Citigroup’s repurchases are primarily from Government Sponsored Entities.
The specific representations and warranties made by the Company depend on the nature of the transaction and the requirements of the buyer.
Market conditions and credit-ratings agency requirements may also affect representations and warranties and the other provisions the Company may agree to in loan sales.
In the event of a breach of the representations and warranties, the Company may be required to either repurchase the mortgage loans (generally at unpaid principal balance plus accrued interest) with the identified defects or indemnify (“make-whole”) the investor or insurer.
The Company has recorded a repurchase reserve that is included in Other liabilities in the Consolidated Balance Sheet.
In the case of a repurchase, the Company will bear any subsequent credit loss on the mortgage loans.
The Company’s representations and warranties are generally not subject to stated limits in amount or time of coverage.
However, contractual liability arises only when the representations and warranties are breached and generally only when a loss results from the breach.
In the case of a repurchase, the loan is typically considered a creditimpaired loan and accounted for under SOP 03-3, “Accounting for Certain Loans and Debt Securities, Acquired in a Transfer” (now incorporated into ASC 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality).
These repurchases have not had a material impact on nonperforming loan statistics, because credit-impaired purchased SOP 03-3 loans are not included in nonaccrual loans.
The Company estimates its exposure to losses from its obligation to repurchase previously sold loans based on the probability of repurchase or make-whole and an estimated loss given repurchase or make-whole.
This estimate is calculated separately by sales vintage (i. e. , the year the loans were sold) based on a combination of historical trends and forecasted repurchases and losses considering the: (1) trends in requests by investors for loan documentation packages to be reviewed; (2) trends in recent repurchases and make-wholes; (3) historical percentage of claims made as a percentage of loan documentation package requests; (4) success rate in appealing claims; (5) inventory of unresolved claims; and (6) estimated loss given repurchase or make-whole, including the loss of principal, accrued interest, and foreclosure costs.
The Company does not change its estimation methodology by counterparty, but the historical experience and trends are considered when evaluating the overall reserve.
The request for loan documentation packages is an early indicator of a potential claim.
During 2009, loan documentation package requests and the level of outstanding claims increased.
In addition, our loss severity estimates increased during 2009 due to the impact of macroeconomic factors and recent experience.
These factors contributed to a $493 million change in estimate for this reserve in 2009.
As indicated above, the repurchase reserve is calculated by sales vintage.
The majority of the repurchases in 2009 were from the 2006 and 2007 sales vintages, which also represent the vintages with the largest lossgiven-repurchase.
An insignificant percentage of 2009 repurchases were from vintages prior to 2006, and this is expected to decrease, because those vintages are later in the credit cycle.
Although early in the credit cycle, the Company has experienced improved repurchase and loss-given-repurchase statistics from the 2008 and 2009 vintages.
In the case of a repurchase of a credit-impaired SOP 03-3 loan (now incorporated into ASC 310-30), the difference between the loan’s fair value and unpaid principal balance at the time of the repurchase is recorded as a utilization of the repurchase reserve.
Payments to make the investor whole are also treated as utilizations and charged directly against the reserve.
The provision for estimated probable losses arising from loan sales is recorded as an adjustment to the gain on sale, which is included in Other revenue in the Consolidated Statement of Income.
A liability for representations and warranties is estimated when the Company sells loans and is updated quarterly.
Any subsequent adjustment to the provision is recorded in Other revenue in the Consolidated Statement of Income.
The activity in the repurchase reserve for the years ended December 31, 2009 and 2008 is as follows:
## Table 0 ##
Goodwill Goodwill represents an acquired company’s acquisition cost over the fair value of net tangible and intangible assets acquired.
Goodwill is subject to annual impairment tests, whereby Goodwill is allocated to the Company’s reporting units and an impairment is deemed to exist if the carrying value of a reporting unit exceeds its estimated fair value.
Furthermore, on any business dispositions, Goodwill is allocated to the business disposed of based on the ratio of the fair value of the business disposed of to the fair value of the reporting unit.
Intangible Assets Intangible assets—including core deposit intangibles, present value of future profits, purchased credit card relationships, other customer relationships, and other intangible assets, but excluding MSRs—are amortized over their estimated useful lives.
Intangible assets deemed to have indefinite useful lives, primarily certain asset management contracts and trade names, are not amortized and are subject to annual impairment tests.
An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value.
For other Intangible assets subject to amortization, an impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the Intangible asset.
Other Assets and Other Liabilities Other assets include, among other items, loans held-for-sale, deferred tax assets, equity-method investments, interest and fees receivable, premises and equipment, end-user derivatives in a net receivable position, repossessed assets, and other receivables.
This table does not include: ?
certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide; ?
certain limited partnerships where the Company is the general partner and the limited partners have the right to replace the general partner or liquidate the funds; ?
certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; ?
VIEs structured by third parties where the Company holds securities in inventory.
These investments are made on arm’s-length terms; and ?
transferred assets to a VIE where the transfer did not qualify as a sale and where the Company did not have any other involvement that is deemed to be a variable interest with the VIE.
These transfers are accounted for as secured borrowings by the Company.
The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company.
The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e. g. , security or loan) and the Company’s standard accounting policies for the asset type and line of business.
he asset balances for unconsolidated VIEs where the Company has significant involvement represent the most current information available to the Company.
In most cases, the asset balances represent an amortized cost basis without regard to impairments in fair value, unless fair value information is readily available to the Company.
For VIEs that obtain asset exposures synthetically through derivative instruments (for example, synthetic CDOs), the table includes the full original notional amount of the derivative as an asset.
The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE.
It reflects the initial amount of cash invested in the VIE plus any accrued interest and is adjusted for any impairments in value recognized in earnings and any cash principal payments received.
The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company, or the notional amount of a derivative instrument considered to be a variable interest, adjusted for any declines in fair value recognized in earnings.
In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e. g. , interest rate swaps, crosscurrency swaps, or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE).
Receivables under such arrangements are not included in the maximum exposure amounts.
Funding Commitments for Significant Unconsolidated VIEs— Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the SPE table as of December 31, 2009:
## Table 1 ##
TRANSACTION SERVICES Transaction Services is composed of Treasury and Trade Solutions (TTS) and Securities and Fund Services (SFS).
TTS provides comprehensive cash management and trade finance for corporations, financial institutions and public sector entities worldwide.
SFS provides custody and funds services to investors such as insurance companies and mutual funds, clearing services to intermediaries such as broker-dealers, and depository and agency/trust services to multinational corporations and governments globally.
Revenue is generated from net interest revenue on deposits in TTS and SFS, as well as trade loans and from fees for transaction processing and fees on assets under custody in SFS.
## Table 2 ##
2009 vs.  2008 Revenues, net of interest expense declined 2% compared to 2008 as strong growth in balances was more than offset by lower spreads driven by low interest rates globally.
Average deposits and other customer liability balances grew 8%, driven by strong growth in all regions.
Treasury and Trade Solutions revenues grew 7% as a result of strong growth in balances and higher trade revenues.
Securities and Funds Services revenues declined 18%, attributable to reductions in asset valuations and volumes.
Operating expenses declined 12%, mainly as a result of headcount reductions and successful execution of reengineering initiatives.
Cost of credit declined 80%, which was primarily attributable to overall portfolio management.
Net income increased 12%, leading to a record net income, with growth across all regions reflecting benefits of continued re-engineering and expense management efforts.2008 vs.  2007 Revenues, net of interest expense grew 23% driven by new business and implementations, growth in customer liability balances, increased transaction volumes and the impact of acquisitions.
Average deposits and other customer liability balances grew 14% driven by success of new business growth and implementations.
Treasury and Trade Solutions revenues grew 26% as a result of strong liability and fee growth as well as increased client penetration.
Securities and Funds Services revenues grew 17% as a result of increased assets under custody, volumes and liability balances.2010 Outlook Transaction Services business performance will continue to be impacted in 2010 by levels of interest rates, economic activity, volatility in global capital markets, foreign exchange and market valuations globally.
Levels of client activity and client cash and security flows are key factors dependent on macroeconomic conditions.
Transaction Services intends to continue to invest in technology to support its global network, as well as investments to build out its investor services suite of products aimed at large, underpenetrated markets for middle and back office outsourcing among a range of investors.
These and similar investments could lead to increasing operating expenses.
BROKERAGE AND ASSET MANAGEMENT Brokerage and Asset Management (BAM), which constituted approximately 6% of Citi Holdings by assets as of December 31, 2009, consists of Citi’s global retail brokerage and asset management businesses.
This segment was substantially affected and reduced in size in 2009 due to the divestitures of Smith Barney (to the Morgan Stanley Smith Barney joint venture (MSSB JV)) and Nikko Cordial Securities.
At December 31, 2009, BAM had approximately $35 billion of assets, which included $26 billion of assets from the 49% interest in the MSSB JV ($13 billion investment and $13 billion in loans associated with the clients of the MSSB JV) and $9 billion of assets from a diverse set of asset management and insurance businesses of which approximately half will be transferred into the LATAM RCB during the first quarter of 2010, as discussed under “Citi Holdings” above.
Morgan Stanley has options to purchase Citi’s remaining stake in the MSSB JV over three years starting in 2012.
The 2009 results include an $11.1 billion gain ($6.7 billion after-tax) on the sale of Smith Barney.

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In millions of dollars	2009	2008
Balance, beginning of the year	$75	$2
Additions for new sales	33	23
Change in estimate	493	59
Utilizations	-119	-9
Balance, end of the year	$482	$75

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In millions of dollars	Liquidity Facilities	LoanCommitments
Citicorp
Citi-administered asset-backed commercial paper conduits (ABCP)	$20,486	$1,718
Third-party commercial paper conduits	353	—
Asset-based financing	—	549
Municipal securities tender option bond trusts (TOBs)	6,304	—
Municipal investments	—	18
Other	10	23
Total Citicorp	$27,153	$2,308
Citi Holdings
Citi-administered asset-backed commercial paper conduits (ABCP)	$11,978	$1,682
Third-party commercial paper conduits	252	—
Collateralized loan obligations (CLOs)	—	19
Asset-based financing	—	1,311
Municipal investments	—	386
Investment Funds	—	93
Other	—	257
Total CitiHoldings	$12,230	$3,748
Total Citigroup funding commitments	$39,383	$6,056

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In millions of dollars	2009	2008	2007	% Change 2009 vs. 2008	% Change 2008 vs. 2007
Net interest revenue	$5,651	$5,485	$4,254	3%	29%
Non-interest revenue	4,138	4,461	3,844	-7	16
Total revenues, net of interest expense	$9,789	$9,946	$8,098	-2%	23%
Total operating expenses	4,515	5,156	4,634	-12	11
Provisions for credit losses and for benefits and claims	7	35	-30	-80	NM
Income before taxes and noncontrolling interests	$5,267	$4,755	$3,494	11%	36%
Income taxes	1,531	1,402	1,038	9	35
Income from continuing operations	3,736	3,353	2,456	11	37
Net income attributable to noncontrolling interests	13	31	20	-58	55
Net income	$3,723	$3,322	$2,436	12%	36%
Average assets(in billions of dollars)	$60	$71	$69	-15%	3%
Return on assets	6.21%	4.68%	3.53%
Revenues by region
North America	$2,526	$2,161	$1,646	17%	31%
EMEA	3,389	3,677	2,999	-8	23
Latin America	1,373	1,439	1,199	-5	20
Asia	2,501	2,669	2,254	-6	18
Total revenues	$9,789	$9,946	$8,098	-2%	23%
Income from continuing operations by region
North America	$615	$323	$209	90%	55%
EMEA	1,287	1,246	816	3	53
Latin America	604	588	463	3	27
Asia	1,230	1,196	968	3	24
Total net income from continuing operations	$3,736	$3,353	$2,456	11%	37%
Key indicators(in billions of dollars)
Average deposits and other customer liability balances	$303	$280	$246	8%	14%
EOP assets under custody(in trillions of dollars)	12.1	11.0	13.1	10	-16

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Question: what was the percent of the increase the additions for new sales of the repurchase reserve from 2008 to 2009
Answer: 0.43478000000000006