Notes to consolidated financial statements but is not obligated to, make markets in floaters. Floaters held by the Firm were not material during 2018 and 2017. JPMorgan Chase Bank, N.A. or J.P. Morgan Securities LLC often serves as the sole liquidity or tender option provider for the TOB trusts. The liquidity provider’s obligation to perform is conditional and is limited by certain events (“Termination Events”), which include bankruptcy or failure to pay by the municipal bond issuer or credit enhancement provider, an event of taxability on the municipal bonds or the immediate downgrade of the municipal bond to below investment grade. In addition, the liquidity provider’s exposure is typically further limited by the high credit quality of the underlying municipal bonds, the excess collateralization in the vehicle, or, in certain transactions, the reimbursement agreements with the Residual holders. Holders of the floaters may “put,” or tender, their floaters to the TOB trust. If the remarketing agent cannot successfully remarket the floaters to another investor, the liquidity provider either provides a loan to the TOB trust for the TOB trust’s purchase of the floaters, or it directly purchases the tendered floaters. TOB trusts are considered to be variable interest entities. The Firm consolidates Non-Customer TOB trusts because as the Residual holder, the Firm has the right to make decisions that significantly impact the economic performance of the municipal bond vehicle, and it has the right to receive benefits and bear losses that could potentially be significant to the municipal bond vehicle. The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2018 and 2017. Assets Liabilities December 31, 2018 (in millions) Trading assets Loans Other$^{(b)}$   Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total  liabilities VIE program type Firm-sponsored credit card trusts $ — $ 31,760 $ 491 $ 32,251 $ 13,404 $ 12 $ 13,416 Firm-administered multi-seller conduits — 24,411 300 24,711 4,842 33 4,875 Municipal bond vehicles 1,779 — 4 1,783 1,685 3 1,688 Mortgage securitization entities (a) 53 3,285 40 3,378 308 161 469 Other 134 — 178 312 2 103 105 Total $ 1,966 $ 59,456 $ 1,013 $ 62,435 $ 20,241 $ 312 $ 20,553 Assets Liabilities December 31, 2017 (in millions) Trading assets Loans Other$^{(b)}$   Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total  liabilities VIE program type Firm-sponsored credit card trusts $ — $ 41,923 $ 652 $ 42,575 $ 21,278 $ 16 $ 21,294 Firm-administered multi-seller conduits — 23,411 48 23,459 3,045 28 3,073 Municipal bond vehicles 1,278 — 3 1,281 1,265 2 1,267 Mortgage securitization entities (a) 66 3,661 55 3,782 359 199 558 Other 105 — 1,916 2,021 134 104 238 Total $ 1,449 $ 68,995 $ 2,674 $ 73,118 $ 26,081 $ 349 $ 26,430 (a) Includes residential and commercial mortgage securitizations. (b) Includes assets classified as cash and other assets on the Consolidated balance sheets. (c) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (d) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $13.7 billion and $21.8 billion at December 31, 2018 and 2017, respectively. For additional information on interest-bearing long-term beneficial interests, refer to Note 19. (e) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. 248 JPMorgan Chase & Co./2018 Form 10-K Consolidated VIE assets and liabilities