countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2009 amounted to $1.26 billion (Italy).
Aggregate cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2008 amounted to $3.45 billion (Canada and Germany).
There were no cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets as of December 31, 2007.
Capital The management of regulatory and economic capital both involve key metrics evaluated by management to assess whether our actual level of capital is commensurate with our risk profile, is in compliance with all regulatory requirements, and is sufficient to provide us with the financial flexibility to undertake future strategic business initiatives.
Regulatory Capital Our objective with respect to regulatory capital management is to maintain a strong capital base in order to provide financial flexibility for our business needs, including funding corporate growth and supporting customers’ cash management needs, and to provide protection against loss to depositors and creditors.
We strive to maintain an optimal level of capital, commensurate with our risk profile, on which an attractive return to shareholders is expected to be realized over both the short and long term, while protecting our obligations to depositors and creditors and satisfying regulatory capital adequacy requirements.
Our capital management process focuses on our risk exposures, our regulatory capital requirements, the evaluations of the major independent credit rating agencies that assign ratings to our public debt and our capital position relative to our peers.
Our Capital Committee, working in conjunction with our Asset and Liability Committee, referred to as ALCO, oversees the management of regulatory capital, and is responsible for ensuring capital adequacy with respect to regulatory requirements, internal targets and the expectations of the major independent credit rating agencies.
The primary regulator of both State Street and State Street Bank for regulatory capital purposes is the Federal Reserve.
Both State Street and State Street Bank are subject to the minimum capital requirements established by the Federal Reserve and defined in the Federal Deposit Insurance Corporation Improvement Act of 1991.
State Street Bank must meet the regulatory capital thresholds for “well capitalized” in order for the parent company to maintain its status as a financial holding company.
Regulatory capital ratios and related regulatory guidelines for State Street and State Street Bank were as follows as of December 31:
## Table 0 ##
(1) Regulatory guideline for well capitalized applies only to State Street Bank.
(2) Tier 1 and total risk-based capital and tier 1 leverage ratios exclude the impact, where applicable, of the asset-backed commercial paper purchased under the Federal Reserve’s AMLF, as permitted by the AMLF’s terms and conditions.
At December 31, 2009, State Street’s and State Street Bank’s tier 1 and total risk-based capital ratios decreased compared to year-end 2008.
With respect to State Street, the loss associated with the May 2009 conduit consolidation and the June 2009 redemption of the equity received from the U. S.  Treasury in connection with the TARP Capital Purchase Program, partly offset by the aggregate impact of the May 2009 public offering
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) on a number of factors, including, but not limited to, the level of housing prices and the timing of defaults.
To the extent that such factors differ significantly from management's current expectations, resulting loss estimates may differ materially from those stated.
Excluding other-than-temporary impairment recorded in 2014, management considers the aggregate decline in fair value of the remaining investment securities and the resulting gross unrealized losses as of December 31, 2014 to be temporary and not the result of any material changes in the credit characteristics of the securities.
Additional information about these gross unrealized losses is provided in note 3 to the consolidated financial statements included under Item 8 of this Form 10-K.  Loans and Leases TABLE 26: U. S.  AND NON- U. S.  LOANS AND LEASES
## Table 1 ##
The increase in loans in the institutional segment as of December 31, 2014 as compared to December 31, 2013 was primarily driven by higher levels of short-duration advances and increased investment in the non-investment-grade lending market through participations in loan syndications, specifically senior secured bank loans.
Short-duration advances to our clients included in the institutional segment were $3.54 billion and $2.45 billion as of December 31, 2014 and 2013, respectively.
These short-duration advances provide liquidity to fund clients in support of their transaction flows associated with securities settlement activities.
As of December 31, 2014 and 2013, our investment in senior secured bank loans totaled approximately $2.07 billion and $724 million, respectively.
In addition, we had binding unfunded commitments as of December 31, 2014 totaling $337 million to participate in such syndications.
These senior secured bank loans, which we have rated “speculative” under our internal risk-rating framework (refer to note 4 to the consolidated financial statements included under Item 8 of this Form 10-K), are externally rated “BBB,” “BB” or “B,” with approximately 95% of the loans rated “BB” or “B” as of December 31, 2014, compared to 94% as of December 31, 2013.
Our investment strategy involves limiting our investment to larger, more liquid credits underwritten by major global financial institutions, applying our internal credit analysis process to each potential investment, and diversifying our exposure by counterparty and industry segment.
However, these loans have significant exposure to credit losses relative to higher-rated loans.
As of December 31, 2014, our allowance for loan losses included approximately $26 million related to these senior secured bank loans.
As this portfolio grows and becomes more seasoned, our allowance for loan losses related to these loans may increase through additional provisions for credit losses.
As of December 31, 2014 and 2013, unearned income deducted from our investment in leveraged lease financing was $109 million and $121 million, respectively, for U. S.  leases and $261 million and $298 million, respectively, for non-U.
S.  leases.
The commercial real estate, or CRE, loans are composed of the loans acquired in 2008 pursuant to indemnified repurchase agreements with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy.
Additional information about all of our loan-and-lease segments, as well as underlying classes, is provided in note 4 to the consolidated financial statements included under Item 8 of this Form 10-K.
The decrease in the CRE loans as of December 31, 2014 compared to December 31, 2013 resulted from one of the loans, acquired in 2008 pursuant to indemnified repurchase agreement with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy being repaid.
As of December 31, 2014 no CRE loans were modified in troubled debt restructurings.
As of December 31, 2013, we held a CRE loan for approximately $130 million which had previously been modified in a troubled debt restructuring.
No loans were modified in troubled debt restructurings in 2014 or 2013.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Funding Deposits: We provide products and services including custody, accounting, administration, daily pricing, foreign exchange services, cash management, financial asset management, securities finance and investment advisory services.
As a provider of these products and services, we generate client deposits, which have generally provided a stable, low-cost source of funds.
As a global custodian, clients place deposits with State Street entities in various currencies.
We invest these client deposits in a combination of investment securities and shortduration financial instruments whose mix is determined by the characteristics of the deposits.
For the past several years, we have experienced higher client deposit inflows toward the end of the quarter or the end of the year.
As a result, we believe average client deposit balances are more reflective of ongoing funding than period-end balances.
TABLE 33: CLIENT DEPOSITS
## Table 2 ##
(1) Balance as of December 31, 2014 excluded term wholesale certificates of deposit, or CDs, of $13.76 billion; average balances for the year ended December 31, 2014 and 2013 excluded average CDs of $6.87 billion and $2.50 billion, respectively.
Short-Term Funding: Our corporate commercial paper program, under which we can issue up to $3.0 billion of commercial paper with original maturities of up to 270 days from the date of issuance, had $2.48 billion and $1.82 billion of commercial paper outstanding as of December 31, 2014 and 2013, respectively.
Our on-balance sheet liquid assets are also an integral component of our liquidity management strategy.
These assets provide liquidity through maturities of the assets, but more importantly, they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales.
In addition, our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors.
As discussed earlier under “Asset Liquidity,” State Street Bank's membership in the FHLB allows for advances of liquidity with varying terms against high-quality collateral.
Short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase.
These transactions are short-term in nature, generally overnight, and are collateralized by high-quality investment securities.
These balances were $8.93 billion and $7.95 billion as of December 31, 2014 and 2013, respectively.
State Street Bank currently maintains a line of credit with a financial institution of CAD $800 million, or approximately $690 million as of December 31, 2014, to support its Canadian securities processing operations.
The line of credit has no stated termination date and is cancelable by either party with prior notice.
As of December 31, 2014, there was no balance outstanding on this line of credit.
Long-Term Funding: As of December 31, 2014, State Street Bank had Board authority to issue unsecured senior debt securities from time to time, provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $5 billion.
As of December 31, 2014, $4.1 billion was available for issuance pursuant to this authority.
As of December 31, 2014, State Street Bank also had Board authority to issue an additional $500 million of subordinated debt.
We maintain an effective universal shelf registration that allows for the public offering and sale of debt securities, capital securities, common stock, depositary shares and preferred stock, and warrants to purchase such securities, including any shares into which the preferred stock and depositary shares may be convertible, or any combination thereof.
We have issued in the past, and we may issue in the future, securities pursuant to our shelf registration.
The issuance of debt or equity securities will depend on future market conditions, funding needs and other factors.
Agency Credit Ratings Our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies.
Factors essential to maintaining high credit ratings include diverse and stable core earnings; relative market position; strong risk management; strong capital ratios; diverse liquidity sources, including the global capital markets and client deposits; strong liquidity monitoring procedures; and preparedness for current or future regulatory developments.
High ratings limit borrowing costs and enhance our liquidity by providing assurance for unsecured funding and depositors, increasing the potential market for our debt and improving our ability to offer products, serve markets, and engage in transactions in which clients value high credit ratings.
A downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital

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REGULATORY GUIDELINES	STATE STREET	STATE STREET BANK
Minimum	Well Capitalized	2009	2008 -2	2009	2008-2
Regulatory capital ratios:
Tier 1 risk-based capital	4%	6%	17.7%	20.3%	17.3%	19.8%
Total risk-based capital	8	10	19.1	21.6	19.0	21.3
Tier 1 leverage ratio-1	4	5	8.5	7.8	8.2	7.6

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As of December 31,
(In millions)	2014	2013	2012	2011	2010
Institutional:
U.S.	$14,908	$10,623	$9,645	$7,115	$7,001
Non-U.S.	3,263	2,654	2,251	2,478	4,192
Commercial real estate:
U.S.	28	209	411	460	764
Total loans and leases	$18,199	$13,486	$12,307	$10,053	$11,957
Average loans and leases	$15,912	$13,781	$11,610	$12,180	$12,094

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December 31,	Average Balance Year Ended December 31,
(In millions)	2014	2013	2014	2013
Client deposits-1	$195,276	$182,268	$167,470	$143,043

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Question: Does the average value of Loans and leases in 2014 greater than that in 2013
Answer: yes