Note 3 – Trading Account Assets and Liabilities The following table presents the fair values of the components of trading account assets and liabilities at December 31, 2008 and 2007.
## Table 0 ##
(1) Includes $52.6 billion and $21.5 billion at December 31, 2008 and 2007 of government-sponsored enterprise obligations.
Note 4 – Derivatives The Corporation designates derivatives as trading derivatives, economic hedges, or as derivatives used for SFAS 133 accounting purposes.
For additional information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
The following table presents the contract/notional amounts and credit risk amounts at December 31, 2008 and 2007 of all the Corporation’s derivative positions.
The credit risk amounts take into consideration the effects of legally enforceable master netting agreements, and on an aggregate basis have been reduced by the cash collateral applied against derivative assets.
At December 31, 2008 and 2007, the cash collateral applied against derivative assets was $34.8 billion and $12.8 billion.
In addition, at December 31, 2008 and 2007, the cash collateral applied against derivative liabilities was $30.3 billion and $10.0 billion.
The average fair value of derivative assets, less cash collateral, for 2008 and 2007 was $48.1 billion and $29.7 billion.
The average fair value of derivative liabilities, less cash collateral, for 2008 and 2007 was $27.0 billion and $20.6 billion.
The Corporation held $48.8 billion of collateral on derivative positions, of which $42.5 billion could be applied against credit risk at December 31, 2008.
## Table 1 ##
(1) Represents the total contract/notional amount of the derivatives outstanding and includes both written and purchased protection.
Note 19 – Fair Value Disclosures Effective January 1, 2007, the Corporation adopted SFAS 157, which provides a framework for measuring fair value under GAAP.
SFAS 157 also eliminated the deferral of gains and losses at inception of certain derivative contracts whose fair value was not evidenced by market observable data.
SFAS 157 requires that the impact of this change in accounting for derivative contracts be recorded as an adjustment to beginning retained earnings in the period of adoption.
The Corporation also adopted SFAS 159 on January 1, 2007.
SFAS 159 allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis, with changes in fair value recognized in earnings as they occur.
The Corporation elected to adopt the fair value option for certain financial instruments on the adoption date.
SFAS 159 requires that the difference between the carrying value before election of the fair value option and the fair value of these instruments be recorded as an adjustment to beginning retained earnings in the period of adoption.
The following table summarizes the impact of the change in accounting for derivative contracts described above and the impact of adopting the fair value option for certain financial instruments on January 1, 2007.
Amounts shown represent the carrying value of the affected instruments before and after the changes in accounting resulting from the adoption of SFAS 157 and SFAS 159.
## Table 2 ##
(1) The transition adjustment reflects the impact of recognizing previously deferred gains and losses as a result of the rescission of certain requirements of EITF 02-3 in accordance with SFAS 157.
(2) Includes loans to certain large corporate clients.
The ending balance at December 31, 2006 and the transition adjustment were net of a $32 million reduction in the allowance for loan and lease losses.
(3) The January 1, 2007 balance after adoption represents the fair value of certain unfunded commercial loan commitments.
The December 31, 2006 balance prior to adoption represents the reserve for unfunded lending commitments associated with these commitments.
(4) No transition adjustment was recorded for the loans held-for-sale because they were already recorded at fair value pursuant to lower of cost or market accounting.
(5) Changes in fair value of these AFS debt securities resulting from foreign currency exposure, which is the primary driver of fair value for these securities, had previously been hedged by derivatives that qualified for fair value hedge accounting in accordance with SFAS 133.
As a result, there was no transition adjustment.
Following the election of the fair value option, these AFS debt securities have been transferred to trading account assets.
(6) Includes structured reverse repurchase agreements that were hedged with derivatives in accordance with SFAS 133.
(7) Includes long-term fixed rate deposits that were economically hedged with derivatives.
SFAS 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Corporation determines the fair values of its financial instruments based on the fair value hierarchy established in SFAS 157 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The standard describes three levels of inputs that may be used to measure fair value.
The Corporation carries certain corporate loans and loan commitments, LHFS, structured reverse repurchase agreements, and long-term deposits at fair value in accordance with SFAS 159.
The Corporation also carries at fair value trading account assets and liabilities, derivative assets and liabilities, AFS debt securities, MSRs, and certain other assets.
For a detailed discussion regarding the fair value hierarchy and how the Corporation measures fair value, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Fair Value Measurement Level 1, 2 and 3 Valuation Techniques Financial instruments are considered Level 1 when valuation can be based on quoted prices in active markets for identical assets or liabilities.
Level 2 financial instruments are valued using quoted prices fo similar assets or liabilities; quoted prices in markets that are not active; or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities.
Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation.
The Corporation also uses market indices for direct inputs to certain models, where the cash settlement is directly linked to appreciation or depreciation of that particular index (primarily in the context of structured credit products).
In those cases, no material adjustments are made to the index-based values.
In other cases, market indices are also used as inputs to valuation, but are adjusted for trade specific factors such as rating, credit quality, vintage and other factors.
Corporate Loans and Loan Commitments The fair values of loans and loan commitments are based on market prices, where available, or discounted cash flows using market-based credit spreads of comparable debt instruments or credit derivatives of the specific borrower or comparable borrowers.
Results of discounted cash flow calculations may be adjusted, as appropriate, to reflect other market conditions or the perceived credit risk of the borrower.
Basel II In June 2004, the Basel II Accord was published with the intent of more closely aligning regulatory capital requirements with underlying risks.
Similar to economic capital measures, Basel II seeks to address credit risk, market risk, and operational risk.
While economic capital is measured to cover unexpected losses, the Corporation also maintains a certain threshold in terms of regulatory capital to adhere to legal standards of capital adequacy.
These thresholds or leverage ratios will continue to be utilized for the foreseeable future.
The Basel II Final Rule (Basel II Rules), which was published on December 7, 2007, establish requirements for the U. S.  implementation and provide detailed capital requirements for credit and operational risk under Pillar 1, supervisory requirements under Pillar 2 and disclosure requirements under Pillar 3.
We are still awaiting final rules for market risk requirements under Basel II.
The Basel II Rules allowed U. S.  financial institutions to begin parallel reporting as early as 2008, upon successful development and approval of a formal Implementation Plan, which was approved during the third quarter of 2008.
During the parallel period, the resulting capital calculations under both the current (Basel I) rules and the Basel II Rules should be reported to the financial institutions’ regulatory supervisors for examination and compliance for at least four consecutive quarterly periods.
Once the parallel period and subsequent three-year transition period are successfully completed, the financial institution will utilize Basel II as their means of capital adequacy assessment, measurement and reporting and discontinue use of Basel I.
With the acquisition of Countrywide during 2008 and Merrill Lynch effective January 1, 2009, the Corporation has 24 months from the date of each acquisition to fully incorporate and transition all data necessary to successfully complete the more robust Basel II calculations.
We continue to work with the FRB, OCC, OTS and FDIC (collectively, the Agencies) and with our transition team to meet these timelines and expect to meet or exceed these requirements.
We continue execution efforts to ensure preparedness with all Basel II requirements.
The goal is to achieve full compliance by the end of the three-year implementation period in 2011.
Further, internationally Basel II was implemented in several countries during 2008, while others will begin implementation in 2009 and beyond.
Common Share Issuances and Repurchases In January of 2009, the Corporation issued common stock in connection with its acquisition of Merrill Lynch and warrants to purchase common stock in connection with preferred stock issuances to the U. S.  government.
For additional information regarding the Merrill Lynch acquisition, see Note 2 – Merger and Restructuring Activity to the Consolidated Financial Statements.
For additional information regarding the issuance of warrants to purchase common stock, see Note 25 – Subsequent Events to the Consolidated Financial Statements.
We may repurchase shares, subject to certain restrictions including those imposed by the U. S.  government, from time to time, in the open market or in private transactions through our approved repurchase programs.
We did not repurchase any shares of the Corporation’s common stock during 2008 and we issued 107 million shares in connection with the Countrywide acquisition and 17.8 million shares under employee stock plans.
In addition, in October 2008, we issued 455 million shares of common stock at $22.00 per share with proceeds of $9.9 billion, net of underwriting expenses.
To replace the expiring stock repurchase program, in July 2008, the Board authorized a stock repurchase program of up to 75 million shares of the Corporation’s common stock at an aggregate cost not to exceed $3.75 billion that is limited to a period of 12 to 18 months.
This program is also subject to the repurchase restrictions.
For more information on our common share issuances and repurchases, see Note 14 – Shareholders’ Equity and Earnings Per Common Share to the Consolidated Financial Statements.
Common Stock Dividends The table below is a summary of our regular quarterly cash dividends on common stock as of February 27, 2009.
In October 2008, to position our dividend to better match our earnings, we announced a 50 percent reduction in our regular quarterly cash dividend on common stock to $0.32 per share.
In January 2009, we further reduced our regular quarterly dividend to $0.01 per share.
The declaration of common stock dividends is subject to restrictions that are described in detail in Note 14 – Shareholders’ Equity and Earnings Per Common Share to the Consolidated Financial Statements.
Preferred Stock Issuances In October 2008, in connection with the TARP Capital Purchase Program, created as part of the EESA, we issued to the U. S.  Treasury 600 thousand shares of Series N Preferred Stock with a par value of $0.01 per share for $15.0 billion.
In addition, in January of 2009 we issued an additional $30.0 billion of preferred stock to the U. S.  government.
Further, the U. S.  government has agreed in principle to provide protection against the possibility of unusually large losses on $118.0 billion in selected capital markets exposure, primarily from the former Merrill Lynch portfolio.
As a fee for this arrangement, we expect to issue to the U. S.  Treasury and FDIC a total of $4.0 billion of a new class of preferred stock.
For more information on the January 2009 issuances and the U. S.  government guarantee, see Recent Events beginning on page 22 and Note 25 – Subsequent Events to the Consolidated Financial Statements.
Under the TARP Capital Purchase Program dividend payments on, and repurchases of, our outstanding preferred stock are subject to certain restrictions.
For more information on these restrictions, see Note 14 – Shareholders’ Equity and Earnings Per Common Share to the Consolidated Financial Statements.
## Table 3 ##
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Commercial Lending.
The firm’s commercial lending commitments are extended to investment-grade and non-investment-grade corporate borrowers.
Commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes.
The firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending, as well as commercial real estate financing.
Commitments that are extended for contingent acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources.
Sumitomo Mitsui Financial Group, Inc.  (SMFG) provides the firm with credit loss protection on certain approved loan commitments (primarily investment-grade commercial lending commitments).
The notional amount of such loan commitments was $25.70 billion and $26.88 billion as of December 2017 and December 2016, respectively.
The credit loss protection on loan commitments provided by SMFG is generally limited to 95% of the first loss the firm realizes on such commitments, up to a maximum of approximately $950 million.
In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $1.13 billion, of which $550 million and $768 million of protection had been provided as of December 2017 and December 2016, respectively.
The firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by SMFG.
These instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity, or credit default swaps that reference a market index.
Warehouse Financing.
The firm provides financing to clients who warehouse financial assets.
These arrangements are secured by the warehoused assets, primarily consisting of retail and corporate loans.
Contingent and Forward Starting Collateralized Agreements / Forward Starting Collateralized Financings Contingent and forward starting collateralized agreements includes resale and securities borrowing agreements, and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date, generally within three business days.
The firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements.
The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused.
Letters of Credit The firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements.
Investment Commitments Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages.
Investment commitments included $2.09 billion and $2.10 billion as of December 2017 and December 2016, respectively, related to commitments to invest in funds managed by the firm.
If these commitments are called, they would be funded at market value on the date of investment.
Leases The firm has contractual obligations under long-term noncancelable lease agreements for office space expiring on various dates through 2069.
Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges.
The table below presents future minimum rental payments, net of minimum sublease rentals.

<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td>(Dollars in millions)</td><td> 2008</td><td>2007</td></tr><tr><td> Trading account assets</td><td></td><td></td></tr><tr><td>U.S. government and agency securities<sup>-1</sup></td><td>$84,660</td><td>$48,240</td></tr><tr><td>Corporate securities, trading loans and other</td><td>34,056</td><td>55,360</td></tr><tr><td>Equity securities</td><td>20,258</td><td>22,910</td></tr><tr><td>Foreign sovereign debt</td><td>13,614</td><td>17,161</td></tr><tr><td>Mortgage trading loans and asset-backed securities</td><td>6,934</td><td>18,393</td></tr><tr><td> Total trading account assets</td><td>$159,522</td><td>$162,064</td></tr><tr><td> Trading account liabilities</td><td></td><td></td></tr><tr><td>U.S. government and agency securities</td><td>$32,850</td><td>$35,375</td></tr><tr><td>Equity securities</td><td>12,128</td><td>25,926</td></tr><tr><td>Foreign sovereign debt</td><td>7,252</td><td>9,292</td></tr><tr><td>Corporate securities and other</td><td>5,057</td><td>6,749</td></tr><tr><td> Total trading account liabilities</td><td>$57,287</td><td>$77,342</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2008</td><td colspan="2">December 31, 2007</td></tr><tr><td>(Dollars in millions)</td><td> Contract/ Notional<sup>-1</sup></td><td> Credit Risk</td><td>Contract/ Notional<sup>-1</sup></td><td>Credit Risk</td></tr><tr><td> Interest rate contracts</td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>$26,577,385</td><td>$48,225</td><td>$22,472,949</td><td>$15,368</td></tr><tr><td>Futures and forwards</td><td>4,432,102</td><td>1,008</td><td>2,596,146</td><td>10</td></tr><tr><td>Written options</td><td>1,731,055</td><td>–</td><td>1,402,626</td><td>–</td></tr><tr><td>Purchased options</td><td>1,656,641</td><td>5,188</td><td>1,479,985</td><td>2,508</td></tr><tr><td> Foreign exchange contracts</td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>438,932</td><td>6,040</td><td>505,878</td><td>7,350</td></tr><tr><td>Spot, futures and forwards</td><td>1,376,483</td><td>10,888</td><td>1,600,683</td><td>4,124</td></tr><tr><td>Written options</td><td>199,846</td><td>–</td><td>341,148</td><td>–</td></tr><tr><td>Purchased options</td><td>175,678</td><td>2,002</td><td>339,101</td><td>1,033</td></tr><tr><td> Equity contracts</td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>34,685</td><td>1,338</td><td>56,300</td><td>2,026</td></tr><tr><td>Futures and forwards</td><td>14,145</td><td>198</td><td>12,174</td><td>10</td></tr><tr><td>Written options</td><td>214,125</td><td>–</td><td>166,736</td><td>–</td></tr><tr><td>Purchased options</td><td>217,461</td><td>7,284</td><td>195,240</td><td>6,337</td></tr><tr><td> Commodity contracts</td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>2,110</td><td>1,000</td><td>13,627</td><td>770</td></tr><tr><td>Futures and forwards</td><td>9,633</td><td>222</td><td>14,391</td><td>12</td></tr><tr><td>Written options</td><td>17,574</td><td>–</td><td>14,206</td><td>–</td></tr><tr><td>Purchased options</td><td>15,570</td><td>249</td><td>13,093</td><td>372</td></tr><tr><td> Credit derivatives</td><td></td><td></td><td></td><td></td></tr><tr><td>Purchased protection:</td><td></td><td></td><td></td><td></td></tr><tr><td>Credit default swaps</td><td>1,025,876</td><td>11,772</td><td>1,490,641</td><td>6,822</td></tr><tr><td>Total return swaps</td><td>6,575</td><td>1,678</td><td>13,551</td><td>671</td></tr><tr><td>Written protection:</td><td></td><td></td><td></td><td></td></tr><tr><td>Credit default swaps</td><td>1,000,034</td><td>–</td><td>1,517,305</td><td>–</td></tr><tr><td>Total return swaps</td><td>6,203</td><td>–</td><td>24,884</td><td>–</td></tr><tr><td>Credit risk before cash collateral</td><td></td><td>97,092</td><td></td><td>47,413</td></tr><tr><td>Less: Cash collateral applied</td><td></td><td>34,840</td><td></td><td>12,751</td></tr><tr><td> Total derivative assets</td><td></td><td>$62,252</td><td></td><td>$34,662</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>Ending Balance Sheet December 31, 2006</td><td>Adoption Net Gain/(Loss)</td><td>Opening Balance Sheet January 1, 2007</td></tr><tr><td>Impact of adopting SFAS 157</td><td></td><td></td><td></td></tr><tr><td>Net derivative assets and liabilities<sup>-1</sup></td><td>$7,100</td><td>$22</td><td>$7,122</td></tr><tr><td>Impact of electing the fair value option under SFAS 159</td><td></td><td></td><td></td></tr><tr><td>Loans and leases<sup>-2</sup></td><td>3,968</td><td>-21</td><td>3,947</td></tr><tr><td>Accrued expenses and other liabilities<sup>-3</sup></td><td>-28</td><td>-321</td><td>-349</td></tr><tr><td>Loans held-for-sale<sup>-4</sup></td><td>8,778</td><td>–</td><td>8,778</td></tr><tr><td>Available-for-sale debt securities<sup>-5</sup></td><td>3,692</td><td>–</td><td>3,692</td></tr><tr><td>Federal funds sold and securities purchased under agreements to resell<sup>-6</sup></td><td>1,401</td><td>-1</td><td>1,400</td></tr><tr><td>Interest-bearing deposit liabilities in domestic offices<sup>-7</sup></td><td>-548</td><td>1</td><td>-547</td></tr><tr><td> Cumulative-effect adjustment, pre-tax</td><td></td><td>-320</td><td></td></tr><tr><td>Tax impact</td><td></td><td>112</td><td></td></tr><tr><td> Cumulative-effect adjustment, net-of-tax, decrease to retained earnings</td><td></td><td>$-208</td><td></td></tr></table>
<table><tr><td>Declaration Date</td><td>Record Date</td><td>Payment Date</td><td>Dividend per Share</td></tr><tr><td>January 16, 2009</td><td>March 6, 2009</td><td>March 27, 2009</td><td>$0.01</td></tr><tr><td>October 6, 2008</td><td>December 5, 2008</td><td>December 26, 2008</td><td>0.32</td></tr><tr><td>July 23, 2008</td><td>September 5, 2008</td><td>September 26, 2008</td><td>0.64</td></tr><tr><td>April 23, 2008</td><td>June 6, 2008</td><td>June 27, 2008</td><td>0.64</td></tr><tr><td>January 23, 2008</td><td>March 7, 2008</td><td>March 28, 2008</td><td>0.64</td></tr></table>

Question: What's the average of U.S. government and agency securities and Corporate securities, trading loans and other and Equity securities in 2008? (in miilion)
Answer: 46324.66667