PNC Bank 2005 Annual Report Download - page 88

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Net outstanding standby letters of credit totaled $4.2 billion at
December 31, 2005 and $3.7 billion at December 31, 2004.
Standby letters of credit commit us to make payments on behalf
of customers if certain specified future events occur. Such
instruments are typically issued to support industrial revenue
bonds, commercial paper, and bid-or-performance related
contracts. Maturities for standby letters of credit ranged from
2006 to 2015. See Note 24 Commitments and Guarantees for
additional information.
At December 31, 2005, the largest industry concentration was
for multifamily, which accounted for approximately 8.4% of
the total letters of credit and bankers’ acceptances. Consumer
home equity lines of credit accounted for 77.5% of consumer
unfunded credit commitments.
At December 31, 2005, we pledged $1.4 billion of loans to the
FRB and $25.7 billion of loans to the Federal Home Loan Bank
(“FHLB”) as collateral for the contingent ability to borrow, if
necessary.
Certain directors and executive officers of PNC and its
subsidiaries, as well as certain affiliated companies of these
directors and officers, were customers of and had loans with
subsidiary banks in the ordinary course of business. All such
loans were on substantially the same terms, including interest
rates and collateral, as those prevailing at the time for
comparable transactions with other customers and did not
involve more than a normal risk of collectibility or present
other unfavorable features. The aggregate principal amounts of
these loans were $21 million at December 31, 2005 and $19
million at December 31, 2004. During 2005, new loans of $63
million were funded and repayments totaled $61 million.