Notes to Consolidated Financial Statements 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 $29.24 billion and $32.41 billion as of December 2013 and December 2012, 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 $870 million and $300 million of protection had been provided as of December 2013 and December 2012, 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 corporate loans and commercial mortgage loans.
Contingent and Forward Starting Resale and Securities Borrowing Agreements/Forward Starting Repurchase and Secured Lending Agreements The firm enters into resale and securities borrowing agreements and 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.
Investment Commitments The firm’s investment commitments consist of commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages.
These commitments include $659 million and $872 million as of December 2013 and December 2012, respectively, related to real estate private investments and $6.46 billion and $6.47 billion as of December 2013 and December 2012, respectively, related to corporate and other private investments.
Of these amounts, $5.48 billion and $6.21 billion as of December 2013 and December 2012, respectively, relate 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, principally 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 0 ##
Rent charged to operating expense was $324 million for 2013, $374 million for 2012 and $475 million for 2011.
Operating leases include office space held in excess of current requirements.
Rent expense relating to space held for growth is included in “Occupancy.
” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits.
Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination.
Contingencies Legal Proceedings.
See Note 27 for information about legal proceedings, including certain mortgage-related matters.
Certain Mortgage-Related Contingencies.
There are multiple areas of focus by regulators, governmental agencies and others within the mortgage market that may impact originators, issuers, servicers and investors.
There remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market.
M&T BANK CORPORATION AND SUBSIDIARIES Consolidated Statement of Changes in Stockholders’ Equity
## Table 1 ##
See accompanying notes to financial statements.
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) pricing of such financial instruments is based largely on credit quality and relationship, probability of funding and other requirements.
Loan commitments often have fixed expiration dates and contain termination and other clauses which provide for relief from funding in the event of significant deterioration in the credit quality of the customer.
The rates and terms of the Company’s loan commitments, credit guarantees and letters of credit are competitive with other financial institutions operating in markets served by the Company.
The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments.
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company.
The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities.
Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise.
Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made.
Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.21.
Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding.
The following table presents the Company’s significant commitments.
Certain of these commitments are not included in the Company’s consolidated balance sheet.
## Table 2 ##
Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee.
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party.
Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and third party.
The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies.
Collateral may be obtained based on management’s assessment of the customer’s creditworthiness.
Financial guarantees and indemnification contracts are oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations.
Included in financial guarantees and
$28.6 billion in 2007 and $28.3 billion in 2006.
The acquisition transactions in late-2007 added $2.0 billion of core deposits on the respective acquisition dates, however, the Company’s average core deposits in 2007 only increased $156 million from those transactions.
The previously discussed June 30, 2006 branch acquisition added approximately $880 million to average core deposits during the second half of 2006, or approximately $443 million for the year ended December 31, 2006.
Average core deposits of M&T Bank, N. A.  were $274 million in 2008, $208 million in 2007 and $387 million in 2006.
Funding provided by core deposits represented 55% of average earning assets in each of 2008 and 2007, and 57% in 2006.
Core deposits totaled $34.3 billion at December 31, 2008, compared with $30.7 billion at December 31, 2007.
Table 8 summarizes average core deposits in 2008 and percentage changes in the components of such deposits over the past two years.
Table 8 AVERAGE CORE DEPOSITS

<table><tr><td><i>in millions</i></td><td>As of  December 2013</td></tr><tr><td>2014</td><td>$ 387</td></tr><tr><td>2015</td><td>340</td></tr><tr><td>2016</td><td>280</td></tr><tr><td>2017</td><td>271</td></tr><tr><td>2018</td><td>222</td></tr><tr><td>2019 - thereafter</td><td>1,195</td></tr><tr><td>Total</td><td>$2,695</td></tr></table>
<table><tr><td> (In thousands, except per share)</td><td></td><td></td><td rowspan="2">Common Stock Issuable</td><td rowspan="2">Additional Paid-in Capital</td><td></td><td rowspan="2">Accumulated Other Comprehensive Income (Loss), Net</td><td></td><td></td></tr><tr><td></td><td> Preferred   Stock</td><td> Common   Stock</td><td>Retained Earnings</td><td>Treasury Stock</td><td>Total</td></tr><tr><td> 2006</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance — January 1, 2006</td><td>$—</td><td>60,198</td><td>5,363</td><td>2,886,153</td><td>3,854,275</td><td>-97,930</td><td>-831,673</td><td>5,876,386</td></tr><tr><td>Comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>839,189</td><td>—</td><td>—</td><td>839,189</td></tr><tr><td>Other comprehensive income, net of tax and reclassification adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized gains on investment securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>23,265</td><td>—</td><td>23,265</td></tr><tr><td>Minimum pension liability adjustment</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>30,932</td><td>—</td><td>30,932</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>893,386</td></tr><tr><td>Change in accounting for defined benefit plans (note 12)</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-9,841</td><td>—</td><td>-9,841</td></tr><tr><td>Purchases of treasury stock</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-373,860</td><td>-373,860</td></tr><tr><td>Repayment of management stock ownership program receivable</td><td>—</td><td>—</td><td>—</td><td>225</td><td>—</td><td>—</td><td>—</td><td>225</td></tr><tr><td>Stock-based compensation plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stock option and purchase plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation expense</td><td>—</td><td>—</td><td>—</td><td>51,237</td><td>—</td><td>—</td><td>—</td><td>51,237</td></tr><tr><td>Exercises</td><td>—</td><td>—</td><td>—</td><td>-47,742</td><td>—</td><td>—</td><td>140,053</td><td>92,311</td></tr><tr><td>Directors’ stock plan</td><td>—</td><td>—</td><td>—</td><td>133</td><td>—</td><td>—</td><td>977</td><td>1,110</td></tr><tr><td>Deferred compensation plans, net, including dividend equivalents</td><td>—</td><td>—</td><td>-303</td><td>-557</td><td>-206</td><td>—</td><td>1,024</td><td>-42</td></tr><tr><td>Common stock cash dividends — $2.25 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-249,817</td><td>—</td><td>—</td><td>-249,817</td></tr><tr><td>Balance — December 31, 2006</td><td>$—</td><td>60,198</td><td>5,060</td><td>2,889,449</td><td>4,443,441</td><td>-53,574</td><td>-1,063,479</td><td>6,281,095</td></tr><tr><td> 2007</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>654,259</td><td>—</td><td>—</td><td>654,259</td></tr><tr><td>Other comprehensive income, net of tax and reclassification adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized losses on investment securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-34,095</td><td>—</td><td>-34,095</td></tr><tr><td>Defined benefit plan liability adjustment</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-18,222</td><td>—</td><td>-18,222</td></tr><tr><td>Unrealized losses on cash flow hedges</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-8,931</td><td>—</td><td>-8,931</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>593,011</td></tr><tr><td>Acquisition of Partners Trust Financial Group, Inc. — common stock issued</td><td>—</td><td>—</td><td>—</td><td>-54,628</td><td>—</td><td>—</td><td>331,643</td><td>277,015</td></tr><tr><td>Purchases of treasury stock</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-508,404</td><td>-508,404</td></tr><tr><td>Stock-based compensation plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stock option and purchase plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation expense</td><td>—</td><td>—</td><td>—</td><td>49,824</td><td>—</td><td>—</td><td>1,605</td><td>51,429</td></tr><tr><td>Exercises</td><td>—</td><td>—</td><td>—</td><td>-35,397</td><td>—</td><td>—</td><td>107,116</td><td>71,719</td></tr><tr><td>Directors’ stock plan</td><td>—</td><td>—</td><td>—</td><td>63</td><td>—</td><td>—</td><td>1,278</td><td>1,341</td></tr><tr><td>Deferred compensation plans, net, including dividend equivalents</td><td>—</td><td>—</td><td>-284</td><td>-559</td><td>-215</td><td>—</td><td>1,008</td><td>-50</td></tr><tr><td>Common stock cash dividends — $2.60 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-281,900</td><td>—</td><td>—</td><td>-281,900</td></tr><tr><td>Balance — December 31, 2007</td><td>$—</td><td>60,198</td><td>4,776</td><td>2,848,752</td><td>4,815,585</td><td>-114,822</td><td>-1,129,233</td><td>6,485,256</td></tr><tr><td> 2008</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>555,887</td><td>—</td><td>—</td><td>555,887</td></tr><tr><td>Other comprehensive income, net of tax and reclassification adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized losses on investment securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-497,262</td><td>—</td><td>-497,262</td></tr><tr><td>Defined benefit plan liability adjustment</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-127,845</td><td>—</td><td>-127,845</td></tr><tr><td>Unrealized losses on terminated cash flow hedges</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3,048</td><td>—</td><td>3,048</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-66,172</td></tr><tr><td>Issuance of preferred stock and associated warrants</td><td>567,463</td><td>—</td><td>—</td><td>32,537</td><td>—</td><td>—</td><td>—</td><td>600,000</td></tr><tr><td>Repayment of management stock ownership program receivable</td><td>—</td><td>—</td><td>—</td><td>72</td><td>—</td><td>—</td><td>—</td><td>72</td></tr><tr><td>Stock-based compensation plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stock option and purchase plans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation expense</td><td>—</td><td>—</td><td>—</td><td>46,025</td><td>—</td><td>—</td><td>3,602</td><td>49,627</td></tr><tr><td>Exercises</td><td>—</td><td>—</td><td>—</td><td>-28,543</td><td>—</td><td>—</td><td>51,548</td><td>23,005</td></tr><tr><td>Directors’ stock plan</td><td>—</td><td>—</td><td>—</td><td>-450</td><td>—</td><td>—</td><td>1,797</td><td>1,347</td></tr><tr><td>Deferred compensation plans, net, including dividend equivalents</td><td>—</td><td>—</td><td>-159</td><td>-486</td><td>-217</td><td>—</td><td>959</td><td>97</td></tr><tr><td>Common stock cash dividends — $2.80 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-308,501</td><td>—</td><td>—</td><td>-308,501</td></tr><tr><td>Balance — December 31, 2008</td><td>$567,463</td><td>60,198</td><td>4,617</td><td>2,897,907</td><td>5,062,754</td><td>-736,881</td><td>-1,071,327</td><td>6,784,731</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td></td><td> 2008</td><td> 2007</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Commitments to extend credit</td><td></td><td></td></tr><tr><td>Home equity lines of credit</td><td>$5,972,541</td><td>$5,937,903</td></tr><tr><td>Commercial real estate loans to be sold</td><td>252,559</td><td>96,995</td></tr><tr><td>Other commercial real estate and construction</td><td>2,238,464</td><td>2,869,961</td></tr><tr><td>Residential real estate loans to be sold</td><td>870,578</td><td>492,375</td></tr><tr><td>Other residential real estate</td><td>211,705</td><td>425,579</td></tr><tr><td>Commercial and other</td><td>6,666,988</td><td>7,346,790</td></tr><tr><td>Standby letters of credit</td><td>3,886,396</td><td>3,691,971</td></tr><tr><td>Commercial letters of credit</td><td>45,503</td><td>34,105</td></tr><tr><td>Financial guarantees and indemnification contracts</td><td>1,546,873</td><td>1,318,733</td></tr><tr><td>Commitments to sell real estate loans</td><td>1,306,041</td><td>946,457</td></tr></table>

Question: in billions for the years december 2013 and december 2012 , what was total commitments to invest in funds managed by the firm?
Answer: 11.69