As of December 31, 2009, approximately $6.7 billion of stock repurchases remained under Citi’s authorized repurchase programs.
No material repurchases were made in 2009 or 2008.
In addition, for so long as the U. S.  government holds any Citigroup common stock or trust preferred securities acquired pursuant to the preferred stock exchange offers, Citigroup has agreed not to acquire, repurchase, or redeem any Citigroup equity or trust preferred securities, other than pursuant to administering its employee benefit plans or other customary exceptions, or with the consent of the U. S.  government.
See also “Supervision and Regulation.
” Tangible Common Equity TCE, as defined by Citigroup, represents Common equity less Goodwill and Intangible assets (other than Mortgage Servicing Rights (MSRs)) net of the related net deferred taxes.
Other companies may calculate TCE in a manner different from that of Citigroup.
Citi’s TCE was $118.2 billion and $31.1 billion at December 31, 2009 and 2008, respectively.
The TCE ratio (TCE divided by risk-weighted assets) was 10.9% and 3.1% at December 31, 2009 and 2008, respectively.
A reconciliation of Citigroup’s total stockholders’ equity to TCE follows:
## Table 0 ##
Capital Resources of Citigroup’s Depository Institutions Citigroup’s U. S.  subsidiary depository institutions are subject to risk-based capital guidelines issued by their respective primary federal bank regulatory agencies, which are similar to the guidelines of the Federal Reserve Board.
To be “well capitalized” under these regulatory definitions, Citigroup’s depository institutions must have a Tier 1 Capital ratio of at least 6%, a Total Capital (Tier 1 Capital + Tier 2 Capital) ratio of at least 10%, and a Leverage ratio of at least 5%, and not be subject to a regulatory directive to meet and maintain higher capital levels.
At December 31, 2009, all of Citigroup’s subsidiary depository institutions were “well capitalized” under federal bank regulatory agency definitions, including Citigroup’s primary depository institution, Citibank, N. A. , as noted in the following table: Citibank, N. A.
Components of Capital and Ratios Under Regulatory Guidelines
## Table 1 ##
(1) Tier 1 Capital divided by each period’s quarterly adjusted average total assets.
Citibank, N. A.  had a $2.8 billion net loss for 2009.
In addition, during 2009, Citibank, N. A.  received capital contributions from its immediate parent company, Citicorp, in the amount of $33.0 billion.
Total subordinated notes issued to Citibank, N. A.
’s immediate parent company, Citicorp, included in Citibank, N. A.
’s Tier 2 Capital declined from $28.2 billion outstanding at December 31, 2008 to $4.0 billion outstanding at December 31, 2009, reflecting the redemption of $24.2 billion of subordinated notes during 2009.
then-current assessment base in the quarter determined by the FDIC.
If the FDIC were to adopt this approach, Citi estimates the net impact to Citibank would be approximately $900 million, based on its current assessment base.
As an alternative to either of the proposals put forth by the FDIC, in commenting on the FDIC鈥檚 notice of proposed rulemaking, industry groups recommended that in lieu of any surcharge on large banks, the FDIC maintain the assessment rate framework in effect as of year-end 2015 until the reserve ratio reaches 1.35%, which would be expected to occur by year-end 2019 (and within the timeframe required under the Dodd-Frank Act).
It is not certain when the FDIC鈥檚 proposal will be finalized and what the ultimate impact will be to Citi.
Additional Interest Rate Details Average Balances and Interest Rates鈥擜ssets(1)(2)(3)(4)
## Table 2 ##
Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U. S.  federal statutory tax rate of 35%) of $487 million, $498 million and $521 million for 2015, 2014 and 2013, respectively.
Interest rates and amounts include the effects of risk management activities associated with the respective asset categories.
Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations.
See Note 2 to the Consolidated Financial Statements.
Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45.
However, Interest revenue excludes the impact of ASC 210-20-45.
The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest bearing liabilities.
Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue.
Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
Includes cash-basis loans.
Includes brokerage receivables.
During 2015, continued management actions, primarily the sale or transfer to held-for-sale of approximately $1.5 billion of delinquent residential first mortgages, including $0.9 billion in the fourth quarter largely associated with the transfer of CitiFinancial loans to held-for-sale referenced above, were the primary driver of the overall improvement in delinquencies within Citi Holdings’ residential first mortgage portfolio.
Credit performance from quarter to quarter could continue to be impacted by the amount of delinquent loan sales or transfers to held-for-sale, as well as overall trends in HPI and interest rates.
North America Residential First Mortgages—State Delinquency Trends The following tables set forth the six U. S.  states and/or regions with the highest concentration of Citi’s residential first mortgages.
## Table 3 ##
Note: Totals may not sum due to rounding.
(1) Certain of the states are included as part of a region based on Citi’s view of similar HPI within the region.
(2) Ending net receivables.
Excludes loans in Canada and Puerto Rico, loans guaranteed by U. S.  government agencies, loans recorded at fair value and loans subject to long term standby commitments (LTSCs).
Excludes balances for which FICO or LTV data are unavailable.
(3) LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
(4) New York, New Jersey, Connecticut, Florida and Illinois are judicial states.
(5) Improvement in state trends during 2015 was primarily due to the sale or transfer to held-for-sale of residential first mortgages, including the transfer of CitiFinancial residential first mortgages to held-for-sale in the fourth quarter of 2015.
Foreclosures A substantial majority of Citi’s foreclosure inventory consists of residential first mortgages.
At December 31, 2015, Citi’s foreclosure inventory included approximately $0.1 billion, or 0.2%, of the total residential first mortgage portfolio, compared to $0.6 billion, or 0.9%, at December 31, 2014, based on the dollar amount of ending net receivables of loans in foreclosure inventory, excluding loans that are guaranteed by U. S.  government agencies and loans subject to LTSCs.
North America Consumer Mortgage Quarterly Credit Trends —Net Credit Losses and Delinquencies—Home Equity Loans Citi’s home equity loan portfolio consists of both fixed-rate home equity loans and loans extended under home equity lines of credit.
Fixed-rate home equity loans are fully amortizing.
Home equity lines of credit allow for amounts to be drawn for a period of time with the payment of interest only and then, at the end of the draw period, the then-outstanding amount is converted to an amortizing loan (the interest-only payment feature during the revolving period is standard for this product across the industry).
After conversion, the home equity loans typically have a 20-year amortization period.
As of December 31, 2015, Citi’s home equity loan portfolio of $22.8 billion consisted of $6.3 billion of fixed-rate home equity loans and $16.5 billion of loans extended under home equity lines of credit (Revolving HELOCs).

<table><tr><td>In millions of dollars at year end, except ratios</td><td>2009</td><td>2008</td></tr><tr><td>Total Citigroup stockholders’ equity</td><td>$152,700</td><td>$141,630</td></tr><tr><td>Less:</td><td></td><td></td></tr><tr><td>Preferred stock</td><td>312</td><td>70,664</td></tr><tr><td>Common equity</td><td>$152,388</td><td>$70,966</td></tr><tr><td>Less:</td><td></td><td></td></tr><tr><td>Goodwill</td><td>25,392</td><td>27,132</td></tr><tr><td>Intangible assets (other than MSRs)</td><td>8,714</td><td>14,159</td></tr><tr><td>Related net deferred taxes</td><td>68</td><td>-1,382</td></tr><tr><td>Tangible common equity (TCE)</td><td>$118,214</td><td>$31,057</td></tr><tr><td>Tangible assets</td><td></td><td></td></tr><tr><td>GAAP assets</td><td>$1,856,646</td><td>$1,938,470</td></tr><tr><td>Less:</td><td></td><td></td></tr><tr><td>Goodwill</td><td>25,392</td><td>27,132</td></tr><tr><td>Intangible assets (other than MSRs)</td><td>8,714</td><td>14,159</td></tr><tr><td>Related deferred tax assets</td><td>386</td><td>1,285</td></tr><tr><td>Tangible assets (TA)</td><td>$1,822,154</td><td>$1,895,894</td></tr><tr><td>Risk-weighted assets (RWA)</td><td>$1,088,526</td><td>$996,247</td></tr><tr><td>TCE/TA ratio</td><td>6.49%</td><td>1.64%</td></tr><tr><td>TCE ratio(TCE/RWA)</td><td>10.86%</td><td>3.12%</td></tr></table>
<table><tr><td>In billions of dollars at year end</td><td>2009</td><td>2008</td></tr><tr><td>Tier 1 Capital</td><td>$96.8</td><td>$71.0</td></tr><tr><td>Total Capital (Tier 1 Capital and Tier 2 Capital)</td><td>110.6</td><td>108.4</td></tr><tr><td>Tier 1 Capital ratio</td><td>13.16%</td><td>9.94%</td></tr><tr><td>Total Capital ratio</td><td>15.03</td><td>15.18</td></tr><tr><td>Leverage ratio-1</td><td>8.31</td><td>5.82</td></tr></table>
<table><tr><td></td><td colspan="3">Average volume</td><td colspan="3">Interest revenue</td><td colspan="3">% Average rate</td></tr><tr><td>In millions of dollars, except rates</td><td>2015</td><td>2014</td><td>2013</td><td>2015</td><td>2014</td><td>2013</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits with banks<sup>-5</sup></td><td>$133,790</td><td>$161,359</td><td>$144,904</td><td>$727</td><td>$959</td><td>$1,026</td><td>0.54%</td><td>0.59%</td><td>0.71%</td></tr><tr><td>Federal funds sold and securities borrowed or purchased under agreements to resell<sup>-6</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In U.S. offices</td><td>$150,359</td><td>$153,688</td><td>$158,237</td><td>$1,211</td><td>$1,034</td><td>$1,133</td><td>0.81%</td><td>0.67%</td><td>0.72%</td></tr><tr><td>In offices outside the U.S.<sup>-5</sup></td><td>84,006</td><td>101,177</td><td>109,233</td><td>1,305</td><td>1,332</td><td>1,433</td><td>1.55</td><td>1.32</td><td>1.31</td></tr><tr><td>Total</td><td>$234,365</td><td>$254,865</td><td>$267,470</td><td>$2,516</td><td>$2,366</td><td>$2,566</td><td>1.07%</td><td>0.93%</td><td>0.96%</td></tr><tr><td>Trading account assets<sup>-7(8)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In U.S. offices</td><td>$114,639</td><td>$114,910</td><td>$126,123</td><td>$3,945</td><td>$3,472</td><td>$3,728</td><td>3.44%</td><td>3.02%</td><td>2.96%</td></tr><tr><td>In offices outside the U.S.<sup>-5</sup></td><td>103,348</td><td>119,801</td><td>127,291</td><td>2,141</td><td>2,538</td><td>2,683</td><td>2.07</td><td>2.12</td><td>2.11</td></tr><tr><td>Total</td><td>$217,987</td><td>$234,711</td><td>$253,414</td><td>$6,086</td><td>$6,010</td><td>$6,411</td><td>2.79%</td><td>2.56%</td><td>2.53%</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In U.S. offices</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable</td><td>$214,714</td><td>$188,910</td><td>$174,084</td><td>$3,812</td><td>$3,286</td><td>$2,713</td><td>1.78%</td><td>1.74%</td><td>1.56%</td></tr><tr><td>Exempt from U.S. income tax</td><td>20,034</td><td>20,386</td><td>18,075</td><td>443</td><td>626</td><td>811</td><td>2.21</td><td>3.07</td><td>4.49</td></tr><tr><td>In offices outside the U.S.<sup>-5</sup></td><td>102,376</td><td>113,163</td><td>114,122</td><td>3,071</td><td>3,627</td><td>3,761</td><td>3.00</td><td>3.21</td><td>3.30</td></tr><tr><td>Total</td><td>$337,124</td><td>$322,459</td><td>$306,281</td><td>$7,326</td><td>$7,539</td><td>$7,285</td><td>2.17%</td><td>2.34%</td><td>2.38%</td></tr><tr><td>Loans (net of unearned income)<sup>(9)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In U.S. offices</td><td>$354,439</td><td>$361,769</td><td>$354,707</td><td>$24,558</td><td>$26,076</td><td>$25,941</td><td>6.93%</td><td>7.21%</td><td>7.31%</td></tr><tr><td>In offices outside the U.S.<sup>-5</sup></td><td>273,072</td><td>296,656</td><td>292,852</td><td>15,988</td><td>18,723</td><td>19,660</td><td>5.85</td><td>6.31</td><td>6.71</td></tr><tr><td>Total</td><td>$627,511</td><td>$658,425</td><td>$647,559</td><td>$40,546</td><td>$44,799</td><td>$45,601</td><td>6.46%</td><td>6.80%</td><td>7.04%</td></tr><tr><td>Other interest-earning assets<sup>-10</sup></td><td>$55,060</td><td>$40,375</td><td>$38,233</td><td>$1,839</td><td>$507</td><td>$602</td><td>3.34%</td><td>1.26%</td><td>1.57%</td></tr><tr><td>Total interest-earning assets</td><td>$1,605,837</td><td>$1,672,194</td><td>$1,657,861</td><td>$59,040</td><td>$62,180</td><td>$63,491</td><td>3.68%</td><td>3.72%</td><td>3.83%</td></tr><tr><td>Non-interest-earning assets<sup>-7</sup></td><td>$218,000</td><td>$224,721</td><td>$222,526</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets from discontinued operations</td><td>—</td><td>—</td><td>2,909</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$1,823,837</td><td>$1,896,915</td><td>$1,883,296</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td>In billions of dollars</td><td>December 31, 2015</td><td>December 31, 2014</td></tr><tr><td>State<sup>-1</sup></td><td>ENR<sup>-2</sup></td><td>ENRDistribution</td><td>90+DPD%</td><td>%LTV >100%<sup>-3</sup></td><td>RefreshedFICO</td><td>ENR<sup>-2</sup></td><td>ENRDistribution</td><td>90+DPD%</td><td>%LTV >100%<sup>-3</sup></td><td>RefreshedFICO</td></tr><tr><td>CA</td><td>$19.2</td><td>37%</td><td>0.2%</td><td>1%</td><td>754</td><td>$18.9</td><td>31%</td><td>0.6%</td><td>2%</td><td>745</td></tr><tr><td>NY/NJ/CT<sup>-4</sup></td><td>12.7</td><td>25</td><td>0.8</td><td>1</td><td>751</td><td>12.2</td><td>20</td><td>1.9</td><td>2</td><td>740</td></tr><tr><td>VA/MD</td><td>2.2</td><td>4</td><td>1.2</td><td>2</td><td>719</td><td>3.0</td><td>5</td><td>3.0</td><td>8</td><td>695</td></tr><tr><td>IL<sup>-4</sup></td><td>2.2</td><td>4</td><td>1.0</td><td>3</td><td>735</td><td>2.5</td><td>4</td><td>2.5</td><td>9</td><td>713</td></tr><tr><td>FL<sup>-4</sup></td><td>2.2</td><td>4</td><td>1.1</td><td>4</td><td>723</td><td>2.8</td><td>5</td><td>3.0</td><td>14</td><td>700</td></tr><tr><td>TX</td><td>1.9</td><td>4</td><td>1.0</td><td>—</td><td>711</td><td>2.5</td><td>4</td><td>2.7</td><td>—</td><td>680</td></tr><tr><td>Other</td><td>11.0</td><td>21</td><td>1.3</td><td>2</td><td>710</td><td>18.2</td><td>30</td><td>3.3</td><td>7</td><td>677</td></tr><tr><td>Total<sup>-5</sup></td><td>$51.5</td><td>100%</td><td>0.7%</td><td>1%</td><td>738</td><td>$60.1</td><td>100%</td><td>2.1%</td><td>4%</td><td>715</td></tr></table>

Question: what percentage of citi's home equity portfolio as of december 31 , 2015 was comprised of fixed-rate home equity loans?
Answer: 0.27632