| Schedule of Guarantor Obligations |
The table below also includes the notional amount of commitments of $13.0 billion and $18.3 billion at December 31, 2013 and 2012 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value adjustments of $354 million and $528 million on these commitments, which are classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 21 – Fair Value Option.
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Credit Extension Commitments |
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December 31, 2013 |
(Dollars in millions) |
Expire in One
Year or Less |
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Expire After One
Year Through
Three Years |
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Expire After Three
Years Through
Five Years |
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Expire After Five
Years |
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Total |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
80,799 |
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$ |
105,175 |
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$ |
133,290 |
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$ |
21,864 |
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$ |
341,128 |
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Home equity lines of credit |
4,580 |
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|
16,855 |
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21,074 |
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14,301 |
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|
56,810 |
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Standby letters of credit and financial guarantees (1)
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21,994 |
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8,843 |
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2,876 |
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3,967 |
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37,680 |
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Letters of credit |
1,263 |
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899 |
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4 |
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403 |
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2,569 |
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Legally binding commitments |
108,636 |
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131,772 |
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|
157,244 |
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40,535 |
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|
438,187 |
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Credit card lines (2)
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377,846 |
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— |
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— |
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— |
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377,846 |
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Total credit extension commitments |
$ |
486,482 |
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$ |
131,772 |
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$ |
157,244 |
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$ |
40,535 |
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$ |
816,033 |
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December 31, 2012 |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
103,791 |
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$ |
83,885 |
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$ |
130,805 |
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$ |
19,942 |
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$ |
338,423 |
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Home equity lines of credit |
2,134 |
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13,584 |
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23,344 |
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21,856 |
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60,918 |
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Standby letters of credit and financial guarantees (1)
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24,593 |
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11,387 |
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3,094 |
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4,751 |
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43,825 |
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Letters of credit |
2,003 |
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70 |
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10 |
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546 |
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2,629 |
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Legally binding commitments |
132,521 |
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108,926 |
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157,253 |
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47,095 |
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445,795 |
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Credit card lines (2)
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397,862 |
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— |
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— |
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— |
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397,862 |
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Total credit extension commitments |
$ |
530,383 |
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$ |
108,926 |
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$ |
157,253 |
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$ |
47,095 |
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$ |
843,657 |
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(1) |
The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $27.6 billion and $9.6 billion at December 31, 2013, and $31.5 billion and $11.6 billion at December 31, 2012. Amounts include consumer SBLCs of $453 million and $669 million at December 31, 2013 and 2012.
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(2) |
Includes business card unused lines of credit. |
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