Name of institution: American Express Company Submission date: 3/13/09 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) OCT NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $0 $0 $0 $0

b. Total Originations $0 $0 $0 $0(1) Refinancings $0 $0 $0 $0(2) New Home Purchases $0 $0 $0 $0

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $0 $0 $0 $0

b. Originations (New Lines+Line Increases) $0 $0 $0 $0

c. Total Used and Unused Commitments $0 $0 $0 $0

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $89,221 $88,147 $86,520 $81,765 Represents month ending balances. Includes all US consumer and small business lending

balances as well as US consumer, small business and commercial charge card balances.

b. New Account Originations (Initial Line Amt) $2,368 $2,030 $1,366 $889 Reflects originations for US credit card products only. Excludes spending on US consumer, sm

business and commercial charge products which also represent originations of credit on a

transaction basis.

c. Total Used and Unused Commitments $296,147 $291,020 $284,165 $277,701 Used commitments represent month ending US charge card and credit card balances

outstanding. Because charge card products have no preset spending limit, the associated cre

limit on cardmember receivables is not quantifiable. Therefore, the quantified unused

commitment amounts include the approximate credit line available on cardmember credit ca

loans (including both on‐balance sheet loans and loans previously securitized), however, do n

include an unused commitment amount for charge card products

4. Other Consumer

$ $ $ $

a. Average Total Loan Balance $0 $0 $0 $0

b. Originations $0 $0 $0 $0

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) OCT NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $0 $0 $0 $0b. Renewal of Existing Accounts $0 $0 $0 $0

c. New Commitments $0 $0 $0 $0

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $0 $0 $0 $0

b. Renewal of Existing Accounts $0 $0 $0 $0c. New Commitments $0 $0 $0 $0

2

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $0 $0 $0 $0b. Asset Backed Securities $0 $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)a. Average Total Matched Book (Repo/Reverse Repo)1 $0 $0 $0 $0

b. Average Total Debit Balances2 $0 $0 $0 $03. Underwriting

a. Total Equity Underwriting $0 $0 $0 $0b. Total Debt Underwriting $0 $0 $0 $0

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:   American Express Company (“American Express”)

Reporting month(s):   October 2008 through January 2009

Submission date:   March 9, 2009

Person to be contacted regarding this report:  Thomas G Anderson

1

PART II. QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month. This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Overview of American Express Lending Activities

American Express extends credit through its proprietary credit and charge card products. The Company

makes revolving loans to consumers and small businesses through a variety of proprietary credit card

products that it offers. The Company also facilitates the extension of credit to consumers through its

Global Network Services business, which maintains relationships and permits banks and other financial

institutions to issue credit card products for use on the American Express network.

The Company further extends credit to consumers and small businesses through its proprietary charge

card products, which carry no pre‐set spending limits. Credit can be extended for up to 30 days and may

be extended for a longer period in certain circumstances. Charges are individually approved based on a

variety of factors, including a cardmember's payment history, credit record and financial resources.

In addition, the Company extends credit to middle‐market and large businesses through its commercial

charge card products. The American Express Corporate Card and Corporate Purchasing Card help

companies manage their travel, entertainment and purchasing expenses.

The Lending and Loan Demand Environment

Although the lending environment remains challenging, American Express has continued to extend

credit to creditworthy consumers and businesses based on prudent business decisions. From October

2008 through January 2009, American Express continued to extend significant levels of credit through its

charge and credit cards to consumer, small businesses and corporate card members in the United

States, as well as around the world.

The Company’s goal is to accommodate cardmembers spending needs while continuing to lend

responsibly. As discussed in our Q4 2008 earnings announcement, in the fourth quarter of 2008 we

authorized about $73 billion in spending for consumers, small businesses, and corporate card members

during the fourth quarter of 2008. On the lending side, our open credit lines were on par with last year

despite the difficult conditions in the marketplace.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:   American Express Company (“American Express”)

Reporting month(s):   October 2008 through January 2009

Submission date:   March 9, 2009

Person to be contacted regarding this report:  Thomas G Anderson

2

Overall U.S. spending volumes declined during January 2009 due to a decrease in spending by

consumers and businesses in light of the current economic conditions, as well a seasonal decline in

balances that is typical in January. Consistent with this trend, the U.S. managed loan balance declined.

While we continued to originate new credit card accounts from October 2008 through January 2009,

loan originations declined due to seasonal aspects of acquisition activities, as well as a shift in emphasis

towards charge card products.

Lending Standards and Terms

Especially in this difficult economic environment, our intent is to strike the right balance between

accommodating our cardmembers' spending needs and, at the same time, prudently managing credit

risk. While we are always evaluating our underwriting policies, credit limits and models and adjusting

them as appropriate in order to manage risk prudently, we are committed to providing creditworthy

cardmembers the capacity to spend.

Commitment to helping customers

American Express is committed to helping cardmembers who are facing temporary financial hardship

and has significantly expanded its assistance plans in light of the severe economic downturn. We have

continued to expand our Customer Assistance and Relief Environment programs (“CARE”). The programs

are designed to help customers responsibly manage their credit and protect their credit scores in this

difficult environment.
Name of institution: Bank of America Submission date: February 28, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding)

$253,344 $251,712 $266,012

Average balance represent loans held on the balance sheet, whether originated by BAC or

purchased from others, but does not include discontinued products (pay option and sub prim

b. Total Originations

$11,595 $15,410 $22,887

Originations include both loans originated for the balance sheet as well as loans originated fo

sale.

(1) Refinancings

$4,951 $7,732 $16,546

(2) New Home Purchases

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

$6,645 $7,678 $6,342

2. Home Equity

a. Average Total Loan Balance

$152,904 $150,794 $158,740

Average balances represent HELOC, HELOAN and Reverse Mortgage, but do not include

discontinued real estate (sub prime)

b. Originations (New Lines+Line Increases)

$1,686 $1,819 $1,402

Originations represent HELOC, HELOAN and Reverse Mortgage, but do not include discontinu

real estate (sub prime).

c. Total Used and Unused Commitments

$260,063 $258,986 $268,794

Total commitments exclude Reverse Mortgage.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed

$161,119 $163,348 $163,220

Average balances represent US Domestic Card and US Small Business Card.

b. New Account Originations (Initial Line Amt)

$2,022 $2,440 $2,058

Originations represent US Domestic Card and US Small Business Card.

c. Total Used and Unused Commitments

$907,970 $903,025 $823,124

Commitments represent US Domestic Card and US Small Business Card.

4. Other Consumer

a Average Total Loan Balance Average balances and Originations represent Dealer Financial Services (primarily auto marina. Average Total Loan Balance

$76,363 $76,355 $78,722

Average balances and Originations represent Dealer Financial Services (primarily auto, marin

RV), Consumer Lending and Student Lending.

b. Originations

$1,083 $2,359 $3,425

Average balances and Originations exclude Foreign Consumer, Banking Center loans, Small

Business Lines & Loans and Global Wealth Investment Management non‐real estate loans an

other discontinued businesses.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance

$262,398 $259,474 $278,205

C&I is non‐real estate commercial loans and leases, includes domestic and foreign loans and

leases and excludes U S Small Business Card (which is included in Schedule A above).

b. Renewal of Existing Accounts

$15,310 $18,023 $11,255

Renewals represent credit facilities that expired/matured and were renewed during the perio

includes funded and unfunded exposure; includes all instrument types (loans held for

investment, loans held for sale, LCs, bankers acceptances and derivatives.

c. New Commitments

$13,472 $15,496 $15,688

New commitments represent new credit facilities booked during the period; includes funded

and unfunded exposure and includes all instrument types (see 1.b above).

2. Commercial Real Estate

a. Average Total Loan and Lease Balance

$64,917 $64,693 $74,030

Commercial Real Estate includes domestic and foreign loans primarily secured by non owner‐

occupied real estate which are dependent on the sale or lease of the real estate as the prima

source of repayment.

b. Renewal of Existing Accounts Renewals represent credit facilities that expired/matured and were renewed during the perio

includes funded and unfunded exposure; includes all instrument types (see 1.b above).

2

$1,964 $3,457 $2,430

c. New Commitments

$1,730 $2,423 $1,478

New commitments represent new credit facilities booked during the period; includes funded

and unfunded exposure and includes all instrument types (see 1.b above).

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities

‐$12,012 ‐$8,764 ‐$10,863

Mortgage‐backed securities net purchases include only activity related to our Asset/liability

management process, and excludes those securities related to internally originated loans wh

have been securitized externally and re‐sold to BAC.

b. Asset Backed Securities

$0 $0 $0

Same as 1.a above.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1

$52,567 $48,280 $131,788

Matched Book Balances represent customer driven ReverseRepo activity. Monthly fluctuatio

driven by customer demand, ability to apply FIN41 netting and balance sheet capacity.

b. Average Total Debit Balances2

$296 $340 $31,020

Margin Loan balances for legacy Bank of America are minimal following sale of prime brokera

on 9/30/08.

3. Underwriting

a. Total Equity Underwriting

$3 760 $230 $655

Underwriting represents BAC commitment on deals closed in current periods.

$3,760 $230 $655

b. Total Debt Underwriting

$7,018 $7,474 $19,869

Same as 3a.

Notes: NOTES:

1. Not applicable if matched book activity does not exceed $50 billion.

2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

* Average Total Loan and Lease Balances exclude loans held for sale.

* 2008 data excludes Merrill Lynch as the acquisition was effective January 1, 2009.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Bank of America

Date:   Reporting Month(s): Nov‐Dec‐Jan  2009

Submission Date: February 27, 2009

Person to be contacted regarding this report:  Craig Rosato

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Bank of America, headquartered in Charlotte, North Carolina, operates in 32 states, the District of

Columbia and more than 30 foreign countries. The company provides a diversified range of banking and

non‐banking financial services and products domestically and internationally through three business

segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment

Banking (GCIB), and Global Wealth and Investment Management (GWIM).

At December 31, 2008, Bank of America had $1.8 trillion in assets, nearly $911 billion in loans and $831

billion in deposits.

Economic Environment

Economic performance ended 2008 in severe recession, and economic activity continues to contract so

far in early 2009.  The 6.2% quarterly annualized decline in real GDP in the fourth quarter of 2008

reflected receding consumer spending, sharp declines in business fixed investment and further sharp

declines in residential construction and a dramatic falloff in exports.  Prior to this quarter, export growth

had been the strongest sector of the economy since 2006.   

In response to weak demand, businesses have become increasingly aggressive in cutting jobs and

postponing capital spending.  The unemployment rate has jumped significantly, and is on a steeper

upward trajectory than in prior recessions.  This constrains personal income and depresses consumer

confidence.  

Corporate profits have fallen, reflecting weak product demand and constraints on margins.  Reflecting

these conditions, the stock market has receded approximately 9% so far this year.  In early 2009,

housing sales, construction and prices have continued to fall rapidly, despite declines in mortgage rates.  

Presumably, prices are expected to recede further, which temporarily reduces housing demand.

Amid the negative economic conditions, the Federal Reserve’s open market purchases of mortgages and

GSE debt have helped loosen up select credit markets, while  the American Recovery and Reinvestment

Act of 2009 is expected to stimulate economic activity.      
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Bank of America

Date:   Reporting Month(s): Nov‐Dec‐Jan  2009

Submission Date: February 27, 2009

Person to be contacted regarding this report:  Craig Rosato

2

Credit Markets

First Mortgage interest rates have remained relatively low in the first two months of 2009 with some

volatility.  January originations increased 49% over December and application volumes remain elevated.   

However, we did see a rate driven pull back in the last part of February.  The increase in volume is

primarily due to refinancing into conventional products.  The level of FHA and VA product activity has

remained relatively flat.  No changes in credit standards occurred during January that would have

impacted originations.  Home equity demand remains sluggish.  Auto lending increased in January and

included a $1 billion bulk purchase of loans.  In addition, student lending activity was up in January due

to loan disbursements related to the spring semester.

Overall new loan demand for commercial real estate is down due to the lack of new construction activity

and the overall condition of the real estate market. The CMBS market remains closed and the lack of

permanent financing continues to put pressure on bank deals.  Large corporate demand is stable;

however there is limited demand for acquisition financing and capital expenditure activity.  Middle

market demand remains stable.

Bank of America’s Response

In response to these changing conditions, Bank of America did the following to help stabilize the U.S.

economy:

Bank of America extended $46 billion in new credit during the month of January 2009, of which about

$15.7 billion was in commercial non‐real estate; nearly $23 billion was in mortgages; $2.1 billion was in

domestic card and unsecured consumer loans; $1.3 billion was in commercial real estate; $1.1 billion

was in home equity products; $1.1 billion was in student lending; and another $2 billion was in

consumer Dealer Financial Services.

Bank of America lent $23 billion through its mortgage unit $4.4 billion of that to low‐ and moderate‐

income borrowers), helping more than 100,000 Americans purchase a home or save money on the

home they already own in the month of January alone.

Bank of America extended about $ 15.7 billion in commercial non‐real estate lending credit and $1.5

billion in real estate lending in January to middle market and large corporate clients as well as not‐for‐

profit organizations and governments.   
Name of institution: The Bank of New York Mellon Corporation Submission date: Feb 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $4,672 $4,694 $4,714 Secured by 1st liens on closed‐end loans for 1‐4 family residential properties. Includes jumbo

mortgages.

b. Total Originations $54 $69 $97(1) Refinancings $17 $25 $68(2) New Home Purchases $37 $44 $29

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $335 $341 $344 Secured by revolving, open‐end loans for 1‐4 family residential properties extended under lin

of credit.

b. Originations (New Lines+Line Increases) $12 $10 $11c. Total Used and Unused Commitments $772 $781 $779 Period end balances plus unused home equity lines of credit.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $0 $0 $0

b. New Account Originations (Initial Line Amt) $0 $0 $0

c. Total Used and Unused Commitments $0 $0 $0

4. Other Consumer

a Average Total Loan Balance $765 $757 $758 Other consumer loans excluding other revolving credit plans These loans include singlea. Average Total Loan Balance $765 $757 $758 Other consumer loans, excluding other revolving credit plans. These loans include single

payment loans and loans for household and other personal expenditures.

b. Originations $5 $4 $4

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $10,709 $10,809 $10,585 Domestic and foreign loans and leases to manufacturers and other commercial businesses,

excluding loans made to finance commercial real estate.

b. Renewal of Existing Accounts $135 $504 $366

c. New Commitments $449 $116 $1392. Commercial Real Estate

a. Average Total Loan and Lease Balance $3,100 $3,074 $3,091 Loans to finance commercial real estate, construction and land development. Includes real

estate loans both secured and unsecured.

b. Renewal of Existing Accounts $45 $66 $80

2

c. New Commitments $100 $80 $33SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $1,451 $7 $0b. Asset Backed Securities $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A Activity less than $50 billion.

b. Average Total Debit Balances2 $4,721 $4,573 $4,427

3. Underwriting

a. Total Equity Underwriting $0 $0 $0 No equity deals in the three months reported. b. Total Debt Underwriting $305 $336 $206 Represents our portion of the transactions.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: The Bank of New York Mellon Corporation  

Reporting month(s): Nov‐Dec‐Jan 2009    

Submission date: February 27, 2009

Person to be contacted regarding this report: Jeffrey D. Landau

1

PART II.  QUALITATIVE OVERVIEW

The Bank of New York Mellon, a global leader in asset management and securities servicing, also has a

significant presence in the areas of wealth management, issuer services, clearing services and treasury

services.  The company's global client base includes financial institutions, corporations, government

agencies, pension funds, endowments and foundations.  The company does not have a consumer

banking franchise.

With regard to our lending activity, it is paramount to point out that the business model of The Bank of

New York Mellon is very different from traditional retail, commercial or investment banks.  In contrast to

most of the other companies that have received a TARP investment, our business model does not focus

on the broad retail market or products such as mortgages, credit cards or auto loans, or on typical

lending to corporate businesses.

Our business is dedicated to helping other financial institutions around the world.  We help monitor and

administer their complex “back‐office” processes.  The Bank also provides critical infrastructure for the

global financial markets by facilitating the movement of money and securities through the markets.

The majority of The Bank of New York Mellon’s lending activity relates to extending credit (i.e.,

overdrafts, loans to broker/dealers, etc.) to its institutional client base.  Following the Lehman

bankruptcy, we experienced a significant increase in (i) demand for loans from our broker/dealer clients

and (ii) overdrafts relating to the clearing and securities processing services we provide to clients.  Our

willingness and ability to extend credit in this manner provided liquidity to the market and our core

financial institution client base at the time it was needed most.  During the latter part of the fourth

quarter 2008, and into January 2009, client demand for these extensions of credit returned to more

normal levels.  Loans to broker/dealers and overdrafts are included in the aggregate amount of loans

that we publicly report, but are not classified as C&I loans.

In keeping with its role as an institutional provider, The Bank of New York Mellon has used the TARP

investment to help address the need to improve liquidity in the U.S. financial system.  This has been

done through the purchase of securities issued by U.S. government‐sponsored agencies.  The company

has also provided liquidity to other financial institutions in order to increase the amount of funds

available in the credit markets.

Specifically, we have purchased mortgage‐backed securities and debentures issued by U.S. government‐

sponsored agencies to support efforts to increase the amount of money available to lend to qualified

borrowers in the residential housing market.  The company has also purchased debt securities of other

financial institutions, which helps increase the amount of funds available to lend to consumers and

businesses.  In addition, we have used the funds for interbank placements, federal funds sold and other

interbank lending.  All of these efforts address the need to improve liquidity in the financial system and

are consistent with our business model which is focused on institutional clients.
Name of institution: BB&T Corporation Submission date: February 28, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $18,362 $18,219 $18,534 Consists of 1‐4 family residential loans originated primarily through BB&T's branch network.

b. Total Originations $1,008 $1,248 $1,814 Includes loans originated for sale and to be held for investment.

(1) Refinancings $461 $666 $1,397

(2) New Home Purchases $547 $582 $417

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $5,718 $5,809 $5,899 Includes only home equity lines. All are originated through BB&T's branch network.

b. Originations (New Lines+Line Increases) $217 $245 $72c. Total Used and Unused Commitments $15,777 $15,788 $15,777

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $1,934 $1,966 $1,986 Balances include bank cards and demand deposit protection lines. Bank cards are primarily

originated through the banking network.

b. New Account Originations (Initial Line Amt) $122 $120 $155

c. Total Used and Unused Commitments $9,565 $9,629 $9,727

4. Other Consumer

a Average Total Loan Balance $18 766 $18 653 $18 535 Includes non revolving home equity loans sales finance and other consumer loans a. Average Total Loan Balance $18,766 $18,653 $18,535 Includes non‐revolving home equity loans, sales finance and other consumer loans.

b. Originations $352 $294 $312

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $32,947 $33,531 $34,136 Includes leveraged leases, equipment finance and commercial insurance premium finance.

b. Renewal of Existing Accounts $503 $821 $903

c. New Commitments $1,372 $1,554 $1,0922. Commercial Real Estate

a. Average Total Loan and Lease Balance $19,383 $19,614 $19,767b. Renewal of Existing Accounts $911 $1,218 $1,125

2

c. New Commitments $416 $697 $503SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities ‐$3,723 $10,928 ‐$2 Represents gross purchases, net of gross sales on a trade date basis. Principal paydowns are

excluded. All amounts represent GSE mortgage‐backed securities.

b. Asset Backed Securities $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 $117 $110 $106

3. Underwriting

a. Total Equity Underwriting $0 $0 $0b. Total Debt Underwriting $430 $1,304 $599

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  BB&T Corporation

Reporting month(s):    Nov, Dec 2008, Jan 2009

Submission date:  February 28, 2009

Person to be contacted regarding this report: Alan W. Greer

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Company Description

BB&T Corporation (“BB&T”) is a regional financial holding company headquartered in Winston‐Salem,

North Carolina. BB&T conducts its business operations primarily through its commercial bank subsidiary,

Branch Banking and Trust Company, which has banking offices in North Carolina, South Carolina,

Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Alabama, Florida, Indiana and

Washington, D.C. In addition, BB&T’s operations consist of several nonbank subsidiaries, which offer

financial services products. Substantially all of BB&T’s loans are made to businesses and individuals in

these market areas.

Overall Loan Growth

Average loans and leases for the month of January totaled $98.9 billion, an increase of 7.5% compared

to January 2008 and an increase of 12.8%, on an annualized basis, compared to December 2008. Growth

was led by commercial loans and leases, which increased $543.9 million, or 12.8% on an annualized

basis compared to December 2008; mortgage loans, which increased $315.6 million, or 20.4%; and loans

originated by BB&T’s specialized lending subsidiaries, which increased $238.3 million, or 46.9%, all on

the same basis.  

Commercial Loans and Leases

The commercial loan and lease portfolio represents the largest category of BB&T’s loans. It is

traditionally targeted to serve small to middle market businesses. BB&T is focusing on diversifying the

commercial portfolio by growing commercial and industrial loans at a faster rate than commercial real

estate loans. The impact of this strategy was evident in the month of January. We continue to capitalize

on in‐market mergers, challenged competitors and credit market disruption and have grown C&I loans,

excluding leveraged leases, by approximately 26% on an annualized basis compared to the month of

December 2008. We are gaining market share at reasonable spreads, while guarding against adverse

selection.  

Commercial real estate

Overall new loan demand for commercial real estate is slower and management continues to diversify

the total loan portfolio by lowering the overall exposure to real estate‐related loans. Excluding purchase

accounting related growth, CRE balances grew 2.7% on an annualized basis compared to the month of

December.  BB&T’s other CRE portfolio remains very granular.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  BB&T Corporation

Reporting month(s):    Nov, Dec 2008, Jan 2009

Submission date:  February 28, 2009

Person to be contacted regarding this report: Alan W. Greer

2

Consumer

New production continues to decline in most consumer portfolios as these markets continue to reflect

recession related weakness and overall lack of demand. Our January average direct retail portfolio

declined 3.7% on an annualized basis compared to the month of December and is down slightly

compared with the January 2008 average balance.   

BB&T’s sales finance portfolio includes the origination of loans for the purchase of new and used

automobiles, boats and recreational vehicles through approved dealers within the 11 state BB&T

footprint. New loan volume is highly seasonal. The total sales finance portfolio, which totals $6.4 billion

on average for the month of January, grew slightly at 1.6% annualized compared to the month of

December, but were up 5.7% compared to January 2008.  Auto loans were down in accordance with

seasonal trends coupled with a downturn in new car sales.   

Our Bankcard product line is positioned as a relationship product offered to prime credit BB&T clients

and business loan clients. We continue to see growth in this portfolio, and are maintaining a consistent

conservative posture with respect to risk at account origination. Line utilization has remained relatively

consistent for both retail and commercial clients. Average revolving credit balances totaled $1.8 billion

in the month of January, an increase of 10.3% compared to January 2008 and an increase of 4.6%

annualized compared to the month of December.

Mortgage

Mortgage originations totaled $1.8 billion in the month of January, up significantly compared to

December 2008. Application volume increased 26% compared to December as mortgage rates remained

low. The vast majority of current origination volume continues to be conforming or FHA / VA. BB&T’s

bank‐owned portfolio totaled $18.5 billion on average for the month of January 2009, up 1.4%

compared to January 2008 and up 20.4% on an annualized basis compared to the average balance for

the month of December.   

Capital Purchase Plan Deployment

The U.S. Treasury invested $3.1 billion in BB&T on November 14, 2008. BB&T pursued quality loans and

investments throughout 2008. Following receipt of the CPP funds and in the spirit of the program, BB&T

has fully deployed the funds by levering the balance sheet through investments in GSE mortgage backed

securities and additional loan programs. BB&T’s CPP‐related lending initiatives include efforts to lend

across all lending strata, particularly in areas that have been negatively affected by liquidity and funding

challenges.  BB&T has active CPP lending initiatives in corporate lending, equipment leasing, insurance

premium finance and consumer lending. In addition to our normal lending activities, these special

lending initiatives have resulted in an additional $1.9 billion in loans and commitments to lend that were

made since the receipt of the CPP funds through the end of January 2009.  
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  BB&T Corporation

Reporting month(s):    Nov, Dec 2008, Jan 2009

Submission date:  February 28, 2009

Person to be contacted regarding this report: Alan W. Greer

3

BB&T invested over $10 billion in GSE mortgage‐backed securities following receipt of the CPP funds to

provide liquidity to mortgage markets. Through these lending and investment initiatives, BB&T

increased the balance sheet by the maximum amount possible consistent with meeting our minimum

capital guidelines in an effort to minimize the dilutive impact of the CPP investment. BB&T's CPP

deployment strategy is to reinvest the cash flow from our securities portfolio into lending over the

course of the year, thereby changing the mix of our balance sheet, but holding total asset levels fairly

stable throughout the year to maintain our capital levels.
Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding)

$7,255 $7,204 $7,144

Mortgage and Home Equity numbers are end of month figures rather than averages and inclu

run‐off portfolio inherited from GreenPoint Mortgage.

b. Total Originations

$0 $4 $3

(1) Refinancings

$0 $0 $2

(2) New Home Purchases

Name of institution: Capital One Financial Corporation

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

$0 $4 $1

2. Home Equity

a. Average Total Loan Balance

$3,449 $3,466 $3,392

Mortgage and Home Equity numbers are end of month figures rather than averages and inclu

run‐off portfolio inherited from GreenPoint Mortgage.

b. Originations (New Lines+Line Increases)

$21 $22 $12

c. Total Used and Unused Commitments

$4,510 $4,456 $4,405

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed

$52,327 $53,568 $53,944

US Card reflects only consumer card volumes; all numbers reflect managed portfolio.

b. New Account Originations (Initial Line Amt)

$983 $960 $1,027

c. Total Used and Unused Commitments

$178,157 $178,091 $178,150

4. Other Consumer

a Average Total Loan Balance Other consumer non revolving includes auto loans unsecured installment loans and other noa. Average Total Loan Balance

$33,363 $32,850 $32,280

Other consumer non‐revolving includes auto loans, unsecured installment loans and other no

revolving loans secured by boats, RVs, money‐market accounts, etc and $200 million of

unsecured other consumer revolving lines

b. Originations

$673 $664 $655

For the small volume of revolving loans, the line extended is included in originations.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance

$23,722 $23,921 $23,919

Small Business credit cards are included in C&I average balance and new commitments

numbers.

b. Renewal of Existing Accounts

$189 $167 $173

c. New Commitments

$716 $699 $446

Unutilized capacity of both small business cards and more broadly C&I lending is not capture

anywhere on the "Snapshot."

2. Commercial Real Estate

a. Average Total Loan and Lease Balance

$17,430 $17,548 $17,695

November and December figures have been updated.

b. Renewal of Existing Accounts

$23 $102 $37

2

$23 $102 $37

c. New Commitments

$220 $406 $178

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities

$1,212 $1,548 $2,532

b. Asset Backed Securities

$285 $568 $601

2. Secured Lending (Repo, PB, Margin Lending)a. Average Total Matched Book (Repo/Reverse Repo)1

N/A N/A N/A

Secured Lending and Underwriting not applicable.

b. Average Total Debit Balances2

N/A N/A N/A

Secured Lending and Underwriting not applicable.

3. Underwriting

a. Total Equity Underwriting

N/A N/A N/A

Secured Lending and Underwriting not applicable.

b. Total Debt Underwriting

N/A N/A N/A

Secured Lending and Underwriting not applicable.

Notes:1. Not applicable if matched book activity does not exceed $50 billion.

2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Capital One Financial Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  February 27, 2009

Person to be contacted regarding this report: Kevin Murray

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Capital One Financial Corporation (Capital One) is a bank holding company with subsidiary banks serving

consumers and small‐to‐medium sized businesses locally in New York, Louisiana and Texas and serving

credit card and auto loan customers throughout the United States, as well as in Canada and the UK.  

Capital One and its subsidiaries collectively had $109 billion in deposits and $147 billion in managed

loans outstanding as of December 31, 2008.  Headquartered in McLean, VA, Capital One has over 700

branches and other locations, primarily in New York, New Jersey, Texas and Louisiana.  Capital One,

through its bank subsidiaries, offers a broad spectrum of financial products and services to consumers,

small businesses and commercial clients.

Consumer Lending

Economic data continued to worsen through January 2009, and economists expect the current recession

will be the deepest experienced in decades as consumers tighten their expenditures and businesses cut

costs and cease to invest.  The loss of almost 3.6 million jobs between the start of the recession in

December 2007 and January 2009 and the sharp decline in home values has led to continued decreases

in U.S. consumer spending, which fell for a record sixth straight months in December.  U.S companies

have responded by dramatically lowering the size of their workforces, perpetuating the negative

employment trend as an additional approximately 600,000 workers lost their jobs and the

unemployment rate rose from 7.2% to 7.6% in January 2009.   

We continue to maintain prudent risk management standards in the face of a worsening economy in

order to protect the U.S. Treasury’s investment and ensure an appropriate return.  Consumers with

strong credit are borrowing less while consumers with weak credit are becoming riskier.  Under these

conditions, we expect that loan balances will decline going forward even though we remain an active

lender across our businesses.   During the period November 2008 through January 2009, we continued

to originate new credit card accounts through our direct mail and internet channels and extended those

new accounts more than $2.9 billion in new credit line.   

New car sales dropped approximately 18% from 16.2 million in 2007 to 13.3 million in 2008.  In Q4 2008,

car sales dropped by over 30% compared to the previous year.   This trend worsened in January 2009

with new car sales 37% below the prior year.  Despite these headwinds, Capital One originated more

than $1.4 billion in auto loans in the three months ending January 2009.   
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Capital One Financial Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  February 27, 2009

Person to be contacted regarding this report: Kevin Murray

2

While we originated billions of dollars of new consumer loans, the total of the outstanding loan balances

for the sum of the consumer lending portfolios in Schedule A was flat across the time period November

2008 to January 2009.   Several factors have a negative impact on ending loan balances, these factors

include:  rising charge‐offs; normal amortization and attrition; declining purchase volumes; and

seasonality.  Together, these factors offset loan originations.  Of particular note is the typical seasonal

pattern of consumer credit card usage.   Consumer credit card outstandings typically peak around year‐

end, and then fall during the first quarter as consumers pay down their balances.  That normal seasonal

pattern of declining credit card outstandings in the first quarter is expected to occur this year.  In

general, the mix of purchases on our cards has mirrored what we're seeing in the broader economy,

with consumers reining in discretionary purchases.   

Commercial and Small Business Lending and Commercial Real Estate Lending

Growth in commercial and Industrial lending in the fourth quarter was moderated by weakening

demand which has continued into the first quarter of 2009.   C&I loan demand was moderately weaker

for large and middle market firms.  For smaller firms, loan demand was substantially weaker.  The

decrease in demand was attributed to decreasing needs for the financing of plant, equipment, inventory

and accounts receivable.    

Not withstanding deteriorating economic conditions, we continue to make new C&I loans across a

variety of industry segments as evidenced by our more than $2.3 billion in new commitments and

renewals of existing accounts in the three months through January 2009.

Despite deteriorating economic conditions, we increased our Commercial Real Estate portfolio

modestly.  The Retail asset class has softened overall as many retailers have cut back expansion plans or

gone into bankruptcy.  Office space is not yet showing significant deterioration in our markets, although

dramatic job losses could impact this segment in 2009.  We see continued softness in construction and

development activity due to limited demand and excess supply in some markets.  We are watching rents

and vacancies in retail and office space closely and factoring trends into new lending decisions. In all

sectors, we are maintaining strong covenants and coverage ratios.  This has translated into significant

declines in new construction projects in all of our markets and cautious growth in other segments.  

We continue to make new Commercial Real Estate loans across a variety of industry segments, as well as

lending in new markets, which contributed to the more than $900 million dollars in new commitments

and renewals of existing accounts in the three months through January 2009.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Capital One Financial Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  February 27, 2009

Person to be contacted regarding this report: Kevin Murray

3

Investment Activity in Support of Consumer Lending

MBS and ABS spreads have improved as a result of the expectation of expanded government investment

in these securities.  We continue to expect volatility in credit spreads, with future government programs

such as the expanded TALF and newly‐announced asset purchase plan likely helping the credit markets

and exogenous risks, such as proposed changes in the way certain mortgages are treated in bankruptcy,

potentially hurting them.

To the extent that falling loan demand limits the extension of new credit directly to our customers, we

continue to purchase high quality securities backed by consumer loans.  Most often, these loans were

originated to help consumers to buy homes, autos and a range of discretionary items.  In the three

months through January 2009, we purchased $6.7 billion of high quality investment securities backed by

mortgage and consumer loans.  In the current economic and market environment, investing in high‐

quality, short‐duration securities provides appropriate risk‐adjusted returns for our shareholders, and

supports the recovery and stabilization of secondary markets that are critical to consumer lending and

the economy.   
Name of institution: CIT Group Inc. Submission date: 3/2/2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding)

N/A N/A N/A

b. Total Originations

N/A N/A N/A

(1) Refinancings

N/A N/A N/A

(2) New Home Purchases

N/A N/A N/A

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

N/A N/A N/A

2. Home Equitya. Average Total Loan Balance

N/A N/A N/A

b. Originations (New Lines+Line Increases)

N/A N/A N/A

c. Total Used and Unused Commitments

N/A N/A N/A

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed

N/A N/A N/A

b. New Account Originations (Initial Line Amt)

N/A N/A N/A

c. Total Used and Unused Commitments

N/A N/A N/A

4. Other Consumer

a. Average Total Loan Balance Consumer Lending assets consist primarily of our Student Lending business, which is

approximately 95% government guaranteed.

$12,692 $12,604 $12,505

b. Originations

$1 $1 $1

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance

$56,224 $55,075 $53,883

Included in the C & I asset balances is approximately $13 Billion of operating leases.

b. Renewal of Existing Accounts

$3,344 $2,960 $2,614

The Renewal of Existing Accounts is predominately from our Trade Finance business.

c. New Commitments

$887 $1,221 $814

The bulk of our new commitments are generated from Global Vendor Finance.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance

$880 $866 $850

Some of our other businesses, such as our Small Business Administration lending, and Energy

financing, may also have some of their loans secured by real estate. Those businesses are

included in the reported C&I numbers.

b. Renewal of Existing Accounts

N/A N/A N/A

c New Commitments

2

c. New Commitments

N/A N/A N/A

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities

N/A N/A N/A

b. Asset Backed Securities

N/A N/A N/A

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1

N/A N/A N/A

b. Average Total Debit Balances2

N/A N/A N/A

3. Underwriting

a. Total Equity Underwriting

N/A N/A N/A

b. Total Debt Underwriting

N/A N/A N/A

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
Treasury Monthly Intermediation Snapshot

Name of institution:  CIT Group Inc.

Reporting month (s): Nov‐Dec‐Jan 2009

Submission date: 03/02/2009

Person to be contacted regarding this report: Ken Reynolds

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Founded in 1908, CIT Group Inc. provides financing and leasing products and services to clients in over

30 industries and 50 countries. The majority of our business focuses on commercial clients with a

particular focus on middle‐market companies. Our largest industries include transportation, particularly

aerospace and rail, and a broad range of manufacturing and retailing. We also serve the wholesaling,

healthcare, communications, media and entertainment and various service‐related industries.  

Corporate Finance – January 2009 volume of $110 million was a 44% decline from December 2008.

Communication, Media & Entertainment, Commercial & Industrial, Healthcare and Small Business

lending continue to see weakness.  

   

Transportation Finance – January 2009 volume of $158 million was a 40% decline from December 2008

as Aerospace (‐45%) and Rail (‐21%) continue to experience softness in their marketplace.

Carriers which have older aircraft are keeping them in service due to low oil prices. The railroads are

experiencing softness in demand and rail car loadings have declined. Overall macro economic conditions

have created softness across a number of markets, particularly chemicals and scrap steel.

Trade Finance – January 2009 volume of $2.6 billion was slightly down from December 2008.  The retail

environment is very difficult with year over year sales comparisons down for most major retailers.  

Vendor Finance – January 2009 volume of $546 million was a 28% decline from December 2008.  The

US, Canada & Europe are all in recession while growth is slowing in Asia and Latin America. Europe was

down 60% month to month.  

  

Commercial Real Estate and Consumer – We ceased origination of commercial real estate and student

loans in 2008.
Name of institution: Citigroup Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $155,438 $152,369 $152,745 Consists of residential whole loans. Excludes assets classified as trading assets that are not pa

of the core mortgage portfolio.

b. Total Originations $3,788 $5,545 $7,838 Originations includes new loans whether for refinance of an existing home or the purchase o

home. It does not include troubled debt restructurings which usually includes a restructuring 

terms and not additional extensions of credit.

(1) Refinancings $764 $858 $1,302 If on a refinancing, amounts were added to the existing loan balance, the total amount of the

new loan is reported. Originations include both loans originated for the balance sheet as we

as loans originated for sale.

(2) New Home Purchases $551 $489 $278

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $68,829 $68,717 $68,541 Includes HELOC and 2nd mortgages.

b. Originations (New Lines+Line Increases) $362 $391 $769 If a line is increased, only the amount of the increase is included in originations. If we origina

a new HELOC or 2nd, we included the amount drawn in the Ending and Average Balances, an

we included the total new line in originations.

c. Total Used and Unused Commitments $86,111 $85,454 $88,159

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $147,449 $149,138 $149,070 Balances do not include commercial card activity.

b. New Account Originations (Initial Line Amt) $8,913 $10,379 $6,165

c. Total Used and Unused Commitments $1,023,560 $1,008,069 $1,008,988

4. Other Consumer

a Average Total Loan Balance $62 243 $61 863 $62 705 Includes Auto student and personal loans Student loans includes related deferred fees anda. Average Total Loan Balance $62,243 $61,863 $62,705 Includes Auto, student and personal loans. Student loans includes related deferred fees and

lines of credit with schools (which are secured by student loans).

b. Originations $1,344 $1,313 $2,628

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $42,820 $42,104 $42,176 Renewals and new commitments are on a facility basis. Facilities may include L/Cs. Renewals

represent credit facilities that expired/matured and were renewed during the period.

b. Renewal of Existing Accounts $1,344 $1,030 $455

c. New Commitments $1,892 $3,345 $8362. Commercial Real Estate

a. Average Total Loan and Lease Balance $21,329 $21,169 $21,491 Renewals and new commitments are on a facility basis. Facilities may include L/Cs. Renewals

represent credit facilities that expired/matured and were renewed during the period.

b. Renewal of Existing Accounts $55 $766 $67

2

c. New Commitments $156 $96 $58SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $5,180 $3,421 $29,557 Does not include maturities and pay downs. Net Purchased Volume is reported using cost ba

b. Asset Backed Securities $284 $3,651 $4112. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 $123,197 $122,415 $123,334 Average Total Matched Book (Repo/Reverse Repo) is before FIN 41 netting. Includes security

lending activity.

b. Average Total Debit Balances2 $22,069 $20,839 $21,414

3. Underwriting

a. Total Equity Underwriting $6 $15 $15 Equity Underwriting represents Citi's portion of underwritten issue. b. Total Debt Underwriting $4,708 $11,357 $28,519 Debt underwriting represents Citi's portion of underwritten issue and extensions of credit to

finance specific individual Community Development projects that are in bond form.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:    Citigroup Inc.

Reporting month(s):    Nov‐Dec‐Jan 2009

Submission date:    February 27, 2009

Person to be contacted regarding this report:   Carol Hayles or Peter Bieszard

1

   

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Citigroup Inc. (“Citi”) does business in the United States through Citibank, Citi Institutional Clients Group,

The Citi Private Bank, Smith Barney, Primerica, Diners Club, CitiFinancial, CitiMortgage and Citi Cards.  

Consumer Lending  

New U.S. consumer lending in January totaled approximately $17.4 billion, reflecting continued

weakness in the economy driven by rising unemployment, declining consumer spending and tighter

underwriting standards across the U.S. banking industry.  All data cited below reflect comparisons to

December 2008, unless otherwise noted.

First mortgage balances increased marginally in January, as compared with December.  Origination

volume increased by $2.3 billion as more homeowners refinanced existing mortgages to take advantage

of lower interest rates.  Home equity loan balances remained relatively flat on a month‐to‐month basis,

while used and unused commitments increased by $2.7 billion.  Origination volume and sales of home

equity assets have declined significantly since January 2008, reflecting persistent weakness in the

housing market and tighter credit standards.  As reported in our snapshot for the three months ending

December 31, 2008, quantitative data do not include modifications to existing mortgage loans and other

mitigation efforts which usually involve a restructuring of terms, but not an extension of credit.

Average consumer credit card total loan balances were approximately flat, compared with December

2008.  Total card purchases were down by $5.1 billion on a month‐to‐month basis, reflecting a seasonal

reduction in consumer spending after the holiday period.  On a year‐over‐year basis, total credit card

purchases decreased by 14 percent, reflecting continued declines in consumer spending and tighter

underwriting standards.  Payment rates also declined by 272 basis points from January 2008.  Normal

seasonal consumer spending patterns in January negatively impacted the volume and credit quality of

new accounts at Citi’s retail partners, and this normal effect was compounded by declines in foot traffic

at these retailers as a result of the challenging economic environment.  Card members continued to

participate in Citi’s expanded eligibility forbearance programs.  More than 156,000 card members

entered these programs in January, increasing from 129,000 in December and nearly double the volume

of January 2008.

Average total balances on other consumer loans – including auto, student and other personal

installment loans – increased by more than $800 million from December.  Although personal installment
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:    Citigroup Inc.

Reporting month(s):    Nov‐Dec‐Jan 2009

Submission date:    February 27, 2009

Person to be contacted regarding this report:   Carol Hayles or Peter Bieszard

2

loan activity declined significantly because of tighter credit standards for new borrowers, student loan

and auto loan originations grew in January.  Auto lending activity increased slightly, reflecting seasonally

higher used car sales and a less competitive environment for auto loans due to the challenging

economic conditions in the automotive industry.  Student loan volume more than tripled from

December and increased seven percent as compared with January 2008.  The increase was driven

primarily by higher Federal Family Loan Education Program (FFELP) loan limits and new volume as other

lenders exited the program.

Commercial Lending

Commercial lending activity (including Commercial Real Estate) was characterized by lower new loan

volume in January.  Although C&I balances were relatively flat and overall commercial lending activity

remained weak due to the economic environment, all industry segments showed moderate increases in

demand.  In commercial real estate, demand for new loans and origination continue to be limited by the

economic environment.  The weakness in the economic environment and continued uncertainty in

January severely constrained transaction activity.  Citi continues to manage its existing loans, providing

customers with rollovers into new loans, or extending current loans when we are comfortable with the

value of the underlying asset and the ability of counterparties to meet their obligations.

Other Intermediation Activities

Citi made net purchases of approximately $30 billion in mortgage‐ and asset‐backed securities

(MBS/ABS) in January.

Gross MBS activity in January rose substantially as a result of increased agency pass‐through pool

settlements with both customers and dealers, as net purchased volume increased by $26 billion due to

higher sales activity.  This was offset by a decline in ABS purchasing activity, due to lower new funding

issues of collateralized financing notes by the U.S. auto financing companies.

Corporate bond yields rose moderately in January, maintaining all‐time highs and causing spreads to

remain wide on corporate bonds.  Credit markets continued to benefit from Federal Reserve funding

initiatives.  As a result, Citi’s total loan underwriting increased by over $17 billion on a month‐to‐month

basis.

Citi participated in a total of nine high yield bond transactions with a combined value of $4.8 billion in

January, compared to two deals in December for $600 million.  Citi served as lead manager for two of

the January deals.   Investment grade underwriting activity also increased in January, with 52

transactions totaling $69 billion – of which Citi lead managed 17 deals with an aggregate value of $7.7

billion.  Finally, Citi participated in 18 equity and linked transactions with an aggregate value of $4.3
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:    Citigroup Inc.

Reporting month(s):    Nov‐Dec‐Jan 2009

Submission date:    February 27, 2009

Person to be contacted regarding this report:   Carol Hayles or Peter Bieszard

3

billion, as compared with eight deals valued at $1.2 billion in December.  Citi lead managed four of the

deals in January with an aggregate value of $991 million.
Name of institution: COMERICA INCORPORATED Submission date: 02/27/2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $1,853 $1,843 $1,847 Consists of 1st lien 1‐4 family residential mortgage and construction loans originated by

Comerica Bank.

b. Total Originations $26 $21 $33 Consists of loans funded during the period, including those originated for sale.

(1) Refinancings $13 $15 $21(2) New Home Purchases $13 $6 $12

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $1,749 $1,774 $1,782 Consists of both fixed and revolving home equity (2nd lien) loans.

b. Originations (New Lines+Line Increases) $32 $31 $8 Excludes commitments/originations where home equity collateral is provided for multiple

purposes (personal and business), which are included in Commercial Lending commitments

(Schedule B).

c. Total Used and Unused Commitments $3,344 $3,358 $3,354

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $59 $52 $49 Consists primarily of commercial bankcard loans.

b. New Account Originations (Initial Line Amt) $14 $27 $13 Includes new card loans funded during the period and new referrals to our consumer card

partner.

c. Total Used and Unused Commitments $459 $418 $404

4. Other Consumer

a Average Total Loan Balance $830 $805 $748 Consists of consumer installment loans (both secured and unsecured) and student loans a. Average Total Loan Balance $830 $805 $748 Consists of consumer installment loans (both secured and unsecured) and student loans.

b. Originations $23 $57 $17

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $31,697 $31,373 $30,598 Consists of loans for commercial and industrial purposes to both domestic and international

borrowers, lease financing and other non‐consumer, non‐real estate loans.

b. Renewal of Existing Accounts $1,517 $2,216 $786 Includes renewals of and increases to lines with existing customers.

c. New Commitments $394 $385 $170 Consists of binding commitments to new customers and new lines to existing customers, net 

participations sold. Includes commitments/originations where home equity collateral isprovided for multiple purposes (personal and business).

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $15,160 $15,085 $14,957 Consists of loans made to businesses where 50% or more of the collateral is real estate

(primarily owner‐occupied) and loans made to businesses or developers for building

construction.

b. Renewal of Existing Accounts $250 $372 $314 Includes renewals of and increases to lines with existing customers.

2

c. New Commitments $44 $133 $84 Consists of binding commitments to new customers and new lines to existing customers, net 

participations sold.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $0 $0 $1,323 Represents purchases (net of sales, if any) of mortgage‐backed securities (AAA‐rated agency

securities) for investment portfolio available‐for‐sale on a trade date basis. Excludes principa

paydowns.

b. Asset Backed Securities $664 $17 $02. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 N/A N/A N/A3. Underwriting

a. Total Equity Underwriting $0 $0 $0 Amount of equity securities underwritten where the Corporation was manager or co‐manage

of the issue. All done on "best efforts" basis.

b. Total Debt Underwriting $20 $2,020 $1,758 Amount of debt securities underwritten where the Corporation had either a manager or co‐

manager role. All done on "best efforts" basis.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  COMERICA INCORPORATED

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  02/27/2009

Person to be contacted regarding this report: Darlene Persons

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas; strategically

aligned into three major business segments: the Business Bank, the Retail Bank and Wealth &

Institutional Management, and operates in four primary markets: Texas, the Midwest (primarily

Michigan), Western (primarily California and Arizona) and Florida.   

The principal focus of Comerica Incorporated is to meet the needs of small and medium‐sized

businesses, multinational corporations and governmental entities through various products and services

including loans and lines of credit, letters of credit, deposits,  international trade finance and other

services.  The Business Bank, which includes all business customers except for small business,

traditionally accounts for at least two‐thirds of net interest income. In addition to serving the needs of

businesses, Comerica Incorporated also offers a variety of consumer products, including deposit

accounts, installment loans, credit cards, home equity lines of credit and residential mortgage loans.

Fiduciary services, private banking, retirement services and other wealth management services are also

provided.

National growth has been hampered by turmoil in the financial markets, declining home values and

rising unemployment rates.  California lagged national growth primarily due to continued problems in

the state’s real estate sector.  Michigan continued to contract for a fifth consecutive year.  The sharp

decline in car sales nationally, the restructuring in the auto sector and the recession nationally were

major factors holding back the Michigan economy.  A wide variety of economic reports consistently

showed that Texas continued to outperform the nation in 2008, though growth clearly slowed from the

rapid pace seen in 2007.  Texas continued to benefit from its energy sector and a much more modest

retrenchment in homebuilding than in most other states.

Due to the above economic conditions in our markets in the spring of 2008, especially in California and

Michigan, Management began a process intended to reduce business loans and commitments to

preserve capital and generate appropriate loan pricing for current risks.  This was done as loans were

renewed.  The process took a few months to implement and was in full effect beginning in the summer

of 2008.  As a result, loans were expected to decline $2‐3 billion from June 2008 to June 2009. In the

fourth quarter 2008, with the receipt of TARP proceeds, Management's focus moved toward

establishing new and expanding existing relationships, particularly in Small Business, Middle Market and

Wealth Management, with appropriate pricing and credit standards.   

Overall, loan demand declined in January 2009, as business customers became increasingly cautious due

to the deteriorating economic conditions nationally and in our markets. Commercial lending renewals

and new commitments declined in January, due both to declining demand and seasonally low activity.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  COMERICA INCORPORATED

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  02/27/2009

Person to be contacted regarding this report: Darlene Persons

2

New commitments and renewals were lower in the three largest markets (Midwest, Western and

Texas).

Residential mortgage originations and applications increased in January, aided by lower mortgage rates.

Residential mortgage lending was also facilitated through lending to customers in our Mortgage Banker

(part of Commercial Real Estate) and Financial Services Divisions.  Renewals of $61 million were booked

in the Mortgage Banker and Financial Services Divisions in January 2009.   

As previously reported, Comerica committed to purchase $2.0 billion of mortgage‐backed securities. Of

those commitments, $1.3 billion were delivered in January 2009.

Applications declined for home equity and other consumer loans as customers remained very cautious.

Comerica did not tighten its underwriting standards during the Snapshot reporting period covering

October 2008 through January 2009.
Name of institution: Fifth Third Banchorp Submission date: 2/27/09 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $12,347 $12,332 $12,290 Average balance consists of 1‐4 family residential mortgage loans consistent with the

classification of the FR Y9C report. This includes loans held for sale and held for investment.

b. Total Originations $622 $954 $1,459(1) Refinancings $326 $600 $1,265(2) New Home Purchases $295 $354 $194

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $12,034 $12,067 $12,123 Average balance consists of HELOC and HELOAN accounts consistent with the classification o

the FR Y9C report.

b. Originations (New Lines+Line Increases) $117 $150 $129c. Total Used and Unused Commitments $21,159 $21,137 $21,081

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $2,041 $2,081 $2,120 Average balance consists of US cards for consumer obligors only, consistent with the

classification of the FR Y9C report. Business cards are included in C&I balances.

b. New Account Originations (Initial Line Amt) $139 $247 $233

c. Total Used and Unused Commitments $14,380 $14,578 $14,731

4. Other Consumer

a Average Total Loan Balance $9 364 $9 487 $9 537 Average balance consists of auto and other consumer loans and leases consistent with the a. Average Total Loan Balance $9,364 $9,487 $9,537 Average balance consists of auto and other consumer loans and leases consistent with the

classification of the FR Y9C report.

b. Originations $328 $514 $388

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $31,312 $30,906 $30,089 Average balance consists of non‐real estate commercial loans and leases consistent with the

classification of the FR Y9C report.

b. Renewal of Existing Accounts $3,527 $2,475 $1,701 Includes renewed funded loans and renewed commitments.

c. New Commitments $1,186 $1,289 $785 Includes new commitments both funded and unfunded

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $20,372 $19,883 $19,261 Average balance consists of real estate secured commercial loans consistent with the

classification of the FR Y9C report.

b. Renewal of Existing Accounts $370 $1,224 $267 Includes renewed funded loans and renewed commitments.

2

c. New Commitments $126 $268 $109 Includes new commitments both funded and unfunded

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities ‐$211 ‐$709 ‐$122 Consists of net purchases, sales and paydowns.

b. Asset Backed Securities  ‐$83 ‐$264 $1,693 Consists of net purchases, sales and paydowns.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 $0 $0 $0

b. Average Total Debit Balances2 $0 $0 $03. Underwriting

a. Total Equity Underwriting $0 $0 $0b. Total Debt Underwriting $203 $483 $1,060

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Fifth Third Bancorp

Reporting Months: Nov‐Dec‐Jan 2009

Submission date: 2/27/09

Person to be contacted regarding this report: Blane Scarberry

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Company description

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio.  As of

December 31, 2008, the Company had $120 billion in assets, operated 18 affiliates with 1,307 full‐

service Banking Centers, including 92 Bank Mart locations open seven days a week inside select grocery

stores and 2,341 ATM’s in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia,

Pennsylvania, Missouri, Georgia and North Carolina.  Fifth Third operates five main businesses:

Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third

Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of

December 31, 2008, had $179 billion in assets under care, of which it managed $25 billion for

individuals, corporations and not‐for‐profit organizations.  

The Treasury's preferred stock investment in Fifth Third was made on December 31, 2008.  

Consumer   

January 2009 overall loan demand for non‐mortgage consumer credit (home equity, credit card and

auto) decreased compared to December 2008 given reduction in auto loan demand.  This seasonal trend

in auto loans was experienced in prior years as well.  Mortgage applications continue to increase driven

by attractive interest rates within the agency conforming product categories.  

Fifth Third continues to lend to qualified borrowers.  In the month of January 2009, we originated

approximately 7,000 mortgages, nearly 3,500 equity loans and over 17,000 auto loans.  This compares to

more than 4,400 mortgages, nearly 3,500 equity loans and over 23,200 auto loans originated in

December 2008.

During the month of January 2009, Fifth Third continued to make prudent adjustments to consumer

lending standards, consistent with peer institutions as reported by the Federal Reserve and as observed

in the market.   Fifth Third focused on tightening loan‐to‐value requirements within real estate backed

products, given an outlook for further U.S. home price depreciation.  Fifth Third also enhanced our

credit requirements for non real estate lending due to projected further stress within the U.S. economy.     

In January of 2009, Fifth Third’s portfolio of consumer loans and leases was flat relative to December

2008 as the majority of the increase in first mortgage originations is sold into the secondary market.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Fifth Third Bancorp

Reporting Months: Nov‐Dec‐Jan 2009

Submission date: 2/27/09

Person to be contacted regarding this report: Blane Scarberry

2

CRE

Average CRE balances decreased by approximately three percent in January of 2009 compared to

December 2008.  New CRE commitments originated in January were $109MM.  Renewal levels for

existing accounts slowed in January to $267MM versus December of 2008.  December is a historically

large volume month for renewals.  While volume was down in January, Fifth Third continues to engage

in lending on owner occupied properties.  Fifth Third continues to suspend lending on new non‐owner

occupied properties and on new homebuilders and developer projects in order to manage existing

portfolio positions. We believe this is prudent given that we do not believe added exposure in those

sectors is warranted and given our expectations for continued negative trends in the performance of

those portfolios.

C&I

Average C&I balances decreased approximately three percent in January of 2009 as borrowers continue

to deleverage their balance sheets.  New C&I commitments originated in January of 2009 were

$785MM.  Renewal levels for existing accounts slowed in January of 2009 to $1,701MM.  Renewals are

typically high in the month of December due to seasonality of maturity dates.  While volume was down

in January, lending in the Commercial, Business Banking and Private Banking segments continues to

qualified borrowers exhibiting average risk or better.  Continued emphasis is placed on prudent

underwriting and demonstrated ability to repay as we are seeing certain borrowers’ sales weaken, profit

margins narrow and the number of business bankruptcies rise.  Overall, loan demand is down as we are

seeing reduced confidence in the economy from our C&I borrowers, which varies by geography.   

Customers are deleveraging and increasing liquidity through asset sales and reduced inventories versus

expanding operations and purchasing equipment.   

Demand for Small Business credit is still relatively stable but showing signs of weakening as application

volume is starting to slow.  Business Banking loan originations continue to be made using prudent

underwriting standards.  In January, we originated or renewed $175 million of loan balances.   

The primary market for syndicated credit and large corporate deals has remained stable in January of

2009 compared to December of 2008.  There was a large decrease in demand in the fourth quarter of

2008.  Given the outlook for the economy, many companies have scaled back plans for capital

expenditures and inventory build, which in turn has reduced the need for financing.  Merger and

acquisition activity continued to remain slow in January.  Terms and covenants continue to be tighter

and spreads have remained wide in January, which has also served to constrain demand.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Fifth Third Bancorp

Reporting Months: Nov‐Dec‐Jan 2009

Submission date: 2/27/09

Person to be contacted regarding this report: Blane Scarberry

3

Average  total commercial loan and lease balances decreased approximately three percent in January of

2009 compared with December.  We continue to actively work out problem loans, which contributed to

the overall decrease in balances in the month of January.  Further, the $1.3 billion in commercial loans

that were either sold or transferred to held‐for‐sale in late December had little impact to average loan

balances in December due to the timing of these actions.  As a result, the comparison of average

balances from December to January was impacted causing December average balances to appear high.

Investment Portfolio

Investment portfolio activity for January was dominated by transactions associated with hedging the

MSR assets as well as investing money in the beleaguered consumer asset backed securities (ABS)

market. In the process of hedging the risk of the MSR assets we will typically buy and sell Agency issued

mortgage backed securities (MBS) and debentures. In January we sold $361 million of MBS and

purchased $508 million of Agency debentures and $27 million of Agency interest only strips. In an effort

to provide liquidity to the consumer ABS market the investment portfolio purchased $1 billion of a

publicly issued auto loan ABS securities issued under the HAROT shelf, which are auto loans used to

purchase Honda automobiles. These loans were not TALF eligible and therefore would not have been

able to be financed with the Federal Reserve under their program.  Liquidity conditions for Bank

sponsored asset‐backed commercial paper deteriorated in January. The investment portfolio purchased

the unsold ABCP on a daily basis increasing the holdings by $700 million during the month.
Name of institution: The Goldman Sachs Group, Inc. Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding)

$4,631 $5,040 $5,031

Amounts, reflected as principal balances, include whole loans secured by 1‐4 family res

properties originated or purchased by Goldman Sachs and purchased portfolios of distr

loans.

b. Total Originations

$782 $90 $87

(1) Refinancings

TREASURY MONTHLY INTERMEDIATION SNAPSH

2008

$719 $46 $59

(2) New Home Purchases

$63 $44 $27

2. Home Equity

a. Average Total Loan Balance

$75 $151 $151

Amounts, reflected as principal balances, include purchased home equity lines of credit

b. Originations (New Lines+Line Increases)

$150 $0 $0

c. Total Used and Unused Commitments

$37 $39 $10

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed

$0 $0 $0

b. New Account Originations (Initial Line Amt)

$0 $0 $0

c. Total Used and Unused Commitments

$0 $0 $0

4. Other Consumer

a. Average Total Loan Balance

$1,531 $1,584 $1,618

Amounts, reflected as principal balances, include secured mixed use consumer loans.

b. Originations

$203 $0 $41

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance

$91,618 $86,907 $88,689

Amounts reflect principal balances and include purchased and originated loans, purcha

portfolios of distressed loans and the aggregate carrying value of investments in certa

merchant banking funds that invest in corporate mezzanine debt.

b. Renewal of Existing Accounts

$153 $150 $800

c. New Commitments

$367 $2,310 $5,331

2. Commercial Real Estate

a. Average Total Loan and Lease Balance

$28,735 $29,271 $29,040

Amounts reflect principal balances and include purchased and originated loans, purcha

portfolios of distressed loans and the aggregate carrying value of investments in certa

merchant banking funds that invest in real estate debt.

b. Renewal of Existing Accounts

g

$10 $0 $229

c. New Commitments

$0 $0 $0

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities

$2,985 $163,691 ‐$115,197

Volumes reflect net settled proceeds on purchases and sales.

b. Asset Backed Securities

‐$355 ‐$266 $73

Volumes reflect net settled proceeds on purchases and sales.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1

$205,294 $221,720 $204,628

Balances are presented prior to netting by counterparty under FIN 41 and FIN 39. In ad

resale and repurchase agreements, balances include securities borrowed of $109B, $1

$104B for Nov, Dec and Jan respectively.

b. Average Total Debit Balances2

$76,754 $70,637 $68,713

Debit balances are reflected on a gross basis prior to any FIN 39 netting.

3. Underwritinga. Total Equity Underwriting

$5,089 $2,389 $333

Total equity underwriting volumes were sourced from Thomson Reuters.

b. Total Debt Underwriting

$198,162 $234,198 $219,887

Debt issuances include commercial paper, agency debt issuances, and corporate debt

underwriting. Total debt underwriting volumes (excluding commercial paper and tax e

municipals) were sourced from Thomson Reuters.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  The Goldman Sachs Group, Inc.

Reporting month(s):  January 2009   

Submission date:   February 27, 2009

Person to be contacted regarding this report:  David A. Viniar

   

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Goldman Sachs serves a number of important roles for our clients, including that of advisor, financier,

market maker, risk manager and co‐investor.  Our business is institutionally dominated, with the vast

majority of our capital commitments made on behalf of corporations, governments, institutional

investors, like mutual funds and pension funds and investing clients like hedge funds and private equity

firms.  We do not have significant exposure to consumer lending and retail commercial banking.

The investment‐grade new issue market saw an increase of 29% in January 2009, compared to

January 2008, with non‐financial issuance comprising 81% of total issuance.  Total new issuance in

January was $114 billion across regions and industries, including both guaranteed and the first non‐

Temporary Liquidity Guarantee Program financial issuance since the TLGP began at the end of

November.   

Credit spreads began to tighten in early December and remained tighter into the first half of

January.  On January 15th, Wal‐Mart announced and priced a $1 billion 5‐ and 10‐year offering, with

$500 million in each tranche. The 5 year priced at T + 175 bps with a coupon of 3.0% and the 10 year

priced at T + 200 bps with a coupon of 4.125%.  This was the first new issue with a spread below 200

basis points since August.  The second half of January saw spreads widen in a move strongly

correlated with deteriorating confidence in large banking institutions.

On January 29th, Goldman Sachs issued $2 billion of non‐TLGP 10‐year notes priced at T + 500;

however, the non‐TLGP market remained very challenging for financial institutions. Secondary

market liquidity remained poor with only marginal improvement since year‐end, resulting in large

price moves on light volume.

The primary market for high yield bond issuance reopened in January 2009 with new issue proceeds of

$5.1 billion, compared to $1.3 billion for all of the fourth quarter of 2008, and $5.9 billion for first

quarter 2008.  Activity levels picked up particularly during the later part of the month, as $3.2 billion

worth of proceeds (or 60% of the month's total issuance) were raised during a seven‐day span from

January 22‐29.

During the week of January 12th, Cablevision priced the first high yield bond deal of 2009, $844 million

of 8.5% five‐year senior notes for proceeds of $750 million.  On January 28th, Chesapeake Energy sold

$1 billion of notes for proceeds of $951 million.  This was larger than the initial target of $500 million

   
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  The Goldman Sachs Group, Inc.

Reporting month(s):  January 2009   

Submission date:   February 27, 2009

Person to be contacted regarding this report:  David A. Viniar

   

2

   

and made it the largest sale of high yield bonds since May 7, 2008.  This offering was on the back of

$900 million in proceeds raised by Crown Castle International the week prior, further demonstrating an

increase in issuance volumes and investor interest.  The majority of transactions in the high yield market

were executed without borrowers having to undertake a long investor roadshow, yet another indication

of demand.

In the secondary high yield market, demand for defensive names continued and high quality paper

traded well, but most other lower‐quality sectors remained under pressure.  Credit spreads remained

relatively stable during the first half of January, but gradually proceeded to widen out over the month.  

The high‐yield CDX index widened out 230 bps during the month of January.   

On the back of a slow fourth quarter of 2008, the leveraged bank loan primary market showed some

signs of life during January.  Issuance volume for the month was $4.5 billion, compared to $8.7

billion issued during the entire fourth quarter of 2008, and $24.0 billion issued in January 2008.  The

secondary loan market firmed over the month of January, especially for higher quality names, as

secondary cash bids improved 2‐4 points.  The LCDX index widened out 120 bps during the month of

January.

The non‐agency mortgage securitization market remained essentially closed to new issuance in

January. Almost all new production was either retained on bank’s balance sheets or sold to

Government Sponsored Enterprises.    Non‐agency secondary market flows continued to be choppy

with deterioration in liquidity and pricing related to general uncertainty in the market over

government intervention, foreclosure plans, loan modifications and future home prices.  On the

agency side, access to the unsecured market improved as evidenced by the $6 billion and $7 billion

issuances by Fannie Mae and Freddie Mac, respectively.

The municipal new issue market reopened during January 2009, although some issuers were

hesitant to raise funds due to relatively higher borrowing costs.  Municipal new issue supply totaled

$22.1 billion for the month of January, up approximately 11% compared to the prior year.  The

market demanded relatively high yields for A‐rated and below issues, and the primary market for

non‐investment grade was essentially closed.  

Liquidity in the secondary municipal market improved following year‐end with buyers focused on

high‐quality issues.  Spreads remained wide on lower‐rated issues, with BBB‐rated healthcare and

project finance offerings generally trading at the widest spreads relative to AAA issues.
Name of institution: JPMorgan Chase & Co Submission date: 2/27/09 

PART I. QUANTITATIVE OVERVIEW1,2

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $54,669 $54,163 $53,982 Consists of residential whole loans. Excludes assets classified as trading assets and other

warehouse loan balances that are not part of the core mortgage portfolio.

b. Total Originations $8,939 $8,596 $9,572 Includes both loans originated for the balance sheet as well as loans originated for sale.

(1) Refinancings $4,570 $4,336 $6,904(2) New Home Purchases $4,369 $4,260 $2,668

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $94,553 $94,434 $94,095 First and second lien home equity loan and line balances.b. Originations (New Lines+Line Increases) $455 $427 $312 Home equity loans funded, new lines committed, and increases to existing lines committed.

c. Total Used and Unused Commitments $152,016 $150,569 $148,488 Outstanding balances plus undrawn home equity line commitments.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $156,419 $158,989 $157,678 Credit card includes consumer and small business credit cards. Excludes international balance

b. New Account Originations (Initial Line Amt) $5,875 $5,243 $3,384 Originations include initial line amounts for new cards but not line increases for existing

customers.

c. Total Used and Unused Commitments $736,759 $716,357 $718,816 Ending balance for Total Used and ending unfunded for Unused Commitments. Excludes

accounts with zero balances that were closed during Q408, the vast majority of which had be

inactive for 24 months or more.3

4. Other Consumer

A T l L B l $78 299 $78 426 $79 317 C i f ll b i l d li l l d li d l d 

a. Average Total Loan Balance $78,299 $78,426 $79,317 Consists of small business loans and lines; auto loans, leases, and lines; student loans; and ot

consumer loans and lines.

b. Originations $1,602 $2,200 $3,198 Includes small business loans funded, lines committed, increases to existing lines committed, and renewals of exi

commitments; auto loans originated, leases and lines funded or committed, and increases to existing lines; stude

loans funded; and other consumer loans funded and new lines committed.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $171,019 $167,795 $162,799 Loans and Leases comprise of retained loans, which primarily exclude Loans Held For Sale (HF

and are calculated using the simple monthly average of the spot balances. Loans and Leases

also exclude interbank lending balances.

b. Renewal of Existing Accounts $17,203 $21,318 $14,959 Renewals consist of any increases to existing facilities and extensions of maturities. Renewals

and New Commitments include funded and unfunded exposure.

c. New Commitments $15,797 $12,723 $14,3982. Commercial Real Estate

a. Average Total Loan and Lease Balance $22,955 $22,534 $22,610 Commercial Real Estate is defined by the NAICS Industry Code for Commercial Real Estate. A

Other exposures roll into C&I.

b. Renewal of Existing Accounts $787 $1,425 $530

2

c. New Commitments $519 $444 $432SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $2,987 $35,945 $11,663 Only includes securities in the firm's investment portfolio. Balances are mostly agency MBS.

Represents gross purchases, net of gross sales on a trade date basis. Principal paydowns are

excluded.

b. Asset Backed Securities $1,175 $1,108 $1,108 Only includes securities in the firm's investment portfolio.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo) $118,950 $118,500 $108,681 Includes Reverse Repo/Sec Borrowing (after Fin41 netting) less related short bond and equity

liabilities

b. Average Total Debit Balances $19,846 $15,891 $14,882 Reflects Net Debit Balances of margin loans included in customer receivables.

3. Underwriting

a. Total Equity Underwriting $14,786 $1,251 $3,435 Includes Bookrunner and Co‐manager transactions. b. Total Debt Underwriting $23,550 $62,410 $64,222 Represents issue size where JPM was a lead, co‐lead or joint books.

Notes:2. Excludes overdraft activity and balances.

3. Commitments were restated to exclude zero balance inactive accounts that were closed during Q408. Zero balance inactive accounts that were closed totaled $80 billion in November and $46 billion in December.

1. All numbers exclude acquired Washington Mutual balances.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  JPMorgan Chase & Co

Reporting month(s):  Nov‐Dec‐Jan 2009      

Submission date: February 27, 2009

Person to be contacted regarding this report: Adam Gilbert  

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Consumer lending

Overall consumer originations and balances were flat between January and December. In general,

consumer applications for credit increased from December to January.  

• Mortgage originations increased in January amid continued strong refinancing demand driven

by lower rates as a result of Federal Reserve actions. Higher refinancing volume offset a decline

in new home originations.  Total mortgage applications were generally flat from December.

Meanwhile, home equity originations and applications declined in January as a result of

macroeconomic factors such as home price depreciation.

• Credit card balances were down slightly in January due to normal seasonality as well as lower

customer spending.  Total commitments were flat from January to December. New credit card

originations were down 35% as a result of significantly lower application volumes (43% decline

from December). Meanwhile, credit card approval rates remained flat.

• Higher January originations and balances for other consumer loans (small business, auto, student

loans, and other consumer loans) generally reflect increased volume and seasonality primarily in

the Student Loans business. Generally, application volume increased from December. Small

business applications declined.

In January, JPMorgan Chase & Co. announced that Chase is exiting the Wholesale mortgage business

that originates mortgages through brokers. Additionally, the Correspondent business will no longer

purchase mortgages originated by brokers. Instead, Chase will focus on mortgage originations through

Chase bank branches, the direct‐to‐consumer business and retail‐originated loans from Correspondents.

Commercial Lending (C&I and CRE)

Wholesale balances declined 3% between December and January.   

While there were no material changes in underwriting standards during January, pricing and structure

were adjusted somewhat to reflect the changing environment.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  JPMorgan Chase & Co

Reporting month(s):  Nov‐Dec‐Jan 2009      

Submission date: February 27, 2009

Person to be contacted regarding this report: Adam Gilbert  

2

                                                           

Wholesale balances and originations volume trended lower during the month as they continued to be

affected by the decline of wholesale business activity.

• Lower customer demand is the primary driver of the decline in lending activity.  Companies

continue to focus on preserving liquidity and strengthening their balance sheets.  They are

spending less, thus demand for funds is flat to down depending on the line of business. As the

environment deteriorates, business activity is lower in most industry sectors; with significant

declines in activity from companies in the real estate industry.  Also contributing to the lower

demand is lower overall merger and acquisition activity.   

• Lending is also being impacted by higher market pricing of credit risk in line with deteriorating

market and company‐specific financial conditions.  Companies are opting not to fund or to fund

at lower amounts at current market prices.

Other intermediation activities

Gross MBS purchases for January were $18 billion while gross sales were $6 billion.  January ABS

purchases included credit card ABS, student loan ABS, and CLOs.  Meanwhile, the Matched Book

business continued to see a broad‐based decline as clients de‐leveraged and required less secured

financing.

IPO markets have selectively reopened in 2009 but activity in the equity markets remains extremely low

due to market uncertainty. The Follow‐on market remained active in January and the Convert market

reopened, however activity continues to rebuild slowly.

On the debt side, new issue market remained robust in January as increases in investor cash positions

fueled a credit rally.  The High Yield market reopened on the back of a late December rally, with JPM

raising nearly $4 billion of proceeds for clients.  Commercial debt issuances under the FDIC Temporary

Liquidity Guarantee Program continued to contribute significant underwriting volume.

Overall lending summary

In this context, JPMC maintained its level of lending activity in January 2009, extending over $46 billion in

new loans and lines to retail and wholesale clients during the month, including:

• More than $16 billion in consumer and small business originations1

.  Consumer originations include

credit cards, mortgages, home equity loans and lines, student loans and auto loans, During January,

1 Small business originations include new and renewed loans and lines and are included as part of “Consumer Lending Other” (Schedule A, 4b)
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  JPMorgan Chase & Co

Reporting month(s):  Nov‐Dec‐Jan 2009      

Submission date: February 27, 2009

Person to be contacted regarding this report: Adam Gilbert  

3

                                                           

JPMC extended close to 1.4 million new loans and lines to consumers and small businesses1, 2

.

• More than $30 billion in new and renewed commitments to mid‐sized businesses, large

corporates and JPMC’s full range of Treasury and Security Services and Asset Management

clients.

JPMC also purchased almost $13 billion of mortgage‐backed and asset‐backed securities in January

2009.

In addition, JPMC continued to implement and expand its mortgage modification program in January to

help more homeowners stay in their home.  The mortgage modification efforts were extended to

include $1.1 trillion of investor‐owned mortgages it services (including those in securitizations).

2 Includes ~580,000 credit card line increases extended during the time period
Name of institution: KeyCorp Submission date: 02/26/2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $3,667 $3,630 $3,494 First Mortgage includes loans secured by 1‐4 family residential properties including home eq

loans secured by first liens.

b. Total Originations $114 $92 $129 Total Originations include both portfolio and held‐for‐sale loan originations.

(1) Refinancings $51 $44 $101(2) New Home Purchases $63 $48 $28

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $7,852 $7,941 $8,092 Home Equity includes home equity lines of credit only (Home equity loans secured by first lie

are included with First Mortgages above).

b. Originations (New Lines+Line Increases) $151 $151 $121c. Total Used and Unused Commitments $16,359 $16,411 $16,500

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $6 $6 $6 US Card ‐ Managed includes Credit Card loans.

b. New Account Originations (Initial Line Amt) $0 $0 $0

c. Total Used and Unused Commitments $48 $49 $47

4. Other Consumer

a Average Total Loan Balance $8 354 $8 313 $8 408 Other Consumer includes all other non revolving consumer loans a. Average Total Loan Balance $8,354 $8,313 $8,408 Other Consumer includes all other non‐revolving consumer loans.

b. Originations $54 $110 $192

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $37,100 $36,506 $36,053 C & I includes lease financing receivables, commercial and industrial loans, agricultural loans,

loans to depository institutions and other nonconsumer loans.

b. Renewal of Existing Accounts $853 $1,679 $835 Renewals of existing accounts include outstanding balances and unused commitments for wh

the terms were extended or changed. A renewed commitment may or may not have an activ

draw.

c. New Commitments $636 $994 $537 New commitments include outstanding balances and unused commitments. Commitment

amounts exclude standby letters of credit.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $19,359 $19,224 $18,963 Commercial Real Estate includes construction and land loans, loans secured by multi‐family

residential properties and by other nonresidential properties.

b. Renewal of Existing Accounts $589 $1,263 $908 Renewals of existing accounts include outstanding balances and unused commitments for wh

the terms were extended or changed. A renewed commitment may or may not have an activ

draw.

2

c. New Commitments $273 $229 $344 New commitments include outstanding balances and unused commitments. Commitment

amounts exclude standby letters of credit.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities ‐$120 $146 ‐$113 January MBS includes $0 MM in purchases and $113.0 MM in paydowns, calls and maturities

b. Asset Backed Securities $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 N/A N/A N/A3. Underwriting

a. Total Equity Underwriting $4 $0 $18 b. Total Debt Underwriting $362 $519 $311

Notes:1. Not applicable if matched book activity does not exceed $50 billion.

2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  KeyCorp

Reporting month(s):  Nov‐Dec‐Jan 2009          

Submission date:  2/26/09

Person to be contacted regarding this report:  Robert L. Morris

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Cleveland‐based KeyCorp is one of the nation's largest bank‐based financial services companies with

assets of approximately $105 billion at December 31, 2008.  Through KeyBank and certain other

subsidiaries, KeyCorp provides a wide range of retail and commercial banking, commercial leasing,

investment management, consumer finance, and investment banking products and services to

individual, corporate and institutional clients through two major business groups, Community Banking

and National Banking.  Community Banking includes the consumer and business banking organizations

associated with the company's 14‐state branch network.  The branch network is organized into four

geographic regions:  Northwest, Rocky Mountains, Great Lakes and Northeast.  National Banking

includes those corporate and consumer business units that operate from offices within and outside

Key's 14‐state branch network.  Its reach extends across the U.S. and to 26 countries.

General

January 2009 was characterized by weak credit demand in the commercial client segment. Consumer

loan growth was experienced in two segments: residential mortgages and student lending.

Key’s lending strategies continue to focus on serving the needs of existing and new relationship clients

while being mindful of risk‐reward and strategic capital allocation.  

Consumer

Consumer loan demand continues to be constrained.  January growth was driven by the refinancing of

residential mortgages to lower rates to improve families’ cash flow.  The growth in student lending is

seasonal, reflecting families’ needs to fund the upcoming semester to keep students in school.  Although

KeyBank announced its exit from the private student loan market in September 2008, prior

commitments for private student loans accounted for approximately $55 million of the January funding.  

We expect the residential mortgage and federally guaranteed student loan segments to continue to

show year over year growth, while consumers continue to limit discretionary borrowing in the coming

months.

No changes in lending standards occurred during the month.  Pricing changes continue to reflect

industry funding costs as well as current asset quality trends.

C & I

Borrower credit inquiries, excluding renewals, declined in January following already weak December

levels.  Present inquiries represent less than half of the new business demand from a year earlier.  

Demand was weak across all sectors, but especially from very small business borrowers requesting less

than $100,000, which may be a reflection of a seasonal trend.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  KeyCorp

Reporting month(s):  Nov‐Dec‐Jan 2009          

Submission date:  2/26/09

Person to be contacted regarding this report:  Robert L. Morris

2

As noted in last month’s report, Key had previously undertaken actions to limit and/or manage its

exposure to higher risk industries.  There were no material changes to underwriting standards in

January.  The emphasis on pricing for risk and term liquidity, initiated in the third quarter, also continued

in January.   

Commercial Real Estate

Commercial Real Estate (“CRE”) loan demand continued to be weak during January.  The collapse of the

CMBS securitization market during the second half of 2008, coupled with the economic conditions and

CRE market outlook, contributed to a considerable reduction in lending activities.

In January, Key’s primary lending activities in CRE continued to be extending and modifying existing

credits given the lack of liquidity and refinancing options in the commercial real estate market.  Primary

refinancing activity has been in the multi‐family space with Fannie Mae, Freddie Mac and FHA agencies.
Name of institution: Marshall & Ilsley Corporation Submission date: 2/28/09 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $8,089 $8,092 $8,133 Includes all closed end residential RE; First Mortgages and Home Equity Loans (Approximatel

80% of Home Equity Loans are held in first position). This excludes construction and vacant l

loans which are included in the Commercial Real Estate section as average loan balances.

b. Total Originations $88 $183 $263 1‐4 Family Residential Mortgage Originations ‐ includes loans held by M&I Portfolio and loans

originated to be sold into the secondary market. This excludes construction and vacant land

loans which are included in the Commercial Real Estate section as new commitments.

(1) Refinancings $39 $124 $231(2) New Home Purchases $48 $59 $32

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $2,648 $2,682 $2,714 Includes Home Equity Lines only

b. Originations (New Lines+Line Increases) $38 $36 $42c. Total Used and Unused Commitments $5,166 $5,172 $5,145

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $266 $275 $273 Includes Consumer Card onlyb. New Account Originations (Initial Line Amt) $5 $5 $5

c. Total Used and Unused Commitments $1,367 $1,377 $1,376

4. Other Consumer

a Average Total Loan Balance $1 819 $1 847 $1 879 Includes consumer PRA & LOCs Subcategories include Auto Leases Dealer Finance Personaa. Average Total Loan Balance $1,819 $1,847 $1,879 Includes consumer PRA & LOCs. Subcategories include Auto Leases, Dealer Finance, Persona

Securities Loans, and Student Loans

b. Originations $45 $68 $77 Includes Additional Notes and Refinances to existing customers and notes to new customers

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $15,358 $15,251 $15,330 Includes A/R and Inventory, Dealer Commercial, Agricultural, IRB's and Muni, and Commercia

Leases.

b. Renewal of Existing Accounts $525 $431 $337

c. New Commitments $215 $199 $72 Includes New Loans to New Customers and Unused Commitments to C&I (Also includes Unus

Commitments to: Finance Agricultural Production and Other)

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $22,009 $22,020 $21,594 Includes Business Purpose 1‐4 and Construction, Development, & Vacant Land (Commercial a

Residential)

b. Renewal of Existing Accounts $130 $127 $60

2

c. New Commitments $135 $157 $104 Includes New Loans to New Customers and Unused Commitments for CRE (Also includes

Unused Commitments to: New Construction, Land Development and Other Land; Farmland; 

Family Residential Properties; Multi‐Family (5 or more) Residential Properties)

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $0 $384 $180b. Asset Backed Securities $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 N/A N/A N/A3. Underwriting

a. Total Equity Underwriting N/A N/A N/Ab. Total Debt Underwriting N/A N/A N/A

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Marshall & Ilsley Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  2/28/2009

Person to be contacted regarding this report:  Gregory A. Smith

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Marshall & Ilsley Corporation is a diversified financial services corporation headquartered in Milwaukee,

Wisconsin.  M&I Marshall & Ilsley Bank is the largest Wisconsin‐based bank, with 193 offices throughout

the state.  In addition, M&I has 53 locations throughout Arizona; 32 offices in Indianapolis and nearby

communities; 35 offices along Florida’s west coast and in central Florida; 15 offices in Kansas City and

nearby communities; 25 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one

office in Las Vegas, Nev.  M&I’s Southwest Bank subsidiary has 17 offices in the greater St. Louis area.  

The communities and customers M&I serves continue to face impacts from current recessionary

conditions of the economy.  Nonetheless, M&I extended approximately $500 million of new credit to

new and existing customers in January for a total of $1.8 billion since the infusion of CPP capital in mid‐

November (The “new credit” amount includes new and expanded extensions of credit, or commitments

to extend credit, as well as renewals of existing credit where a new promissory note was executed).  

Additionally, M&I has continued with a franchise‐wide foreclosure abatement program designed to keep

families in their homes, including a 90‐day foreclosure moratorium on certain owner‐occupied

residential loans.    

In C&I, we continue to see softness in overall borrowing demands. Declining economic conditions have

resulted in borrowers reducing expenses and paying down debt, delaying capital expenditure programs,

experiencing declines in working capital assets, and not engaging in acquisition activity, all of which

reduces customer borrowing activity.

In Commercial Real Estate, we continue to see less investor activity in new construction projects.   

Developers, recognizing the state of the economy, have cancelled or postponed a large number of

planned new projects.  We are also seeing increased extensions due to the lack of liquidity in the

CMBS/Conduit market and anticipate an increase in renewals as conditions remain.   

Residential mortgage applications have increased primarily as a result of refinance activity.  However,

consumers' household budgets are tightening as a result of economic conditions, which has reduced

loan demand.
Name of institution: Morgan Stanley Submission date: 2/27/2009 

PART I. QUANTITATIVE OVERVIEW

2009

NOV DEC JAN Key 

SCHEDULE A: CONSUMER LENDING (Millions $)

1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $4,692 $4,581 $4,285 Consists of (1‐4 family) residential whole loans originated by or purchased from third party

mortgage brokers.Note: amounts are month‐end balances.

b. Total Originations $0 $0 $11(1) Refinancings $0 $0 $11(2) New Home Purchases $0 $0 $1

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $2,601 $2,500 $2,556 Home Equity Lines Of Credit, consisting of loans originated by or purchased from third party

mortgage brokers.Note: amounts are month‐end balances.

b. Originations (New Lines+Line Increases) $0 $0 $0c. Total Used and Unused Commitments $0 $0 $0

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $0 $0 $0

b. New Account Originations (Initial Line Amt) $0 $0 $0

c. Total Used and Unused Commitments $0 $0 $04 O h C4. Other Consumera. Average Total Loan Balance $5,845 $5,874 $5,941 Consists of Non Purpose Loans (loans excluding Margin lending), and Small Business Lending.

Note: amounts are month‐end balances.

b. Originations $235 $237 $215

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $75,287 $73,078 $72,517 Includes Corporate and Industrial loans that are: Closed, Under Client Consideration, Accepte

Not Closed. Also, includes other Warehouse loans (non‐Commercial Real Estate). Note:

amounts are month‐end balances.

b. Renewal of Existing Accounts $105 $58 $396 This amount included in total (line a).

c. New Commitments $5,963 $2,875 $2,929 This amount included in total (line a).

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $13,205 $12,954 $12,019 Includes Commercial Real Estate Whole Loans and Warehouse Loans.

Note: amounts are month‐end balances.

b. Renewal of Existing Accounts $0 $0 $0

2

c. New Commitments $0 $0 $0

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volumea. Mortgage Backed Securities ‐$3,101 $660 ‐$1,850 MBS includes agency and non‐agency residential and commercial mortgage backed securities

Interest Only (IO), and residual securities at market value.

b. Asset Backed Securities  ‐$537 ‐$158 ‐$70 Automobile, Consumer Credit Cards, and Student Loans, Interest Only (IO), and residual

securities at market value.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 $124,344 $106,839 $78,279 Matched book represents the weekly average gross assets before any counterparty netting

under FIN39 & FIN41. Included in the balances are securities borrowed of $60.8Bn for the

month ending Jan.

b. Average Total Debit Balances2 $33,838 $28,935 $24,973 Debit balances are reflected on a gross basis prior to any netting. Margin Lending includes bo

Prime Brokerage and Retail.

Note: amounts are month‐end balances.

3. Underwriting

a. Total Equity Underwriting $3,176 $2,730 $1,965 Amounts are Fair Values.

Source: Thomson Tables

b. Total Debt Underwriting $9,483 $16,524 $13,667 Amounts are Fair Values.

Source: (Oct‐Dec) Thomson Tables

(Jan) Bloomberg Tables

Notes:1. Not applicable if matched book activity does not exceed $50 billion.

Amounts are in par commitments / notional at month‐end except where noted

2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Morgan Stanley

Reporting month(s): Nov‐Dec‐Jan 2009

Submission date: 02/27/2009

Person to be contacted regarding this report: Fred Gonfiantini

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

COMMENTARY

While price movement for much of 2008 was driven by overall market fears, in the month of January,

systemic risk indicators continued to decline, indicating progress in the first stages of credit market

healing.   Volatility declined, albeit from high absolute levels, and credit markets opened up for high‐

quality issuers.  For example, investment grade corporate issuance reached $64Bn in January, up from

an average monthly volume of $24Bn over the last six months of 2008.  As a result of this reduction in

systemic risk, high quality assets outperformed. For example, investment grade credit returned 3.5%

above Treasuries for the month, while the S&P 500 dropped by over 8%.

Just as systemic risks have declined, overall economic and profitability concerns have accelerated. The

unemployment rate hit 7.6% for January, a level not seen since the early 1990s, and S&P 500 earnings

for the current reporting period are on pace to drop over 31% compared to the same period last year.  

The US trailing‐twelve‐month corporate speculative grade default rate increased to 5.15%, with

Moody’s expecting an increase to 15.78% by the end of 2009.  These concerns that rising defaults, high

unemployment, and weak consumer spending will pressure the economy and corporate profitability

helped drive equity markets lower for the month.

DEBT UNDERWRITING

Morgan Stanley participated in $13.5Bn of $130Bn of US Government Agency issuance in the month of

January.

Also in January, $131.5Bn of Investment Grade and Government Guaranteed Debt underwritings

occurred.    Morgan Stanley participated in $34.1Bn of this issuance.    Five of the deals completed in

January were for acquisition financing which made up more than 10% of the market's total supply.  

Further, Morgan Stanley lead managed two of the three unenhanced deals for financial institutions with

$4Bn for GE and $250mm for Berkshire Hathaway.

January High Yield Bond issuance volumes reached $5.6Bn, which is more than the entire second half of

2008.    Morgan Stanley participated in the largest high yield deal since May‐2008 with the $1.8Bn

issuance for Crown International.

EQUITY UNDERWRITING

The S&P 500 dropped over 8% in January while the VIX volatility index gained 12%.    Overall equity

issuance volumes fell nearly 50% since December as the number of $1Bn plus offerings dropped by

more than half.

Despite lower deal volume, Morgan Stanley increased its market share to 12% from 9% in December.  

We acted as joint bookrunner on a $2.4Bn sale of Bank of China stock for Royal Bank of Scotland, as well
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Morgan Stanley

Reporting month(s): Nov‐Dec‐Jan 2009

Submission date: 02/27/2009

Person to be contacted regarding this report: Fred Gonfiantini

2

as joint bookrunner in a large trade for Canadian Pacific.  We also performed a number of transactions

across the energy, utility, and transportation sectors.

SECURED LENDING

In general, Secured Lending does not require a large need for funding.  As a result of Morgan Stanley

becoming a Financial Holding Company in Sep‐2008, and the attendant regulatory leverage ratio

requirements, we began reducing our balance sheet by deleveraging liquid, self financing assets.

MBS/ABS

Morgan Stanley supports the Mortgage Backed Securities markets by providing liquidity in the

secondary trading markets which benefits issuers of mortgages.  In January, our Gross Purchases were

$29.5Bn.

COMMERCIAL LENDING C&I

New loan issuance continues to be syndicated primarily for 364‐day tenors, with a few multi‐year

facilities coming to market.

Morgan Stanley approved $3.3Bn of commitments for the month, although demand from clients

remained below prior year levels.  We received a total of ten lending commitment requests that were

reviewed by our capital commitment committee, all of which were approved.

CONSUMER LENDING

While our consumer lending business is on a much smaller scale than our capital markets and

commercial lending businesses, we increased credit facilities during January approximately $215MM.

The majority of the lending requests during this month were to offer loans to clients seeking financing or

re‐financing of residential and commercial real estate and capital for small businesses ‐ at a time when

traditional sources of capital were difficult and/or expensive to secure.
Name of institution: Northern Trust Corporation Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $8,154 $8,184 $8,183 All information is domestic and estimated based on a combination of internal and regulatory

reporting data.

b. Total Originations $85 $66 $39 All information is domestic and estimated based on internal reporting data. Purchased first

mortgages have been included as a source supporting mortgage availability.

(1) Refinancings $19 $21 $17(2) New Home Purchases $66 $45 $22 CRA purchases are not separately classified as refinancings and new home purchases; CRA

purchases are included in the new home purchases figure.

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $2,238 $2,315 $2,393 All information is domestic and estimated based on a combination of internal and regulatory

reporting data.

b. Originations (New Lines+Line Increases) $63 $136 $88 All information is domestic and estimated based on internal reporting data. Renewals are

included.

c. Total Used and Unused Commitments $4,333 $4,423 $4,494 All information is domestic and estimated based on a combination of internal and regulatory

reporting data.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed N/A N/A N/A

b. New Account Originations (Initial Line Amt) N/A N/A N/A

c. Total Used and Unused Commitments N/A N/A N/A

4. Other Consumer

a Average Total Loan Balance $2 161 $2 180 $2 216 All information is domestic and estimated based on a combination of internal and regulatory a. Average Total Loan Balance $2,161 $2,180 $2,216 All information is domestic and estimated based on a combination of internal and regulatory

reporting data. Includes revolving and non‐revolving, loans to purchase/carry securities and

overdraft protection on consumer accounts.

b. Originations $147 $118 $102 All information is domestic and estimated based on internal reporting data. Renewals are

included.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $12,449 $12,794 $12,457 All information is domestic and estimated based on a combination of internal and regulatory

reporting data. Includes agricultural loans, loans to purchase/carry securities, and other/trus

advances.

b. Renewal of Existing Accounts $512 $287 $627 All information is domestic and estimated based on internal reporting data.

c. New Commitments $535 $992 $371 All information is domestic and estimated based on internal reporting data.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $3,023 $3,040 $3,112 All information is domestic and estimated based on a combination of internal and regulatory

reporting data.

b. Renewal of Existing Accounts $8 $42 $9 All information is domestic and estimated based on internal reporting data.

2

c. New Commitments $15 $169 $34 All information is domestic and estimated based on internal reporting data.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $479 $18 $379 All information is domestic and estimated based on internal reporting data.

b. Asset Backed Securities $0 $0 $0 All information is domestic and estimated based on internal reporting data.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 N/A N/A N/A3. Underwriting

a. Total Equity Underwriting N/A N/A N/Ab. Total Debt Underwriting $0 $0 $0 All information is domestic and estimated based on internal reporting data.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Northern Trust Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009        

Submission date: 02.27.09

Person to be contacted regarding this report:  Patricia K. Bartler

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion

should include a general commentary on the lending environment, loan demand, any changes in

lending standards and terms, and any other intermediation activity.

Company Description

Northern Trust Corporation (NTC) provides investment management, asset and fund

administration, fiduciary and banking services for corporations, institutions and successful

individuals worldwide.  As of December 31, 2008, our loans and leases totaled $30.8 billion, a

21% increase from 12/31/07 and a 3% increase from 9/30/08.  As of January 31, 2009, our loans

and leases totaled $29.8 billion, a 3% decrease from 12/31/08.    Assets under custody at

12/31/08 totaled $3 trillion, and assets under management totaled $559 billion.    

In our institutional business, Northern Trust clients include non‐profit foundations, college and

university endowments, and retirement plans for corporations, unions, and local, state and

national governmental agencies.    In our personal business, Northern Trust clients include

individuals and families, primarily in the United States.    We provide mortgages and other

personal loans to our clients, in addition to a breadth of financial planning services.

Businesses in which we have actively chosen to not participate include sub‐prime mortgage

underwriting, asset backed commercial paper conduits, credit cards, auto loans, and investment

banking.  Although our focus is principally on investment management and administration, we

continue to use our balance sheet to provide loan and deposit services to our clients.  

Residential Lending

While early in the process, we have seen a substantive increase in mortgage applications mainly

consisting of the refinance of existing mortgages.  Notably, mortgage applications were up 77%

in January, 2009.  Applicants are finding appraisal values have decreased making qualification

more difficult to obtain. We are also aware of growing stresses for some of our residential

borrowers.   

Northern Trust's mortgage portfolio includes only traditional mortgage origination.   Northern

Trust has never been in the sub‐prime market; does not routinely use mortgage brokers; and

has no payment option adjustable rate mortgages.  Moreover, Northern Trust does not sell or

securitize pools of mortgages, so we are in a position to work directly with our clients on any

payment problems.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Northern Trust Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009        

Submission date: 02.27.09

Person to be contacted regarding this report:  Patricia K. Bartler

2

We are endeavoring to provide tools for borrowers with short‐term mortgage payment issues,

and a willingness and ability to pay in the long term that might allow them to stay in their

homes.    Options we have utilized include: past due payment postponements; modifications;

forbearance agreements; short sales; and deed‐in‐lieu of foreclosure.    In addition, we have

established a Homeownership Retention Program.   As part of this Program, a committee will

review all home mortgages with payment problems in order to avoid preventable foreclosures.  

These efforts provide for consistent and equitable treatment with regard to modifications,

extensions, or foreclosure (if deemed appropriate).

We have a very small number of foreclosures in progress nationally ‐‐ currently less than one

quarter of one percent of the total number of mortgage loans outstanding.  We have examined

each situation closely to confirm that appropriate options have been considered.

Deposit Growth  

Our deposit business continues to be strong with depositors of all types seeking confidence

through strength of the institution in addition to the guarantees of FDIC. Our domestic deposits

were $24.3 billion at 12/31/08, a 53% increase from 12/31/07 and a 36% increase from 9/30/08.  

Our domestic deposits were $22.1 billion at 1/31/09, a 9% decrease from 12/31/08, primarily

due to a lower level of institutional client demand deposits.

Commercial & Industrial

In the large corporate market, we have seen more companies lose access to public funding

sources (commercial paper and long‐term public debt), and are thus relying primarily on their

bank credit facilities.  In the middle market segment, we continue to see opportunities to add

new clients due to apparent capital constraints faced by other banks who have traditionally

supported this segment.    In addition, commercial loan growth has been helped by increased

utilization of existing facilities. This growth has been offset by a slowdown in lending in the

Commercial Real Estate segment.

The public finance (health care, not‐for‐profit, municipal, etc.) market has returned to bank

borrowing due to the demise of the auction rate securities market and a subdued market for

variable rate demand bonds.    In addition, foundations and endowments have become more

aware of the need for liquidity lines of credit, particularly due to the illiquidity of some of their

alternative investments.  Utilization of facilities continues to be stronger than prior year.  
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  Northern Trust Corporation

Reporting month(s):  Nov‐Dec‐Jan 2009        

Submission date: 02.27.09

Person to be contacted regarding this report:  Patricia K. Bartler

3

Intermediation Activity

Northern Trust continues to use its capital to support high quality loan growth, benefiting

consumers and institutions.  Northern Trust has also taken these further actions on a voluntary

basis to support clients, including consumers, businesses, and investors, to preserve assets and

enhance liquidity:

• Allocated up to $550 million to provide capital support for certain cash investment funds,

thereby providing financial protection and confidence for consumers, businesses and others

who invested retirement, pension and other assets in those funds;  

• Provided $167.6 million to support securities lending clients, including many that are

pension funds, retirement funds, endowments and other entities that represent US

consumers; and

• Established a program to purchase up to $600 million illiquid auction rate securities from

consumers, thereby restoring purchasing power and liquidity to many of our personal

clients.
Name of institution: PNC Financial Services Group Submission date: 2/27/2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $8,616 $8,475 $21,801

b. Total Originations $8 $3 $2,323 First Mortgage originations in the table represent PNC purchases of loans originated by PNC

Mortgage, LLC, a 49.9% PNC owned joint venture with Wells Fargo. Originations (including lo

held for sale) by National City Mortgage were added effective in January.

(1) Refinancings $3 $0 $2,017 PNC Mortgage, LLC, which is not consolidated by PNC, had total new loan originations of $10

mm in November, and $130 mm in December and $180 mm in January.

(2) New Home Purchases $5 $3 $306

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $14,956 $14,991 $38,317 PNC Legacy loans are concentrated in PNC’s primary geographic markets. The National City

portfolio that was added in January is concentrated in National City's heritage footprint.

b. Originations (New Lines+Line Increases) $240 $258 $335 Home Equity loan originations include new installment loans as well as new and increased lin

of credit. These originations are concentrated in PNC’s primary geographic markets.

c. Total Used and Unused Commitments $16,494 $16,582 $52,688 Home Equity total used and unused commitments include remaining unpaid principal on

installment loans as well as total commitments on lines of credit.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $301 $321 $6,361 PNC and NCB Card data includes consumer and business card balances and originations to

PNC's customer base. Effective in January National City's portfolio has been added.

b. New Account Originations (Initial Line Amt) $95 $57 $156

c. Total Used and Unused Commitments $1,767 $1,807 $25,174

4. Other Consumer

a Average Total Loan Balance $6 444 $6 511 $12 473 PNC and NCB (effective in January) Other consumer originations includes indirect and directa. Average Total Loan Balance $6,444 $6,511 $12,473 PNC and NCB (effective in January) Other consumer originations includes indirect and direct

auto, education loans and other direct unsecured installment loans.

b. Originations $136 $229 $575 Originations include new loans and a small amount of new direct unsecured installment lines

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $35,356 $35,429 $72,812 PNC’s C&I loan portfolio includes loans to the following types of entities: Retail/Wholesale, Manufacturing, Other serv

providers, Real estate related (customers in the real estate and construction industries but not secured by real estate)

Financial services, Health care, Dealer floor plan and Other.

b. Renewal of Existing Accounts $2,561 $4,153 $2,692 The portfolio includes loans to small businesses, middle market and large corporate custome

c. New Commitments $1,779 $2,255 $1,486 New commitments include both new loans and new unfunded commitments.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $9,503 $9,596 $25,502 PNC’s loans include real estate projects and mortgages held in the loan portfolio and exclude

loans held for sale (including CMBS).

b. Renewal of Existing Accounts $350 $510 $432

2

c. New Commitments $1,144 $611 $171 New commitments include loans originated and booked in both held for sale and portfolio

loans, as well as new unused commitments.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $9 $109 $1,291 Trade date was used to determine the month in which the purchase occurred. The Mortgage

Backed Securities included MBS, CMBS, and CMOs (both agency and non‐agency). Also, the N

Purchased amount consists of Purchases less sells for the month.

b. Asset Backed Securities $5 $88 $722. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 N/A N/A N/A3. Underwriting

a. Total Equity Underwriting N/A N/A N/Ab. Total Debt Underwriting $255 $225 $426 Data includes PNC’s share of Loan Syndications and Taxable Bond and Public Finance Underwritings. In addit

to the loans underwritten, Loan Syndications arranged for middle market borrowers the following: Nov $1,2

mm, Dec $670 mm and January $263 mm.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: PNC Financial Services Group, Inc.

Reporting month(s): Nov‐Dec‐Jan 2009   

Person to be contacted regarding this report: Shaheen Dil

Submission date: February 27, 2009

PART II. QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial

services organizations providing retail and business banking; specialized services for corporations and

government entities, including corporate banking, real estate and asset‐based lending; wealth

management; asset management and global fund services. We closed the acquisition of National City on

December 31, 2008, thereby making PNC the fifth largest deposit taking institution in the country. The

quantitative snapshot provides average numbers for consolidated PNC for January 2009; and for legacy

PNC for November and December 2008.  

PNC is committed to supporting the objectives of the Emergency Economic Stabilization Act. To that end,

PNC is continuing to make credit available to qualified borrowers including enhanced calling efforts on

small businesses and corporations, promotions offered with special financing rates and responding to

increased loan demand for first mortgages. PNC has reaffirmed and renewed loans and lines of credit,

focused on early identification of loan modification candidates and is working closely where appropriate

with customers who are experiencing financial hardship to set up new repayment schedules, loan

modifications and forbearance programs. PNC’s year over year loan growth was 16%, driven by growth

in consumer and commercial lending. In January 2009 PNC approved new and renewed commercial loans

of approximately $2.4 billion.

First Mortgage

January mortgage application levels continued at a strong pace with heavy demand for refinancing

fueled by lower interest rates.   Origination volumes increased 70% from December with refinancing

accounting for 86% of total production.    Conventional loans originated for sale to Fannie Mae and

Freddie Mac climbed to 65% of the total, up from 50% in December.  The actual volume of FHA and VA

loans increased to over $800 million in January.  Purchase money mortgages declined to just over $300

million, reflecting normal seasonality trends and a continued overall weak residential real estate market.  

There continues to be no active and viable secondary market to support lending to borrowers who are in

need of jumbo loan financing.

Consumer Lending

January consumer lending origination pipeline activity increased 14.8% from December, and 17.5% from

January 2008. Booked account volumes in January 2009 increased slightly from December 2008 levels by

1.1%, and 7.4% versus January 2008. The increased application pipeline and booked account results

were driven by an increase in home equity secured originations and Indirect automobile originations.  

PNC is capitalizing on reduced costs of funds to promote favorable pricing versus prior year.    In the

1
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: PNC Financial Services Group, Inc.

Reporting month(s): Nov‐Dec‐Jan 2009   

Person to be contacted regarding this report: Shaheen Dil

Submission date: February 27, 2009

Indirect lending business, PNC is also capitalizing on fewer competitors in the dealer finance business

versus this same time last year.

PNC Bank continues to pursue loss mitigation activities and tools that assist home owners who are

experiencing financial hardship. We work closely with the customer to set up new repayment schedules,

loan modifications and/or forbearance programs. Where appropriate, short sales and other more

aggressive methods are employed as well. Our programs have a cash flow analysis completed to

determine if a customer’s cash flow at the reduced payment and/or term can service the new debt. In

addition, where the need is to refinance/consolidate debt, those accounts will be viewed by the

underwriting group, where a more extensive cash flow analysis and credit evaluation is conducted. We

have been actively training our collection groups to determine the needs of the customer and will

transfer calls immediately to trained Loss Mitigation specialists for resolution. The main focus is to help

the customer stay in their homes if they qualify for one of the programs available.

With the acquisition of National City Corporation (NCC), PNC Bank has taken great care to ensure that

legacy NCC borrowers are offered the same type of assistance that is offered to legacy PNC borrowers.  

Since January 1, more than 3,000 former NCC borrowers have been referred to the loss mitigation unit,

resulting in over 1,000 borrowers that are being considered for potential assistance. Additionally, over

$325 million in potential loss mitigation cases have been reviewed in our NCC operations since January

1.  We continue to aggressively add staff in loss mitigation operations and expand staff training in order

to identify potential loss mitigation candidates during each and every conversation we have with our

borrowers.   

We are taking aggressive measures to expedite the loan closing process so the borrower can benefit as

quickly as possible from the modified loan agreement.  Over the past two weeks, we received approval

from the Office of Comptroller of Currency to offer a new loss mitigation remedy designed specifically to

assist those who have recently become unemployed and receive Unemployment Compensation.

On February 17, 2009, PNC announced a moratorium on new and pending mortgage foreclosures owned

and serviced by PNC and National City Mortgage. PNC and National City Mortgage will not initiate or

complete any new foreclosures on eligible customers through March 13, 2009, or upon the start of the

anticipated U.S. government's loan modification program.

US Credit Cards

The combined PNC and NCB bankcard originations for January resulted in 22,600 new accounts with

$199 million of unused lines of credit.  This was slightly lower than the December numbers of 23,900

accounts and $213 million of unused lines of credit.  Both portfolios continue to leverage their branch

and cross sell channels to provide retail customers an opportunity for the credit card product.    Total

credit lines granted for the combined portfolio through the end of January were $23.7 billion versus

$24.6 billion for December, down $0.9 billion.  Total outstandings for the portfolio were $3.91 billion at

the end of January versus $3.93 billion at the end of December reflecting the normal post holiday

paydown of card balances.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: PNC Financial Services Group, Inc.

Reporting month(s): Nov‐Dec‐Jan 2009   

Person to be contacted regarding this report: Shaheen Dil

Submission date: February 27, 2009

Business Banking

In January, Business Banking generated $275 million in new loan volume, including $9 million in SBA

loans and over $40 million lent to local municipalities. The retail branches booked over 1,000 new loans

averaging $140,000 per loan, 600 of which were for loans less than $100,000 (average loan size of

$58,000) — an evidence that money is getting to the smallest borrowers. While PNC stands ready to

lend to qualifying businesses, demand to borrow is down due to economic conditions. Application

volume from our retail distribution system in January was 3,208 units, down 40% in the PNC Legacy

footprint and down 66% in the NCC Legacy footprint from the same period one year earlier; however,

January applications were up 10% from December and the dollar value of said applications was down

only 17% from the same period of the prior year in the PNC Legacy footprint.

In addition to new loan activity, PNC Business Banking continued to make funds available to small

businesses by reaffirming and renewing in excess of 2,400 loans and lines of credit in January totaling

more than $180 million.  

To stimulate demand, PNC continues to offer a special promotion to new borrowers in our Legacy

footprint and we are working to roll out similar offers in our new western footprint. Rates are

discounted below market rates on lines of credit and term loans for equipment, expansion and

commercial owner‐occupied real estate. Additionally, PNC offers special financing rates on ‘Green’

purpose loans, loans to businesses in low or moderate income areas, and where new branches have

been opened. PNC has partnered with several local government authorities, such as the New Jersey

Economic Development Authority or Grown Now Ohio program, to create special borrowing programs

aimed at growing jobs and the economy.  

Former National City Business Banking distribution received access to PNC’s liquidity and capital as of

Dec. 31, 2008, which allowed PNC to make more credit at lower rates available. This was evidenced by a

reduction in published rates as soon as the acquisition was finalized.  

C&I

Despite the continued slowdown affecting almost all aspects of the US economy, PNC remains keenly

focused on providing credit to credit‐worthy companies.   

In National City’s legacy markets, our primary focus for 2009 is on client retention during the integration

and conversion process.  Our recent goal in most of these markets has been to call on every client in the

first month after the closing and to reassure them that PNC is “open for business”.  In our calling efforts,

we continue to hear from many C&I clients and prospects that they are being very cautious in their own

planning, choosing to protect their existing capital and to maintain existing credit facilities in order to

avoid the new realities of today’s market pricing and structure requirements.

We have seen a significant increase in utilization by our large corporate clients who have been impacted

by declines in the commercial paper and other public debt markets (although recent signs suggest

utilization rates are now leveling off), and a strong increase in asset‐based lending opportunities with

companies whose financial performance may have declined but who remain viable and have asset

3
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: PNC Financial Services Group, Inc.

Reporting month(s): Nov‐Dec‐Jan 2009   

Person to be contacted regarding this report: Shaheen Dil

Submission date: February 27, 2009

4

values that support secured lending structures.  Some of this opportunity will be offset by a drop in loan

balances associated with lower inventory and receivables levels, both of which are related to lower sales

levels and the declining value of many commodity assets.  We should also recognize that loan growth

may be impacted in 2009 by the need to reduce credit exposure to some companies where PNC and

National City have historically both provided credit and where the combined loan levels are now in

excess of established risk tolerance limits.

Commercial Real Estate

PNC Legacy renewals in January are lower than the fourth quarter due to seasonality of the portfolio’s

renewal schedule, and clients locking in maturities over the past months. New commitments are lower

in January, as is typical of the first quarter, due to slower sales compared to year‐end and due to the

holidays.

PNC remains very active in real estate lending to multifamily owners and operators with whom we are

leveraging our strong relationships with agency lenders such as Fannie Mae and Freddie Mac.   While

most of these programs do not result in loans on our balance sheet, many do require substantial use of

capital to support loss sharing arrangements.  In most other areas of real estate, the slowdown in the

overall market, coupled with the substantial combined exposure of PNC and National City, suggests that

aggregate loan balances will be flat at best for some time.  Also, as loans made in prior periods mature

but can't be paid off due to lack of a viable refinancing market, PNC continues to work with borrowers to

restructure and modify their loans.    In many cases, this results in loans remaining on our books and

consuming capital that would have otherwise become available to make new loans.

PNC also remains active in underwriting Economic Development Bonds, many of which require letters of

credit provided by PNC.    These transactions support investments in buildings and equipment and

stimulate manufacturing employment.  PNC also continues to purchase Low Income Housing Tax Credits

that provide equity for the construction of low income housing projects.  Once again, neither of these

activities results in loans on our balance sheet.    However, they do inject growth capital into the

economy and they do require substantial use of our own capital base.  

  
Name of institution: Regions Financial Corp. Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $16,374 $16,257 $16,378 First and second residential 1‐4 family mortgages, including residential mortgages held for sa

b. Total Originations $223 $450 $722 Loans originations designated for the secondary market and those to be held in portfolio on

Regions' balance sheet.

(1) Refinancings $83 $274 $599 Total originations designated as refinance status.

(2) New Home Purchases $140 $176 $123 Total originations designated as new purchase status.

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $16,046 $16,109 $16,150 Average balances include Home Equity loans and HELOCs.

b. Originations (New Lines+Line Increases) $137 $126 $109 New Home Equity loans, lines and line increases.

c. Total Used and Unused Commitments $27,782 $27,641 $27,677 Total portfolio of Home Equity loans and funded and unfunded HELOCs. Funded portion

included in average balance above.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $0 $0 $0 NA ‐ Regions Financial Corp. is an Agent Bank.

b. New Account Originations (Initial Line Amt) $0 $0 $0

c. Total Used and Unused Commitments $0 $0 $0

4. Other Consumer

a Average Total Loan Balance $5 656 $5 463 $5 442 Includes consumer direct indirect other revolving (i e overdraft lines) and student loans hea. Average Total Loan Balance $5,656 $5,463 $5,442 Includes consumer direct, indirect, other revolving (i.e., overdraft lines) and student loans he

for sale.

b. Originations $75 $75 $290 Includes direct and student lending origination activity.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $24,065 $23,643 $23,355 Average outstanding funded balances (net of deferred fees and costs) for non‐real estate,

commercial related loans and leases.

b. Renewal of Existing Accounts $1,537 $1,334 $1,275 Renewal of existing funded and unfunded commitments for non‐real estate, commercial rela

loans based upon posting date of renewal. Also includes letters of credit.

c. New Commitments $572 $1,047 $854 New funded and unfunded commitments for non‐real estate, commercial related loans based

upon posting date of commitment. Also includes letters of credit and leases. Variable Rate

Demand Note (VRDN) fundings are excluded from new commitment activity.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $37,638 $37,555 $37,238 Average outstanding funded balances (net of deferred fees and costs) for commercial related

loans secured by real estate. Also includes Commercial loans held for sale.

b. Renewal of Existing Accounts $1,520 $2,109 $1,326 Renewal of existing funded and unfunded commitments for commercial related loans secure

by real estate based upon posting date of renewal. Also includes letters of credit.

2

c. New Commitments $601 $692 $406 New funded and unfunded commitments for commercial related loans secured by real estate

based upon posting date of the commitment. Also includes letters of credit. VRDN fundings 

excluded from commercial real estate new commitment activity.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $902 $1,050 $777 Purchase volume as captured in bond accounting system. Reflects settlement date.

b. Asset Backed Securities N/A N/A N/A

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A

b. Average Total Debit Balances2 $638 $846 $923 Reflects average margin receivables as recorded on the general ledger.

3. Underwriting

a. Total Equity Underwriting $0 $0 $3 Total equity underwriting activity ‐ represents Regions' participation percentage. b. Total Debt Underwriting $795 $1,945 $538 Debt issuances delivered monthly. Represents Regions' participation percentage.

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Regions Financial Corporation

Reporting month(s):    Nov‐Dec‐Jan 2009        

Submission date:  February 27, 2009

Person to be contacted regarding this report:  Irene Esteves, Chief Financial Officer

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Company Description

Regions Financial Corporation (“Regions” or the “Company”) is a financial holding company

headquartered in Birmingham, Alabama, which operates throughout the South, Midwest and Texas.

Regions provides traditional commercial, retail and mortgage banking services, as well as other financial

services in the fields of investment banking, asset management, trust, securities brokerage, insurance

and other specialty financing. At December 31, 2008, Regions had total consolidated assets of

approximately $146.2 billion.    

Regions conducts its banking operations through Regions Bank, its brokerage and investment banking

business through Morgan Keegan & Company, Inc. (“Morgan Keegan”), and its insurance brokerage

business through Regions Insurance Group, Inc.

Consumer Lending

Mortgage Lending

The mortgage division originated mortgage loans totaling $722 million during January of 2009, an

increase of 61% over the prior month. This increase was due primarily to the U.S. Treasury influencing a

drop in conforming mortgage rates in mid‐December and again in early January. The lower rates

triggered a dramatic increase in refinance activity which began in December and continued into January.  

Consistent with the increase in January production, Regions experienced an increase in demand for new

mortgage loans as new mortgage loan applications increased 30% in January over the prior month.

Home Equity Lending

Home Equity Lending is a key component of the Consumer product offering and includes equity loans

and equity lines of credit.  The Bank approaches this business from a long‐term perspective, and did not

participate in broker or correspondent generated Home Equity or Sub‐Prime Lending.  Home Equity

Lending continues to experience a decline in new production resulting from fewer applications as well as

lower approval rates.  In addition, the December to January decline includes a seasonal component in

that January is historically a low volume month.  Even though production declined, average equity line

balances were up compared to December which led to combined equity loan and line balance sheet

growth.  The favorable balance sheet growth trend is due largely to reductions in the pace of customers

paying down existing balances and continued line utilization.  
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Regions Financial Corporation

Reporting month(s):    Nov‐Dec‐Jan 2009        

Submission date:  February 27, 2009

Person to be contacted regarding this report:  Irene Esteves, Chief Financial Officer

2

Given the economic slowdown and the necessary emphasis on lending to creditworthy borrowers,

Regions enacted a range of policies to address changing economic conditions during the second half of

2008. Regions has seen an increase in the number of customers having difficulty making home equity

payments, and this difficulty usually stems from debt service increases.  These increases are often tied

to the higher rates on adjustable rate mortgages where Regions’ home equity may be in second

position.  To help customers who are having difficulty making their loan payments, we are offering

flexible repayment programs on second mortgages that can be used while customers restructure their

first mortgage.  We also offer a fixed payment option to our customers with home equity lines that are

based on a variable rate.   

Other Consumer Lending

While we did not have significant changes to credit underwriting or pricing, demand for direct consumer

lending products decreased in January over December as is the typical seasonal pattern. Student lending

production increased in January over December as a result of seasonality.  January is typically a high

production month as a result of students returning to school for the spring term.

Customer Assistance Program

Regions launched an extensive Customer Assistance Program (CAP) for troubled borrowers in late 2007,

well before the full effects of the credit crisis were realized by most consumers and businesses. Today

the Customer Assistance Program’s overall goals remain the same: to increase customer assistance,

stem foreclosure and keep customers in their homes.   

As a result, Regions has taken steps including renegotiating the terms of mortgages and home equity

loans, keeping families in their homes and allowing Regions to maintain a foreclosure rate well below

industry average for residential first mortgages.  Since inception of the program, Regions has

restructured more than $700 million in mortgages.   

Commercial Lending

C & I Lending

Line utilization edged up slightly in January 2009 versus December 2008.  Credit quality requirements

have become more conservative and the syndication market is tight.   

In the middle market we are seeing a decline in clients’ appetite for additional debt.  The slower

economy is driving more conservative leverage positions.  Reductions in commodity prices and lower

sales volumes have begun to result in lower inventory and accounts receivable financing requirements.  

However, the large commercial market remains active.   
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Regions Financial Corporation

Reporting month(s):    Nov‐Dec‐Jan 2009        

Submission date:  February 27, 2009

Person to be contacted regarding this report:  Irene Esteves, Chief Financial Officer

3

Continued tightness in the bond markets has resulted in senior bank debt frequently being the only

alternative for clients.  January loan pipelines have trended upward versus December 2008.   

In the small business market, loan demand continues to weaken as evidenced by loan pipelines at half

their peak levels in the spring of 2008.  We attribute this to reduced working capital requirements

resulting from lower sales volumes and reluctance by business owners to make capital investments

given the negative economic outlook.   

CRE Lending

In January, new loan demand has continued to slow as developers are reluctant to begin new projects or

purchase existing projects under current economic conditions.  The lack of permanent financing from

CMBS and insurance companies has also slowed the refinancing of construction and bridge loans.  Our

focus has been on renewing and restructuring these loans to provide clients additional time to wait for

the markets to recover.  Our underwriting criteria have been adjusted to account for the risk of declining

property prices and stressed cash flows for both developers and individual projects.

Treasury Activities

Agency Mortgage‐Backed securities continue to provide an efficient means to offset asset sensitivity and

maintain the desired liquidity profile, while offering a compelling risk adjusted return on the use of

capital.  January activity reflects $777 million of 30 year GNMA mortgage‐backed securities that were

purchased.  

Equity and Debt Activities at Morgan Keegan

During January 2009, the capital markets continued to be frozen with very few deals.  The company’s

broker dealer subsidiary Morgan Keegan participated in one underwriting during January as a co‐

manager.  Tax‐exempt debt underwritings continued to be very slow in January as liquidity remained

tight and issuers awaited the outcome of the government stimulus package.   
Name of institution: STATE STREET CORPORATION Submission date: February 27, 2009 Pers

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $0 $0 $0 Schedule A is not applicable

b. Total Originations $0 $0 $0(1) Refinancings $0 $0 $0(2) New Home Purchases $0 $0 $0

2. Home Equity

State 

activ

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $0 $0 $0 Schedule A is not applicable

b. Originations (New Lines+Line Increases) $0 $0 $0c. Total Used and Unused Commitments $0 $0 $0

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $0 $0 $0 Schedule A is not applicable

b. New Account Originations (Initial Line Amt) $0 $0 $0

c. Total Used and Unused Commitments $0 $0 $0

4. Other Consumer

a. Average Total Loan Balance $0 $0 $0 Schedule A is not applicable State 

activState 

activState 

activ

b. Originations $0 $0 $0

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $10,873 $10,538 $7,645 Includes Fund facilities, overdraft lines, leases and lines of credit to insurance, corporate and

other borrowers

b. Renewal of Existing Accounts $557 $870 $139 Primarily renewal of credit facilities to clients net of reductions or decreases in credit facilities

c. New Commitments $192 $533 $150 Consist primarily of credit facility commitments to Fund clients

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $800 $800 $800b. Renewal of Existing Accounts $0 $0 $0

c. New Commitments $0 $0 $0

Rene

custo

31, 2

$1.18

2008

been 

and D

There 

2

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities ‐$268 ‐$224 $289 The number reported for C.1. represents gross purchases, net of gross sales on a settlement

date basis. Principal paydowns are included.

b. Asset Backed Securities  ‐$198 ‐$238 ‐$153

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1b. Average Total Debit Balances23. Underwritinga. Total Equity Underwriting

b. Total Debt Underwriting

Durin

respe

backe

Janua

Notes:1. Not applicable if matched book activity does not exceed $50 billion.

2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: STATE STREET CORPORATION

Reporting month(s):  Nov‐Dec‐Jan 2009    

Submission date:  February 27, 2009

Person to be contacted regarding this report: Stefan Gavell

1

PART II.  QUALITATIVE OVERVIEW

State Street Corporation (“State Street”) provides investment servicing and investment management

services to institutional investors, including pension funds, mutual funds, and other collective

investment pools. Unlike more traditional banks, State Street does not directly provide ordinary retail

banking services, including mortgages, credit cards, or other consumer credit, or engage in investment

banking activities.  State Street’s loan activity primarily relates to the provision of credit to a core

customer base of institutional investors.  State Street also takes in deposits for institutional clients as

part of their investing activities, provides lines of credit and overdrafts that help smooth the operation

of the financial markets, and provides custody services to institutional investors.  As a bank, State Street

has access to the payment systems and the Federal Reserve’s primary credit and Term Auction Facility

programs, enabling us to fully service our customers.

State Street’s two primary lines of business, Investment Servicing and Investment Management, provide

products and services including custody, recordkeeping, daily pricing and administration, shareholder

services, foreign exchange, brokerage and other agency trading services, securities finance, deposit and

short‐term investment facilities, loan and lease financing, investment manager and hedge fund manager

operations outsourcing, performance, risk, and compliance analytics, investment research and

investment management, including passive and active U.S. and non‐U.S. equity and fixed‐income

strategies.  State Street’s core business can generally be described as “back‐office” or “middle‐office” in

nature, and gives us a risk‐profile that is generally lower than that of investment or commercial banks.

While State Street’s customer relationships are with institutional investors, its services indirectly benefit

retirees, mutual fund investors and other individuals participating in these collective investments.  State

Street’s role in the financial markets enables the investment process to run smoothly and as intended,

and ultimately, to help its customers’ customers – citizens with savings ‐ to be able to access their

investments when needed.  Since State Street’s business model and client base differ significantly from

traditional commercial and investment banks, the use of the capital received under the TARP Capital

Purchase Program (“CPP”) is necessarily different.  Accordingly, much of State Street’s application of the

additional funding capacity created by the CPP capital is directed at maintaining the functioning of the

securities settlement process, in which we play a central role due to our custodial services, and

providing funding when necessary to our customers, which is the focus of our business in managing and

servicing cash pools, including money market funds, collateral pools or similar mandates.

After State Street received the CPP investment, it was determined that the use of the funding that most

directly reflected our role in the financial markets was to increase the level of available credit and

liquidity that we provide to our fund customers, consisting of mutual fund, pension fund and other

institutional investors.  In November 2008, State Street's Asset and Liability Committee set a target to
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: STATE STREET CORPORATION

Reporting month(s):  Nov‐Dec‐Jan 2009    

Submission date:  February 27, 2009

Person to be contacted regarding this report: Stefan Gavell

2

increase credit facilities by $2 billion to these customers. Since October 2008, $1.020 billion of fund

facilities were approved and closed. As of January 31, 2009, an additional $830 million of credit lines to

fund customers have received internal credit approval and await completion of documentation. Equally

important are the $2.671 billion of gross credit facility renewals for our fund customers that have been

approved since October 1, 2008.  These credit facilities provide consistent credit support to our existing

fund customer base.  Of these renewals, $537 million were approved in January.   

In some cases, these credit facilities replaced sources of liquidity made unavailable to clients by the

market crisis following the collapse of Lehman Brothers in mid‐September.  The funds received under

the CPP support State Street’s efforts to help protect investors in difficult and volatile markets by

enabling us to increase our credit facilities, and provide short‐term liquidity to support settlement and

increased redemption requests that can place considerable liquidity strains on these clients.   While the

amount of credit extended will vary with financial market conditions and the unique circumstances of

these institutional investors, State Street’s provision of credit enhances their ability to adopt a more

normalized investment policy despite unexpected levels of cash demands for redemption or settlement

purposes.  

The reduction in C&I average outstanding in January 2009, as compared to November 2008 and

December 2008, relates primarily to a decrease in customer overdrafts, although credit facilities

outstandings are also down from the October levels.  This reflects a normalization of customer demand

from the extraordinarily high levels in the fourth quarter of 2008 and not a reduction in credit

availability from State Street.  Peak overdrafts during January were $8.0 billion, down from their peak of

$19.6 billion during October 2008. As the financial markets improved from the period of peak

disruption, redemption requests declined and fund managers adjusted portfolios and increased cash

holdings. As noted above, since October 2008, we have approved approximately $1.85 billion in new or

increased credit lines to our fund customers, making substantial progress towards our target of $2.0

billion.

During the reporting period of November 2008 through January 2009, we purchased approximately

$688 million of mortgage‐and asset‐backed securities, including $566 million in January 2009.  

Maturities and run‐off totaled approximately $430 to $530 million per month in each of the three

months.  The modest level of net investment reflects our previously announced policy of a more

conservative reinvestment plan.  Future purchases of securities will depend on market conditions, target

capital ratios, and other factors.  We continue to provide liquidity to the inter‐bank and Fed Funds

markets, though demand varies depending on market conditions and the availability of alternative

sources of liquidity by central banks.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: STATE STREET CORPORATION

Reporting month(s):  Nov‐Dec‐Jan 2009    

Submission date:  February 27, 2009

Person to be contacted regarding this report: Stefan Gavell

3

The CPP investment also provides additional capacity for other activities consistent with the goals of the

EESA, including new commitments and funding in low‐income housing investments, energy investments

and municipal bond liquidity and credit enhancements.   Since October 2008, new commitments and

funding in these areas totaled $355 million, of which $68 million were in January.   
Name of institution: SunTrust Banks, Inc. Submission date: 2/27/09 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $33,317 $32,603 $33,274 Consists of (1‐4 family) residential whole loans and closed end loans secured by junior liens

originated as part of a home purchase or refinance transactions. Includes loans retained in

SunTrust's loan portfolio and loans currently recorded in loans held for sale.

b. Total Originations $1,873 $2,630 $3,476 Includes all loans originated or purchased by SunTrust through the Retail and Wholesale

channels. Volumes include all activity regardless of whether the loans are retained in the loa

portfolio, or recorded in loans held for sale and ultimately sold to a third party.

(1) Refinancings $709 $1,269 $2,660(2) New Home Purchases $1,164 $1,361 $816

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $18,767 $18,778 $18,799 Average balance, originations, and commitments include both Home Equity Lines and Home

Equity Loans.

b. Originations (New Lines+Line Increases) $122 $128 $119c. Total Used and Unused Commitments $37,620 $37,380 $36,747 Commitment figures for November and December have been revised upwards to include use

balances associated with inactive credit lines.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $1,007 $996 $973 SunTrust originates commercial credit cards and carries them in the loan portfolio. Consume

credit cards are originated through a third party service provider. Consumer portfolios are

periodically purchased from the provider and booked to the loan portfolio.

b. New Account Originations (Initial Line Amt) $25 $11 $11 Originations may include both commercial and consumer credit cards. Commercial cards are

reflected upon origination, while consumer cards are reflected when portfolios are purchase

from the third party service provider.

c. Total Used and Unused Commitments $3,765 $3,746 $3,757 Commitments include both commercial and consumer credit cards. Consumer commitments

are reflected in total commitments, upon purchase from the third party service provider.

4. Other Consumer

a Average Total Loan Balance $12 612 $12 633 $12 703 Average balances and originations include student loans direct installment loans (auto and na. Average Total Loan Balance $12,612 $12,633 $12,703 Average balances and originations include student loans, direct installment loans (auto and n

auto), indirect installment loans (auto and marine), and unsecured personal credit lines.

b. Originations $358 $395 $599

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $40,797 $40,477 $39,862 Includes average outstandings for Commercial & Industrial loans and leases extended to sma

business, commercial, middle market, and large corporate clients.

b. Renewal of Existing Accounts $1,014 $1,330 $1,134 Renewals represent credit facilities and stand‐alone notes that matured and were renewed

during the reporting period. Includes funded loans and unfunded commitments, but does no

include letters of credit or derivatives.

c. New Commitments $832 $1,152 $725 Includes new facilities, stand‐alone notes, and leases extended to new or existing clients.

Reflects both funded loans and unfunded commitments. Does not include takedowns under

existing commitments, letters of credit, or derivatives.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $25,278.9 $25,153.1 $24,901.0 Includes commercial loans secured by owner occupied or non‐owner occupied real estate.

Includes loans extended for real estate financing as well as loans made for other purposes an

collateralized by real estate.

b. Renewal of Existing Accounts $278.4 $461.2 $214.9 Renewals represent credit facilities and stand‐alone notes that matured and were renewed

during the reporting period. Includes funded loans and unfunded commitments, but does no

include letters of credit or derivatives.

2

c. New Commitments $324.6 $407.1 $231.7 Includes new facilities and stand‐alone notes extended to new or existing clients. Reflects bo

funded loans and unfunded commitments. Does not include takedowns under existing

commitments, letters of credit, or derivatives.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $2,369 $2,938 $1,770 The numbers represent net purchase volume within the reporting period. These securities a

reported in SunTrust's available‐for‐sale and trading portfolios.

b. Asset Backed Securities  ‐$15 $4 $36 The numbers represent net purchase volume within the reporting period. These figures inclu

securities reported in SunTrust's available‐for‐sale and trading portfolios.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 n/a n/a n/a SunTrust Bank has less than $50 billion in matched book repos. SunTrust Robinson Humphre

“STRH”, an institutional broker dealer, is fully disclosed on the equity side through a third par

service provider and does not hold customer accounts.

b. Average Total Debit Balances2 n/a n/a n/a Although STRH self‐clears institutional fixed income transactions, STRH does not carry custom

accounts.

3. Underwriting

a. Total Equity Underwriting $2 $30 $6 Includes total dollars allocated to STRH in equity underwriting transactions that settled withi

the reporting period.

b. Total Debt Underwriting $505 $533 $944 Includes total dollars allocated to STRH in investment grade fixed income, high yield fixed

income, and municipal debt underwriting transactions that settled within the reporting perio

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  SunTrust Banks, Inc.

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  2/27/09

Person to be contacted regarding this report:  Barry Koling

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

SunTrust Banks, Inc., with total assets of $189 billion on December 31, 2008, is one of the nation’s

largest financial holding companies.  Through its banking subsidiaries, the company provides deposit,

credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other

subsidiaries provide mortgage banking, brokerage, investment management, equipment leasing, and

capital market services.  SunTrust operates 1,692 retail branches in Alabama, Arkansas, Florida, Georgia,

Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the

District of Columbia.  In addition, SunTrust services clients in select markets nationally.   

The Company’s January average loan balances, including loans held for sale, totaled $130.5 billion.  

These outstandings are evenly split between consumer portfolios ($65.7 billion) and commercial

portfolios ($64.8 billion).  These balances do not include loans extended to customers that were sold to

third parties.  This fact is particularly relevant when considering the mortgage portfolio, since a

significant majority of new originations and refinancings are sold to third parties.  New originations,

commitments, and renewals extended to consumers and businesses during January totaled almost $6.5

billion.   

Mortgage originations totaled $3.5 billion during January 2009, representing a 32% increase over the

prior month and a 2.2% increase over January 2008.  Average mortgage balances increased to $33.3

billion in January, as average mortgage loans held for sale balances increased to $3.3 billion.  While

housing market conditions continued to dampen demand related to home purchases, the increase in

application volume associated with refinancings continued in January, as eligible borrowers capitalized

on attractive mortgage rates.   

Market conditions and consumer sentiment continued to have a negative impact on home equity

originations during January.  As noted last month, the significant depreciation in home values in Florida

(historically the source of 1/3 of SunTrust’s home equity volume) has severely diminished the population

of borrowers with equity available to support lending.   During January, new line and loan production

decreased slightly as compared to December 2008.  Although application volume increased marginally

compared to the prior month, January 2009 application volume was still 66% lower than January 2008.

Credit cards represent a small percentage of SunTrust’s loan portfolio and drive a relatively immaterial

percentage of the SunTrust’s new credit originations.  A third party service provider originates consumer

card accounts for SunTrust.   Consumer credit card portfolios are acquired and originations recognized,
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  SunTrust Banks, Inc.

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  2/27/09

Person to be contacted regarding this report:  Barry Koling

2

only when large pools of accounts are accumulated.  Additionally, new account originations for

commercial and purchase cards are dependent on the timing of large program implementations.  Both

of these factors cause origination volume to fluctuate significantly from month to month.  Average loan

balances and new account originations increased slightly in January 2009 compared to December 2008.

Other consumer loans are primarily composed of student and auto loans.  Student lending originations

have remained very strong despite overall economic conditions.  January student loan originations

increased significantly compared to December 2008, driven by seasonal demand.  Consumer demand for

automobile loans remains relatively soft; auto application volume in January was approximately 25%

lower than January 2008.

Commercial and Industrial loan balances decreased slightly in January, declining approximately 1.5%.  

New extensions of credit have been offset by reduced borrowings under existing credit arrangements

due to decreased economic activity.  Commercial clients have reduced working capital assets

(receivables and inventory), thereby reducing the need to borrow.

Commercial Real Estate loans decreased slightly in January, dropping approximately 1%.  New

residential home builder loan demand is negligible and demand is lower for commercial transactions.  

Cap rates are rising and property prices are falling, resulting in fewer sellers and cautious buyers.  Owner

occupied commercial loans secured by real estate have remained fairly stable.

Beyond lending to consumers and businesses, SunTrust participates in various additional intermediation

activities.  In January 2009, SunTrust continued net purchases of mortgage backed securities, adding

$1.8 billion to the portfolio.  These purchases continue the approach initiated after SunTrust received

proceeds from the sale of preferred securities though the Capital Purchase Program.  Net purchase

volume for asset backed securities was approximately $36 million during January.

The investment grade fixed income market continued to strengthen in January, driven, in part, by the

FDIC’s Temporary Liquidity Guarantee Program.  SunTrust’s investment grade fixed income activity was

consistent with market conditions.  SunTrust underwrote deals representing $580.4 million in January.  

Following a very weak fourth quarter, the traditional high yield primary market strengthened

significantly in January.  SunTrust underwrote a deal representing $250 million.  In contrast to the

investment grade and high yield markets, the municipal market remained weak in January.  SunTrust

underwrote deals representing $114 million for municipal clients.  SunTrust’s total debt underwritings in

January represented $944.4 million.

The equity underwriting market continued to soften in January, reflecting weakness driven by ongoing

economic uncertainty and investor instability.  Consistent with this environment, SunTrust priced a

transaction worth $6.3 million in January.
Name of institution: U.S. Bancorp Submission date: 2/27/09 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $29,480 $35,066 $35,085 Residential Real Estate includes Loans held for sale and all 1‐4 family secured by closed end f

liens. Average balances include the acquisition of Downey and PFF. 90% of originations are

held for sale.

b. Total Originations $2,532 $2,985 $4,041 Includes both loans originated for the balance sheet as well as loans originated for sale.

(1) Refinancings $990 $1,367 $2,990 Of the originations during the month, the amount that were for the refinance of a current

mortgage.

(2) New Home Purchases $1,542 $1,618 $1,051 Of the originations during the month, the amount that was for new home purchases.

2008

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

1

2. Home Equitya. Average Total Loan Balance $18,640 $19,105 $19,206 Home equity includes all 1‐4 family open end revolving and closed end junior liens.

b. Originations (New Lines+Line Increases) $419 $413 $348 Originations include the loan amount for closed end junior liens and the line amount for open

end revolving.

c. Total Used and Unused Commitments $34,769 $34,838 $34,813 Ending balance for Total Used and Ending unfunded for Unused Commitments.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $12,849 $13,399 $13,586 Credit card includes consumer credit cards only.

b. New Account Originations (Initial Line Amt) $829 $1,115 $691 Originations include initial line amounts for new cards but not line increases for existing

customers.

c. Total Used and Unused Commitments $70,105 $71,139 $70,950 Ending balance for Total Used and Ending unfunded for Unused Lines

4. Other Consumer

a Average Total Loan Balance $28 433 $28 611 $29 186 Other consumer includes consumer installment loans other revolving (i e overdraft lines and a. Average Total Loan Balance $28,433 $28,611 $29,186 Other consumer includes consumer installment loans, other revolving (i.e. overdraft lines and

unsecured lines of credit), consumer leases, student loans, and consumer loans secured by

securities.

b. Originations $769 $1,030 $1,383 Originations during the month of the above mentioned products.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $54,057 $54,831 $55,520 Commercial loans include loans to depository institutions, agricultural loans to others than

farmers, commercial and industrial loans, leases, loans to finance RE not secured by RE, and a

other loans (i.e. State and Political and tax exempt.)

b. Renewal of Existing Accounts $3,050 $4,851 $4,177 Renewal of existing accounts represents the commitment balance.

c. New Commitments $2,087 $4,222 $2,044 New commitments issued during the month for either new or existing customers

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $35,649 $36,530 $37,071 Commercial RE loans include construction loans, land development loans, secured by farmla

secured by multifamily, and other commercial RE loans.

b. Renewal of Existing Accounts $991 $1,706 $676 Renewal of existing accounts represents the commitment balance.

2

c. New Commitments $568 $940 $506 New commitments issued during the month for either new or existing customers

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities $1 $611 $1,491 MBS/ABS includes net securities acquired during the quarter. Activity in the fourth quarter w

all MBS.

b. Asset Backed Securities $0 $0 $02. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 $0 $0 $0

b. Average Total Debit Balances2 $0 $0 $03. Underwriting

a. Total Equity Underwriting $0 $0 $0b. Total Debt Underwriting $0 $0 $0

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  U.S. Bancorp

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  2/27/09

Person to be contacted regarding this report: Anthony D. Kelley

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Company Description

Minneapolis‐based U.S. Bancorp (“USB”), with $266 billion in assets, is the parent company of U.S. Bank.  

The Company operates 2,791 banking offices and 4,897 ATMs in 24 states, and provides a

comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services

products to consumers, businesses and institutions.

Total Loans and Leases

During the month of January 2009, total commercial loans grew 1.3 percent when compared to

December 2008, driven primarily by new account originations and the utilization of credit lines.  Total

commercial real estate grew 1.5 percent.  Residential mortgages on the balance sheet remained flat,

while originations of mortgages held for sale increased substantially during the month.  Consumer loans

increased 1.4 percent as credit card balances and student loans increased during the month.

C&I

Loan demand related to business investment and growth initiatives (e.g. expansion capex and/or

acquisitions) continues to be weak, but many customers have increased borrowing in order to offset

reduced operating cash flow and/or to finance operating activities that would have normally been

executed in the public markets or the private non‐bank markets.  Generally, the Bank’s underwriting

standards did not change during the month, however, new transactions continue to be underwritten

with financing structures and leverage levels that consider risks that reflect the current state of market

conditions.  We are benefiting from a flight‐to‐quality, as we continue to see new lending opportunities

and actively work with existing customers on new money requests, extensions, amendments and

waivers.    

Demand for Small Business credit is still relatively strong, evidenced by new application volume.  

Approval rates are still generally lower than prior year, due to weakening performance of borrowers in

higher risk segments (e.g., contractors).  Common metrics of origination quality, such as booked credit

scores and proportion of high risk industries, are similar or better than they were a year ago.
TREASURY MONTHLY INTERMEDIATION SNAPSHOT

Name of institution:  U.S. Bancorp

Reporting month(s):  Nov‐Dec‐Jan 2009   

Submission date:  2/27/09

Person to be contacted regarding this report: Anthony D. Kelley

2

CRE

Overall new loan demand for commercial real estate remains low due to the lack of new construction

activity and the condition of the real estate markets.  Our investor and developer portfolio has

historically focused on construction lending, so new deal requests have decreased, but bridge or short

term financing is still in demand.   The lack of a permanent or CMBS market continues to bring clients to

the Bank to seek short term financing of completed projects.  In general, our underwriting standards

tightened somewhat to reflect the uncertainties in the market.

First Mortgage

Overall demand for residential mortgages during the month was high due to the favorable interest rate

environment concluding with over $4.0 billion in originations.  Refinance activity was high during the

month.  Over ninety percent of the originations are approved under government agency programs and

are underwritten based on standards for approval under those programs.  For mortgage loans retained

in the Bank’s portfolio, underwriting guidelines have not changed; however, loan‐to‐value standards

continue to reflect current real estate market conditions and continued declines in home prices.

Credit Card

Overall demand for credit card balances remains strong with an increase of $187 million in card balances

during the month representing a slight increase in line utilization.  The Bank's portfolio is primarily a

prime portfolio and lending criteria for new accounts has remained consistent with that standard.  

Payment rates (payments / balances) have decreased, revolve rates (percent of accounts revolving) have

increased, and average balances have remained flat to December 2008.  This is partially offset by a

reduction in the average transaction volume per account which is a reflection of the slowing economy

and lower consumer spending.   During January 2009, the Bank experienced seasonally consistent

application volume and new account originations compared to prior month.

            

Consumer Loans

Overall demand for new loans remains high in the consumer loan portfolio as competitors continue to

exit some of these lending programs.  Specifically, within the auto loan and lease portfolio, demand

remains high as other lenders have either reduced their programs or eliminated them entirely.  Also,

demand for revolving credit and student loans remains strong, while home equity demand has declined

due to continued declines in home prices.  Over the last twelve months, changes in underwriting

standards have been made to respond to the changing market conditions for new and used auto values

and changing residual values for auto leases.  
Name of institution: Wells Fargo & Company Submission date: February 27, 2009 

PART I. QUANTITATIVE OVERVIEW

2009

SCHEDULE A: CONSUMER LENDING (Millions $) NOV DEC JAN Key 1. First Mortgagea. Average Loan Balance (Daily Average Total Outstanding) $93,629 $89,489 $250,830 Reflects average balance of closed‐end loans secured by 1‐4 family residential properties,

consistent with line 1.c.(2)(a) on Form FR Y‐9C.

b. Total Originations $13,860 $15,320 $24,010(1) Refinancings $5,542 $6,565 $16,883 Reflects portion of loan originations to refinance existing mortgage loans.

(2) New Home Purchases $8,318 $8,755 $7,076 Reflects portion of loan originations used for new home purchases.

TREASURY MONTHLY INTERMEDIATION SNAPSHOT

2008

1

2. Home Equitya. Average Total Loan Balance $85,791 $85,921 $131,205 Reflects average balance of loans secured by 1‐4 family residential properties, including

revolving, open‐end loans and extended under lines of credit and closed‐end loans secured b

junior liens, consistent with lines 1.c.(1) and line 1.c.(2)(b) on Form FR Y‐9C.

b. Originations (New Lines+Line Increases) $516 $627 $587 Reflects combination of newly established lines and line increases and funding of newly

originated closed‐end loans secured by junior liens during the period.

c. Total Used and Unused Commitments $134,159 $133,319 $232,892 Reflects aggregate funded and unfunded loan commitments at the end of the period.

3. US Card ‐ Managed

a. Average Total Loan Balance ‐ Managed $20,541 $20,934 $23,832 Reflects average balance of domestic credit card loans consistent with line 6.a. on Form FR Y‐

b. New Account Originations (Initial Line Amt) $1,081 $1,012 $1,317 Reflects newly established accounts.

c. Total Used and Unused Commitments $93,417 $92,979 $92,932 Reflects aggregate funded and unfunded loan commitments at the end of the period.

4. Other Consumer

a Average Total Loan Balance $47 589 $46 984 $86 904 Reflects average balance of other domestic consumer loans (single payment installment anda. Average Total Loan Balance $47,589 $46,984 $86,904 Reflects average balance of other domestic consumer loans (single payment, installment and

student loans) consistent with line 6.c. on Form FR Y‐9C.

b. Originations $715 $851 $3,903 Reflects newly funded other consumer loans (non‐revolving) during the period.

1
SCHEDULE B: COMMERCIAL LENDING (Millions $) NOV DEC JAN Key 

1. C & Ia. Average Total Loan and Lease Balance $100,570 $99,838 $187,767 Reflects average balance of domestic commercial and industrial loans consistent with line 4.a

on Form FR Y‐9C and domestic leases consistent with line 10.b. on Form FR Y‐9C.

b. Renewal of Existing Accounts $3,319 $3,504 $11,475 Reflects renewal of commercial and industrial loans and commitments to current customers

during the period.

c. New Commitments $4,687 $6,641 $5,379 Reflects new commercial and industrial loans and commitments during the period.

2. Commercial Real Estate

a. Average Total Loan and Lease Balance $63,127 $63,988 $133,256 Reflects average balance of construction loans, multifamily residential, and nonfarm

nonresidential real estate loans consistent with lines 1.a.(1), 1.a.(2), 1.d, 1.e.(1) and 1.e(2) on

Form FR Y‐9C.

b. Renewal of Existing Accounts $1,385 $1,765 $2,612 Reflects renewal of loans and commitments to current customers during the period.

2

c. New Commitments $1,146 $1,343 $1,277 Reflects new loans and commitments during the period.

SCHEDULE C: OTHER INTERMEDIATION ACTIVITIES (Millions $)

1. MBS/ABS Net Purchased Volume

a. Mortgage Backed Securities ‐$9,101 ‐$9,813 $2,865 Reflects purchases of mortgage backed securities, net of sales activity.

b. Asset Backed Securities $599 $167 $828 Reflects purchases of asset backed securities, net of sales activity.

2. Secured Lending (Repo, PB, Margin Lending)

a. Average Total Matched Book (Repo/Reverse Repo)1 N/A N/A N/A Not applicable as matched book activity does not exceed $50 billion.

b. Average Total Debit Balances2 $296 $300 $4,179 Reflects average balance of brokerage margin loans included in line 6.c. of Form FR Y‐9C and

also reflected on Schedule A, line 4(a) above.

3. Underwriting

a. Total Equity Underwriting N/A N/A $159b. Total Debt Underwriting N/A N/A $319

Notes:2. Applicable only for institutions offering prime brokerage or other margin lending services to clients.

1. Not applicable if matched book activity does not exceed $50 billion.

2
TARP MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Wells Fargo & Company

Reporting month(s):  Nov 2008‐Dec 2008‐Jan 2009 Submission date: February 27, 2009

Person to be contacted regarding this report:  Karen B Nelson

1

PART II.  QUALITATIVE OVERVIEW

Please provide a brief overview of the intermediation activity during the month.  This discussion should

include a general commentary on the lending environment, loan demand, any changes in lending

standards and terms, and any other intermediation activity.

Company Description  

Wells Fargo & Company is a $1.3 trillion diversified financial services company providing banking,

insurance, investments, mortgage banking, investment banking, retail banking, brokerage and consumer

finance through banking stores, the internet and other distribution channels to consumers, businesses

and institutions in all 50 states and in other countries.

Effective December 31, 2008, Wells Fargo & Company acquired Wachovia Corporation.  The amounts

reflected in line items included in the accompanying Snapshot such as average loans, loan originations

and new and renewed commitments do not reflect balances for Wachovia for November and December

2008.  Amounts reflected in line items for January 2009 reflect activity for Wells Fargo, inclusive of

Wachovia.

First Mortgages

From November 30, 2008 to December 31, 2008, market interest rates declined approximately 59 basis

points to historically low levels.  As a result, in December 2008, Wells Fargo experienced one of its

highest application months in history and ended 2008 with a pipeline of $71 billion.  In January 2009,

Wells Fargo experienced another historically high application month as rates remained low.  Wells Fargo

ended the month with a pipeline of $87 billion.

The large pipeline in December began to fund in January resulting in originations of residential mortgage

loans growing a significant 61% from December 2008 to January 2009.  Total first mortgage originations

in the month of January alone were almost equal to the amount of the Treasury’s TARP investment.  

Over 70% of the January originations were borrower refinancings.  In December and January some of

the pipeline was locked with 90 day interest rate lock commitments.  Therefore, the high level of

originations is likely to continue through the first quarter of 2009.  We have increased the staffing of our

processing and underwriting teams to handle the large pipeline.

In January Wells Fargo began to aggressively use current streamlined approaches and new customized

solutions to avoid preventable foreclosures for Wachovia mortgage customers.  In total, 478,000

Wachovia customers—including those with Wachovia Pick‐a‐Payment loans—will have access to the

program focused primarily on those whose loans are delinquent or are likely to become delinquent.

Wells Fargo has placed a moratorium on home foreclosure sales until at least March 13, 2009.  At the

end of 2008, 93 out of every 100 Wells Fargo mortgage customers were current on their mortgage

payments.   
TARP MONTHLY INTERMEDIATION SNAPSHOT

Name of institution: Wells Fargo & Company

Reporting month(s):  Nov 2008‐Dec 2008‐Jan 2009 Submission date: February 27, 2009

Person to be contacted regarding this report:  Karen B Nelson

2

Home Equity

Originations of home equity lines and loans remained relatively flat from December 2008 to January

2009.  Total used and unused commitments of $233 billion include $92.6 billion of acquired balances.

U.S. Card and Other Consumer

The number of new credit card applications exceeded 550,000 in January.  New account originations

were $1.3 billion.  Additionally, existing account line increases totaled $187 million.  Other consumer

loan originations of $3.9 billion include $2.4 billion for education loans and $1.1 billion of auto loans.  

Education loan demand remained strong reflecting funding for the Spring 2009 semester.  New

education loan originations increased 33% over January 2008.

C & I

January renewals of existing accounts totaling $11.5 billion include $9.4 billion for Wachovia.  New

lending commitments were $5.4 billion.   

Commercial Real Estate  

January average commercial real estate loan balances of $133.3 billion include $68 billion of Wachovia

balances.  Growth in the Wachovia commercial real estate portfolio of $2.1 billion was generally spread

across property types with additional lending for warehouse and office properties.

Monthly information reported in the TARP Monthly Intermediation Snapshot does not necessarily reflect

results that may be expected for a full quarter or future periods.  For example, monthly first mortgage

origination volume is subject to volatility due to a number of factors including changes in prevailing

mortgage interest rates and the number of business days in a given monthly reporting period.  

Accordingly, Wells Fargo cautions the reader in using reported data as a predictor of future results.