HSBC 2009 Annual Report Download - page 446

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Notes 24, 25, 26 and 27
444
Carrying value of total
consolidated assets Nature of SPE
US$bn
2008
Barion Funding Limited ............................................................................................. 4.5 Structured investment conduit
Bryant Park Funding LLC .......................................................................................... 5.5 Conduit
Cullinan Funding Ltd .................................................................................................. 0.4 Structured investment vehicle
HSBC Affinity Corporation I ..................................................................................... 6.0 Securitisation
HSBC Auto Receivables Corporation ........................................................................ 3.5 Securitisation
HSBC Corporate Money Fund (Euro) ........................................................................ 0.6 Money market fund
HSBC Home Equity Loan Corporation I ................................................................... 3.5 Securitisation
HSBC Investor Prime Money Market Fund ............................................................... 10.5 Money market fund
HSBC Receivables Funding, Inc I .............................................................................. 5.7 Securitisation
HSBC Sterling Liquidity Fund ................................................................................... 7.7 Money market fund
HSBC US Dollar Liquidity Fund ............................................................................... 25.0 Money market fund
Malachite Funding Limited ........................................................................................ 4.2 Structured investment conduit
Mazarin Funding Limited ........................................................................................... 11.5 Structured investment conduit
Metris Receivables Inc ............................................................................................... 3.6 Securitisation
Metrix Funding Ltd .................................................................................................... 3.6 Securitisation
Metrix Securities plc ................................................................................................... 4.2 Securitisation
Regency Assets Limited ............................................................................................. 8.1 Conduit
Solitaire Funding Ltd .................................................................................................. 12.1 Conduit
Turquoise Receivable Trustee Ltd .............................................................................. 2.3 Securitisation
In each of the above cases, HSBC has less than 50 per cent of the voting rights, but consolidates because it has the
majority of risks and rewards of ownership of the SPE, or the substance of the relationship with the SPE is such that
its activities are conducted on behalf of HSBC according to its specific business needs so that HSBC obtains benefit
from the SPE’s operation. HSBC also consolidates a number of other individually insignificant SPEs where it owns
less than 50 per cent of the voting rights. The consolidation of SPEs sponsored by HSBC is discussed on page 181.
Acquisitions
There were minor acquisitions and increases in investment in subsidiaries which increased goodwill by
US$580 million.
25 Other assets
2009 2008
US$m US$m
Bullion ..................................................................................................................................................... 13,757 6,095
Assets held for sale .................................................................................................................................. 3,118 2,075
Reinsurers’ share of liabilities under insurance contracts (Note 30) ...................................................... 2,069 2,023
Endorsements and acceptances ................................................................................................................ 9,311 10,482
Other accounts ......................................................................................................................................... 16,279 17,147
44,534 37,822
Assets held for sale
2009 2008
US$m US$m
Non-current assets held for sale
Interests in associates ............................................................................................................................... 105 2
Property, plant and equipment ................................................................................................................. 1,639 2,007
Investment properties ............................................................................................................................... 1 2
Financial assets ........................................................................................................................................ 1,359 62
Other ........................................................................................................................................................ 14 2
Total assets classified as held for sale ..................................................................................................... 3,118 2,075
Property, plant and equipment
In October 2009, HSBC entered into a contract for the sale of 452 Fifth Avenue and 1W. 39th Street in New York for
a combined consideration of US$330 million. Under the terms of the arrangement, HSBC will lease back the entire
452 Fifth Avenue building for one year and certain parts of the building for 10 years. The transaction is