v2.4.0.6
Guarantees, Pledged Assets and Collateral (Tables)
 3 Months Ended
Mar. 31, 2013
Guarantees (Tables) [Abstract]  
Schedule of Guarantor Obligations
            
            
     March 31, 2013
      Maximum exposure to loss
       Expires afterExpires after   
      Expires inone yearthree yearsExpires Non-
     Carryingone yearthroughthroughafter five investment
(in millions) valueor lessthree yearsfive yearsyearsTotalgrade
Standby letters of credit (1)$ 43 17,231 11,455 5,161 2,977 36,824 9,717
Securities lending and        
 other indemnifications  - 2 17 11 3,101 3,131 75
Liquidity agreements (2)  - - - - 46 46 3
Written put options (2)(3)  1,037 3,462 3,844 2,324 2,555 12,185 3,563
Loans and MHFS sold with recourse 93 226 350 788 4,757 6,121 3,739
Contingent consideration  33 10 75 34 - 119 119
Other guarantees  3 688 22 1 730 1,441 3
 Total guarantees$ 1,209 21,619 15,763 8,319 14,166 59,867 17,219
            
     December 31, 2012
      Maximum exposure to loss
       Expires afterExpires after   
      Expires inone yearthree years  Non-
     Carryingone yearthroughthroughExpires after investment
(in millions) valueor lessthree yearsfive yearsfive yearsTotalgrade
Standby letters of credit (1)$ 42 19,463 11,782 6,531 1,983 39,759 11,331
Securities lending and        
 other indemnifications  - 3 7 20 2,511 2,541 118
Liquidity agreements (2)  - - - - 3 3 3
Written put options (2)(3)  1,427 2,951 3,873 2,475 2,575 11,874 3,953
Loans and MHFS sold with recourse  99 443 357 647 4,426 5,873 3,905
Contingent consideration  35 11 24 94 - 129 129
Other guarantees  3 677 26 1 717 1,421 4
 Total guarantees$ 1,606 23,548 16,069 9,768 12,215 61,600 19,443
            

  • Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $18.2 billion and $18.5 billion at March 31, 2013 and December 31, 2012, respectively. We issue DPLCs to provide credit enhancements for certain bond issuances. Beneficiaries (bond trustees) may draw upon these instruments to make scheduled principal and interest payments, redeem all outstanding bonds because a default event has occurred, or for other reasons as permitted by the agreement. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility in one of several forms, including as a standby letter of credit. Total maximum exposure to loss includes the portion of these facilities for which we have issued standby letters of credit under the commitments.
  • Certain of these agreements included in this table are related to off-balance sheet entities and, accordingly, are also disclosed in Note 7.
  • Written put options, which are in the form of derivatives, are also included in the derivative disclosures in Note 12.
Significant Components of Assets Pledged
        
        
     Mar. 31, Dec. 31,
(in millions) 2013 2012
Trading assets and other (1)$ 32,397  28,031
Securities available for sale (2)  92,788  96,018
Loans (3)  379,711  360,171
 Total pledged assets$ 504,896  484,220
        
(1)Represent assets pledged to collateralize repurchase agreements and other securities financings. Balance includes $31.4 billion and $27.4 billion at March 31, 2013, and December 31, 2012, respectively, under agreements that permit the secured parties to sell or repledge the collateral.
(2)Includes $8.6 billion and $8.4 billion in collateral for repurchase agreements at March 31, 2013, and December 31, 2012, respectively, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral.
(3)Represent loans carried at amortized cost, which are pledged under agreements that do not permit the secured parties to sell or repledge the collateral.
        
Offsetting of Resale and Repurchase Agreements and Securities Borrowing and Lending
        
        
     Mar. 31, Dec. 31,
(in millions)  2013  2012
Assets:    
Resale and securities borrowing agreements    
  Gross amounts recognized$ 50,645  45,847
  Gross amounts offset in consolidated balance sheet (1)  (2,586)  (2,561)
  Net amounts in consolidated balance sheet (2)  48,059  43,286
  Noncash collateral not recognized in consolidated balance sheet (3)  (47,474)  (42,920)
 Net amount (4)$ 585  366
Liabilities:    
Repurchase and securities lending agreements    
  Gross amounts recognized$ 39,782  35,876
  Gross amounts offset in consolidated balance sheet (1)  (2,586)  (2,561)
  Net amounts in consolidated balance sheet (5)  37,196  33,315
  Noncash collateral pledged but not netted in consolidated balance sheet (6)  (36,926)  (33,050)
 Net amount (7)$ 270  265
        
(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs or MSLAs that have been offset in the consolidated balance sheet.
(2)At March 31, 2013 and December 31, 2012, includes $37.6 billion and $33.8 billion, respectively, classified on our consolidated balance sheet in Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments and $10.5 billion and $9.5 billion, respectively, in Loans.
(3)Represents the fair value of non-cash collateral we have received under enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. At March 31, 2013 and December 31, 2012, we have received total collateral with a fair value of $52.0 billion and $46.6 billion, respectively, all of which, we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $34.0 billion at March 31, 2013 and $29.7 billion at December 31, 2012.
(4)Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA.
(5)Amount is classified in Short-Term Borrowings on our consolidated balance sheet.
(6)Represents the fair value of non-cash collateral we have pledged, related to enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty. At March 31, 2013 and December 31, 2012, we have pledged total collateral with a fair value of $41.0 billion and $36.4 billion, respectively, of which, the counterparty does not have the right to sell or repledge $9.6 billion as of March 31, 2013 and $9.1 billion as of December 31, 2012.
(7)Represents the amount of our exposure that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA.