Citibank 2011 Annual Report Download - page 298

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30. SUBSEQUENT EVENTS
Agreement in Principle with Certain U.S. Federal
Government Agencies and State Attorneys General
On February 9, 2012, Citi announced that it had reached an agreement
in principle with the United States and state attorneys general regarding
the settlement of a number of related investigations into residential loan
servicing and origination practices, as well as the resolution of related
mortgage litigation. Citi has adjusted its 2011 results of operations that were
previously announced on January 17, 2012 for an additional $209 million
(after tax) charge related to these matters. See Notes 29 and 32 to the
Consolidated Financial Statements.
31. CONDENSED CONSOLIDATING FINANCIAL
STATEMENTS SCHEDULES
These condensed Consolidating Financial Statements schedules are presented
for purposes of additional analysis, but should be considered in relation to
the Consolidated Financial Statements of Citigroup taken as a whole.
Citigroup Parent Company
The holding company, Citigroup Inc.
Citigroup Global Markets Holdings Inc. (CGMHI)
Citigroup guarantees various debt obligations of CGMHI as well as all of the
outstanding debt obligations under CGMHI’s publicly issued debt.
Citigroup Funding Inc. (CFI)
CFI is a first-tier subsidiary of Citigroup, which issues commercial paper,
medium-term notes and structured equity-linked and credit-linked notes, all
of which are guaranteed by Citigroup.
CitiFinancial Credit Company (CCC)
An indirect wholly owned subsidiary of Citigroup. CCC is a wholly owned
subsidiary of Associates. Citigroup has issued a full and unconditional
guarantee of the outstanding indebtedness of CCC.
Associates First Capital Corporation (Associates)
A wholly owned subsidiary of Citigroup. Citigroup has issued a full and
unconditional guarantee of the outstanding long-term debt securities and
commercial paper of Associates. In addition, Citigroup guaranteed various
debt obligations of Citigroup Finance Canada Inc. (CFCI), a wholly owned
subsidiary of Associates. CFCI continues to issue debt in the Canadian market
supported by a Citigroup guarantee. Associates is the immediate parent
company of CCC.
Other Citigroup Subsidiaries
Includes all other subsidiaries of Citigroup, intercompany eliminations and
income (loss) from discontinued operations.
Consolidating Adjustments
Includes Citigroup parent company elimination of distributed and
undistributed income of subsidiaries, investment in subsidiaries and the
elimination of CCC, which is included in the Associates column.