on-balance sheet securitizations the company engages in on-balance sheet securitizations .these are securitizations that do not qualify for sales treatment ; thus , the assets remain on the company 2019s balance sheet .the following table presents the carrying amounts and classification of consolidated assets and liabilities transferred in transactions from the consumer credit card , student loan , mortgage and auto businesses , accounted for as secured borrowings : in billions of dollars december 31 , december 31 .
[['in billions of dollars', 'december 31 2008', 'december 31 2007'], ['cash', '$ 0.3', '$ 0.1'], ['available-for-sale securities', '0.1', '0.2'], ['loans', '7.5', '7.4'], ['allowance for loan losses', '-0.1 ( 0.1 )', '-0.1 ( 0.1 )'], ['total assets', '$ 7.8', '$ 7.6'], ['long-term debt', '$ 6.3', '$ 5.8'], ['other liabilities', '0.3', '0.4'], ['total liabilities', '$ 6.6', '$ 6.2']]
all assets are restricted from being sold or pledged as collateral .the cash flows from these assets are the only source used to pay down the associated liabilities , which are non-recourse to the company 2019s general assets .citi-administered asset-backed commercial paper conduits the company is active in the asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits , and also as a service provider to single-seller and other commercial paper conduits sponsored by third parties .the multi-seller commercial paper conduits are designed to provide the company 2019s customers access to low-cost funding in the commercial paper markets .the conduits purchase assets from or provide financing facilities to customers and are funded by issuing commercial paper to third-party investors .the conduits generally do not purchase assets originated by the company .the funding of the conduit is facilitated by the liquidity support and credit enhancements provided by the company and by certain third parties .as administrator to the conduits , the company is responsible for selecting and structuring of assets purchased or financed by the conduits , making decisions regarding the funding of the conduits , including determining the tenor and other features of the commercial paper issued , monitoring the quality and performance of the conduits 2019 assets , and facilitating the operations and cash flows of the conduits .in return , the company earns structuring fees from clients for individual transactions and earns an administration fee from the conduit , which is equal to the income from client program and liquidity fees of the conduit after payment of interest costs and other fees .this administration fee is fairly stable , since most risks and rewards of the underlying assets are passed back to the customers and , once the asset pricing is negotiated , most ongoing income , costs and fees are relatively stable as a percentage of the conduit 2019s size .the conduits administered by the company do not generally invest in liquid securities that are formally rated by third parties .the assets are privately negotiated and structured transactions that are designed to be held by the conduit , rather than actively traded and sold .the yield earned by the conduit on each asset is generally tied to the rate on the commercial paper issued by the conduit , thus passing interest rate risk to the client .each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party seller , including over- collateralization , cash and excess spread collateral accounts , direct recourse or third-party guarantees .these credit enhancements are sized with the objective of approximating a credit rating of a or above , based on the company 2019s internal risk ratings .substantially all of the funding of the conduits is in the form of short- term commercial paper .as of december 31 , 2008 , the weighted average life of the commercial paper issued was approximately 37 days .in addition , the conduits have issued subordinate loss notes and equity with a notional amount of approximately $ 80 million and varying remaining tenors ranging from six months to seven years .the primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancement described above .in addition , there are two additional forms of credit enhancement that protect the commercial paper investors from defaulting assets .first , the subordinate loss notes issued by each conduit absorb any credit losses up to their full notional amount .it is expected that the subordinate loss notes issued by each conduit are sufficient to absorb a majority of the expected losses from each conduit , thereby making the single investor in the subordinate loss note the primary beneficiary under fin 46 ( r ) .second , each conduit has obtained a letter of credit from the company , which is generally 8-10% ( 8-10 % ) of the conduit 2019s assets .the letters of credit provided by the company total approximately $ 5.8 billion and are included in the company 2019s maximum exposure to loss .the net result across all multi-seller conduits administered by the company is that , in the event of defaulted assets in excess of the transaction-specific credit enhancement described above , any losses in each conduit are allocated in the following order : 2022 subordinate loss note holders 2022 the company 2022 the commercial paper investors the company , along with third parties , also provides the conduits with two forms of liquidity agreements that are used to provide funding to the conduits in the event of a market disruption , among other events .each asset of the conduit is supported by a transaction-specific liquidity facility in the form of an asset purchase agreement ( apa ) .under the apa , the company has agreed to purchase non-defaulted eligible receivables from the conduit at par .any assets purchased under the apa are subject to increased pricing .the apa is not designed to provide credit support to the conduit , as it generally does not permit the purchase of defaulted or impaired assets and generally reprices the assets purchased to consider potential increased credit risk .the apa covers all assets in the conduits and is considered in the company 2019s maximum exposure to loss .in addition , the company provides the conduits with program-wide liquidity in the form of short-term lending commitments .under these commitments , the company has agreed to lend to the conduits in the event of a short-term disruption in the commercial paper market , subject to specified conditions .the total notional exposure under the program-wide liquidity agreement is $ 11.3 billion and is considered in the company 2019s maximum exposure to loss .the company receives fees for providing both types of liquidity agreement and considers these fees to be on fair market terms. .

Question: at december 312008 what was the debt to the equity ratio
Answer: 1.18