ADDITIONAL FAIR VALUE INFORMATION RELATED TO FINANCIAL INSTRUMENTS
## Table 0 ##
The aggregate fair values in the table above do not represent the total market value of PNC’s assets and liabilities as the table excludes the following: ?
real and personal property, ?
lease financing, ?
loan customer relationships, ?
deposit customer intangibles, ?
retail branch networks, ?
fee-based businesses, such as asset management and brokerage, and ?
trademarks and brand names.
We used the following methods and assumptions to estimate fair value amounts for financial instruments.
GENERAL For short-term financial instruments realizable in three months or less, the carrying amount reported on our Consolidated Balance Sheet approximates fair value.
Unless otherwise stated, the rates used in discounted cash flow analyses are based on market yield curves.
CASH AND SHORT-TERM ASSETS The carrying amounts reported on our Consolidated Balance Sheet for cash and short-term investments approximate fair values primarily due to their short-term nature.
For purposes of this disclosure only, short-term assets include the following: ?
due from banks, ?
interest-earning deposits with banks, ?
federal funds sold and resale agreements, ?
cash collateral, ?
customers’ acceptances, and ?
accrued interest receivable.
SECURITIES Securities include both the investment securities (comprised of available for sale and held to maturity securities) and trading portfolios.
We primarily use prices obtained from pricing services, dealer quotes or recent trades to determine the fair value of securities.
As of December 31, 2011, 88% of the positions in these portfolios were priced by pricing services provided by third-party vendors.
The third-party vendors use a variety of methods when pricing securities that incorporate relevant market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions.
One of the vendor’s prices are set with reference to market activity for highly liquid assets such as U. S.  Treasury and agency securities and agency mortgage-backed securities, and matrix pricing for other asset classes, such as commercial mortgage and other asset-backed securities.
Another vendor primarily uses pricing models considering adjustments for ratings, spreads, matrix pricing and prepayments for the instruments we value using this service, such as non-agency residential mortgage-backed securities, agency adjustable rate mortgage securities, agency CMOs, commercial mortgagebacked securities, and municipal bonds.
Management uses various methods and techniques to validate prices obtained from pricing services and dealers, including reference to
The table below reflects the estimated effects on pension expense of certain changes in annual assumptions, using 2012 estimated expense as a baseline.
## Table 1 ##
(a) The impact is the effect of changing the specified assumption while holding all other assumptions constant.
Our pension plan contribution requirements are not particularly sensitive to actuarial assumptions.
Investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years.
Also, current law, including the provisions of the Pension Protection Act of 2006, sets limits as to both minimum and maximum contributions to the plan.
We do not expect to be required by law to make any contributions to the plan during 2012.
We maintain other defined benefit plans that have a less significant effect on financial results, including various nonqualified supplemental retirement plans for certain employees.
RECOURSE AND REPURCHASE OBLIGATIONS As discussed in Note 3 Loan Sale and Servicing Activities and Variable Interest Entities in the Notes To Consolidated Financial Statements in Item 8 of this Report, PNC has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement.
One form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions.
Commercial Mortgage Loan Recourse Obligations We originate, close, and service certain multi-family commercial mortgage loans which are sold to FNMA under FNMA’s Delegated Underwriting and Servicing (DUS) program.
We participated in a similar program with the FHLMC.
Under these programs, we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement.
At December 31, 2011 and December 31, 2010, the unpaid principal balance outstanding of loans sold as a participant in these programs was $13.0 billion and $13.2 billion, respectively.
The potential maximum exposure under the loss share arrangements was $4.0 billion at both December 31, 2011 and December 31, 2010.
We maintain a reserve for estimated losses based on our exposure.
The reserve for losses under these programs totaled $47 million and $54 million as of December 31, 2011 and December 31, 2010, respectively, and is included in Other liabilities on our Consolidated Balance Sheet.
If payment is required under these programs, we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred, although the value of the collateral is taken into account in determining our share of such losses.
Our exposure and activity associated with these recourse obligations are reported in the Corporate & Institutional Banking segment.
Residential Mortgage Loan and Home Equity Repurchase Obligations While residential mortgage loans are sold on a non-recourse basis, we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors.
These loan repurchase obligations primarily relate to situations where PNC is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements.
Residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through Agency securitizations, Non-Agency securitizations, and whole-loan sale transactions.
As discussed in Note 3 in the Notes To Consolidated Financial Statements in Item 8 of this Report, Agency securitizations consist of mortgage loans sale transactions with FNMA, FHLMC, and the Government National Mortgage Association (GNMA) program, while Non-Agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors.
Our historical exposure and activity associated with Agency securitization repurchase obligations has primarily been related to transactions with FNMA and FHLMC, as indemnification and repurchase losses associated with Federal Housing Agency (FHA) and Department of Veterans Affairs (VA)-insured and uninsured loans pooled in GNMA securitizations historically have been minimal.
Repurchase obligation activity associated with residential mortgages is reported in the Residential Mortgage Banking segment.
PNC’s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by National City prior to our acquisition.
PNC is no longer engaged in the brokered home equity lending business, and our exposure under these loan repurchase obligations is limited to repurchases of the whole-loans sold in these transactions.
Repurchase activity associated with brokered home equity lines/loans are reported in the Non-Strategic Assets Portfolio segment.
Loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that PNC has sold loans to
PNC Pension Plan Assets Assets related to our qualified pension plan (the Plan) are held in trust (the Trust).
Effective July 1, 2011, the trustee is The Bank of New York Mellon.
The Trust is exempt from tax pursuant to section 501(a) of the Internal Revenue Code (the Code).
The Plan is qualified under section 401(a) of the Code.
Plan assets consist primarily of listed domestic and international equity securities, U. S.  government and agency securities, corporate debt securities, and real estate investments.
The Plan held no PNC common stock as of December 31, 2015 and December 31, 2014.
The PNC Financial Services Group, Inc.
Administrative Committee (the Administrative Committee) adopted the Pension Plan Investment Policy Statement, including target allocations and allowable ranges, on August 13, 2008.
On February 25, 2010, the Administrative Committee amended the investment policy to include a dynamic asset allocation approach and also updated target allocation ranges for certain asset categories.
On February 24, 2014, the Administrative Committee amended the investment policy to update the target allocation ranges for certain asset categories.
The long-term investment strategy for pension plan assets is to: ?
Meet present and future benefit obligations to all participants and beneficiaries, ?
Cover reasonable expenses incurred to provide such benefits, including expenses incurred in the administration of the Trust and the Plan, ?
Provide sufficient liquidity to meet benefit and expense payment requirements on a timely basis, and ?
Provide a total return that, over the long term, maximizes the ratio of trust assets to liabilities by maximizing investment return, at an appropriate level of risk.
Under the dynamic asset allocation strategy, scenarios are outlined in which the Administrative Committee has the ability to make short to intermediate term asset allocation shifts based on factors such as the Plan’s funded status, the Administrative Committee’s view of return on equities relative to long term expectations, the Administrative Committee’s view on the direction of interest rates and credit spreads, and other relevant financial or economic factors which would be expected to impact the ability of the Trust to meet its obligation to participants and beneficiaries.
Accordingly, the allowable asset allocation ranges have been updated to incorporate the flexibility required by the dynamic allocation policy.
The Plan’s specific investment objective is to meet or exceed the investment policy benchmark over the long term.
The investment policy benchmark compares actual performance to a weighted market index, and measures the contribution of active investment management and policy implementation.
This investment objective is expected to be achieved over the long term (one or more market cycles) and is measured over rolling five-year periods.
Total return calculations are timeweighted and are net of investment-related fees and expenses.
The asset strategy allocations for the Trust at the end of 2015 and 2014, and the target allocation range at the end of 2015, by asset category, are as follows.
Table 97: Asset Strategy Allocations
## Table 2 ##
The asset category represents the allocation of Plan assets in accordance with the investment objective of each of the Plan’s investment managers.
Certain domestic equity investment managers utilize derivatives and fixed income securities as described in their Investment Management Agreements to achieve their investment objective under the Investment Policy Statement.
Other investment managers may invest in eligible securities outside of their assigned asset category to meet their investment objectives.
The actual percentage of the fair value of total Plan assets held as of December 31, 2015 for equity securities, fixed income securities, real estate and all other assets are 70%, 21%, 5% and 4%, respectively.
We believe that, over the long term, asset allocation is the single greatest determinant of risk.
Asset allocation will deviate from the target percentages due to market movement, cash flows, investment manager performance and implementation of shifts under the dynamic allocation policy.
Material deviations from the asset allocation targets can alter the expected return and risk of the Trust.
On the other hand, frequent rebalancing to the asset allocation targets may result in significant transaction costs, which can impair the Trust’s ability to meet its investment objective.
Accordingly, the Trust portfolio is periodically rebalanced to maintain asset allocation within the target ranges described above.
In addition to being diversified across asset classes, the Trust is diversified within each asset class.
Secondary diversification provides a reasonable basis for the expectation that no single security or class of securities will have a disproportionate impact on the total risk and return of the Trust.172

<table><tr><td></td><td colspan="2"> December 31, 2011</td><td colspan="2">December 31, 2010</td></tr><tr><td>In millions</td><td> Carrying Amount</td><td> Fair Value</td><td>Carrying Amount</td><td>FairValue</td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and short-term assets</td><td>$8,567</td><td>$8,567</td><td>$9,711</td><td>$9,711</td></tr><tr><td>Trading securities</td><td>2,513</td><td>2,513</td><td>1,826</td><td>1,826</td></tr><tr><td>Investment securities</td><td>60,634</td><td>61,018</td><td>64,262</td><td>64,487</td></tr><tr><td>Loans held for sale</td><td>2,936</td><td>2,939</td><td>3,492</td><td>3,492</td></tr><tr><td>Net loans (excludes leases)</td><td>148,254</td><td>151,167</td><td>139,316</td><td>141,431</td></tr><tr><td>Other assets</td><td>4,019</td><td>4,019</td><td>4,664</td><td>4,664</td></tr><tr><td>Mortgage servicing rights</td><td>1,115</td><td>1,118</td><td>1,698</td><td>1,707</td></tr><tr><td>Financial derivatives</td><td></td><td></td><td></td><td></td></tr><tr><td>Designated as hedging instruments under GAAP</td><td>1,888</td><td>1,888</td><td>1,255</td><td>1,255</td></tr><tr><td>Not designated as hedging instruments under GAAP</td><td>7,575</td><td>7,575</td><td>4,502</td><td>4,502</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand, savings and money market deposits</td><td>156,335</td><td>156,335</td><td>141,990</td><td>141,990</td></tr><tr><td>Time deposits</td><td>31,632</td><td>31,882</td><td>41,400</td><td>41,825</td></tr><tr><td>Borrowed funds</td><td>36,966</td><td>39,064</td><td>39,821</td><td>41,273</td></tr><tr><td>Financial derivatives</td><td></td><td></td><td></td><td></td></tr><tr><td>Designated as hedging instruments under GAAP</td><td>116</td><td>116</td><td>85</td><td>85</td></tr><tr><td>Not designated as hedging instruments under GAAP</td><td>7,490</td><td>7,490</td><td>4,850</td><td>4,850</td></tr><tr><td>Unfunded loan commitments and letters of credit</td><td>223</td><td>223</td><td>173</td><td>173</td></tr></table>
<table><tr><td>Change in Assumption (a)</td><td>EstimatedIncrease to 2012PensionExpense(In millions)</td></tr><tr><td>.5% decrease in discount rate</td><td>$23</td></tr><tr><td>.5% decrease in expected long-term return on assets</td><td>$18</td></tr><tr><td>.5% increase in compensation rate</td><td>$2</td></tr></table>
<table><tr><td></td><td>Target Allocation Range</td><td colspan="2">Target Percentage ofPlan Assets byStrategyatDecember 31</td></tr><tr><td>PNC Pension Plan</td><td></td><td>2015</td><td>2014</td></tr><tr><td>Asset Category</td><td></td><td></td><td></td></tr><tr><td>Domestic Equity</td><td>20 – 40%</td><td>32%</td><td>34%</td></tr><tr><td>International Equity</td><td>10 – 25%</td><td>23%</td><td>23%</td></tr><tr><td>Private Equity</td><td>0 – 15%</td><td>8%</td><td>6%</td></tr><tr><td>Total Equity</td><td>40 – 70%</td><td>63%</td><td>63%</td></tr><tr><td>Domestic Fixed Income</td><td>10 – 40%</td><td>17%</td><td>17%</td></tr><tr><td>High Yield Fixed Income</td><td>0 – 25%</td><td>12%</td><td>13%</td></tr><tr><td>Total Fixed Income</td><td>10 – 65%</td><td>29%</td><td>30%</td></tr><tr><td>Real estate</td><td>0 – 15%</td><td>5%</td><td>5%</td></tr><tr><td>Other</td><td>0 – 5%</td><td>3%</td><td>2%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>

Question: what was the total of the reserve for losses?