Tuesday, January 20, 2009

STT Q4 2008

--There were $5.5 billion of after-tax net unrealized losses associated with our portfolio of investment securities available for sale and held to maturity a.existing exposure at the end of 12/2008 is 78.8 bil b.ABS, book value 29 bil, unrealized loss 4 bil, 13% discount c.MBS, book value 21 bil, unrealized loss 1.5 bil, 7% discount (6% of 9.5 bil, 600 mil, is non-agency MBS rating less than BB) d.CMBS, book value 42. bil, unrealized loss 0.5 bil, 12% discount -- ABCP lost 3.6 bil out of 24 bil asset --In the fourth quarter of 2008, we recognized a $78 million charge to earnings as a result of other-than-temporary impairment determinations. --Interest revenue of $60 million from acting as an intermediary under the Federal Reserve Bank’s Asset-Backed Commercial Paper Money Market Liquidity Facility (“AMLF”). --TCE (Tangible Common Equity) as a percentage of Tangible asset is 1.05% --Book Equity Value 12 bil, Market value as of 01/21/2009 is 6.4 billion. still better than C 15 bil mkt cap / 150 bil book value

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