Fifth Third Bank 2012 Annual Report Download - page 126
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
124 Fifth Third Bancorp
Notes Associated with Consolidated VIEs
As previously discussed in Note 10, the Bancorp was determined to
be the primary beneficiary of VIEs associated with certain
automobile loan and home equity securitizations and, effective
January 1, 2010, these VIEs were consolidated in the Bancorp’s
Consolidated Financial Statements.
On February 8, 2012, the Bancorp exercised cleanup call
options on an automobile securitization conduit and an isolated
trust and acquired all remaining automobile loans, the proceeds of
which were used by the conduit and trust to repay outstanding debt.
On April 12, 2012, the Bancorp exercised its cleanup call option on
the home equity isolated trust and acquired all remaining home
equity loans, the proceeds of which were used by the trust to repay
outstanding debt. On September 17, 2012, the Bancorp exercised its
cleanup call option on the remaining automobile securitization
conduit and acquired all remaining automobile loans, the proceeds
of which were used by the conduit to repay outstanding debt.