Morgan Stanley 2009 Annual Report Download - page 88
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The table below summarizes certain information regarding the Company’s obligations under guarantee
arrangements as of December 31, 2008:
Type of Guarantee
Maximum Potential Payout/Notional Carrying
Amount
(Asset)/
Liability
Collateral/
Recourse
Years to Maturity
Less than 1 1-3 3-5 Over 5 Total
(dollars in millions)
Credit derivative contracts(1) .... $225,742 $778,266 $1,593,218 $989,207 $3,586,433 $427,338 $ —
Other credit contracts .......... 53 43 188 3,014 3,298 3,379 —
Credit-linked notes ............ 207 486 326 640 1,659 (242) —
Non-credit derivative
contracts(1) ................ 684,432 385,734 195,419 274,652 1,540,237 145,609 —
Standby letters of credit and other
financial guarantees issued .... 779 1,964 1,817 4,418 8,978 78 4,787
Market value guarantees ........ — — — 645 645 36 134
Liquidity facilities ............ 3,152 698 188 376 4,414 25 3,741
Whole loan sales guarantees .... — — — 42,045 42,045 — —
General partner guarantees ...... 54 198 33 150 435 29 —
Auction rate security
guarantees ................. 1,747 — — — 1,747 40 —
(1) Carrying amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. For further
information on derivative contracts, see Note 10 to the consolidated financial statements.
In the ordinary course of business, the Company guarantees the debt and/or certain trading obligations (including
obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities)
of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or
trading counterparties. The activities of the subsidiaries covered by these guarantees (including any related debt
or trading obligations) are included in the Company’s consolidated financial statements.
See Note 11 to the consolidated financial statements for information on trust preferred securities, indemnities,
exchange/clearinghouse member guarantees, general partner guarantees, securitized asset guarantees and other
guarantees.
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