GE 2009 Annual Report Download - page 45

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’   
GE 2009 ANNUAL REPORT 43
Financing receivables Nonearning receivables Allowance for losses
December 31 (In millions) 2009 2008 2009 2008 2009 2008
CLL (a)
Americas $ 87,496 $105,410 $ 3,155 $1,974 $1,179 $ 843
Europe 39,476 37,767 1,380 345 544 288
Asia 13,202 16,683 576 306 244 163
Other 771 786 10 282
CONSUMER (a)
Non-U.S. residential mortgages (b) 58,831 60,753 4,552 3,321 952 383
Non-U.S. installment and revolving credit 25,208 24,441 454 413 1,187 1,051
U.S. installment and revolving credit 23,190 27,645 841 758 1,698 1,700
Non-U.S. auto 13,485 18,168 73 83 312 222
Other 12,808 11,541 645 175 318 226
REAL ESTATE (c) 44,841 46,735 1,252 194 1,494 301
ENERGY FINANCIAL SERVICES 7,790 8,392 78 241 28 58
GECAS 15,319 15,429 167 146 107 60
OTHER (d) 2,614 4,031 72 38 34 28
TOTAL $345,031 $377,781 $13,255 $7,996 $8,105 $5,325
(a) During the first quarter of 2009, we transferred Artesia from CLL to Consumer. Prior-period amounts were reclassified to conform to the current-period’s presentation.
(b) At December 31, 2009, net of credit insurance, approximately 24% of this portfolio comprised loans with introductory, below-market rates that are scheduled to adjust at
future dates; with high loan-to-value ratios at inception; whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At origination,
we underwrite loans with an adjustable rate to the reset value. 82% of these loans are in our U.K. and France portfolios, which comprise mainly loans with interest-only
payments and introductory below-market rates, have a delinquency rate of 18.3% and have loan-to-value ratio at origination of 74%. At December 31, 2009, 1% (based
on dollar values) of these loans in our U.K. and France portfolios have been restructured.
(c) Financing receivables included $317 million and $731 million of construction loans at December 31, 2009 and 2008, respectively.
(d) Consisted of loans and financing leases related to certain consolidated, liquidating securitization entities.
Nonearning receivables
as a percent of
financing receivables
Allowance for losses
as a percent of
nonearning receivables
Allowance for losses
as a percent of total
financing receivables
December 31 2009 2008 2009 2008 2009 2008
CLL (a)
Americas 3.6% 1.9% 37.4% 42.7% 1.3% 0.8%
Europe 3.5 0.9 39.4 83.5 1.4 0.8
Asia 4.4 1.8 42.4 53.3 1.8 1.0
Other 1.3 0.3 80.0 100.0 1.0 0.3
CONSUMER (a)
Non-U.S. residential mortgages 7.7 5.5 20.9 11.5 1.6 0.6
Non-U.S. installment and revolving credit 1.8 1.7 261.5 254.5 4.7 4.3
U.S. installment and revolving credit 3.6 2.7 201.9 224.3 7.3 6.1
Non-U.S. auto 0.5 0.5 427.4 267.5 2.3 1.2
Other 5.0 1.5 49.3 129.1 2.5 2.0
REAL ESTATE 2.8 0.4 119.3 155.2 3.3 0.6
ENERGY FINANCIAL SERVICES 1.0 2.9 35.9 24.1 0.4 0.7
GECAS 1.1 0.9 64.1 41.1 0.7 0.4
OTHER 2.8 0.9 47.2 73.7 1.3 0.7
TOTAL 3.8% 2.1% 61.1% 66.6% 2.3% 1.4%
(a) During the first quarter of 2009, we transferred Artesia from CLL to Consumer. Prior-period amounts were reclassified to conform to the current-period’s presentation.