Goldman Sachs 2012 Annual Report Download - page 100

Management’s Discussion and Analysis
Credit Exposure by Industry
Cash OTC Derivatives
Loans and Lending
Commitments 1
As of December As of December As of December
in millions 2012 2011 2012 2011 2012 2011
Asset Managers & Funds $— $64$10,552 $10,582 $ 1,673 $ 1,290
Banks, Brokers & Other Financial Institutions 10,507 12,535 21,310 25,041 6,192 3,591
Consumer Products, Non-Durables & Retail —11 1,516 1,031 13,304 12,685
Government & Central Banks 62,162 43,389 14,729 16,642 1,782 1,828
Healthcare & Education ——3,764 2,962 7,717 7,158
Insurance ——4,214 2,828 3,199 2,891
Natural Resources & Utilities ——4,383 4,803 16,360 14,795
Real Estate ——381 327 3,796 2,695
Technology, Media, Telecommunications & Services —22,016 2,124 17,674 12,646
Transportation ——1,207 1,104 6,557 5,753
Other —73,332 6,704 4,650 5,759
Total 2$72,669 $56,008 $67,404 $74,148 $82,904 $71,091
Credit Exposure by Region
Cash OTC Derivatives
Loans and Lending
Commitments 1
As of December As of December As of December
in millions 2012 2011 2012 2011 2012 2011
Americas $65,193 $48,543 $32,968 $36,591 $59,792 $52,755
EMEA 31,683 1,800 26,739 29,549 21,104 16,989
Asia 5,793 5,665 7,697 8,008 2,008 1,347
Total 2$72,669 $56,008 $67,404 $74,148 $82,904 $71,091
Credit Exposure by Credit Quality
Cash OTC Derivatives
Loans and Lending
Commitments 1
in millions
Credit Rating Equivalent
As of December As of December As of December
2012 2011 2012 2011 2012 2011
AAA/Aaa $59,825 $40,559 $ 3,730 $ 3,081 $ 2,179 $ 2,192
AA/Aa2 6,356 7,463 16,445 19,981 7,220 7,026
A/A2 5,068 6,464 24,901 31,171 21,901 21,055
BBB/Baa2 326 195 13,919 10,996 26,313 22,937
BB/Ba2 or lower 1,094 1,209 6,811 7,261 25,291 17,820
Unrated —118 1,598 1,658 —61
Total 2$72,669 $56,008 $67,404 $74,148 $82,904 $71,091
1. Includes approximately $12 billion and $10 billion of loans as of December 2012 and December 2011, respectively, and approximately $71 billion and $61 billion of
lending commitments as of December 2012 and December 2011, respectively. Excludes certain bank loans and bridge loans and certain lending commitments that
are risk managed as part of market risk using VaR and sensitivity measures.
2. The firm bears credit risk related to resale agreements and securities borrowed only to the extent that cash advanced or the value of securities pledged or delivered
to the counterparty exceeds the value of the collateral received. The firm also has credit exposure on repurchase agreements and securities loaned to the extent that
the value of securities pledged or delivered to the counterparty for these transactions exceeds the amount of cash or collateral received. We had approximately
$37 billion and $41 billion as of December 2012 and December 2011, respectively, in credit exposure related to securities financing transactions reflecting applicable
netting agreements and collateral.
3. EMEA (Europe, Middle East and Africa).
98 Goldman Sachs 2012 Annual Report