Market Risk Management – Equity And Other Investment Risk Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets.
In addition to extending credit, taking deposits, securities underwriting and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries.
We also have investments in affiliated and non-affiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds.
The economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors.
The primary risk measurement for equity and other investments is economic capital.
Economic capital is a common measure of risk for credit, market and operational risk.
It is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-A by the credit rating agencies.
Given the illiquid nature of many of these types of investments, it can be a challenge to determine their fair values.
See Note 7 Fair Value in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information.
Various PNC business units manage our equity and other investment activities.
Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows: Table 54: Equity Investments Summary
## Table 0 ##
(a) The December 31, 2013 amount has been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits.
BlackRock PNC owned approximately 35 million common stock equivalent shares of BlackRock equity at December 31, 2014, accounted for under the equity method.
The primary risk measurement, similar to other equity investments, is economic capital.
The Business Segments Review section of this Item 7 includes additional information about BlackRock.
Tax Credit Investments Included in our equity investments are direct tax credit investments and equity investments held by consolidated partnerships which totaled $2.6 billion at both December 31, 2014 and December 31, 2013.
These equity investment balances include unfunded commitments totaling $717 million and $802 million at December 31, 2014 and December 31, 2013, respectively.
These unfunded commitments are included in Other Liabilities on our Consolidated Balance Sheet.
Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in the Notes To Consolidated Financial Statements in Item 8 of this Report has further information on Tax Credit Investments.
Private Equity The private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry, stage and type of investment.
Private equity investments carried at estimated fair value totaled $1.6 billion at December 31, 2014 and $1.7 billion at December 31, 2013.
As of December 31, 2014, $1.1 billion was invested directly in a variety of companies and $.5 billion was invested indirectly through various private equity funds.
Included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes.
The noncontrolling interests of these funds totaled $212 million as of December 31, 2014.
The interests held in indirect private equity funds are not redeemable, but PNC may receive distributions over the life of the partnership from liquidation of the underlying investments.
See Item 1 Business – Supervision and Regulation and Item 1A Risk Factors of this Report for discussion of the potential impacts of the Volcker Rule provisions of Dodd-Frank on our interests in and sponsorship of private funds covered by the Volcker Rule.
Our unfunded commitments related to private equity totaled $140 million at December 31, 2014 compared with $164 million at December 31, 2013.
accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable.
Interest income is not recognized on these loans.
Loans accounted for under the fair value option are reported as performing loans as these loans are accounted for at fair value.
However, when nonaccrual criteria is met, interest income is not recognized on these loans.
Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest.
Purchased impaired loans are excluded from nonperforming loans as we are currently accreting interest income over the expected life of the loans.
See Note 4 Purchased Loans for further information.
See Note 1 Accounting Policies for additional delinquency, nonperforming, and charge-off information.
The following tables display the delinquency status of our loans and our nonperforming assets at December 31, 2014 and December 31, 2013, respectively.
Table 60: Analysis of Loan Portfolio (a)
## Table 1 ##
(a) Amounts in table represent recorded investment and exclude loans held for sale.
(b) Past due loan amounts exclude purchased impaired loans, even if contractually past due (or if we do not expect to receive payment in full based on the original contractual terms), as we are currently accreting interest income over the expected life of the loans.
(c) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies.
Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population.
(d) Net of unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums totaling $1.7 billion and $2.1 billion at December 31, 2014 and December 31, 2013, respectively.
(Continued on following page)
In the preceding table, the unit shares and related weightedaverage grant date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares, as those dividends will be paid in cash if and when the underlying unit shares are released to the participants.
Liability Awards A summary of all nonvested, cash-payable incentive/ performance units and restricted share unit activity follows: Table 122: Nonvested Cash-Payable Incentive/Performance Units and Restricted Share Units – Rollforward
## Table 2 ##
Included in the preceding table are cash-payable restricted share units granted to certain executives.
These grants were made primarily as part of an annual bonus incentive deferral plan.
While there are time-based and other vesting criteria, there are generally no market or performance criteria associated with these awards.
Compensation expense recognized related to these awards was recorded in prior periods as part of the annual cash bonus process.
As of December 31, 2014, the aggregate intrinsic value of all outstanding nonvested cash-payable incentive/performance units and restricted share units was $76 million.
The total of all share-based liability awards paid out during 2014, 2013 and 2012 was approximately $38 million, $29 million and $39 million, respectively.
Employee Stock Purchase Plan As of December 31, 2014, our ESPP had approximately 1 million shares available for issuance.
Full-time employees with six months and part-time employees with 12 months of continuous employment with a participating PNC entity are eligible to participate in the ESPP at the commencement of the next six-month offering period.
Eligible participants may purchase our common stock at 95% of the fair market value on the last day of each six-month offering period.
No charge to earnings is recorded with respect to the ESPP.
Table 123: Employee Stock Purchase Plan – Summary

<table><tr><td>In millions</td><td>December 312014</td><td>December 312013</td></tr><tr><td>BlackRock</td><td>$6,265</td><td>$5,940</td></tr><tr><td>Tax credit investments (a)</td><td>2,616</td><td>2,572</td></tr><tr><td>Private equity</td><td>1,615</td><td>1,656</td></tr><tr><td>Visa</td><td>77</td><td>158</td></tr><tr><td>Other</td><td>155</td><td>234</td></tr><tr><td>Total</td><td>$10,728</td><td>$10,560</td></tr></table>
<table><tr><td></td><td colspan="5">Accruing</td><td></td><td></td><td></td><td></td></tr><tr><td>Dollars in millions</td><td>Current or Less Than 30 Days Past Due</td><td>30-59 Days Past Due</td><td>60-89 Days Past Due</td><td>90 Days Or More Past Due</td><td>Total Past Due (b)</td><td>Nonperforming Loans</td><td>Fair Value Option Nonaccrual Loans (c)</td><td>Purchased Impaired Loans</td><td>Total Loans (d) (e)</td></tr><tr><td> December 31, 2014</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial Lending</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$96,922</td><td>$73</td><td>$24</td><td>$37</td><td>$134</td><td>$290</td><td></td><td>$74</td><td>$97,420</td></tr><tr><td>Commercial real estate</td><td>22,667</td><td>23</td><td>2</td><td></td><td>25</td><td>334</td><td></td><td>236</td><td>23,262</td></tr><tr><td>Equipment lease financing</td><td>7,672</td><td>11</td><td>1</td><td></td><td>12</td><td>2</td><td></td><td></td><td>7,686</td></tr><tr><td>Total commercial lending</td><td>127,261</td><td>107</td><td>27</td><td>37</td><td>171</td><td>626</td><td></td><td>310</td><td>128,368</td></tr><tr><td>Consumer Lending</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity</td><td>31,474</td><td>70</td><td>32</td><td></td><td>102</td><td>1,112</td><td></td><td>1,989</td><td>34,677</td></tr><tr><td>Residential real estate (f)</td><td>9,900</td><td>163</td><td>68</td><td>742</td><td>973</td><td>706</td><td>$269</td><td>2,559</td><td>14,407</td></tr><tr><td>Credit card</td><td>4,528</td><td>28</td><td>20</td><td>33</td><td>81</td><td>3</td><td></td><td></td><td>4,612</td></tr><tr><td>Other consumer (g)</td><td>22,071</td><td>214</td><td>112</td><td>293</td><td>619</td><td>63</td><td></td><td></td><td>22,753</td></tr><tr><td>Total consumer lending</td><td>67,973</td><td>475</td><td>232</td><td>1,068</td><td>1,775</td><td>1,884</td><td>269</td><td>4,548</td><td>76,449</td></tr><tr><td>Total</td><td>$195,234</td><td>$582</td><td>$259</td><td>$1,105</td><td>$1,946</td><td>$2,510</td><td>$269</td><td>$4,858</td><td>$204,817</td></tr><tr><td>Percentage of total loans</td><td>95.32%</td><td>.28%</td><td>.13%</td><td>.54%</td><td>0.95%</td><td>1.23%</td><td>.13%</td><td>2.37%</td><td>100.00%</td></tr><tr><td>December 31, 2013</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial Lending</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$87,621</td><td>$81</td><td>$20</td><td>$42</td><td>$143</td><td>$457</td><td></td><td>$157</td><td>$88,378</td></tr><tr><td>Commercial real estate</td><td>20,090</td><td>54</td><td>11</td><td>2</td><td>67</td><td>518</td><td></td><td>516</td><td>21,191</td></tr><tr><td>Equipment lease financing</td><td>7,538</td><td>31</td><td>2</td><td></td><td>33</td><td>5</td><td></td><td></td><td>7,576</td></tr><tr><td>Total commercial lending</td><td>115,249</td><td>166</td><td>33</td><td>44</td><td>243</td><td>980</td><td></td><td>673</td><td>117,145</td></tr><tr><td>Consumer Lending</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity</td><td>32,877</td><td>86</td><td>34</td><td></td><td>120</td><td>1,139</td><td></td><td>2,311</td><td>36,447</td></tr><tr><td>Residential real estate (f)</td><td>9,311</td><td>217</td><td>87</td><td>1,060</td><td>1,364</td><td>904</td><td>$365</td><td>3,121</td><td>15,065</td></tr><tr><td>Credit card</td><td>4,339</td><td>29</td><td>19</td><td>34</td><td>82</td><td>4</td><td></td><td></td><td>4,425</td></tr><tr><td>Other consumer (g)</td><td>21,788</td><td>216</td><td>112</td><td>353</td><td>681</td><td>61</td><td></td><td>1</td><td>22,531</td></tr><tr><td>Total consumer lending</td><td>68,315</td><td>548</td><td>252</td><td>1,447</td><td>2,247</td><td>2,108</td><td>365</td><td>5,433</td><td>78,468</td></tr><tr><td>Total</td><td>$183,564</td><td>$714</td><td>$285</td><td>$1,491</td><td>$2,490</td><td>$3,088</td><td>$365</td><td>$6,106</td><td>$195,613</td></tr><tr><td>Percentage of total loans</td><td>93.83%</td><td>.37%</td><td>.15%</td><td>.76%</td><td>1.28%</td><td>1.58%</td><td>.19%</td><td>3.12%</td><td>100.00%</td></tr></table>
<table><tr><td>In thousands</td><td>Cash-Payable Incentive/ Performance Units</td><td>Cash-Payable Restricted ShareUnits</td><td>Total</td></tr><tr><td>Outstanding at December 31, 2013</td><td>116</td><td>825</td><td>941</td></tr><tr><td>Granted</td><td>100</td><td>269</td><td>369</td></tr><tr><td>Vested and Released</td><td>-39</td><td>-425</td><td>-464</td></tr><tr><td>Forfeited</td><td></td><td>-11</td><td>-11</td></tr><tr><td>Outstanding at December 31, 2014</td><td>177</td><td>658</td><td>835</td></tr></table>

Question: In which year is the value of Total commercial lending for Accruing 90 Days Or More Past Due on December 31 higher?
Answer: 2013