Fifth Third Bank 2008 Annual Report Download - page 80

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
78 Fifth Third Bancorp
The following table reflects the fair value of all free-standing derivatives included in the Consolidated Balance Sheets as of December 31:
The net gains (losses) recorded in the Consolidated Statements of
Income relating to free-standing derivative instruments for the
years ended December 31 are summarized in the table below. For
the years ended December 31, 2008 and 2007, the Bancorp
recorded $5 million in losses related to derivative counterparty
default. As of December 31, 2008, derivative contracts for
customers in a gain position reflect fair value with a credit related
mark of $37 million.
2008 2007
($ in millions)
Notional
Amount Fair Value
Notional
Amount Fair Value
Interest rate contracts included in other assets:
Interest rate contracts for customers $15,425 $1,228 12,265 391
Interest rate lock commitments 3,120 24 656 3
Commodity contracts included in other assets:
Commodity contracts for customers 485 167 167 28
Foreign exchange contracts included in other assets:
Foreign exchange contracts for customers 6,807 534 7,132 255
Equity contracts included in other assets:
Derivative instruments related to equity-linked CD 57 2 50 5
Total included in other assets $1,955 682
Interest rate contracts included in other liabilities:
Interest rate contracts for customers $16,306 $1,257 12,430 391
Interest rate lock commitments 672 2 253 1
Commodity contracts included in other liabilities:
Commodity contracts for customers 464 156 163 22
Foreign exchange contracts included in other liabilities:
Foreign exchange contracts for customers 6,360 478 6,642 234
Equity contracts included in other liabilities:
Derivative instruments related to equity-linked CD 57 2 50 5
Total included in other liabilities $1,895 653
For the year ended December 31, ($ in millions
Consolidated Statements of
Income Caption 2008 2007 2006
Interest rate contracts:
Interest rate lock commitments Mortgage banking net revenue $54 3(2)
Commodity contracts:
Commodity contracts for customers Corporate banking revenue 7 2-
Foreign exchange contracts:
Foreign exchange contracts for customers Corporate banking revenue 106 60 53