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Receivables Held for Sale (Tables)

6 Months Ended

Jun. 30, 2012

Receivables Held for Sale [Abstract]


	June 30, 2012		December 31, 2011
	(in millions)
First lien real estate secured receivables	$	3,287	$	-
Personal non-credit card		3,469		-

Total receivables held for sale	$	6,756	$	-

Summary of components of lower of amortized cost or fair value adjustment


	Total
	(in millions)
Provision for credit losses⁽¹⁾	$	112
Other revenues⁽²⁾		1,547	⁽³⁾

Lower of amortized cost or fair value adjustment	$	1,659

⁽¹⁾

A portion of the lower of amortized cost or fair value adjustment attributable to credit for personal non-credit card receivables was recorded as a provision for credit losses. This was determined by giving consideration to the impact of over-the-life credit loss estimates as compared to the existing credit loss reserves prior to our decision to transfer to receivables held for sale. There was no lower of cost or fair value adjustment allocated to credit for the real estate secured receivables as these receivables were previously carried at the lower of amortized cost or fair value of the collateral less cost to sell prior to the transfer of the loans to held for sale.

⁽²⁾	Reflects the impact on value caused by current marketplace conditions including changes in interest rates and illiquidity and is recorded as a component of total other revenues in the consolidated statement of income (loss).

⁽³⁾	Includes $6 million related to the write-off of HSBC acquisition purchase accounting fair value adjustments which is not included in the receivable balance.