Citibank 2015 Annual Report Download - page 289
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271
Fair values vary from period to period based on changes in a wide range
of factors, including interest rates, credit quality and market perceptions
of value, and as existing assets and liabilities run off and new transactions
are entered into. The estimated fair values of loans reflect changes in credit
status since the loans were made, changes in interest rates in the case of
fixed-rate loans, and premium values at origination of certain loans.
The estimated fair values of the Company’s corporate unfunded lending
commitments at December 31, 2015 and December 31, 2014 were liabilities
of $7.0 billion and $5.5 billion, respectively, substantially all of which are
classified as Level 3. The Company does not estimate the fair values of
consumer unfunded lending commitments, which are generally cancellable
by providing notice to the borrower.