64 Fifth Third Bancorp  through the year ended December 31, 2009, dislocation in the  short-term funding market caused the VIE difficulty in obtaining  sufficient funding through the issuance of commercial paper. As a  result, the Bancorp purchased commercial paper throughout 2009.  As of December 31, 2009, the Bancorp held $805 million of asset- backed commercial paper issued by the VIE, representing 87% of  the total commercial paper issued by the VIE.  Effective January 1, 2010, with the adoption of guidance  amending the accounting for QSPEs and the consolidation of  VIEs, the Bancorp determined it was the primary beneficiary (and  therefore consolidator) of this VIE. Refer to Note 1 of the Notes  to Consolidated Financial Statements for further details regarding  the guidance and the related impact of adoption by the Bancorp. ended December 31, 2009, the VIE did not transfer any loans  back to the Bancorp as a result of a credit event. The VIE issued commercial paper and used the proceeds to  fund the acquisition of commercial loans transferred to it by the  Bancorp. The ability of the VIE to issue commercial paper was a  function of general market conditions and the credit rating of the  liquidity provider. In the event the VIE was unable to issue  commercial paper, the Bancorp agreed to provide liquidity  support in the form of a line of credit to the VIE and the  repurchase of assets from the VIE. As of December 31, 2009, the  LAPA was $1.4 billion. In addition to the liquidity support  options discussed above, the Bancorp also purchased commercial  paper issued by the VIE. Beginning in 2008 and continuing  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS