The Corporation also provides credit enhancement to investors in certain municipal bond trusts whereby the Corporation guarantees the payment of interest and principal on floating-rate certificates issued by these trusts in the event of default by the issuer of the underlying municipal bond.
If a customer holds the residual interest in a trust, that customer typically has the unilateral ability to liquidate the trust at any time, while the Corporation typically has the ability to trigger the liquidation of that trust if the market value of the bonds held in the trust declines below a specified threshold.
This arrangement is designed to limit market losses to an amount that is less than the customer’s residual interest, effectively preventing the Corporation from absorbing losses incurred on assets held within that trust.
The weighted-average remaining life of bonds held in the trusts at December 31, 2010 was 13.3 years.
There were no material write-downs or downgrades of assets or issuers during 2010.
During 2010 and 2009, the Corporation was the transferor of assets into unconsolidated municipal bond trusts and received cash proceeds from new securitizations of $1.2 billion and $664 million.
At December 31, 2010 and 2009, the principal balance outstanding for unconsolidated municipal bond securitization trusts for which the Corporation was transferor was $2.2 billion and $6.9 billion.
The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $4.0 billion and $9.8 billion at December 31, 2010 and 2009.
Automobile and Other Securitization Trusts The Corporation transfers automobile and other loans into securitization trusts, typically to improve liquidity or manage credit risk.
At December 31, 2010, the Corporation serviced assets or otherwise had continuing involvement with automobile and other securitization trusts with outstanding balances of $10.5 billion, including trusts collateralized by automobile loans of $8.4 billion, student loans of $1.3 billion, and other loans and receivables of $774 million.
At December 31, 2009, the Corporation serviced assets or otherwise had continuing involvement with automobile and other securitization trusts with outstanding balances of $11.9 billion, including trusts collateralized by automobile loans of $11.0 billion and other loans of $905 million.
The Corporation transferred $3.0 billion of automobile loans, $1.3 billion of student loans and $303 million of other receivables to the trusts during 2010 and $9.0 billion of automobile loans during 2009.
Multi-seller Conduits The Corporation previously administered four multi-seller conduits which provided a low-cost funding alternative to the conduits’ customers by facilitating access to the commercial paper market.
These customers sold or otherwise transferred assets to the conduits, which in turn issued short-term commercial paper that was rated high-grade and was collateralized by the underlying assets.
The Corporation provided combinations of liquidity and SBLCs to the conduits for the benefit of third-party investors.
These commitments had an aggregate notional amount outstanding of $34.5 billion at December 31, 2009.
The Corporation liquidated the four conduits and terminated all liquidity and other commitments during 2010.
Liquidation of the conduits did not impact the Corporation’s consolidated results of operations.
The table below summarizes select information related to multi-seller conduits in which the Corporation held a variable interest at December 31, 2009.
## Table 0 ##
$10.4 billion in Global Card Services and $2.0 billion in Home Loans & Insurance.
For more information about the goodwill impairment charges in 2010, see Complex Accounting Estimates beginning on page 111 and Note 10 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
Excluding the $12.4 billion of goodwill impairment charges, net income was $10.2 billion for 2010.
After preferred stock dividends and accretion, net income applicable to common shareholders, excluding the goodwill impairment charges was $8.8 billion, or $0.86 per diluted common share, for 2010.
Revenue, net of interest expense on a FTE basis decreased $9.6 billion or eight percent to $111.4 billion in 2010.
Net interest income on a FTE basis increased $4.3 billion to $52.7 billion for 2010 compared to 2009.
The increase was due to the impact of deposit pricing and the adoption of new consolidation guidance.
The increase was partially offset by lower commercial and consumer loan levels and lower rates on the core assets and trading assets and liabilities.
Noninterest income decreased $13.8 billion to $58.7 billion in 2010 compared to $72.5 billion in 2009.
Contributing to the decline was lower mortgage banking income, down $6.1 billion, largely due to $6.8 billion in representations and warranties provision, and decreases in equity investment income of $4.8 billion, gains on sales of debt securities of $2.2 billion, trading account profits of $2.2 billion, service charges of $1.6 billion and insurance income of $694 million, compared to 2009.
These declines were partially offset by an increase in other income of $2.4 billion and a decrease in impairment losses of $1.9 billion.
Representations and warranties expense increased $4.9 billion to $6.8 billion in 2010 compared to $1.9 billion in 2009.
The increase was primarily driven by a $4.1 billion provision for representations and warranties in the fourth quarter of 2010.
The fourth quarter provision includes $3.0 billion related to the impact of the agreements reached with the GSEs on December 31, 2010, pursuant to which we paid $2.8 billion to resolve repurchase claims involving certain residential mortgage loans sold directly to the GSEs by entities related to legacy Countrywide Financial Corporation (Countrywide) as well as adjustments made to the representations and warranties liability for other loans sold directly to the GSEs and not covered by these agreements.
For more information about the GSE agreements, see Recent Events beginning on page 37 and Note 9 – Representations and Warranties Obligations and Corporate Guarantees to the Consolidated Financial Statements.
The provision for credit losses decreased $20.1 billion to $28.4 billion in 2010 compared to 2009.
The provision for credit losses was $5.9 billion lower than net charge-offs in 2010, resulting in a reduction in reserves, compared with the 2009 provision for credit losses that was $14.9 billion higher than net charge-offs, reflecting reserve additions throughout the year.
The reserve reduction in 2010 was due to improving portfolio trends across most of the consumer and commercial businesses, particularly the U. S.  credit card, consumer lending and small business products, as well as core commercial loan portfolios.
Noninterest expense increased $16.4 billion to $83.1 billion in 2010 compared to 2009.
The increase was driven by the $12.4 billion of goodwill impairment charges recognized in 2010.
Excluding the goodwill impairment charges, noninterest expense increased $4.0 billion in 2010 compared to 2009, driven by a $3.6 billion increase in personnel costs reflecting the buildout of several businesses and a $1.6 billion increase in litigation expense, partially offset by lower merger and restructuring charges.
FTE basis, net income excluding the goodwill impairment charges, noninterest expense excluding goodwill impairment charges and net income applicable to common shareholders excluding the goodwill impairment charges are non-GAAP measures.
For corresponding reconciliations to GAAP financial measures, see Table XIII.
Segment Results Effective January 1, 2010, management realigned the former Global Banking and Global Markets business segments into Global Commercial Banking and GBAM.
Prior year amounts have been reclassified to conform to the current period presentation.
These changes did not have an impact on the previously reported consolidated results of the Corporation.
For additional information related to the business segments, see Note 26 – Business Segment Information to the Consolidated Financial Statements.
## Table 1 ##
(1) Total revenue is net of interest expense and is on a FTE basis which is a non-GAAP measure.
For more information on this measure, see Supplemental Financial Data beginning on page 40, and for a corresponding reconciliation to a GAAP financial measure, see Table XIII.
(2) In 2010,Global Card Services and All Other are presented in accordance with new consolidation guidance.
Accordingly, current yearGlobal Card Services results are comparable to prior year results which are presented on a managed basis.
For more information on the reconciliation of Global Card Services and All Other, see Note 26 – Business Segment Information to the Consolidated Financial Statements.
Deposits net income decreased from the prior year due to a decline in revenue and higher noninterest expense.
Net interest income increased as a result of a customer shift to more liquid products and continued pricing discipline, partially offset by a lower net interest income allocation related to asset and liability management (ALM) activities.
The noninterest income decline was driven by the impact of Regulation E, which was effective in the third quarter of 2010 and our overdraft policy changes implemented in late 2009.
Noninterest expense increased as a higher proportion of banking center sales and service costs was aligned to Deposits from the other segments, and increased litigation expenses.
The increase was partially offset by the absence of a special Federal Deposit Insurance Corporation (FDIC) assessment in 2009.
Global Card Services net loss increased compared to the prior year due primarily to a $10.4 billion goodwill impairment charge.
Revenue decreased compared to the prior year driven by lower average loans, reduced interest and fee income primarily resulting from the implementation of the CARD Act and the impact of recording a reserve related to future payment protection
Nonper forming commercial loans and leases as a percentage of outstanding commercial loans and leases were 3.32 percent (3.35 percent excluding loans accounted for under the fair value option) and 3.98 percent (4.00 percent excluding loans accounted for under the fair value option) at December 31, 2010 and 2009.
Accruing commercial loans and leases past due 90 days or more as a percentage of outstanding commercial loans and leases were 0.21 percent (0.22 percent excluding loans accounted for under the fair value option) and 0.34 percent (0.32 percent excluding loans accounted for under the fair value option) at December 31, 2010 and 2009.
Table 35 presents net charge-offs and related ratios for our commercial loans and leases for 2010 and 2009.
Commercial real estate net charge-offs for 2010 declined in the homebuilder portfolio and in certain segments of the non-homebuilder portfolio.
## Table 2 ##
(1) Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
(2) Excludes U. S.  small business commercial loans.
Table 36 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure.
Commercial utilized credit exposure includes SBLCs, financial guarantees, bankers’ acceptances and commercial letters of credit for which the Corporation is legally bound to advance funds under prescribed conditions, during a specified period.
Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
Total commercial committed credit exposure decreased $68.1 billion, or eight percent, at December 31, 2010 compared to December 31, 2009 driven primarily by reductions in both funded and unfunded loan and lease exposure.
Total commercial utilized credit exposure decreased $45.1 billion, or nine percent, at December 31, 2010 compared to December 31, 2009.
Utilized loans and leases declined as businesses continued to aggressively manage working capital and production capacity, maintain low inventories and defer capital expenditures as the economic outlook remained uncertain.
Clients also continued to access the capital markets for their funding needs to reduce reliance on bank credit facilities.
The decline in utilized loans and leases was also due to the sale of First Republic effective July 1, 2010 and the transfer of certain exposures into LHFS partially offset by the increase in conduit balances related to the adoption of new consolidation guidance.
The utilization rate for loans and leases, letters of credit and financial guarantees, and bankers’ acceptances was 57 percent at both December 31, 2010 and 2009.
## Table 3 ##
(1) Total commercial utilized exposure at December 31, 2010 and 2009 includes loans and issued letters of credit accounted for under the fair value option including loans outstanding of $3.3 billion and $4.9 billion and letters of credit with a notional value of $1.4 billion and $1.7 billion.
(2) Total commercial unfunded exposure at December 31, 2010 and 2009 includes loan commitments accounted for under the fair value option with a notional value of $25.9 billion and $25.3 billion.
(3) Excludes unused business card lines which are not legally binding.
(4) Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $58.3 billion and $51.5 billion at December 31, 2010 and 2009.
Not reflected in utilized and committed exposure is additional derivative collateral held of $17.7 billion and $16.2 billion which consists primarily of other marketable securities.
(5) Total commercial committed exposure consists of $14.2 billion and $9.8 billion of debt securities and $590 million and $3.5 billion of other investments at December 31, 2010 and 2009
LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2006, our principal sources of liquidity included cash, cash equivalents, the sale of receivables, and our revolving credit facilities, as well as the availability of commercial paper and other sources of financing through the capital markets.
We had $2 billion of committed credit facilities available, of which there were no borrowings outstanding as of December 31, 2006, and we did not make any short-term borrowings under these facilities during the year.
The value of the outstanding undivided interest held by investors under the sale of receivables program was $600 million as of December 31, 2006.
The sale of receivables program is subject to certain requirements, including the maintenance of an investment grade bond rating.
If our bond rating were to deteriorate, it could have an adverse impact on our liquidity.
Access to commercial paper is dependent on market conditions.
Deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to utilize commercial paper as a source of liquidity.
Liquidity through the capital markets is also dependent on our financial stability.
At both December 31, 2006 and 2005, we had a working capital deficit of approximately $1.1 billion.
A working capital deficit is common in our industry and does not indicate a lack of liquidity.
We maintain adequate resources to meet our daily cash requirements, and we have sufficient financial capacity to satisfy our current liabilities.
Financial Condition
## Table 4 ##
Cash Provided by Operating Activities – Higher income in 2006 generated the increased cash provided by operating activities, which was partially offset by higher income tax payments, $150 million in voluntary pension contributions, higher material and supply inventories, and higher management incentive payments in 2006.
Higher income, lower management incentive payments in 2005 (executive bonuses, which would have been paid to individuals in 2005, were not awarded based on company performance in 2004 and bonuses for the professional workforce that were paid out in 2005 were significantly reduced), and working capital performance generated higher cash from operating activities in 2005.
A voluntary pension contribution of $100 million in 2004 also augmented the positive year-over-year variance in 2005 as no pension contribution was made in 2005.
This improvement was partially offset by cash received in 2004 for income tax refunds.
Cash Used in Investing Activities – An insurance settlement for the 2005 January West Coast storm and lower balances for work in process decreased the amount of cash used in investing activities in 2006.
Higher capital investments and lower proceeds from asset sales partially offset this decrease.
Increased capital spending, partially offset by higher proceeds from asset sales, increased the amount of cash used in investing activities in 2005 compared to 2004.
Cash Used in Financing Activities – The increase in cash used in financing activities primarily resulted from lower net proceeds from equity compensation plans ($189 million in 2006 compared to $262 million in 2005).
The increase in 2005 results from debt issuances in 2004 and higher debt repayments in 2005.
We did not issue debt in 2005 versus $745 million of debt issuances in 2004, and we repaid $699 million of debt in 2005 compared to $588 million in 2004.
The higher outflows in 2005 were partially offset by higher net proceeds from equity compensation plans ($262 million in 2005 compared to $80 million in 2004).

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">December 31, 2009</td></tr><tr><td>(Dollars in millions)</td><td>Consolidated</td><td>Unconsolidated</td><td>Total</td></tr><tr><td> Maximum loss exposure</td><td>$9,388</td><td>$25,135</td><td>$34,523</td></tr><tr><td>On-balance sheet assets</td><td></td><td></td><td></td></tr><tr><td>Available-for-saledebt securities</td><td>$3,492</td><td>$–</td><td>$3,492</td></tr><tr><td>Held-to-maturitydebt securities</td><td>2,899</td><td>–</td><td>2,899</td></tr><tr><td>Loans and leases</td><td>318</td><td>318</td><td>636</td></tr><tr><td>All other assets</td><td>4</td><td>60</td><td>64</td></tr><tr><td> Total</td><td>$6,713</td><td>$378</td><td>$7,091</td></tr><tr><td>On-balance sheet liabilities</td><td></td><td></td><td></td></tr><tr><td>Commercial paper and other short-term borrowings</td><td>$6,748</td><td>$–</td><td>$6,748</td></tr><tr><td> Total</td><td>$6,748</td><td>$–</td><td>$6,748</td></tr><tr><td>Total assets of VIEs</td><td>$6,713</td><td>$13,893</td><td>$20,606</td></tr></table>
<table><tr><td></td><td colspan="2">Total Revenue -1</td><td colspan="2">Net Income (Loss)</td></tr><tr><td>(Dollars in millions)</td><td>2010</td><td>2009</td><td>2010</td><td>2009</td></tr><tr><td>Deposits</td><td>$13,181</td><td>$13,890</td><td>$1,352</td><td>$2,576</td></tr><tr><td>Global Card Services<sup>-2</sup></td><td>25,621</td><td>29,046</td><td>-6,603</td><td>-5,261</td></tr><tr><td>Home Loans & Insurance</td><td>10,647</td><td>16,903</td><td>-8,921</td><td>-3,851</td></tr><tr><td>Global Commercial Banking</td><td>10,903</td><td>11,141</td><td>3,181</td><td>-290</td></tr><tr><td>Global Banking & Markets</td><td>28,498</td><td>32,623</td><td>6,319</td><td>10,058</td></tr><tr><td>Global Wealth & Investment Management</td><td>16,671</td><td>16,137</td><td>1,347</td><td>1,716</td></tr><tr><td>All Other<sup>-2</sup></td><td>5,869</td><td>1,204</td><td>1,087</td><td>1,328</td></tr><tr><td>Total FTE basis</td><td>111,390</td><td>120,944</td><td>-2,238</td><td>6,276</td></tr><tr><td>FTE adjustment</td><td>-1,170</td><td>-1,301</td><td>–</td><td>–</td></tr><tr><td> Total Consolidated</td><td>$110,220</td><td>$119,643</td><td>$-2,238</td><td>$6,276</td></tr></table>
<table><tr><td></td><td colspan="2"> Net Charge-offs</td><td colspan="2"> Net Charge-off Ratios<sup>-1</sup></td></tr><tr><td>(Dollars in millions)</td><td> 2010</td><td>2009</td><td>2010</td><td>2009</td></tr><tr><td>U.S. commercial<sup>-2</sup></td><td>$881</td><td>$2,190</td><td>0.50%</td><td>1.09%</td></tr><tr><td>Commercial real estate</td><td>2,017</td><td>2,702</td><td>3.37</td><td>3.69</td></tr><tr><td>Commercial lease financing</td><td>57</td><td>195</td><td>0.27</td><td>0.89</td></tr><tr><td>Non-U.S.commercial</td><td>111</td><td>537</td><td>0.39</td><td>1.76</td></tr><tr><td></td><td>3,066</td><td>5,624</td><td>1.07</td><td>1.72</td></tr><tr><td>U.S. small business commercial</td><td>1,918</td><td>2,886</td><td>12.00</td><td>15.68</td></tr><tr><td> Total commercial</td><td>$4,984</td><td>$8,510</td><td>1.64</td><td>2.47</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31</td></tr><tr><td></td><td colspan="2"> Commercial Utilized<sup>-1</sup></td><td colspan="2"> Commercial Unfunded<sup>-2, 3</sup></td><td colspan="2"> Total Commercial Committed</td></tr><tr><td>(Dollars in millions)</td><td> 2010</td><td>2009</td><td> 2010</td><td>2009</td><td> 2010</td><td>2009</td></tr><tr><td>Loans and leases</td><td>$296,990</td><td>$322,564</td><td>$272,172</td><td>$298,048</td><td>$569,162</td><td>$620,612</td></tr><tr><td>Derivative assets<sup>-4</sup></td><td>73,000</td><td>87,622</td><td>–</td><td>–</td><td>73,000</td><td>87,622</td></tr><tr><td>Standby letters of credit and financial guarantees</td><td>62,027</td><td>67,975</td><td>1,511</td><td>1,767</td><td>63,538</td><td>69,742</td></tr><tr><td>Debt securities and other investments<sup>-5</sup></td><td>10,216</td><td>11,754</td><td>4,546</td><td>1,508</td><td>14,762</td><td>13,262</td></tr><tr><td>Loansheld-for-sale</td><td>10,380</td><td>8,169</td><td>242</td><td>781</td><td>10,622</td><td>8,950</td></tr><tr><td>Commercial letters of credit</td><td>3,372</td><td>2,958</td><td>1,179</td><td>569</td><td>4,551</td><td>3,527</td></tr><tr><td>Bankers’ acceptances</td><td>3,706</td><td>3,658</td><td>23</td><td>16</td><td>3,729</td><td>3,674</td></tr><tr><td>Foreclosed properties and other</td><td>731</td><td>797</td><td>–</td><td>–</td><td>731</td><td>797</td></tr><tr><td> Total commercial credit exposure</td><td>$460,422</td><td>$505,497</td><td>$279,673</td><td>$302,689</td><td>$740,095</td><td>$808,186</td></tr></table>
<table><tr><td><i>Cash Flows</i><i>Millions of Dollars</i></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td>Cash provided by operating activities</td><td>$2,880</td><td>$2,595</td><td>$2,257</td></tr><tr><td>Cash used in investing activities</td><td>-2,042</td><td>-2,047</td><td>-1,732</td></tr><tr><td>Cash used in financing activities</td><td>-784</td><td>-752</td><td>-75</td></tr><tr><td>Net change in cash and cash equivalents</td><td>$54</td><td>$-204</td><td>$450</td></tr></table>

Question: What's the average of U.S. commercial and Commercial real estate in 2010 for Net Charge-offs? (in million)
Answer: 1449
Reasoning program: add(881,2017), divide(#0,2)