j.p .morgan chase & co ./ 2003 annual report 49 off 2013balance sheet arrangements and contractual cash obligations special-purpose entities special-purpose entities ( 201cspes 201d ) , special-purpose vehicles ( 201cspvs 201d ) , or variable-interest entities ( 201cvies 201d ) , are an important part of the financial markets , providing market liquidity by facili- tating investors 2019 access to specific portfolios of assets and risks .spes are not operating entities ; typically they are established for a single , discrete purpose , have a limited life and have no employees .the basic spe structure involves a company selling assets to the spe .the spe funds the asset purchase by selling securities to investors .to insulate investors from creditors of other entities , including the seller of the assets , spes are often structured to be bankruptcy-remote .spes are critical to the functioning of many investor markets , including , for example , the market for mortgage-backed securities , other asset-backed securities and commercial paper .jpmorgan chase is involved with spes in three broad categories of transactions : loan securi- tizations ( through 201cqualifying 201d spes ) , multi-seller conduits , and client intermediation .capital is held , as appropriate , against all spe-related transactions and related exposures such as deriva- tive transactions and lending-related commitments .the firm has no commitments to issue its own stock to support any spe transaction , and its policies require that transactions with spes be conducted at arm 2019s length and reflect market pric- ing .consistent with this policy , no jpmorgan chase employee is permitted to invest in spes with which the firm is involved where such investment would violate the firm 2019s worldwide rules of conduct .these rules prohibit employees from self- dealing and prohibit employees from acting on behalf of the firm in transactions with which they or their family have any significant financial interest .for certain liquidity commitments to spes , the firm could be required to provide funding if the credit rating of jpmorgan chase bank were downgraded below specific levels , primarily p-1 , a-1 and f1 for moody 2019s , standard & poor 2019s and fitch , respectively .the amount of these liquidity commitments was $ 34.0 billion at december 31 , 2003 .if jpmorgan chase bank were required to provide funding under these commitments , the firm could be replaced as liquidity provider .additionally , with respect to the multi-seller conduits and structured commercial loan vehicles for which jpmorgan chase bank has extended liq- uidity commitments , the bank could facilitate the sale or refi- nancing of the assets in the spe in order to provide liquidity .of these liquidity commitments to spes , $ 27.7 billion is included in the firm 2019s total other unfunded commitments to extend credit included in the table on the following page .as a result of the consolidation of multi-seller conduits in accordance with fin 46 , $ 6.3 billion of these commitments are excluded from the table , as the underlying assets of the spe have been included on the firm 2019s consolidated balance sheet .the following table summarizes certain revenue information related to vies with which the firm has significant involvement , and qualifying spes: .
[['year ended december 31 2003 ( in millions )', 'year ended december 31 2003 vies', 'year ended december 31 2003 ( a )', 'year ended december 31 2003 spes', 'total'], ['revenue', '$ 79', '', '$ 979', '$ 1058']]
( a ) includes consolidated and nonconsolidated asset-backed commercial paper conduits for a consistent presentation of 2003 results .the revenue reported in the table above represents primarily servicing fee income .the firm also has exposure to certain vie vehicles arising from derivative transactions with vies ; these transactions are recorded at fair value on the firm 2019s consolidated balance sheet with changes in fair value ( i.e. , mark-to-market gains and losses ) recorded in trading revenue .such mtm gains and losses are not included in the revenue amounts reported in the table above .for a further discussion of spes and the firm 2019s accounting for spes , see note 1 on pages 86 201387 , note 13 on pages 100 2013103 , and note 14 on pages 103 2013106 of this annual report .contractual cash obligations in the normal course of business , the firm enters into various con- tractual obligations that may require future cash payments .contractual obligations at december 31 , 2003 , include long-term debt , trust preferred capital securities , operating leases , contractual purchases and capital expenditures and certain other liabilities .for a further discussion regarding long-term debt and trust preferred capital securities , see note 18 on pages 109 2013111 of this annual report .for a further discussion regarding operating leases , see note 27 on page 115 of this annual report .the accompanying table summarizes jpmorgan chase 2019s off 2013 balance sheet lending-related financial instruments and signifi- cant contractual cash obligations , by remaining maturity , at december 31 , 2003 .contractual purchases include commit- ments for future cash expenditures , primarily for services and contracts involving certain forward purchases of securities and commodities .capital expenditures primarily represent future cash payments for real estate 2013related obligations and equip- ment .contractual purchases and capital expenditures at december 31 , 2003 , reflect the minimum contractual obligation under legally enforceable contracts with contract terms that are both fixed and determinable .excluded from the following table are a number of obligations to be settled in cash , primarily in under one year .these obligations are reflected on the firm 2019s consolidated balance sheet and include deposits ; federal funds purchased and securities sold under repurchase agreements ; other borrowed funds ; purchases of debt and equity instruments that settle within standard market timeframes ( e.g .regular-way ) ; derivative payables that do not require physical delivery of the underlying instrument ; and certain purchases of instruments that resulted in settlement failures. .

Question: in 2003 what was the percent of the total revenues from vies
Answer: 7.5%