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Bilateral CVA as currently implement has the counterintuitive effect ofprofiting from one's own widening CDS spreads, i.e. increased risk of default,in practice. The unified picture of CVA and liquidity introduced by Morini &Prampolini 2010 has contributed to understanding this. However, there are twosignificant omissions for practical implementation that come from the samesource, i.e. positions not booked in usual position-keeping systems. The firstomission is firm-level positions that change value upon firm default. Anexample is Goodwill which is a line item on balance sheets and typicallywritten down to zero on default. Another example would be firm Equity. Thesecond omission relates to collateralized positions. When these positions areout of the money in future, which has a positive probability, they will requirefunding that cannot be secured using the position itself. These contingentfuture funding positions are usually not booked in any position-keeping system.We show here how to include these two types of positions and thus help tocomplete the unified picture of CVA and liquidity.  For a particular large complex financial institution that profited $2.5B fromspread widening we show that including Goodwill would have resulted in a $4Bloss under conservative assumptions. Whilst we cannot make a similar assessmentfor its collateralized derivative portfolio we calculate both the funding costsand the CVA from own default for a range of swaps and find that CVA was apositive contribution in the examples.

Completing CVA and Liquidity: Firm-Level Positions and Collateralized Trades