## Table 0 ##
The increase of $217 million in total revenue for 2004 compared to 2003 reflected growth in both fee and net interest revenue.
Fee revenue in 2004 increased $492 million from 2003, with growth in all categories, particularly servicing, management and trading services fees.
Net interest revenue after provision for loan losses in 2004 was up $67 million from 2003.
Total revenue in 2003 included $345 million of gains from sales of divested businesses and $60 million of revenue from the PAM business prior to its divestiture.
The increase in servicing fees for 2004 of $313 million from 2003 was attributable to higher equity market valuations and new business from existing and new customers.
Our business continued to grow outside the United States, with 34% of servicing fees derived from non-U.
S.  customers, up from 30% in 2003.
Assets under custody increased to $9.50 trillion at December 31, 2004, up $127 billion from $9.37 trillion a year earlier.
The increase in management fees of $90 million from the prior year reflected continued new business success and higher average month-end equity market valuations.
Approximately 30% of management fees were from customers outside the United States.
The growth in management fees was somewhat offset by the absence of $59 million of fees recorded in 2003 from the divested PAM business prior to its being sold.
Assets under management increased to $1.35 trillion, up $248 billion from $1.11 trillion a year earlier.
Trading services revenue, which includes foreign exchange trading, brokerage and other trading revenue, increased $66 million compared to 2003.
This growth reflected an increase in brokerage and other trading fees of $37 million, primarily due to increased global transition management business, as well as further penetration of the investment manager marketplace.
Trading services revenue also benefited from a $29 million increase in foreign exchange trading revenue.
Customer spot and forward trading volumes were strong in 2004, both in the volume and value of transactions, up 30% from 2003.
Currency volatility, as measured by our index of 28 currencies, increased 8% from 2003.
Securities finance revenue for 2004 increased $14 million from 2003, as the effect of a 29% increase in securities lending volumes during 2004 was somewhat offset by the impact of lower interest-rate spreads in the second half of 2004, attributable to the rapid succession of increases in a target interest rate by the Federal Reserve Board, or “Federal Reserve.
”
under Item 8.
We have obligations under pension and other postretirement benefit plans, which are more fully described in Note 17 of the “Notes to Consolidated Financial Statements,” 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 in Notes 8 and 18 of the “Notes to Consolidated Financial Statements.
” The consolidated statement of cash flows, included under Item 8 of this Form 10-K, provides additional liquidity information.
OTHER COMMERCIAL COMMITMENTS
## Table 1 ##
(1) Amounts committed are reported net of participations.
Additional information about the commercial commitments disclosed in this section is in Note 9 of the “Notes to Consolidated Financial Statements” included in this Form 10-K under Item 8.
Risk Management The global scope of our business activities requires that we balance what we perceive to be the primary risks in our businesses with a comprehensive and well-integrated risk management function.
The measurement, monitoring and mitigation of risks are essential to the financial performance and successful management of State Street’s businesses.
These risks, if not effectively managed, can result in current losses to State Street as well as erosion of our capital and damage to our reputation.
Our systematic approach also allows for a more precise assessment of risks within a framework for evaluating opportunities for the prudent use of capital.
We have a disciplined approach to risk management that involves all levels of management.
The Board provides extensive review and oversight of State Street’s overall risk management programs, including the approval of key risk management policies and the periodic review of State Street’s key risk indicators.
These indicators are designed to identify major business activities of State Street with significant risk content, and to establish quantifiable thresholds for risk measurement.
Key risk indicators are reported regularly to the Executive Committee of the Board, and are reviewed periodically for appropriateness.
Modifications to the indicators are made to reflect changes in our business activities or refinements to existing measurements.
Enterprise Risk Management, or “ERM,” a dedicated corporate group, provides oversight, support and coordination across business units and is responsible for the formulation and maintenance of enterprise-wide risk management policies and guidelines.
In addition, ERM establishes and reviews approved limits, and with the support of business line management, monitors key risks.
The head of ERM meets regularly with the Board or a Board committee, as appropriate, and has the authority to escalate issues as necessary.
The execution of duties in the management of people, products, business operations and processes is the responsibility of business unit managers.
The risk management function is responsible for designing, orchestrating and directing the implementation of risk management programs and processes consistent with corporate and regulatory standards.
Accordingly, risk management is a shared responsibility and requires joint efforts in goal setting, program design and implementation, resource management, and performance evaluation between business and functional units.
Responsibility for risk management is overseen by a series of management committees.
The Major Risk Committee, or “MRC,” is responsible for the formulation, recommendation and approval of policies, guidelines and programs governing the identification, analysis, measurement and control of material risks across State
Cross-Border Outstandings Cross-border outstandings, as defined by bank regulatory rules, are amounts payable to State Street by residents of foreign countries, regardless of the currency in which the claim is denominated, and local country claims in excess of local country obligations.
These cross-border outstandings consist primarily of deposits with banks, loan and lease financing and investment securities.
In addition to credit risk, cross-border outstandings have the risk that, as a result of political or economic conditions in a country, borrowers may be unable to meet their contractual repayment obligations of principal and/or interest when due because of the unavailability of, or restrictions on, foreign exchange needed by borrowers to repay their obligations.
Cross-border outstandings to countries in which we do business which amounted to at least 1% of our consolidated total assets were as follows as of December 31:
## Table 2 ##
The total cross-border outstandings presented in the table represented 5%, 12% and 9% of our consolidated total assets as of December 31, 2008, 2007 and 2006, respectively.
Aggregate cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2008 amounted to $3.45 billion (Canada and Germany).
There were no cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets as of December 31, 2007.
Aggregate cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2006 amounted to $1.05 billion (Canada).
Capital Regulatory and economic capital management both use key metrics evaluated by management to assess whether our actual level of capital is commensurate with our risk profile, is in compliance with all regulatory requirements, and is sufficient to provide us with the financial flexibility to undertake future strategic business initiatives.
Regulatory Capital Our objective with respect to regulatory capital management is to maintain a strong capital base in order to provide financial flexibility for our business needs, including funding corporate growth and supporting customers’ cash management needs, and to provide protection against loss to depositors and creditors.
We strive to maintain an optimal level of capital, commensurate with our risk profile, on which an attractive return to shareholders will be realized over both the short and long term, while protecting our obligations to depositors and creditors and satisfying regulatory requirements.
Our capital management process focuses on our risk exposures, our capital position relative to our peers, regulatory capital requirements and the evaluations of the major independent credit rating agencies that assign ratings to our public debt.
Our Capital Committee, working in conjunction with our Asset and Liability Committee, referred to as ALCO, oversees the management of regulatory capital, and is responsible for ensuring capital adequacy with respect to regulatory requirements, internal targets and the expectations of the major independent credit rating agencies.
The primary regulator of both State Street and State Street Bank for regulatory capital purposes is the Federal Reserve.
Both State Street and State Street Bank are subject to the minimum capital requirements established by the Federal Reserve and defined in the Federal Deposit Insurance Corporation Improvement Act
We currently maintain a corporate commercial paper program, unrelated to the conduits’ asset-backed 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, 2009, we had $2.78 billion of commercial paper outstanding, compared to $2.59 billion at December 31, 2008.
Additional information about our corporate commercial paper program is provided in note 8 of the Notes to Consolidated Financial Statements included under Item 8.
In connection with our participation in the FDIC’s Temporary Liquidity Guarantee Program, or TLGP, in which we elected to participate in December 2008, the parent company was eligible to issue up to approximately $1.67 billion of unsecured senior debt during 2009, backed by the full faith and credit of the United States.
As of December 31, 2009, the parent company’s outstanding unsecured senior debt issued under the TLGP was $1.5 billion.
Additional information with respect to this outstanding debt is provided in note 9 of the Notes to Consolidated Financial Statements included under Item 8.
The guarantee of this outstanding debt under the TLGP expires on April 30, 2012, the maturity date of the debt.
State Street Bank currently has Board authority to issue bank notes up to an aggregate of $5 billion, and up to $1 billion of subordinated bank notes.
In connection with State Street Bank’s participation in the TLGP, in which State Street Bank elected to participate in December 2008, State Street Bank was eligible to issue up to approximately $2.48 billion of unsecured senior notes during 2009, backed by the full faith and credit of the United States.
As of December 31, 2009, State Street Bank’s outstanding unsecured senior notes issued under the TLGP, and pursuant to the aforementioned Board authority, totaled $2.45 billion.
Additional information with respect to these outstanding bank notes is provided in note 9 of the Notes to Consolidated Financial Statements included under Item 8.
The guarantee of State Street Bank’s outstanding debt under the TLGP expires on the maturity date of each respective debt issuance, as follows—$1 billion on March 15, 2011, and $1.45 billion on September 15, 2011.
State Street Bank currently maintains a line of credit with a financial institution of CAD $800 million, or approximately $761 million as of December 31, 2009, 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, 2009, no balance was outstanding on this line of credit.
CONTRACTUAL CASH OBLIGATIONS

<table><tr><td></td><td>2004</td><td>2003</td><td>$ Change</td><td>% Change</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>Fee Revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Servicing fees</td><td>$2,263</td><td>$1,950</td><td>$313</td><td>16%</td></tr><tr><td>Management fees</td><td>623</td><td>533</td><td>90</td><td>17</td></tr><tr><td>Trading services</td><td>595</td><td>529</td><td>66</td><td>12</td></tr><tr><td>Securities finance</td><td>259</td><td>245</td><td>14</td><td>6</td></tr><tr><td>Processing fees and other</td><td>308</td><td>299</td><td>9</td><td>3</td></tr><tr><td>Total fee revenue</td><td>4,048</td><td>3,556</td><td>492</td><td>14</td></tr><tr><td>Net Interest Revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest revenue</td><td>1,787</td><td>1,539</td><td>248</td><td>16</td></tr><tr><td>Interest expense</td><td>928</td><td>729</td><td>199</td><td>27</td></tr><tr><td>Net interest revenue</td><td>859</td><td>810</td><td>49</td><td>6</td></tr><tr><td>Provision for loan losses</td><td>-18</td><td>–</td><td>-18</td><td></td></tr><tr><td>Net interest revenue after provision for loan losses</td><td>877</td><td>810</td><td>67</td><td>8</td></tr><tr><td>Gains on sales of available-for-sale investment securities, net</td><td>26</td><td>23</td><td>3</td><td>13</td></tr><tr><td>Gain on sale of Private Asset Management business, net of exitand other associated costs</td><td>–</td><td>285</td><td>-285</td><td>-100</td></tr><tr><td>Gain on sale of Corporate Trust business</td><td>–</td><td>60</td><td>-60</td><td>-100</td></tr><tr><td>Total revenue</td><td>$4,951</td><td>$4,734</td><td>$217</td><td>5</td></tr></table>
<table><tr><td> </td><td colspan="5"> TENURE OF COMMITMENT </td></tr><tr><td>   </td><td> Total amounts committed<sup>-1</sup> </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>(Dollars in millions) </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>As of December 31, 2005 </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Indemnified securities financing</td><td>$372,863</td><td>$372,863</td><td></td><td></td><td></td></tr><tr><td>Liquidity asset purchase agreements</td><td>24,039</td><td>19,956</td><td>$2,200</td><td>$1,402</td><td>$481</td></tr><tr><td>Unfunded commitments to extend credit</td><td>14,403</td><td>11,887</td><td>602</td><td>1,824</td><td>90</td></tr><tr><td>Standby letters of credit</td><td>4,689</td><td>1,249</td><td>1,595</td><td>1,259</td><td>586</td></tr><tr><td>Total commercial commitments</td><td>$415,994</td><td>$405,955</td><td>$4,397</td><td>$4,485</td><td>$1,157</td></tr></table>
<table><tr><td>(In millions)</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>United Kingdom</td><td>$5,836</td><td>$5,951</td><td>$5,531</td></tr><tr><td>Australia</td><td>2,044</td><td>3,567</td><td>1,519</td></tr><tr><td>Canada</td><td>—</td><td>4,565</td><td>—</td></tr><tr><td>Germany</td><td>—</td><td>2,944</td><td>2,696</td></tr><tr><td>Total cross-border outstandings</td><td>$7,880</td><td>$17,027</td><td>$9,746</td></tr></table>

Question: in 2007 , what percent of cross border outstandings were in the united kingdom
Answer: 0.3495