he Corporation uses a variety of risk measurement and estimation techniques, including value at risk.
Value at risk is an estimate of potential loss for a given period of time within a stated statistical confidence interval.
State Street uses a risk management system, Askari RiskBook,?
to estimate value at risk daily for all material trading positions.
The Corporation has adopted standards for estimating value at risk, and maintains capital for market risk, in accordance with the Federal Reserve’s Capital Adequacy Guidelines for market risk.
Value at risk is estimated for a 99% one-tail confidence interval and an assumed one-day holding period using a historical observation period of greater than one year.
A 99% one-tail confidence interval implies that daily trading losses should not exceed the estimated value at risk more than 1% of the time, or approximately three days out of the year.
The methodology uses a simulation approach based on observed changes in interest rates and foreign exchange rates and takes into account the resulting diversification benefits provided from the mix of the Corporation’s trading positions.
Like all quantitative risk measures, value at risk is subject to certain limitations and assumptions inherent to the methodology.
State Street’s methodology gives equal weight to all market rate observations regardless of how recently the market rates were observed.
The estimate is calculated using static portfolios consisting of positions held at the end of the trading day.
Implicit in the estimate is the assumption that no intraday action is taken by management during adverse market movements.
As a result, the methodology does not represent risk associated with intraday changes in positions or intraday price volatility.
The following table presents State Street’s market risk for its trading activities as measured by its value at risk methodology:
## Table 0 ##
State Street compares actual daily profit and losses from trading activities to estimated one-day value at risk.
During 2001, State Street did not experience any trading losses in excess of its end-of-day value at risk estimate.
Non-Trading Activities: Currency Risk State Street had $12.7 billion of non-U.
S.  dollar-denominated non-trading assets as of December 31, 2001, which were funded by non-U.
S.  dollar-denominated deposits.
State Street’s non-U.
S.  dollar-denominated non-trading assets reflected 53 currencies.
Approximately 88% of these assets were in seven major currencies.
Since non-trading assets are generally invested in the same currency in which the initial deposits are received, the risk associated with changes to currency exchange rates is minimal.
To the extent that deposits are not reinvested in the same currency, the resulting net currency positions are managed as part of trading risk as discussed above.
In general, the maturities of these non-trading assets and liabilities are short term.
To the extent duration mismatches exist, they are managed as part of State Street’s consolidated asset/liability management activities, and the related market risk is included in the following non-trading interest rate sensitivity disclosure.
Gain on Sale of Private Asset Management Business In 2003, we completed the sale of our Private Asset Management, or “PAM,” business.
Under the terms of the agreement, the transaction was valued at $365 million, of which approximately five percent was subject to the successful transition of the business over the subsequent 16 months.
During the third quarter of 2005, we recorded an additional gain of $16 million from final settlement of the sale.
Additional information about the gain is included in Note 2 of the “Notes to Consolidated Financial Statements.
” Operating Expenses Operating expenses for 2005 were $4.04 billion, an increase of $282 million from 2004.
The increase reflected higher salaries and employee benefits, transaction processing, occupancy and other expenses, somewhat offset by a decline in information systems and communications expense and the absence of GSS-related merger and integration charges and restructuring costs related to a 2004 reduction in workforce.
## Table 1 ##
Salaries and employee benefits expense increased $274 million in 2005 to $2.23 billion.
The increase was driven in large part by higher staffing levels required to accommodate new large investment manager operations outsourcing customers and the success of our hedge fund manager services.
The increase also reflected higher incentive compensation costs related to improved earnings, higher average salaries due to merit increases and the higher costs of employee benefits.
Information systems and communications expense was $486 million in 2005, down $41 million from the prior year, primarily due to efficiencies gained as GSS customers were converted to our operating platforms, somewhat offset by costs for new outsourcing customers and costs of the new data center.
Transaction processing services expense was $449 million, up $51 million from $398 million a year ago.
These expenses are volume-related and include equity trading services and fees related to securities settlement, subcustodian fees and external contract services.
The increase resulted from a higher volume of investment activity combined with higher net asset values that impact subcustodian fees.
Occupancy expense was $391 million, up $28 million from 2004.
We recognized a pre-tax charge of $26 million in 2005 related to a long-term sub-lease agreement with an unrelated third party for approximately 160,000 square feet in our headquarters building.
We expect that this transaction will reduce average annual occupancy costs for this property going forward by $7 million to $8 million beginning in 2006.
In 2004, occupancy expense included a loss of $16 million on a sub-lease agreement with an unrelated third party at our former headquarters building.
Additionally, occupancy costs in Europe increased to accommodate new investment manager operations outsourcing customers.
Merger and integration costs of $62 million in 2004 related to the conversion of customers gained in the GSS acquisition to our systems.
Restructuring costs of $21 million in 2004 related to severance and benefit costs associated with a 425-position workforce reduction completed in late 2004.
We maintain an effective universal shelf registration that allows for the public offering and sale of debt securities, capital securities, common stock, depositary shares and preferred stock, and warrants to purchase such securities, including any shares into which the preferred stock and depositary shares may be convertible, or any combination thereof.
We have, as discussed previously, issued in the past, and we may issue in the future, securities pursuant to the shelf registration.
The issuance of debt or equity securities will depend on future market conditions, funding needs and other factors.
Additional information about debt and equity securities issued pursuant to this shelf registration is provided in notes 9 and 12 to the consolidated financial statements included under Item 8.
We currently maintain a corporate commercial paper program, under which we can issue up to $3 billion with original maturities of up to 270 days from the date of issue.
At December 31, 2011, we had $2.38 billion of commercial paper outstanding, compared to $2.80 billion at December 31, 2010.
Additional information about our corporate commercial paper program is provided in note 8 to the consolidated financial statements included under Item 8.
State Street Bank had initial Board authority to issue bank notes up to an aggregate of $5 billion, including up to $1 billion of subordinated bank notes.
Approximately $2.05 billion was available under this Board authority as of December 31, 2011.
In 2011, $2.45 billion of senior notes, which were outstanding at December 31, 2010, matured.
State Street Bank currently maintains a line of credit with a financial institution of CAD $800 million, or approximately $787 million as of December 31, 2011, to support its Canadian securities processing operations.
The line of credit has no stated termination date and is cancelable by either party with prior notice.
As of December 31, 2011, no balance was outstanding on this line of credit.
CONTRACTUAL CASH OBLIGATIONS
## Table 2 ##
(1) Long-term debt excludes capital lease obligations (presented as a separate line item) and the effect of interest-rate swaps.
Interest payments were calculated at the stated rate with the exception of floating-rate debt, for which payments were calculated using the indexed rate in effect as of December 31, 2011.
The obligations presented in the table above are recorded in our consolidated statement of condition at December 31, 2011, except for interest on long-term debt and capital lease obligations.
The table does not include obligations which will be settled in cash, primarily in less than one year, such as deposits, federal funds purchased, securities sold under repurchase agreements and other short-term borrowings.
Additional information about deposits, federal funds purchased, securities sold under repurchase agreements and other short-term borrowings is provided in notes 7 and 8 to the consolidated financial statements included under Item 8.
The table does not include obligations related to derivative instruments, because the amounts included in our consolidated statement of condition at December 31, 2011 related to derivatives do not represent the amounts that may ultimately be paid under the contracts upon settlement.
Additional information about derivative contracts is provided in note 16 to the consolidated financial statements included under Item 8.
We have obligations under pension and other post-retirement benefit plans, more fully described in note 18 to the consolidated financial statements included under Item 8, which are not included in the above table.
Additional information about contractual cash obligations related to long-term debt and operating and capital leases is provided in notes 9 and 19 to the consolidated financial statements included under Item 8.
The consolidated statement of cash flows, also included under Item 8, provides additional liquidity information.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

<table><tr><td>(Dollars in millions)</td><td> Average</td><td> Maximum</td><td> Minimum</td></tr><tr><td> 2001:</td><td></td><td></td><td></td></tr><tr><td>Foreign exchange products</td><td> $.9</td><td> $2.5</td><td> $.4</td></tr><tr><td>Interest rate products</td><td> 4.5</td><td> 6.9</td><td> 3.0</td></tr><tr><td>2000:</td><td></td><td></td><td></td></tr><tr><td>Foreign exchange products</td><td>$1.0</td><td>$2.2</td><td>$.4</td></tr><tr><td>Interest rate products</td><td>3.9</td><td>5.3</td><td>2.9</td></tr></table>
<table><tr><td> </td><td>2005 </td><td>2004 </td><td>2003 </td><td>Change 2004–2005 </td></tr><tr><td>(Dollars in millions)</td><td></td><td></td><td></td><td></td></tr><tr><td> Years Ended December 31,</td><td></td><td></td><td></td><td></td></tr><tr><td>Salaries and employee benefits</td><td>$2,231</td><td>$1,957</td><td>$1,731</td><td>14%</td></tr><tr><td>Information systems and communications</td><td>486</td><td>527</td><td>551</td><td>-8</td></tr><tr><td>Transaction processing services</td><td>449</td><td>398</td><td>314</td><td>13</td></tr><tr><td>Occupancy</td><td>391</td><td>363</td><td>300</td><td>8</td></tr><tr><td>Merger, integration and divestiture</td><td>–</td><td>62</td><td>110</td><td>-100</td></tr><tr><td>Restructuring</td><td>–</td><td>21</td><td>296</td><td>-100</td></tr><tr><td>Other</td><td>484</td><td>431</td><td>320</td><td>12</td></tr><tr><td>Total operating expenses</td><td>$4,041</td><td>$3,759</td><td>$3,622</td><td>8</td></tr><tr><td>Number of employees at year-end</td><td>20,965</td><td>19,668</td><td>19,850</td><td></td></tr></table>
<table><tr><td></td><td>PAYMENTS DUE BY PERIOD</td></tr><tr><td>As of December 31, 2011 (In millions)</td><td>Total</td><td>Less than 1 year</td><td>1-3 years</td><td>4-5 years</td><td>Over 5 years</td></tr><tr><td>Long-term debt<sup>-1</sup></td><td>$9,276</td><td>$1,973</td><td>$1,169</td><td>$1,944</td><td>$4,190</td></tr><tr><td>Operating leases</td><td>1,129</td><td>237</td><td>389</td><td>228</td><td>275</td></tr><tr><td>Capital lease obligations</td><td>989</td><td>68</td><td>136</td><td>138</td><td>647</td></tr><tr><td>Total contractual cash obligations</td><td>$11,394</td><td>$2,278</td><td>$1,694</td><td>$2,310</td><td>$5,112</td></tr></table>

Question: Does the value of Information systems and communications in 2005 greater than that in 2004?