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PNC winding down Market Street Funding

  • The unit is a variable interest entity (VIE) - a vehicle which allows the bank to make off-balance sheet investments (think subprime mortgages in the last cycle). The decision is being made in part in response to a DOJ investigation over the bank's issuance of mortgages.
  • The commitments and outstanding loans of Market Street ($5.9B of commercial paper outstanding as of the end of June) will be folded into the bank.
  • PNC doesn't expect the wind-down - which will completed by Q4 - to have a material impact on financial results.
  • 8-K.
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