the following table summarizes the total contractual amount of credit-related , off-balance sheet financial instruments at december 31 .amounts reported do not reflect participations to independent third parties. .
[['( in millions )', '2008', '2007'], ['indemnified securities financing', '$ 324590', '$ 558368'], ['liquidity asset purchase agreements', '28800', '35339'], ['unfunded commitments to extend credit', '20981', '17533'], ['standby letters of credit', '6061', '4711']]
approximately 81% ( 81 % ) of the unfunded commitments to extend credit expire within one year from the date of issue .since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements .securities finance : on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .we generally indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .the borrowed securities are revalued daily to determine if additional collateral is necessary .in this regard , we held , as agent , cash and u.s .government securities with an aggregate fair value of $ 333.07 billion and $ 572.93 billion as collateral for indemnified securities on loan at december 31 , 2008 and 2007 , respectively , presented in the table above .the collateral held by us is invested on behalf of our customers .in certain cases , the collateral is invested in third-party repurchase agreements , for which we indemnify the customer against loss of the principal invested .we require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the amount of the repurchase agreement .the indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition .of the collateral of $ 333.07 billion at december 31 , 2008 and $ 572.93 billion at december 31 , 2007 referenced above , $ 68.37 billion at december 31 , 2008 and $ 106.13 billion at december 31 , 2007 was invested in indemnified repurchase agreements .we held , as agent , cash and securities with an aggregate fair value of $ 71.87 billion and $ 111.02 billion as collateral for indemnified investments in repurchase agreements at december 31 , 2008 and december 31 , 2007 , respectively .asset-backed commercial paper program : in the normal course of our business , we provide liquidity and credit enhancement to an asset-backed commercial paper program sponsored and administered by us , described in note 12 .the commercial paper issuances and commitments of the commercial paper conduits to provide funding are supported by liquidity asset purchase agreements and back-up liquidity lines of credit , the majority of which are provided by us .in addition , we provide direct credit support to the conduits in the form of standby letters of credit .our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 23.59 billion at december 31 , 2008 , and are included in the preceding table .our commitments under standby letters of credit totaled $ 1.00 billion at december 31 , 2008 , and are also included in the preceding table .legal proceedings : several customers have filed litigation claims against us , some of which are putative class actions purportedly on behalf of customers invested in certain of state street global advisors 2019 , or ssga 2019s , active fixed-income strategies .these claims related to investment losses in one or more of ssga 2019s strategies that included sub-prime investments .in 2007 , we established a reserve of approximately $ 625 million to address legal exposure associated with the under-performance of certain active fixed-income strategies managed by ssga and customer concerns as to whether the execution of these strategies was consistent with the customers 2019 investment intent .these strategies were adversely impacted by exposure to , and the lack of liquidity in .

Question: between 2007 and 2008 , what percent did the value of standby letters of credit increase?
Answer: 28.66%