Morgan Stanley 2015 Annual Report Download - page 203

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Maturities and Terms of Failed Sales.
At
December 31,
2015
At
December 31,
2014
(dollars in millions)
Due in 2015 ................................................................ $ — $ 32
Due in 2016 ................................................................ 69 90
Due in 2017 ................................................................ 168 148
Due in 2018 ................................................................ 1 14
Due in 2019 ................................................................ 54 10
Due in 2020 ................................................................ 104 —
Thereafter .................................................................. 4 50
Total .................................................................... $ 400 $ 344
For more information on failed sales, see Note 13.
12. Commitments, Guarantees and Contingencies.
Commitments.
The Company’s commitments are summarized below by years to maturity. Since commitments associated with these
instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
Commitments.
Years to Maturity at December 31, 2015
Less
than 1 1-3 3-5 Over 5 Total
(dollars in millions)
Letters of credit and other financial guarantees obtained to
satisfy collateral requirements .................... $ 172 $ 7 $ — $ 107 $ 286
Investment activities ............................... 544 78 36 398 1,056
Corporate lending commitments(1) ................... 14,912 25,124 48,655 7,025 95,716
Consumer lending commitments ..................... 4,846 5 — 4 4,855
Residential real estate lending commitments ............ 24 99 63 246 432
Wholesale real estate lending commitments ............ 82 265 41 2 390
Forward-starting reverse repurchase agreements and
securities borrowing agreements(2)(3) .............. 33,485———33,485
Total ........................................ $ 54,065 $ 25,578 $ 48,795 $ 7,782 $ 136,220
(1) Due to the nature of the Company’s obligations under the commitments, these amounts include certain commitments participated to third parties of $4.2 billion.
(2) The Company enters into forward-starting reverse repurchase and securities borrowing agreements that primarily settle within three business days of the trade
date, and of the total amount at December 31, 2015, $25.6 billion settled within three business days.
(3) The Company also has a contingent obligation to provide financing to a clearinghouse through which it clears certain transactions. The financing is required only
upon the default of a clearinghouse member. The financing takes the form of a reverse repurchase facility, with a maximum amount of approximately $2.2
billion.
Type of Commitments.
Letters of Credit and Other Financial Guarantees Obtained to Satisfy Collateral Requirements. The Company has
outstanding letters of credit and other financial guarantees issued by third-party banks to certain of the Company’s
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