Guarantees and Other Commitments (Tables)

3 Months Ended

Mar. 31, 2022

Guarantees - Carrying Value and Maximum Exposure to Loss

Table 11.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts.

Table 11.1: Guarantees – Carrying Value and Maximum Exposure to Loss


			Maximum exposure to loss
(in millions)	Carrying value of obligation (asset)		Expires in one year or less	Expires after one year through three years	Expires after three years through five years	Expires after five years	Total	Non-investment grade
March 31, 2022
Standby letters of credit	$	116	14,658	4,952	1,664	433	21,707	6,969
Direct pay letters of credit	12		1,738	1,934	1,216	4	4,892	1,328
Written options (1)	(125)		12,202	4,464	553	36	17,255	14,097
Loans and LHFS sold with recourse (2)	17		164	924	3,787	8,506	13,381	11,385
Exchange and clearing house guarantees	—		—	—	—	5,590	5,590	—
Other guarantees and indemnifications (3)	—		687	1	—	277	965	594
Total guarantees	$	20	29,449	12,275	7,220	14,846	63,790	34,373
December 31, 2021
Standby letters of credit	$	119	13,816	5,260	1,572	460	21,108	6,939
Direct pay letters of credit	6		1,597	2,137	1,283	4	5,021	1,373
Written options (1)	(280)		12,107	4,575	513	36	17,231	13,645
Loans and LHFS sold with recourse (2)	20		71	943	3,610	8,650	13,274	11,268
Exchange and clearing house guarantees	—		—	—	—	8,100	8,100	—
Other guarantees and indemnifications (3)	—		797	2	12	263	1,074	756
Total guarantees	$	(135)	28,388	12,917	6,990	17,513	65,808	33,981

(1)Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 14 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades.

(2)Represents recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements.

(3)Includes indemnifications provided to certain third-party clearing agents. Estimated maximum exposure to loss was $218 million and $216 million with related collateral of $2.2 billion and $2.3 billion as of March 31, 2022 and December 31, 2021, respectively.