CITIGROUP INC
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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Jun 30, 2024 · Filed Aug 2, 2024
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25. GUARANTEES AND COMMITMENTS
- GUARANTEES AND COMMITMENTS
The following tables present information about Citi’s guarantees at June 30, 2024 and December 31, 2023.
For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 28 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
| Maximum potential amount of future payments | ||||
|---|---|---|---|---|
| In billions of dollars at June 30, 2024 | Expire within1 year | Expire after1 year | Total amountoutstanding | Carrying value(in millions of dollars) |
| Financial standby letters of credit | $17.3 | $62.8 | $80.1 | $676 |
| Performance guarantees | 4.5 | 5.5 | 10.0 | 36 |
| Derivative instruments considered to be guarantees | 24.6 | 16.9 | 41.5 | 281 |
| Loans sold with recourse | — | 1.0 | 1.0 | — |
| Securities lending indemnifications(1) | 105.2 | — | 105.2 | — |
| Card merchant processing(2) | 128.3 | — | 128.3 | — |
| Credit card arrangements with partners | 0.1 | 0.2 | 0.3 | 5 |
| Other(3) | 55.2 | 7.7 | 62.9 | 45 |
| Total | $335.2 | $94.1 | $429.3 | $1,043 |
| Maximum potential amount of future payments | ||||
|---|---|---|---|---|
| In billions of dollars at December 31, 2023 | Expire within1 year | Expire after1 year | Total amountoutstanding | Carrying value(in millions of dollars) |
| Financial standby letters of credit | $17.8 | $63.5 | $81.3 | $674 |
| Performance guarantees | 4.8 | 5.8 | 10.6 | 49 |
| Derivative instruments considered to be guarantees | 24.2 | 16.3 | 40.5 | 362 |
| Loans sold with recourse | 0.6 | 1.2 | 1.8 | 16 |
| Securities lending indemnifications(1) | 104.1 | — | 104.1 | — |
| Card merchant processing(2) | 138.0 | — | 138.0 | — |
| Credit card arrangements with partners | 0.2 | 0.2 | 0.4 | 5 |
| Other(3) | 27.7 | 7.7 | 35.4 | 50 |
| Total | $317.4 | $94.7 | $412.1 | $1,156 |
(1)The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
(2)At June 30, 2024 and December 31, 2023, this maximum potential exposure was estimated to be approximately $128 billion and $138 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants.
(3)Includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program.
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