Citibank 2011 Annual Report Download - page 242

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Citicorp and Citi Holdings Significant Variable Interests in Unconsolidated VIEs—Balance Sheet Classification
The following tables present the carrying amounts and classification of significant variable interests in unconsolidated VIEs as of December 31, 2011 and
December 31, 2010:
In billions of dollars December 31, 2011 $ECEMBERææ
Citicorp Citi Holdings Citigroup #ITICORP #ITIæ(OLDINGS #ITIGROUP
4RADINGæACCOUNTæASSETS $ 5.6 $ 1.0 $ 6.6  æ    
)NVESTMENTS 3.8 4.4 8.2   
,OANS 8.8 1.6 10.4   
/THER 1.6 1.0 2.6   
Total assets $19.8 $ 8.0 $ 27.8   
,ONGTERMæDEBT $ 0.2 $ — $ 0.2      
/THERæLIABILITIES ———
Total liabilities $ 0.2 $ — $ 0.2      
Credit Card Securitizations
The Company securitizes credit card receivables through trusts that are
established to purchase the receivables. Citigroup transfers receivables into
the trusts on a non-recourse basis. Credit card securitizations are revolving
securitizations; that is, as customers pay their credit card balances, the cash
proceeds are used to purchase new receivables and replenish the receivables
in the trust. Since the adoption of SFAS 167 on January 1, 2010, the trusts are
treated as consolidated entities, because, as servicer, Citigroup has the power to
direct the activities that most significantly impact the economic performance
of the trusts and also holds a seller’s interest and certain securities issued by
Citicorp Citi Holdings
December 31, December 31,
In billions of dollars 2011  2011 
0RINCIPALæAMOUNTæOFæCREDITæCARDæRECEIVABLESæINæTRUSTS $59.6  $30.8 
/WNERSHIPæINTERESTSæINæPRINCIPALæAMOUNTæOFæTRUSTæCREDITæCARDæRECEIVABLES
3OLDæTOæINVESTORSæVIAæTRUSTISSUEDæSECURITIES $30.4  $12.6 
2ETAINEDæBYæ#ITIGROUPæASæTRUSTISSUEDæSECURITIES 7.7  7.1 
2ETAINEDæBYæ#ITIGROUPæVIAæNONCERTIFICATEDæINTERESTS 21.5  11.1 
Total ownership interests in principal amount of trust credit card receivables $59.6  $30.8 
the trusts, and provides liquidity facilities to the trusts, which could result
in potentially significant losses or benefits from the trusts. Accordingly, the
transferred credit card receivables are required to remain on the Consolidated
Balance Sheet with no gain or loss recognized. The debt issued by the trusts to
third parties is included in the Consolidated Balance Sheet.
The Company relies on securitizations to fund a significant portion of
its credit card businesses in North America. The following table reflects
amounts related to the Company’s securitized credit card receivables: