pricing the loans .when available , valuation assumptions included observable inputs based on whole loan sales .adjustments are made to these assumptions to account for situations when uncertainties exist , including market conditions and liquidity .credit risk is included as part of our valuation process for these loans by considering expected rates of return for market participants for similar loans in the marketplace .based on the significance of unobservable inputs , we classify this portfolio as level 3 .equity investments the valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices , inherent lack of liquidity and the long-term nature of such investments .the carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including publicly traded price , multiples of adjusted earnings of the entity , independent appraisals , anticipated financing and sale transactions with third parties , or the pricing used to value the entity in a recent financing transaction .in september 2009 , the fasb issued asu 2009-12 2013 fair value measurements and disclosures ( topic 820 ) 2013 investments in certain entities that calculate net asset value per share ( or its equivalent ) .based on the guidance , we value indirect investments in private equity funds based on net asset value as provided in the financial statements that we receive from their managers .due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied , adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that provided by the manager of the fund .these investments are classified as level 3 .customer resale agreements we account for structured resale agreements , which are economically hedged using free-standing financial derivatives , at fair value .the fair value for structured resale agreements is determined using a model which includes observable market data such as interest rates as inputs .readily observable market inputs to this model can be validated to external sources , including yield curves , implied volatility or other market-related data .these instruments are classified as level 2 .blackrock series c preferred stock effective february 27 , 2009 , we elected to account for the approximately 2.9 million shares of the blackrock series c preferred stock received in a stock exchange with blackrock at fair value .the series c preferred stock economically hedges the blackrock ltip liability that is accounted for as a derivative .the fair value of the series c preferred stock is determined using a third-party modeling approach , which includes both observable and unobservable inputs .this approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair , open market price in a timely manner .due to the significance of unobservable inputs , this security is classified as level 3 .level 3 assets and liabilities financial instruments are considered level 3 when their values are determined using pricing models , discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable .level 3 assets and liabilities dollars in millions level 3 assets level 3 liabilities % (  % ) of total assets at fair value % (  % ) of total liabilities at fair value consolidated assets consolidated liabilities .
[['dollars in millions', 'total level 3 assets', 'total level 3 liabilities', '% (  % ) of total assets at fair value', '% (  % ) of total liabilities at fair value', '% (  % ) of consolidated assets', '% (  % ) of consolidated liabilities', ''], ['december 31 2009', '$ 14151', '$ 295', '22% ( 22 % )', '6% ( 6 % )', '5% ( 5 % )', '< 1', '% (  % )'], ['december 31 2008', '7012', '22', '19% ( 19 % )', '< 1% ( 1 % )', '2% ( 2 % )', '< 1% ( 1 % )', '']]
during 2009 , securities transferred into level 3 from level 2 exceeded securities transferred out by $ 4.4 billion .total securities measured at fair value and classified in level 3 at december 31 , 2009 and december 31 , 2008 included securities available for sale and trading securities consisting primarily of non-agency residential mortgage-backed securities and asset- backed securities where management determined that the volume and level of activity for these assets had significantly decreased .there have been no recent new 201cprivate label 201d issues in the residential mortgage-backed securities market .the lack of relevant market activity for these securities resulted in management modifying its valuation methodology for the instruments transferred in 2009 .other level 3 assets include certain commercial mortgage loans held for sale , certain equity securities , auction rate securities , corporate debt securities , private equity investments , residential mortgage servicing rights and other assets. .

Question: what was the increase in level 3 liabilities between december 31 2009 and december 31 2008 , in millions?
Answer: 273