Goldman Sachs 2009 Annual Report Download - page 125

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Goldman Sachs 2009 Annual Report
123
Notes to Consolidated Financial Statements
The following table sets forth the  rm’s total assets excluding the bene t of offsetting nancial instruments that are held
to mitigate the risks associated with its variable interests in consolidated VIEs. The following table excludes VIEs in which the
rm holds a majority voting interest unless the activities of the VIE are primarily related to securitization, asset-backed  nancings
or single-lessee leasing arrangements. For 2009, in accordance with amended principles requiring enhanced disclosures, the
following table also sets forth the total liabilities included in the consolidated statement of  nancial condition related to the  rm’s
consolidated VIEs. The  rm has aggregated consolidated VIEs based on principal business activity, as re ected in the  rst column.
As of
December2009 November2008
(inmillions) VIE Assets (1) VIE Liabilities (1) VIE Assets (1)
Real estate, credit-related and other investing $ 942 $ 680
(2) $1,560
Municipal bond securitizations 679 782
(3) 985
CDOs, mortgage-backed and other asset-backed 639 583
(4) 32
Foreign exchange and commodities 227 179
(5) 652
Principal-protected notes 214 214
(6) 215
Total $2,701 $2,438 $3,444
(1) Consolidated VIE assets and liabilities are presented after intercompany eliminations and include assets  nanced on a nonrecourse basis. Substantially all VIE
assets are included in “Trading assets, at fair value” and “Other assets” in the consolidated statements of nancial condition.
(2) These VIE liabilities are generally collateralized by the related VIE assets and included in “Other secured  nancings” and “Other liabilities and accrued
expenses” in the consolidated statement of  nancial condition. These VIE liabilities generally do not provide for recourse to the general credit of the  rm.
(3) These VIE liabilities, which are partially collateralized by the related VIE assets, are included in “Other secured  nancings” in the consolidated statement of
nancial condition.
(4) These VIE liabilities are primarily included in “Securities sold under agreements to repurchase, at fair value” and “Other secured  nancings” in the consolidated
statement of  nancial condition and generally do not provide for recourse to the general credit of the  rm.
(5) These VIE liabilities are primarily included in “Trading liabilities, at fair value” in the consolidated statement of  nancial condition.
(6) These VIE liabilities are included in “Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings” in the consolidated
statement of  nancial condition.
The  rm did not have off-balance-sheet commitments to purchase or  nance any CDOs held by structured investment vehicles as
of December2009 or November2008.
NOTE 5
Deposits
The following table sets forth deposits as of December2009 and November2008:
As of
December November
(inmillions)
2009 2008
U.S. of ces
(1)
$32,797 $23,018
Non-U.S. of ces
(2)
6,621 4,625
Total $39,418 $27,643
(1) Substantially all U.S. deposits were interest-bearing and were held at GSBank USA.
(2) Substantially all non-U.S. deposits were interest-bearing and were held at GoldmanSachs Bank (Europe) PLC (GSBank Europe).