Citibank 2014 Annual Report Download - page 248

231
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, 2014 and 2013:
December 31, 2014 December 31, 2013
In millions of dollars Liquidity facilities Loan commitments Liquidity facilities Loan commitments
Citicorp
Asset-based financing $ 5 $ 2,180 $ 5 $ 999
Municipal securities tender option bond trusts (TOBs) 3,670 — 3,881 —
Municipal investments — 1,321 — 1,173
Investment funds — 124 — 81
Other — 23 — 20
Total Citicorp $3,675 $3,648 $3,886 $2,273
Citi Holdings
Asset-based financing $ — $ 86 $ — $ 258
Municipal investments — 904 — 939
Total Citi Holdings $ — $ 990 $ — $1,197
Total Citigroup funding commitments $3,675 $4,638 $3,886 $3,470
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, and any proceeds received are recognized
as secured liabilities. 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 respective 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. 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 VIE 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 obligations as of
December 31, 2014 and 2013:
In billions of dollars December 31, 2014 December 31, 2013
Citicorp Citi Holdings Citigroup Citicorp Citi Holdings Citigroup
Cash $ 0.1 $ 0.2 $ 0.3 $ 0.2 $0.2 $ 0.4
Trading account assets 0.7 — 0.7 1.0 — 1.0
Investments 8.0 — 8.0 10.9 — 10.9
Total loans, net 90.6 2.5 93.1 83.2 8.7 91.9
Other 0.6 — 0.6 1.1 0.2 1.3
Total assets $100.0 $ 2.7 $102.7 $96.4 $9.1 $105.5
Short-term borrowings $ 22.7 $ — $ 22.7 $24.3 $ — $ 24.3
Long-term debt 38.1 2.0 40.1 32.8 2.0 34.8
Other liabilities 0.8 0.1 0.9 0.9 0.1 1.0
Total liabilities $ 61.6 $ 2.1 $ 63.7 $58.0 $2.1 $ 60.1