Off-balance-sheet Securitizations. The Company actively engages in Off-balance-sheet securitizations transactions of loans for funding purposes. The company receives the proceeds from third-party investors for securities issued from the Company's portfolio. Securities outstanding totaling $41.2 billion as of December 31, 2004, represent undivided interests in the pools of consumer loan receivables that are sold in underwritten offerings or in private placement transactions. The securitization of consumer loans has been a significant source of liquidity for the company. The company believes that it has the ability to continue to utilize Off-balance-sheet securitizations arrangement as a source of liquidity; however, a significant reduction or termination of the Company's Off-balance-sheet securitizations could require the Company to draw down existing liquidty and/or to obtain addtional funding through the issuance os secured borrowings or unsecured debt, the raising of addtional deposits or the slowing of asset growth to offset or to satisty liquidity needs.