Key assumptions used in the models described above include the timing of cash flows; the maturity and repricing of balance sheet assets and liabilities, especially option-embedded financial instruments like mortgage-backed securities; changes in market conditions; and interest-rate sensitivities of our customer liabilities with respect to the interest rates paid and the level of balances.
These assumptions are inherently uncertain and, as a result, the models cannot precisely calculate future NIR or predict the impact of changes in interest rates on NIR and economic value.
Actual results could differ from simulated results due to the timing, magnitude and frequency of changes in interest rates and market conditions, changes in spreads and management strategies, among other factors.
Projections of potential future streams of NIR are assessed as part of our forecasting process.
The following table presents the estimated exposure of NIR for the next twelve months, calculated as of December 31, 2005 and 2004, due to an immediate ± 100 basis point shift in then-current interest rates.
Estimated incremental exposures set forth below are dependent on management’s assumptions about asset and liability sensitivities under various interest-rate scenarios, such as those previously discussed, and do not reflect any actions management may undertake in order to mitigate some of the adverse effects of interest-rate changes on State Street’s financial performance.
## Table 0 ##
The following table presents estimated EVE exposures, calculated as of December 31, 2005 and 2004, assuming an immediate and prolonged shift in interest rates, the impact of which would be spread over a number of years.
## Table 1 ##
While the measures presented in the tables above are not a prediction of future NIR or valuations, they do suggest that if all other variables remained constant, in the short term, falling interest rates would lead to NIR that is higher than it would otherwise have been, and rising rates would lead to lower NIR.
Other important factors that impact the levels of NIR are balance sheet size and mix; interest-rate spreads; the slope and interest-rate level of U. S.  dollar and non-U.
S.  dollar yield curves and the relationship between them; how quickly or slowly market interest rates change; and management actions taken in response to the preceding conditions.
One of the most significant assumptions underlying our modeling methodologies and the level of our NIR is the reaction of our balance sheet liabilities, such as deposits, to movements in market interest rates.
Customer deposit balances and related interest rates are an important element of the profitability of the overall customer relationship.
Generally, we invest customer deposits in money-market assets and high-quality investment securities, the mix of which is determined by the interest-rate and balance sensitivities of customer deposits under a variety of economic environments.
We regularly assess the characteristics of customer liabilities by product, geography, currency and customer type to ensure that the characteristics have not materially changed in a way that would create material risk to our NIR and net interest margin.
ITEM 6.
SELECTED FINANCIAL DATA (Dollars in millions, except per share amounts or where otherwise noted)
## Table 2 ##
(1) Amount for 2012 reflected a $46 million loss from the sale of our Greek investment securities; amount for 2010 included a net loss of $344 million related to a repositioning of our investment portfolio.
(2) Amounts for 2012 and 2011 reflected acquisition costs of $66 million and $71 million, respectively, offset by indemnification benefits of $40 million and $55 million, respectively, for the assumption of income tax liabilities related to the 2010 acquisition of the Intesa securities services business.
(3) Amount for 2013 included a $71 million out-of-period benefit to adjust deferred taxes.
Amounts for 2012 and 2011 reflected the net effects of certain tax matters ($7 million benefit and $55 million expense, respectively) associated with the 2010 Intesa acquisition.
Amounts for 2011 and 2010 reflected discrete tax benefits of $103 million and $180 million, respectively, attributable to costs incurred in terminating former conduit asset structures.
(4) Amounts for 2014, 2013, 2012 and 2011 represented preferred stock dividends and the allocation of earnings to participating securities using the two-class method.
Amount for 2010 represented the allocation of earnings to participating securities using the two-class method.
(5) Ratios for 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
Ratios for 2013, 2012, 2011 and 2010 were calculated in conformity with the provisions of Basel I.
Ratios for 2014 are not directly comparable to ratios for prior years.
Refer to note 15 to the consolidated financial statements included under Item 8 of this Form 10-K.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Detail with respect to our investment portfolio as of December 31, 2014 and 2013 is provided in note 3 to the consolidated financial statements included under Item 8 of this Form 10-K.  Loans and leases averaged $15.91 billion for the year ended 2014, up from $13.78 billion in 2013.
The increase was mainly related to mutual fund lending and our continued investment in senior secured bank loans.
Mutual fund lending and senior secured bank loans averaged approximately $9.12 billion and $1.40 billion, respectively, for the year ended December 31, 2014 compared to $8.16 billion and $170 million for the year ended December 31, 2013, respectively.
Average loans and leases also include shortduration advances.
TABLE 13: U. S.  AND NON-U.
S.  SHORT-DURATION ADVANCES Years Ended December 31,
## Table 3 ##
The decline in proportion of the average daily short-duration advances to average loans and leases is primarily due to growth in the other segments of the loan and lease portfolio.
Short-duration advances provide liquidity to clients in support of their investment activities.
Although average short-duration advances for the year ended December 31, 2014 increased compared to the year ended December 31, 2013, such average advances remained low relative to historical levels, mainly the result of clients continuing to hold higher levels of liquidity.
Average other interest-earning assets increased to $15.94 billion for the year ended December 31, 2014 from $11.16 billion for the year ended December 31, 2013.
The increased levels were primarily the result of higher levels of cash collateral provided in connection with our enhanced custody business.
Aggregate average interest-bearing deposits increased to $130.30 billion for the year ended December 31, 2014 from $109.25 billion for year ended 2013.
The higher levels were primarily the result of increases in both U. S.  and non-U.
S.  transaction accounts and time deposits.
Future transaction account levels will be influenced by the underlying asset servicing business, as well as market conditions, including the general levels of U. S.  and non-U.
S.  interest rates.
Average other short-term borrowings increased to $4.18 billion for the year ended December 31, 2014 from $3.79 billion for the year ended 2013.
The increase was the result of a higher level of client demand for our commercial paper.
The decline in rates paid from 1.6% in 2013 to 0.1% in 2014 resulted from a reclassification of certain derivative contracts that hedge our interest-rate risk on certain assets and liabilities, which reduced interest revenue and interest expense.
Average long-term debt increased to $9.31 billion for the year ended December 31, 2014 from $8.42 billion for the year ended December 31, 2013.
The increase primarily reflected the issuance of $1.5 billion of senior and subordinated debt in May 2013, $1.0 billion of senior debt issued in November 2013, and $1.0 billion of senior debt issued in December 2014.
This is partially offset by the maturities of $500 million of senior debt in May 2014 and $250 million of senior debt in March 2014.
Average other interest-bearing liabilities increased to $7.35 billion for the year ended December 31, 2014 from $6.46 billion for the year ended December 31, 2013, primarily the result of higher levels of cash collateral received from clients in connection with our enhanced custody business.
Several factors could affect future levels of our net interest revenue and margin, including the mix of client liabilities; actions of various central banks; changes in U. S.  and non-U.
S.  interest rates; changes in the various yield curves around the world; revised or proposed regulatory capital or liquidity standards, or interpretations of those standards; the amount of discount accretion generated by the former conduit securities that remain in our investment securities portfolio; and the yields earned on securities purchased compared to the yields earned on securities sold or matured.
Based on market conditions and other factors, we continue to reinvest the majority of the proceeds from pay-downs and maturities of investment securities in highly-rated securities, such as U. S.  Treasury and agency securities, municipal securities, federal agency mortgage-backed securities and U. S.  and non-U.
S.  mortgage- and asset-backed securities.
The pace at which we continue to reinvest and the types of investment securities purchased will depend on the impact of market conditions and other factors over time.
We expect these factors and the levels of global interest rates to influence what effect our reinvestment program will have on future levels of our net interest revenue and net interest margin.

<table><tr><td>  NIR-AT-RISK  </td><td colspan="2">Estimated Exposure to Net Interest Revenue </td></tr><tr><td> </td><td>2005 </td><td>2004 </td></tr><tr><td>(Dollars in millions) Rate Change </td><td></td><td></td></tr><tr><td>+ 100 bps shock </td><td>$-58</td><td>$-49</td></tr><tr><td>– 100 bps shock</td><td>-5</td><td>3</td></tr><tr><td>+ 100 bps ramp</td><td>-35</td><td>-39</td></tr><tr><td>– 100 bps ramp</td><td>9</td><td>18</td></tr></table>
<table><tr><td>  ECONOMIC VALUE OF EQUITY  </td><td colspan="2">Estimated Exposure to Economic Value of Equity </td></tr><tr><td> </td><td>2005 </td><td>2004 </td></tr><tr><td>(Dollars in millions) Rate Change </td><td></td><td></td></tr><tr><td>+ 200 bps shock</td><td>$-714</td><td>$-775</td></tr><tr><td>– 200 bps shock</td><td>138</td><td>467</td></tr></table>
<table><tr><td>FOR THE YEAR ENDED DECEMBER 31:</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Total fee revenue</td><td>$8,031</td><td>$7,590</td><td>$7,088</td><td>$7,194</td><td>$6,540</td></tr><tr><td>Net interest revenue</td><td>2,260</td><td>2,303</td><td>2,538</td><td>2,333</td><td>2,699</td></tr><tr><td>Gains (losses) related to investment securities, net<sup>(1)</sup></td><td>4</td><td>-9</td><td>23</td><td>67</td><td>-286</td></tr><tr><td>Total revenue</td><td>10,295</td><td>9,884</td><td>9,649</td><td>9,594</td><td>8,953</td></tr><tr><td>Provision for loan losses</td><td>10</td><td>6</td><td>-3</td><td>—</td><td>25</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation and employee benefits</td><td>4,060</td><td>3,800</td><td>3,837</td><td>3,820</td><td>3,524</td></tr><tr><td>Information systems and communications</td><td>976</td><td>935</td><td>844</td><td>776</td><td>713</td></tr><tr><td>Transaction processing services</td><td>784</td><td>733</td><td>702</td><td>732</td><td>653</td></tr><tr><td>Occupancy</td><td>461</td><td>467</td><td>470</td><td>455</td><td>463</td></tr><tr><td>Claims resolution</td><td>—</td><td>—</td><td>-362</td><td>—</td><td>—</td></tr><tr><td>Securities lending charge</td><td>—</td><td>—</td><td>—</td><td>—</td><td>414</td></tr><tr><td>Acquisition and restructuring costs, net<sup>-2</sup></td><td>133</td><td>104</td><td>225</td><td>269</td><td>252</td></tr><tr><td>Other</td><td>1,413</td><td>1,153</td><td>1,170</td><td>1,006</td><td>823</td></tr><tr><td>Total expenses</td><td>7,827</td><td>7,192</td><td>6,886</td><td>7,058</td><td>6,842</td></tr><tr><td>Income before income tax expense</td><td>2,458</td><td>2,686</td><td>2,766</td><td>2,536</td><td>2,086</td></tr><tr><td>Income tax expense<sup>-3</sup></td><td>421</td><td>550</td><td>705</td><td>616</td><td>530</td></tr><tr><td>Net income</td><td>$2,037</td><td>$2,136</td><td>$2,061</td><td>$1,920</td><td>$1,556</td></tr><tr><td>Adjustments to net income<sup>-4</sup></td><td>-64</td><td>-34</td><td>-42</td><td>-38</td><td>-16</td></tr><tr><td>Net income available to common shareholders</td><td>$1,973</td><td>$2,102</td><td>$2,019</td><td>$1,882</td><td>$1,540</td></tr><tr><td>PER COMMON SHARE:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$4.65</td><td>$4.71</td><td>$4.25</td><td>$3.82</td><td>$3.11</td></tr><tr><td>Diluted</td><td>4.57</td><td>4.62</td><td>4.20</td><td>3.79</td><td>3.09</td></tr><tr><td>Cash dividends declared</td><td>1.16</td><td>1.04</td><td>.96</td><td>.72</td><td>.04</td></tr><tr><td>Closing market price (at year end)</td><td>$78.50</td><td>$73.39</td><td>$47.01</td><td>$40.31</td><td>$46.34</td></tr><tr><td>AT YEAR END:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment securities</td><td>$112,636</td><td>$116,914</td><td>$121,061</td><td>$109,153</td><td>$94,130</td></tr><tr><td>Average total interest-earning assets</td><td>209,054</td><td>178,101</td><td>167,615</td><td>147,657</td><td>126,256</td></tr><tr><td>Total assets</td><td>274,119</td><td>243,291</td><td>222,582</td><td>216,827</td><td>160,505</td></tr><tr><td>Deposits</td><td>209,040</td><td>182,268</td><td>164,181</td><td>157,287</td><td>98,345</td></tr><tr><td>Long-term debt</td><td>10,042</td><td>9,699</td><td>7,429</td><td>8,131</td><td>8,550</td></tr><tr><td>Total shareholders' equity</td><td>21,473</td><td>20,378</td><td>20,869</td><td>19,398</td><td>17,787</td></tr><tr><td>Assets under custody and administration (in billions)</td><td>28,188</td><td>27,427</td><td>24,371</td><td>21,807</td><td>21,527</td></tr><tr><td>Assets under management (in billions)</td><td>2,448</td><td>2,345</td><td>2,086</td><td>1,845</td><td>2,010</td></tr><tr><td>Number of employees</td><td>29,970</td><td>29,430</td><td>29,650</td><td>29,740</td><td>28,670</td></tr><tr><td>RATIOS:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average common shareholders' equity</td><td>9.8%</td><td>10.5%</td><td>10.3%</td><td>10.0%</td><td>9.5%</td></tr><tr><td>Return on average assets</td><td>0.86</td><td>1.03</td><td>1.06</td><td>1.10</td><td>1.02</td></tr><tr><td>Common dividend payout</td><td>24.83</td><td>21.97</td><td>22.43</td><td>18.83</td><td>1.29</td></tr><tr><td>Average common equity to average total assets</td><td>8.5</td><td>9.7</td><td>10.1</td><td>10.9</td><td>10.8</td></tr><tr><td>Net interest margin, fully taxable-equivalent basis</td><td>1.16</td><td>1.37</td><td>1.59</td><td>1.67</td><td>2.24</td></tr><tr><td>Common equity tier 1 ratio<sup>-5</sup></td><td>12.5</td><td>15.5</td><td>17.1</td><td>16.8</td><td>18.1</td></tr><tr><td>Tier 1 capital ratio<sup>-5</sup></td><td>14.6</td><td>17.3</td><td>19.1</td><td>18.8</td><td>20.5</td></tr><tr><td>Total capital ratio<sup>-5</sup></td><td>16.6</td><td>19.7</td><td>20.6</td><td>20.5</td><td>22.0</td></tr><tr><td>Tier 1 leverage ratio<sup>-5</sup></td><td>6.4</td><td>6.9</td><td>7.1</td><td>7.3</td><td>8.2</td></tr></table>
<table><tr><td>(In millions)</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Average U.S. short-duration advances</td><td>$2,355</td><td>$2,356</td><td>$1,972</td></tr><tr><td>Average non-U.S. short-duration advances</td><td>1,512</td><td>1,393</td><td>1,393</td></tr><tr><td>Average total short-duration advances</td><td>$3,867</td><td>$3,749</td><td>$3,365</td></tr><tr><td>Average short-durance advances to average loans and leases</td><td>24%</td><td>27%</td><td>29%</td></tr></table>

Question: What is the growing rate of Information systems and communications in the years with the least net interest revenue? (in %)
Answer: 0.04385