Table of Contents Liquidity and Capital Resources Cash, Short-Term Investments and Restricted Cash As of December 31, 2014, AAG’s total cash, short-term investments and restricted cash and short-term investments was $8.1 billion, of which $774 million was restricted.
Additional detail is provided in the table below (in millions):
## Table 0 ##
(1) Our restricted cash and short-term investments related primarily to collateral held to support projected workers’ compensation obligations.
As of December 31, 2014, $804 million of our cash and short-term investments balances were held in foreign bank accounts, of which approximately $656 million was held in Venezuelan bolivars.
This balance includes approximately $621 million valued at 6.3 bolivars and approximately $35 million valued at 12.0 bolivars, with the rate depending on the date we submitted our repatriation request to the Venezuelan government.
These rates are materially more favorable than the exchange rates currently prevailing for other transactions conducted outside of the Venezuelan government’s currency exchange system that we participate in.
Our cash balance held in Venezuelan bolivars decreased $54 million from the December 31, 2013 balance of $710 million primarily due to $88 million in cash repatriations and $30 million in foreign currency losses as described below, partially offset by additional cash proceeds from ticket sales in early 2014.
In the second and third quarters of 2014, we repatriated $65 million including $31 million valued at 6.3 bolivars to the dollar and $34 million valued at 10.6 bolivars to the dollar.
In the fourth quarter of 2014, we incurred an $11 million foreign currency loss related to the receipt of $23 million at a rate of 6.3 bolivars to the dollar for one of our 2012 repatriation requests originally valued at a rate of 4.3 bolivars to the dollar.
Accordingly, we revalued our remaining pending 2012 repatriation requests from 4.3 to 6.3 bolivars to the dollar resulting in additional foreign currency losses of $19 million.
In total, we recognized a $30 million special charge for these foreign currency losses in the fourth quarter of 2014.
During 2014, we significantly reduced capacity in this market and we are no longer accepting bolivars as payment for airline tickets.
We are continuing to work with Venezuelan authorities regarding the timing and exchange rate applicable to the repatriation of funds held in local currency.
We are monitoring this situation closely and continue to evaluate our holdings of Venezuelan bolivars for additional foreign currency losses, which could be material, particularly in light of the uncertainty posed by the new foreign exchange regulations announced in mid-February 2015 and the continued deterioration of economic conditions in Venezuela.
See Part I, Item 1A.
Risk Factors – “We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control” for additional discussion of this and other currency risks.
Share Repurchase Programs In July 2014, as part of a capital deployment program, our Board of Directors authorized a $1.0 billion share repurchase program which was completed in December 2014.
During the year ended December 31, 2014, we repurchased 23.4 million shares of AAG Common Stock for $1.0 billion at a weighted average cost per share of $42.72.
Credit Card Securitizations The Company securitizes credit card receivables through trusts that are established to purchase the receivables.
Citigroup transfers receivables into the trusts on a non-recourse basis.
Credit card securitizations are revolving securitizations; that is, as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust.
Prior to 2010, such transfers were accounted for as sale transactions under SFAS 140 and, accordingly, the sold assets were removed from the Consolidated Balance Sheet and a gain or loss was recognized in聽connection with the transaction.
With the adoption of SFAS 167, beginning in 2010 the trusts are treated as consolidated entities, because, as servicer, Citigroup has power to direct the activities that most significantly impact the economic performance of the trusts and also holds a seller鈥檚 interest and certain securities issued by the trusts, and provides liquidity facilities to the trusts, which could result in potentially significant losses or benefits from the鈥痶rusts.
Accordingly, the transferred credit card receivables are required to remain on the Consolidated Balance Sheet with no gain or loss recognized.
The debt issued by the trusts to third parties is included in the Consolidated Balance鈥疭heet.
The Company relies on securitizations to fund a significant portion of its credit card businesses in North America.
The following table reflects amounts related to the Company鈥檚 securitized credit card鈥痳eceivables:
## Table 1 ##
December聽31, 2009 balances include net unbilled interest of $0.3聽billion for Citicorp and $0.4聽billion for Citi鈥疕oldings.
N/ANot Applicable Credit Card Securitizations鈥擟iticorp No gain or loss from securitization was recognized in 2010, since the聽transfer of credit card receivables to the trust did not meet the criteria for sale accounting.
In the years ended December聽31, 2009 and 2008, the Company recorded net gains (losses) from securitization of Citicorp鈥檚 credit card receivables of $349聽million and $(1,007)聽million, respectively.
Net gains (losses) reflect the鈥痜ollowing: incremental gains (losses) from new鈥痵ecuritizations; the reversal of the allowance for loan losses associated with receivables鈥痵old; net gains on replenishments of the trust assets offset by other-than temporary impairments; and changes in fair value for the portion of the residual interest classified as trading鈥痑ssets.
LOCAL CONSUMER LENDING Local Consumer Lending (LCL), which constituted approximately 70% of Citi Holdings by assets as of December 31, 2010, includes a portion of Citigroup’s North American mortgage business, retail partner cards, Western European cards and retail banking, CitiFinancial North America and other local Consumer finance businesses globally.
The Student Loan Corporation is reported as discontinued operations within the Corporate/Other segment for the second half of 2010 only.
At December 31, 2010, LCL had $252 billion of assets ($226 billion in North America).
Approximately $129 billion of assets in LCL as of December 31, 2010 consisted of U. S.  mortgages in the Company’s CitiMortgage and CitiFinancial operations.
The North American assets consist of residential mortgage loans (first and second mortgages), retail partner card loans, personal loans, commercial real estate (CRE), and other consumer loans and assets.
## Table 2 ##
2010 vs.  2009 Revenues, net of interest expense decreased 11% from the prior year.
Net interest revenue increased 6% due to the adoption of SFAS 166/167, partially offset by the impact of lower balances due to portfolio run-off and asset sales.
Non-interest revenue declined 58%, primarily due to the absence of the $1.1 billion gain on the sale of Redecard in the first quarter of 2009 and a higher mortgage repurchase reserve charge.
Operating expenses decreased 18%, primarily due to the impact of divestitures, lower volumes, re-engineering actions and the absence of costs associated with the U. S.  government loss-sharing agreement, which was exited in the fourth quarter of 2009.
Provisions for credit losses and for benefits and claims decreased 38%, reflecting a net $1.8 billion credit reserve release in 2010 compared to a $5.8 billion build in 2009.
Lower net credit losses across most businesses were partially offset by the impact of the adoption of SFAS 166/167.
On a comparable basis, net credit losses were lower year-over-year, driven by improvement in U. S.  mortgages, international portfolios and retail partner cards.
Assets declined 21% from the prior year, primarily driven by portfolio run-off, higher loan loss reserve balances, and the impact of asset sales and divestitures, partially offset by an increase of $41 billion resulting from the adoption of SFAS 166/167.
Key divestitures in 2010 included The Student Loan Corporation, Primerica, auto loans, the Canadian Mastercard business and U. S.  retail sales finance portfolios.2009 vs.  2008 Revenues, net of interest expense decreased 24% from the prior year.
Net interest revenue was 24% lower than the prior year, primarily due to lower balances, de-risking of the portfolio, and spread compression.
Non-interest revenue decreased $1.6 billion, mostly driven by the impact of higher credit losses flowing through the securitization trusts, partially offset by the $1.1 billion gain on the sale of Redecard in the first quarter of 2009.
Operating expenses declined 31% from the prior year, due to lower volumes and reductions from expense re-engineering actions, and the impact of goodwill write-offs of $3.0 billion in the fourth quarter of 2008, partially offset by higher costs associated with delinquent loans.
Provisions for credit losses and for benefits and claims increased 14% from the prior year, reflecting an increase in net credit losses of $6.1 billion, partially offset by lower reserve builds of $2.8 billion.
Higher net credit losses were primarily driven by higher losses of $3.6 billion in residential real estate lending, $1.0 billion in retail partner cards, and $0.7 billion in international.
Assets decreased $57 billion from the prior year, primarily driven by lower originations, wind-down of specific businesses, asset sales, divestitures, writeoffs and higher loan loss reserve balances.
Key divestitures in 2009 included the FI credit card business, Italy Consumer finance, Diners Europe, Portugal cards, Norway Consumer and Diners Club North America.
NOTE 16 Regulatory Requirements and Restrictions The Federal Reserve, Office of the Comptroller of the Currency (OCC) and FDIC (collectively, U. S.  banking regulators) jointly establish regulatory capital adequacy guidelines for U. S.  banking organizations.
As a financial holding company, the Corporation is subject to capital adequacy rules issued by the Federal Reserve, and its banking entity affiliates, including BANA and Bank of America California, N. A. , are subject to capital adequacy rules issued by their respective primary regulators.
On January 1, 2014, the Corporation and its affiliates became subject to Basel 3, which includes certain transition provisions through January 1, 2019.
The Corporation and its primary banking entity affiliate, BANA, are Advanced approaches institutions under Basel 3.
Basel 3 updated the composition of capital and established a Common equity tier 1 capital ratio.
Common equity tier 1 capital primarily includes common stock, retained earnings and accumulated OCI.
Basel 3 revised minimum capital ratios and buffer requirements, added a supplementary leverage ratio, and addressed the adequately capitalized minimum requirements under the PCA framework.
Finally, Basel 3 established two methods of calculating risk-weighted assets, the Standardized approach and the Advanced approaches.
As an Advanced approaches institution, under Basel 3, the Corporation was required to complete a qualification period (parallel run) to demonstrate compliance with the Basel 3 Advanced approaches to the satisfaction of U. S.  banking regulators.
The Corporation received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements in the fourth quarter of 2015.
Having exited parallel run on October 1, 2015, the Corporation is required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches.
The approach that yields the lower ratio is used to assess capital adequacy including under the PCA framework, and was the Advanced approaches in the fourth quarter of 2015.
Prior to the fourth quarter of 2015, the Corporation was required to report its capital adequacy under the Standardized approach only.
The table below presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches – Transition as measured at December 31, 2015 and 2014 for the Corporation and BANA.
## Table 3 ##
(1) The Corporation received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements in the fourth quarter of 2015.
With the approval to exit parallel run, the Corporation is required to report regulatory capital risk-weighted assets and ratios under both the Standardized and Advanced approaches.
The approach that yields the lower ratio is to be used to assess capital adequacy and was the Advanced approaches at December 31, 2015.
Prior to exiting parallel run, the Corporation was required to report regulatory capital risk-weighted assets and ratios under the Standardized approach only.
As previously disclosed, with the approval to exit parallel run, U. S.  banking regulators requested modifications to certain internal analytical models including the wholesale (e. g. , commercial) credit models which increased the Corporation’s risk-weighted assets in the fourth quarter of 2015.
(2) To be “well capitalized” under the current U. S.  banking regulatory agency definitions, a bank holding company or national bank must maintain these or higher ratios and not be subject to a Federal Reserve order or directive to maintain higher capital levels.
(3) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4) Reflects adjusted average assets for the three months ended December 31, 2015 and 2014.  n/a = not applicable
ILLUMINA, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) periods.
The price at which stock is purchased under the Purchase Plan is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower.
The initial offering period commenced in July 2000.
In addition, the Purchase Plan provides for annual increases of shares available for issuance under the Purchase Plan beginning with fiscal 2001.304,714, 128,721 and 64,674 shares were issued under the 2000 Employee Stock Purchase Plan during fiscal 2003, 2002 and 2001, respectively.
Deferred Stock Compensation Since the inception of the Company, in connection with the grant of certain stock options and sales of restricted stock to employees, founders and directors through July 25, 2000, the Company has recorded deferred stock compensation totaling approximately $17.7 million, representing the difference between the exercise or purchase price and the fair value of the Company’s common stock as estimated by the Company’s management for financial reporting purposes on the date such stock options were granted or restricted common stock was sold.
Deferred compensation is included as a reduction of stockholders’ equity and is being amortized to expense over the vesting period of the options and restricted stock.
During the year ended December 28, 2003, the Company recorded amortization of deferred stock compensation expense of approximately $2.5 million.

<table><tr><td></td><td colspan="2"> AAG  December 31,</td><td colspan="2"> American  December 31,</td></tr><tr><td></td><td> 2014</td><td> 2013</td><td> 2014</td><td> 2013</td></tr><tr><td>Cash</td><td>$994</td><td>$1,140</td><td>$785</td><td>$829</td></tr><tr><td>Short-term investments</td><td>6,309</td><td>8,111</td><td>3,290</td><td>5,162</td></tr><tr><td>Restricted cash and short-term investments -1</td><td>774</td><td>1,035</td><td>650</td><td>702</td></tr><tr><td>Total cash, short-term investments and restricted cash and short-term investments</td><td>$8,077</td><td>$10,286</td><td>$4,725</td><td>$6,693</td></tr></table>
<table><tr><td></td><td colspan="2">Citicorp</td><td colspan="2">Citi Holdings</td></tr><tr><td>In billions of dollars</td><td>2010</td><td>2009</td><td>2010</td><td>2009</td></tr><tr><td>Principal amount of credit card receivables in trusts</td><td>$67.5</td><td>$78.8</td><td>$34.1</td><td>$42.3</td></tr><tr><td>Ownership interests in principal amount of trust credit card receivables</td><td></td><td></td><td></td><td></td></tr><tr><td>Sold to investors via trust-issued securities</td><td>$42.0</td><td>$66.5</td><td>$16.4</td><td>$28.2</td></tr><tr><td>Retained by Citigroup as trust-issued securities</td><td>3.4</td><td>5.0</td><td>7.1</td><td>10.1</td></tr><tr><td>Retained by Citigroup via non-certificated interests</td><td>22.1</td><td>7.3</td><td>10.6</td><td>4.0</td></tr><tr><td>Total ownership interests in principal amount of trust credit card receivables</td><td>$67.5</td><td>$78.8</td><td>$34.1</td><td>$42.3</td></tr><tr><td>Other amounts recorded on the balance sheet related to interests retained in the trusts</td><td></td><td></td><td></td><td></td></tr><tr><td>Other retained interests in securitized assets</td><td>N/A</td><td>$1.4</td><td>N/A</td><td>$1.6</td></tr><tr><td>Residual interest in securitized assets-1</td><td>N/A</td><td>0.3</td><td>N/A</td><td>1.2</td></tr><tr><td>Amounts payable to trusts</td><td>N/A</td><td>1.2</td><td>N/A</td><td>0.8</td></tr></table>
<table><tr><td>In millions of dollars</td><td>2010</td><td>2009</td><td>2008</td><td>% Change 2010 vs. 2009</td><td>% Change 2009 vs. 2008</td></tr><tr><td>Net interest revenue</td><td>$13,831</td><td>$12,995</td><td>$17,136</td><td>6%</td><td>-24%</td></tr><tr><td>Non-interest revenue</td><td>1,995</td><td>4,770</td><td>6,362</td><td>-58</td><td>-25</td></tr><tr><td>Total revenues, net of interest expense</td><td>$15,826</td><td>$17,765</td><td>$23,498</td><td>-11%</td><td>-24%</td></tr><tr><td>Total operating expenses</td><td>$8,064</td><td>$9,799</td><td>$14,238</td><td>-18%</td><td>-31%</td></tr><tr><td>Net credit losses</td><td>$17,040</td><td>$19,185</td><td>$13,111</td><td>-11%</td><td>46%</td></tr><tr><td>Credit reserve build (release)</td><td>-1,771</td><td>5,799</td><td>8,573</td><td>NM</td><td>-32</td></tr><tr><td>Provision for benefits and claims</td><td>775</td><td>1,054</td><td>1,192</td><td>-26</td><td>-12</td></tr><tr><td>Provision for unfunded lending commitments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Provisions for credit losses and for benefits and claims</td><td>$16,044</td><td>$26,038</td><td>$22,876</td><td>-38%</td><td>14%</td></tr><tr><td>(Loss) from continuing operations before taxes</td><td>$-8,282</td><td>$-18,072</td><td>$-13,616</td><td>54%</td><td>-33%</td></tr><tr><td>Benefits for income taxes</td><td>-3,289</td><td>-7,656</td><td>-5,259</td><td>57</td><td>-46</td></tr><tr><td>(Loss) from continuing operations</td><td>$-4,993</td><td>$-10,416</td><td>$-8,357</td><td>52%</td><td>-25%</td></tr><tr><td>Net income attributable to noncontrolling interests</td><td>8</td><td>33</td><td>12</td><td>-76</td><td>NM</td></tr><tr><td>Net (loss)</td><td>$-5,001</td><td>$-10,449</td><td>$-8,369</td><td>52%</td><td>-25%</td></tr><tr><td>Average assets(in billions of dollars)</td><td>$324</td><td>$351</td><td>$420</td><td>-8%</td><td>-16</td></tr><tr><td>Net credit losses as a percentage of average loans</td><td>6.20%</td><td>6.38%</td><td>3.80%</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="8">December 31, 2015</td></tr><tr><td></td><td colspan="4">Bank of America Corporation</td><td colspan="4">Bank of America, N.A.</td></tr><tr><td>(Dollars in millions)</td><td>Standardized Approach</td><td>Advanced Approaches</td><td>Regulatory Minimum</td><td>Well-capitalized<sup>-2</sup></td><td>Standardized Approach</td><td>Advanced Approaches</td><td>Regulatory Minimum</td><td>Well-capitalized<sup>-2</sup></td></tr><tr><td>Risk-based capital metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common equity tier 1 capital</td><td>$163,026</td><td>$163,026</td><td></td><td></td><td>$144,869</td><td>$144,869</td><td></td><td></td></tr><tr><td>Tier 1 capital</td><td>180,778</td><td>180,778</td><td></td><td></td><td>144,869</td><td>144,869</td><td></td><td></td></tr><tr><td>Total capital<sup>-3</sup></td><td>220,676</td><td>210,912</td><td></td><td></td><td>159,871</td><td>150,624</td><td></td><td></td></tr><tr><td>Risk-weighted assets (in billions)</td><td>1,403</td><td>1,602</td><td></td><td></td><td>1,183</td><td>1,104</td><td></td><td></td></tr><tr><td>Common equity tier 1 capital ratio</td><td>11.6%</td><td>10.2%</td><td>4.5%</td><td>n/a</td><td>12.2%</td><td>13.1%</td><td>4.5%</td><td>6.5%</td></tr><tr><td>Tier 1 capital ratio</td><td>12.9</td><td>11.3</td><td>6.0</td><td>6.0%</td><td>12.2</td><td>13.1</td><td>6.0</td><td>8.0</td></tr><tr><td>Total capital ratio</td><td>15.7</td><td>13.2</td><td>8.0</td><td>10.0</td><td>13.5</td><td>13.6</td><td>8.0</td><td>10.0</td></tr><tr><td>Leverage-based metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted quarterly average assets (in billions)<sup>(4)</sup></td><td>$2,103</td><td>$2,103</td><td></td><td></td><td>$1,575</td><td>$1,575</td><td></td><td></td></tr><tr><td>Tier 1 leverage ratio</td><td>8.6%</td><td>8.6%</td><td>4.0</td><td>n/a</td><td>9.2%</td><td>9.2%</td><td>4.0</td><td>5.0</td></tr><tr><td></td><td colspan="8">December 31, 2014</td></tr><tr><td>Risk-based capital metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common equity tier 1 capital</td><td>$155,361</td><td>n/a</td><td></td><td></td><td>$145,150</td><td>n/a</td><td></td><td></td></tr><tr><td>Tier 1 capital</td><td>168,973</td><td>n/a</td><td></td><td></td><td>145,150</td><td>n/a</td><td></td><td></td></tr><tr><td>Total capital<sup>-3</sup></td><td>208,670</td><td>n/a</td><td></td><td></td><td>161,623</td><td>n/a</td><td></td><td></td></tr><tr><td>Risk-weighted assets (in billions)</td><td>1,262</td><td>n/a</td><td></td><td></td><td>1,105</td><td>n/a</td><td></td><td></td></tr><tr><td>Common equity tier 1 capital ratio</td><td>12.3%</td><td>n/a</td><td>4.0%</td><td>n/a</td><td>13.1%</td><td>n/a</td><td>4.0%</td><td>n/a</td></tr><tr><td>Tier 1 capital ratio</td><td>13.4</td><td>n/a</td><td>5.5</td><td>6.0%</td><td>13.1</td><td>n/a</td><td>5.5</td><td>6.0%</td></tr><tr><td>Total capital ratio</td><td>16.5</td><td>n/a</td><td>8.0</td><td>10.0</td><td>14.6</td><td>n/a</td><td>8.0</td><td>10.0</td></tr><tr><td>Leverage-based metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted quarterly average assets (in billions)<sup>(4)</sup></td><td>$2,060</td><td>$2,060</td><td></td><td></td><td>$1,509</td><td>$1,509</td><td></td><td></td></tr><tr><td>Tier 1 leverage ratio</td><td>8.2%</td><td>8.2%</td><td>4.0</td><td>n/a</td><td>9.6%</td><td>9.6%</td><td>4.0</td><td>5.0</td></tr></table>

Question: In which year is the value of that Sold to investors via trust-issued securities smaller than 60 billion dollars in terms of Citicorp?