæLOANæOBLIGATIONSæ#,/S $— $6
!SSETBASEDæFINANCING 79 171
-UNICIPALæINVESTMENTS —71
/THER —15
Total Citi Holdings $ 79 $ 263
Total Citigroup funding commitments $19,201 $4,540
Citicorp and Citi Holdings Consolidated VIEs
The Company engages in on-balance-sheet securitizations which are
securitizations that do not qualify for sales treatment; thus, the assets remain
on the Company’s balance sheet. The consolidated VIEs included in the
tables below represent hundreds of separate entities with which the Company
is involved. In general, the third-party investors in the obligations of
consolidated VIEs have legal recourse only to the assets of the VIEs and do not
have such recourse to the Company, except where the Company has provided
a guarantee to the investors or is the counterparty to certain derivative
transactions involving the VIE. In addition, the assets are generally restricted
only to pay such liabilities.
Thus, the Company’s maximum legal exposure to loss related to
consolidated VIEs is significantly less than the carrying value of the
consolidated VIE assets due to outstanding third-party financing.
Intercompany assets and liabilities are excluded from the table. All assets are
restricted from being sold or pledged as collateral. The cash flows from these
assets are the only source used to pay down the associated liabilities, which
are non-recourse to the Company’s general assets.
The following table presents the carrying amounts and classifications of
consolidated assets that are collateral for consolidated VIE and SPE obligations:
In billions of dollars December 31, 2011 $ECEMBERææ
Citicorp Citi Holdings Citigroup #ITICORP #ITIæ(OLDINGS #ITIGROUP
#ASH $ 0.2 $ 0.4 $ 0.6      
4RADINGæACCOUNTæASSETS 0.4 0.1 0.5   
)NVESTMENTS 7.9 2.7 10.6  ææ 
4OTALæLOANSæNET 80.8 38.3 119.1   
/THER 0.5 0.3 0.8   
Total assets $89.8 $ 41.8 $ 131.6    
3HORTTERMæBORROWINGS $22.5 $ 0.8 $ 23.3     
,ONGTERMæDEBT 32.6 17.9 50.5   
/THERæLIABILITIES 0.4 0.2 0.6   
Total liabilities $55.5 $ 18.9 $ 74.4    