GE 2005 Annual Report Download - page 135
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(135)
Securitized assets that are on-balance sheet include assets consolidated upon adoption of FIN 46. Although
we do not control these entities, consolidation was required because we provided a majority of the credit and
liquidity support for their activities. A majority of these entities were established to issue asset-backed securities,
using assets that were sold by us and by third parties. These entities differ from others included in our consolidated
financial statements because the assets they hold are legally isolated and are unavailable to us under any
circumstances. Repayment of their liabilities depends primarily on cash flows generated by their assets. Because we
have ceased transferring assets to these entities, balances will decrease as the assets repay. We refer to these entities
as “consolidated, liquidating securitization entities.”
The following table represents assets in securitization entities, both consolidated and off-balance sheet.
December 31 (In millions) 2005 2004
Receivables secured by:
Equipment $ 12,949 $ 13,941
Commercial real estate 13,010 14,626
Residential real estate 8,882 9,094
Other assets 12,869 9,880
Credit card receivables 10,039 7,075
GE trade receivables 3,960 3,582
Total securitized assets $ 61,709 $ 58,198
December 31 (In millions) 2005 2004
Off-balance sheet(a)(b) $ 43,805 $ 32,205
On-balance sheet(c) 17,904 25,993
Total securitized assets $ 61,709 $ 58,198
(a) At December 31, 2005 and 2004, liquidity support amounted to $2,000 million and $2,300 million, respectively. These amounts are net of
$3,800 million and $4,300 million, respectively, participated or deferred beyond one year. Credit support amounted to $6,000 million and
$6,600 million at December 31, 2005 and 2004, respectively.
(b) Liabilities for recourse obligations related to off-balance sheet assets were $93 million and $64 million at December 31, 2005 and 2004,
respectively.
(c) At December 31, 2005 and 2004, liquidity support amounted to $10,000 million and $14,400 million, respectively. These amounts are net
of $100 million and $1,200 million, respectively, participated or deferred beyond one year. Credit support amounted to $4,800 million and
$6,900 million at December 31, 2005 and 2004, respectively.
The portfolio of financing receivables consisted of loans and financing lease receivables secured by equipment,
commercial and residential real estate and other assets; credit card receivables; and trade receivables. Examples of
these assets include loans and leases on manufacturing and transportation equipment, loans on commercial property,
commercial loans, and balances of high credit quality accounts from sales of a broad range of products and services
to a diversified customer base.