Last week National City Financial said in its earnings statement that it had consolidated approximately $2.6 billion in assets onto its balance sheet as a precursor to a planned wind-down of its North Coast Funding ABCP conduit in the fourth quarter.

"When we set up this structure a couple years ago, it was intended to hold high quality investment securities as well as certain loan assets from third parties," said Jeffrey D. Kelly, chief financial officer, during an investor conference call. "The volume of third party business never materialized to our expectations, and that, combined with the general negative perception of special purpose entities today, led to our decision to unwind it."

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