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14 Dec 2007
Citigroup has moved to bring $49bn worth of structured investment vehicles (SIVs) on balance sheet, in the latest fallout from the sub-prime crisis.
The bank said last night that it planned to provide a support facility for the troubled vehicles, which deal in sub-prime related securities.
The move will mean consolidating them within Citi's balance sheet, but will not mean any funding requirement, the bank said.
The bank said the moves 'are designed to support the current ratings of the SIVs' senior debt and to allow the SIVs to continue to pursue their current orderly asset reduction plan.'
The move is something of a u-turn, with the bank having earlier insisted it would not consolidate the vehicles.
In other moves, the chief financial officer Gary Crittenden saw his remit extended yesterday.
Crittenden is set to review the bank's structure and cost base, the Telegraph reported.
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