| Schedule of Guarantor Obligations |
The table below also includes the notional amount of commitments of $24.0 billion and $25.7 billion at March 31, 2012 and December 31, 2011 that are accounted for under the fair value option. However, the table below excludes fair value adjustments of $844 million and $1.2 billion on these commitments, which are classified in accrued expenses and other liabilities. For information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 16 – Fair Value Option.
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Credit Extension Commitments |
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March 31, 2012 |
(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 |
$ |
98,539 |
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$ |
80,400 |
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$ |
125,963 |
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$ |
15,590 |
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$ |
320,492 |
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Home equity lines of credit |
1,822 |
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9,016 |
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21,715 |
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33,521 |
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66,074 |
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Standby letters of credit and financial guarantees (1)
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28,846 |
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18,026 |
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6,414 |
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2,854 |
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56,140 |
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Letters of credit |
2,147 |
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49 |
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19 |
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1,021 |
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3,236 |
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Legally binding commitments |
131,354 |
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107,491 |
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154,111 |
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|
52,986 |
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|
445,942 |
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Credit card lines (2)
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441,367 |
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— |
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— |
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— |
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441,367 |
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Total credit extension commitments |
$ |
572,721 |
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$ |
107,491 |
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$ |
154,111 |
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$ |
52,986 |
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$ |
887,309 |
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December 31, 2011 |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
96,291 |
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$ |
85,413 |
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$ |
120,770 |
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$ |
15,009 |
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$ |
317,483 |
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Home equity lines of credit |
1,679 |
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|
7,765 |
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20,963 |
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37,066 |
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67,473 |
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Standby letters of credit and financial guarantees (1)
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26,965 |
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18,932 |
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6,433 |
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5,505 |
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57,835 |
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Letters of credit |
2,828 |
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27 |
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5 |
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383 |
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3,243 |
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Legally binding commitments |
127,763 |
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|
112,137 |
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148,171 |
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57,963 |
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|
446,034 |
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Credit card lines (2)
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449,097 |
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— |
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— |
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— |
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449,097 |
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Total credit extension commitments |
$ |
576,860 |
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$ |
112,137 |
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$ |
148,171 |
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$ |
57,963 |
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$ |
895,131 |
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(1) |
The notional amounts of standby letters of credit 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 $38.8 billion and $16.7 billion at March 31, 2012, and $39.2 billion and $17.8 billion at December 31, 2011. Amounts include consumer standby letters of credit of $656 million and $859 million at March 31, 2012 and December 31, 2011.
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(2) |
Includes business card unused lines of credit. |
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