SunTrust 2012 Annual Report Download - page 154

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Notes to Consolidated Financial Statements (Continued)
138
Registered and Unregistered Funds Advised by RidgeWorth
RidgeWorth, a registered investment advisor and majority owned subsidiary of the Company, serves as the investment
advisor for various private placement, common and collective funds, and registered mutual funds (collectively the
“Funds”). The Company evaluates these Funds to determine if the Funds are VIEs. In February 2010, the FASB
issued guidance that defers the application of the existing VIE consolidation guidance for investment funds meeting
certain criteria. All of the registered and unregistered Funds advised by RidgeWorth meet the scope exception criteria
and thus are not evaluated for consolidation under the guidance. Accordingly, the Company continues to apply the
consolidation guidance in effect prior to the issuance of the existing guidance to interests in funds that qualify for
the deferral.
The Company has concluded that some of the Funds are VIEs. However, the Company has concluded that it is not
the primary beneficiary of these funds as the Company does not absorb a majority of the expected losses nor expected
returns of the funds. The Company’s exposure to loss is limited to the investment advisor and other administrative
fees it earns and if applicable, any equity investments. The total unconsolidated assets of these funds as of
December 31, 2012 and 2011, were $372 million and $1.1 billion, respectively.
The Company does not have any contractual obligation to provide monetary support to any of the Funds. The Company
did not provide any significant support, contractual or otherwise, to the Funds during the years ended December 31,
2012 and 2011.
NOTE 11 - BORROWINGS AND CONTRACTUAL COMMITMENTS
Short-term borrowings
Other short-term borrowings as of December 31 was as follows:
2012 2011
(Dollars in millions) Balance Interest
Rate Balance Interest
Rate
FHLB advances $1,500 0.34% $7,000 0.14%
Master notes 1,512 0.30 1,710 0.40
Dealer collateral 282 0.17 265 various
Other 9 2.70 8 2.70
Total other short-term borrowings $3,303 $8,983
The average balances of other short-term borrowings for the years ended December 31, 2012 and 2011 were $7.0 billion and
$3.5 billion, respectively, while the maximum amounts outstanding at any month-end during the years ended December 31,
2012 and 2011 were $10.7 billion and $9.0 billion, respectively. As of December 31, 2012, the Company had collateral pledged
to the Federal Reserve discount window to support $23.8 billion of available, unused borrowing capacity.