Sources of Liquidity Primary sources of liquidity for Citigroup and its principal subsidiaries include: ?
deposits; ?
collateralized financing transactions; ?
senior and subordinated debt; ?
commercial paper; ?
trust preferred and preferred securities; and ?
purchased/wholesale funds.
Citigroup’s funding sources are diversified across funding types and geography, a benefit of its global franchise.
Funding for Citigroup and its major operating subsidiaries includes a geographically diverse retail and corporate deposit base of $774.2 billion.
These deposits are diversified across products and regions, with approximately two-thirds of them outside of the U. S.  This diversification provides the Company with an important, stable and low-cost source of funding.
A significant portion of these deposits has been, and is expected to be, long-term and stable, and are considered to be core.
There are qualitative as well as quantitative assessments that determine the Company’s calculation of core deposits.
The first step in this process is a qualitative assessment of the deposits.
For example, as a result of the Company’s qualitative analysis certain deposits with wholesale funding characteristics are excluded from consideration as core.
Deposits that qualify under the Company’s qualitative assessments are then subjected to quantitative analysis.
Excluding the impact of changes in foreign exchange rates and the sale of our retail banking operations in Germany during the year ending December 31, 2008, the Company’s deposit base remained stable.
On a volume basis, deposit increases were noted in Transaction Services, U. S.  Retail Banking and Smith Barney.
This was partially offset by the Company’s decision to reduce deposits considered wholesale funding, consistent with the Company’s de-leveraging efforts, and declines in International Consumer Banking and the Private Bank.
Citigroup and its subsidiaries have historically had a significant presence in the global capital markets.
The Company’s capital markets funding activities have been primarily undertaken by two legal entities: (i) Citigroup Inc. , which issues long-term debt, medium-term notes, trust preferred securities, and preferred and common stock; and (ii) Citigroup Funding Inc.  (CFI), a first-tier subsidiary of Citigroup, which issues commercial paper, medium-term notes and structured equity-linked and credit-linked notes, all of which are guaranteed by Citigroup.
Other significant elements of longterm debt on the Consolidated Balance Sheet include collateralized advances from the Federal Home Loan Bank system, long-term debt related to the consolidation of ICG’s Structured Investment Vehicles, asset-backed outstandings, and certain borrowings of foreign subsidiaries.
Each of Citigroup’s major operating subsidiaries finances its operations on a basis consistent with its capitalization, regulatory structure and the environment in which it operates.
Particular attention is paid to those businesses that for tax, sovereign risk, or regulatory reasons cannot be freely and readily funded in the international markets.
Citigroup’s borrowings have historically been diversified by geography, investor, instrument and currency.
Decisions regarding the ultimate currency and interest rate profile of liquidity generated through these borrowings can be separated from the actual issuance through the use of derivative instruments.
Citigroup is a provider of liquidity facilities to the commercial paper programs of the two primary Credit Card securitization trusts with which it transacts.
Citigroup may also provide other types of support to the trusts.
As a result of the recent economic downturn, its impact on the cashflows of the trusts, and in response to credit rating agency reviews of the trusts, the Company increased the credit enhancement in the Omni Trust, and plans to provide additional enhancement to the Master Trust (see Note 23 to Consolidated Financial Statements on page 175 for a further discussion).
This support preserves investor sponsorship of our card securitization franchise, an important source of liquidity.
Banking Subsidiaries There are various legal limitations on the ability of Citigroup’s subsidiary depository institutions to extend credit, pay dividends or otherwise supply funds to Citigroup and its non-bank subsidiaries.
The approval of the Office of the Comptroller of the Currency, in the case of national banks, or the Office of Thrift Supervision, in the case of federal savings banks, is required if total dividends declared in any calendar year exceed amounts specified by the applicable agency’s regulations.
State-chartered depository institutions are subject to dividend limitations imposed by applicable state law.
In determining the declaration of dividends, each depository institution must also consider its effect on applicable risk-based capital and leverage ratio requirements, as well as policy statements of the federal regulatory agencies that indicate that banking organizations should generally pay dividends out of current operating earnings.
Non-Banking Subsidiaries Citigroup also receives dividends from its non-bank subsidiaries.
These non-bank subsidiaries are generally not subject to regulatory restrictions on dividends.
However, as discussed in “Capital Resources and Liquidity” on page 94, the ability of CGMHI to declare dividends can be restricted by capital considerations of its broker-dealer subsidiaries.
CGMHI’s consolidated balance sheet is liquid, with the vast majority of its assets consisting of marketable securities and collateralized short-term financing agreements arising from securities transactions.
CGMHI monitors and evaluates the adequacy of its capital and borrowing base on a daily basis to maintain liquidity and to ensure that its capital base supports the regulatory capital requirements of its subsidiaries.
Some of Citigroup’s non-bank subsidiaries, including CGMHI, have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank, N. A.
Borrowings under these facilities must be secured in accordance with Section 23A of the Federal Reserve Act.
There are various legal restrictions on the extent to which a bank holding company and certain of its non-bank subsidiaries can borrow or obtain credit from Citigroup’s subsidiary depository institutions or engage in certain other transactions with them.
In general, these restrictions require that transactions be on arm’s length terms and be secured by designated amounts of specified collateral.
See Note 20 to the Consolidated Financial Statements on page 169.
At December 31, 2008, long-term debt and commercial paper outstanding for Citigroup, CGMHI, CFI and Citigroup’s subsidiaries were as follows:
## Table 0 ##
(1) At December 31, 2008, approximately $67.4 billion relates to collateralized advances from the Federal Home Loan Bank.
(2) Citigroup Inc.  guarantees all of CFI’s debt and CGMHI’s publicly issued securities.
Citi Holdings contains businesses and portfolios of assets that Citigroup has determined are not central to its core Citicorp businesses.
Consistent with its strategy, Citi intends to exit these businesses as quickly as practicable in an economically rational manner through business divestitures, portfolio run-offs and asset sales.
During 2009 and 2010, Citi made substantial progress divesting and exiting businesses from Citi Holdings, having completed more than 30 divestiture transactions, including Smith Barney, Nikko Cordial Securities, Nikko Asset Management, Primerica Financial Services, various credit card businesses (including Diners Club North America) and The Student Loan Corporation (which is reported as discontinued operations within the Corporate/Other segment for the second half of 2010 only).
Citi Holdings’ GAAP assets of $359 billion have been reduced by $128 billion from December 31, 2009, and $468 billion from the peak in the first quarter of 2008.
Citi Holdings’ GAAP assets of $359 billion represent approximately 19% of Citi’s assets as of December 31, 2010.
Citi Holdings’ risk-weighted assets of approximately $330 billion represent approximately 34% of Citi’s risk-weighted assets as of December 31, 2010.
Citi Holdings consists of the following: Brokerage and Asset Management, Local Consumer Lending, and Special Asset Pool.
## Table 1 ##
receipt in 2005, of a $10 million termination fee associated with one property that left our system.
The favorable items noted above were also partially offset by $146 million of increased general and administrative expenses and $46 million of lower synthetic fuel revenue net of synthetic fuel expenses.
Increased general, administrative and other expenses were associated with our Lodging segments as unallocated general, administrative and other expenses were down slightly compared to the prior year.
The increase in general, administrative and other expenses reflects a $94 million charge impacting our North American Full-Service and International Lodging segments, primarily due to the non-cash write-off of deferred contract acquisition costs associated with the termination of management agreements associated with our acquisition of the CTF properties, and $30 million of expenses associated with our bedding incentive program, impacting our North American Full-Service, North American Limited-Service and International Lodging segments.
General, administrative and other expenses in 2005 also reflect pre-tax performance termination cure payments of $15 million associated with two properties, a $9 million pre-tax charge associated with three guarantees, increased other net overhead costs of $13 million including costs related to the Company’s unit growth, development and systems, and $2 million of increased foreign exchange losses partially offset by $5 million of lower litigation expenses.
Additionally, in 2004, general, administrative and other expenses included a $13 million charge associated with the write-off of deferred contract acquisition costs.
Operating income for 2005 included a synthetic fuel operating loss of $144 million versus a $98 million operating loss in the prior year, reflecting increased costs and the consolidation of our synthetic fuel operations from the start of the 2004 second quarter, which resulted in the recognition of revenue and expenses for all of 2005 versus only three quarters in 2004, as we accounted for the synthetic fuel operations using the equity method of accounting in the 2004 first quarter.
For additional information, see our “Synthetic Fuel” segment discussion later in this report.
Gains and Other Income The following table shows our gains and other income for 2006, 2005 and 2004.
## Table 2 ##
Gains on sale/income on redemption of joint venture investments of $68 million in 2006 represents $43 million of net gains associated with the sale of joint venture investments and $25 million of income associated with the redemption of preferred stock we held in one investee.
As further explained in the earlier “Revenues” discussion for 2006, Timeshare segment note sale gains of $77 million in 2006 are presented in the “Timeshare sales and services” revenue caption.
Interest Expense 2006 COMPARED TO 2005 Interest expense increased $18 million (17 percent) to $124 million in 2006 from $106 million in 2005.
Included within interest expense for 2006 are charges totaling $46 million relating to interest on accumulated cash inflows, in advance of our cash outflows for various programs that we operate on the owners’ behalf, including the Marriott Rewards, Gift Certificates and SelfInsurance programs.
The increase in interest on these programs over 2005 is related to higher liability balances and higher interest rates.
Interest expense also increased in 2006, due to our June 2005 Series F Notes issuance, our June 2006 Series H Notes issuance, and higher commercial paper balances coupled with higher rates.
Partially offsetting these increases were interest expense declines associated with the payoff, at maturity, of both our Series D Notes in April 2005 and Series B Notes in November 2005, and the exchange of our Series C and Series E Notes for lower interest rate Series G Notes in 2005.2005 COMPARED TO 2004 Interest expense increased $7 million (7 percent) to $106 million in 2005 from $99 million in the prior year, reflecting increased debt levels, which helped to facilitate significantly higher capital expenditures and share repurchases in 2005.
Interest expense in 2005 reflected our June 2005 Series F Notes issuance and, versus the prior year, higher commercial paper balances coupled with higher rates.
Included within interest expense for 2005 are charges totaling $29 million relating to interest on accumulated cash inflows, in advance of our cash outflows for various programs that we operate on the owners’ behalf, including the Marriott Rewards, Gift Certificates and Self-Insurance programs.
The increase over 2004 is related to higher liability balances and higher interest rates.
Partially offsetting these increases were interest expense declines associated with the payoff, at maturity, of both our Series D Notes in April 2005 and Series B Notes in November 2005, and the capitalization of more interest associated with the development of timeshare properties.
Interest Income, Provision for Loan Losses, and Income Tax 2006 COMPARED TO 2005 Interest income, before the provision for loan losses, decreased $34 million (43 percent) to $45 million in 2006 from $79 million in 2005, primarily reflecting the impact of loans repaid to us in 2005.
Also reflected in the decrease versus the prior year are $4 million of mark-to-market expenses in 2006 associated with hedges for our synthetic fuel operations.
Loan loss provisions decreased $31 million versus the prior year reflecting the reversal of loan loss provisions totaling $3 million in 2006 compared to a charge of $17 million in 2005 due to the impairment of our Delta Air Lines, Inc.  aircraft leveraged lease, see the “Investment in Leveraged Lease” caption later in this report for additional information, and an $11 million loan loss provision in 2005 associated with one property.
Our tax provision totaled $286 million in 2006 compared to a tax provision of $94 million in 2005.
The difference of $192 million is primarily attributable to $96 million of higher taxes in 2006 associated with higher pre-tax income from our lodging operations and $96 million of lower tax credits and tax benefit in 2006 associated with our synthetic fuel operations that generated a net tax benefit of $94 million in 2006 compared to a net tax benefit of $190 million in 2005.
As discussed in more detail in the “Synthetic Fuel” segment caption later in this report, 2006 includes a provision for an estimated 39 percent

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In billions of dollars	Citigroup parent company	CGMHI-2	Citigroup Funding Inc.-2	Other Citigroup subsidiaries
Long-term debt	$192.3	$20.6	$37.4	$109.3	-1
Commercial paper	$—	$—	$28.6	$0.5

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In millions of dollars	2010	2009	2008	% Change 2010 vs. 2009	% Change 2009 vs. 2008
Net interest revenue	$14,773	$16,139	$21,092	-8%	-23%
Non-interest revenue	4,514	12,989	-29,330	-65	NM
Total revenues, net of interest expense	$19,287	$29,128	$-8,238	-34%	NM
Provisions for credit losses and for benefits and claims
Net credit losses	$19,070	$24,585	$14,026	-22%	75%
Credit reserve build (release)	-3,500	5,305	11,258	NM	-53
Provision for loan losses	$15,570	$29,890	$25,284	-48%	18%
Provision for benefits and claims	813	1,094	1,228	-26	-11
Provision (release) for unfunded lending commitments	-82	106	-172	NM	NM
Total provisions for credit losses and for benefits and claims	$16,301	$31,090	$26,340	-48%	18%
Total operating expenses	$9,563	$13,764	$24,104	-31	-43%
Loss from continuing operations before taxes	$-6,577	$-15,726	$-58,682	58%	73%
Benefits for income taxes	-2,554	-6,878	-22,185	63	69
(Loss) from continuing operations	$-4,023	$-8,848	$-36,497	55%	76%
Net income (loss) attributable to noncontrolling interests	207	29	-372	NM	NM
Citi Holdings net loss	$-4,230	$-8,877	$-36,125	52%	75%
Balance sheet data(in billions of dollars)
Total EOP assets	$359	$487	$650	-26%	-25%
Total EOP deposits	$79	$89	$81	-11%	10%

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($ in millions)	2006	2005	2004
Timeshare segment note sale gains	$—	$69	$64
Synthetic fuel earn-out payments (made) received, net	-15	32	28
Loss on expected land sale	-37	—	—
Gains on sales of real estate and other	26	34	48
Other note sale/repayment gains	2	25	5
Gains on sale/income on redemption of joint venture investments	68	7	19
Income from cost method joint ventures	15	14	—
$59	$181	$164

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Question: What is the growing rate of Net credit losses in the year with the most Provision for benefits and claims?
Answer: 0.75282