application of specific accounting literature.
For the nonconsolidated proprietary TOB trusts and QSPE TOB trusts, the Company recognizes only its residual investment on its balance sheet at fair value and the third-party financing raised by the trusts is off-balance sheet.
The following table summarizes selected cash flow information related to municipal bond securitizations for the years 2008, 2007 and 2006:
## Table 0 ##
Municipal Investments Municipal investment transactions represent partnerships that finance the construction and rehabilitation of low-income affordable rental housing.
The Company generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits earned from the affordable housing investments made by the partnership.
Client Intermediation Client intermediation transactions represent a range of transactions designed to provide investors with specified returns based on the returns of an underlying security, referenced asset or index.
These transactions include credit-linked notes and equity-linked notes.
In these transactions, the SPE typically obtains exposure to the underlying security, referenced asset or index through a derivative instrument, such as a total-return swap or a credit-default swap.
In turn the SPE issues notes to investors that pay a return based on the specified underlying security, referenced asset or index.
The SPE invests the proceeds in a financial asset or a guaranteed insurance contract (GIC) that serves as collateral for the derivative contract over the term of the transaction.
The Company’s involvement in these transactions includes being the counterparty to the SPE’s derivative instruments and investing in a portion of the notes issued by the SPE.
In certain transactions, the investor’s maximum risk of loss is limited and the Company absorbs risk of loss above a specified level.
The Company’s maximum risk of loss in these transactions is defined as the amount invested in notes issued by the SPE and the notional amount of any risk of loss absorbed by the Company through a separate instrument issued by the SPE.
The derivative instrument held by the Company may generate a receivable from the SPE (for example, where the Company purchases credit protection from the SPE in connection with the SPE’s issuance of a credit-linked note), which is collateralized by the assets owned by the SPE.
These derivative instruments are not considered variable interests under FIN 46(R) and any associated receivables are not included in the calculation of maximum exposure to the SPE.
Structured Investment Vehicles Structured Investment Vehicles (SIVs) are SPEs that issue junior notes and senior debt (medium-term notes and short-term commercial paper) to fund the purchase of high quality assets.
The junior notes are subject to the “first loss” risk of the SIVs.
The SIVs provide a variable return to the junior note investors based on the net spread between the cost to issue the senior debt and the return realized by the high quality assets.
The Company acts as manager for the SIVs and, prior to December 13, 2007, was not contractually obligated to provide liquidity facilities or guarantees to the SIVs.
In response to the ratings review of the outstanding senior debt of the SIVs for a possible downgrade announced by two ratings agencies and the continued reduction of liquidity in the SIV-related asset-backed commercial paper and medium-term note markets, on December 13, 2007, Citigroup announced its commitment to provide support facilities that would support the SIVs’ senior debt ratings.
As a result of this commitment, Citigroup became the SIVs’ primary beneficiary and began consolidating these entities.
On February 12, 2008, Citigroup finalized the terms of the support facilities, which took the form of a commitment to provide $3.5 billion of mezzanine capital to the SIVs in the event the market value of their junior notes approaches zero.
The mezzanine capital facility was increased by $1 billion to $4.5 billion, with the additional commitment funded during the fourth quarter of 2008.
The facilities rank senior to the junior notes but junior to the commercial paper and medium-term notes.
The facilities were at arm’s-length terms.
Interest was paid on the drawn amount of the facilities and a per annum fee was paid on the unused portion.
During the period to November 18, 2008, the Company wrote down $3.3 billion on SIV assets.
In order to complete the wind-down of the SIVs, the Company, in a nearly cashless transaction, purchased the remaining assets of the SIVs at fair value, with a trade date of November 18, 2008.
The Company funded the purchase of the SIV assets by assuming the obligation to pay amounts due under the medium-term notes issued by the SIVs, as the medium-term notes mature.
The net funding provided by the Company to fund the purchase of the SIV assets was $0.3 billion.
As of December 31, 2008, the carrying amount of the purchased SIV assets was $16.6 billion, of which $16.5 billion is classified as HTM assets.
Investment Funds The Company is the investment manager for certain investment funds that invest in various asset classes including private equity, hedge funds, real estate, fixed income and infrastructure.
The Company earns a management fee, which is a percentage of capital under management, and may earn performance fees.
In addition, for some of these funds the Company has an ownership interest in the investment funds.
The Company has also established a number of investment funds as opportunities for qualified employees to invest in private equity investments.
The Company acts as investment manager to these funds and may provide employees with financing on both a recourse and non-recourse basis for a portion of the employees’ investment commitments.
SECURITIES AND BANKING Securities and Banking (S&B) offers a wide array of investment and commercial banking services and products for corporations, governments, institutional and retail investors, and high-net-worth individuals.
S&B includes investment banking and advisory services, lending, debt and equity sales and trading, institutional brokerage, foreign exchange, structured products, cash instruments and related derivatives, and private banking.
S&B revenue is generated primarily from fees for investment banking and advisory services, fees and interest on loans, fees and spread on foreign exchange, structured products, cash instruments and related derivatives, income earned on principal transactions, and fees and spreads on private banking services.
## Table 1 ##
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) 78 The increase in municipal securities as of December 31, 2013 compared to December 31, 2012, classified as state and political subdivisions in the table above, generally resulted from the diversification of our investment portfolio exposure by asset class, as we reduced our exposure to mortgage-backed securities.
Additional information about our investment securities portfolio is provided in note 4 to the consolidated financial statements included under Item 8 of this Form 10-K.  We manage our investment securities portfolio to align with the interest-rate and duration characteristics of our client liabilities and in the context of the overall structure of our consolidated statement of condition, in consideration of the global interest-rate environment.
We consider a well-diversified, high-credit quality investment securities portfolio to be an important element in the management of our consolidated statement of condition.
Our portfolio is concentrated in securities with high credit quality, with approximately 89% of the carrying value of the portfolio rated “AAA” or “AA” as of December 31, 2013.
The following table presents the percentages of the carrying value of the portfolio, by external credit rating, as of December 31:
## Table 2 ##
(1) Includes U. S.  Treasury and federal agency securities that are split-rated, “AAA” by Moody’s Investors Service and “AA+” by Standard & Poor’s.
As of December 31, 2013, the investment portfolio of approximately 10,510 securities was diversified with respect to asset class.
Approximately 74% of the aggregate carrying value of the portfolio as of that date was composed of mortgage-backed and asset-backed securities, compared to approximately 77% as of December 31, 2012.
The asset-backed portfolio, of which approximately 97% of the carrying value was floating-rate, consisted primarily of student loan-backed and credit card-backed securities.
Mortgage-backed securities were composed of securities issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, as well as U. S.  and non-U.
S.  large-issuer collateralized mortgage obligations.
In December 2013, U. S.  regulators issued final regulations to implement the so-called “Volcker rule,” one of many provisions of the Dodd-Frank Act.
The Volcker rule will, among other things, require banking organizations covered by the rule to either restructure or divest of certain investments in and relationships with “covered funds,” as defined in the final Volcker rule regulations.
The classification of certain types of investment securities or structures, such as collateralized loan obligations, or CLOs, as “covered funds” remains subject to market, and ultimately regulatory, interpretation, based on the specific terms and other characteristics relevant to such investment securities and structures.
As of December 31, 2013, we held an aggregate of approximately $5.77 billion of investments in CLOs.
As of the same date, these investments had an aggregate pre-tax net unrealized gain of approximately $122 million, composed of gross unrealized gains of $141 million and gross unrealized losses of $19 million.
In the event that we or our banking regulators conclude that such investments in CLOs, or other investments, are “covered funds,” we may be required to divest of such investments.
If other banking entities reach similar conclusions with respect to similar investments held by them, the prices of such investments could decline significantly, and we may be required to divest of such investments at a significant discount compared to the investments' book value.
This could result in a material adverse effect on our consolidated results of operations in the period in which such a divestment occurs or on our consolidated financial condition.
Our investment securities portfolio represented approximately 48% and 54% of our consolidated total assets as of December 31, 2013 and December 31, 2012, respectively, and the gross interest revenue generated by our investment securities portfolio represented approximately 22% of our consolidated total gross revenue for 2013, compared to approximately 25% of our consolidated total gross revenue for 2012.
Our investment securities portfolio represents a greater proportion of our consolidated statement of condition as described above, and our loan-and-lease portfolio represents a smaller proportion (approximately 6% of our consolidated total assets as of both December 31, 2013 and December 31, 2012), in comparison to many other major banking organizations.
In some respects, the accounting and regulatory treatment of our investment

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>In billions of dollars</i></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Proceeds from new securitizations</td><td>$1.2</td><td>$10.5</td><td>—</td></tr><tr><td>Cash flows received on retained interests and other net cash flows</td><td>0.5</td><td>—</td><td>—</td></tr></table>
<table><tr><td>In millions of dollars</td><td>2010</td><td>2009</td><td>2008</td><td>% Change 2010 vs. 2009</td><td>% Change 2009 vs. 2008</td></tr><tr><td>Net interest revenue</td><td>$9,927</td><td>$12,377</td><td>$12,568</td><td>-20%</td><td>-2%</td></tr><tr><td>Non-interest revenue</td><td>13,157</td><td>14,732</td><td>12,160</td><td>-11</td><td>21</td></tr><tr><td>Revenues, net of interest expense</td><td>$23,084</td><td>$27,109</td><td>$24,728</td><td>-15%</td><td>10%</td></tr><tr><td>Total operating expenses</td><td>14,537</td><td>13,084</td><td>15,851</td><td>11</td><td>-17</td></tr><tr><td>Net credit losses</td><td>563</td><td>742</td><td>898</td><td>-24</td><td>-17</td></tr><tr><td>Provisions for unfunded lending commitments</td><td>-28</td><td>138</td><td>-185</td><td>NM</td><td>NM</td></tr><tr><td>Credit reserve build (release)</td><td>-560</td><td>892</td><td>1,291</td><td>NM</td><td>-31</td></tr><tr><td>Provisions for loan losses and benefits and claims</td><td>$-25</td><td>$1,772</td><td>$2,004</td><td>NM</td><td>-12%</td></tr><tr><td>Income before taxes and noncontrolling interests</td><td>$8,572</td><td>$12,253</td><td>$6,873</td><td>-30%</td><td>78%</td></tr><tr><td>Income taxes</td><td>1,993</td><td>3,068</td><td>807</td><td>-35</td><td>NM</td></tr><tr><td>Income from continuing operations</td><td>6,579</td><td>9,185</td><td>6,066</td><td>-28</td><td>51</td></tr><tr><td>Net income (loss) attributable to noncontrolling interests</td><td>110</td><td>55</td><td>-13</td><td>100</td><td>NM</td></tr><tr><td>Net income</td><td>$6,469</td><td>$9,130</td><td>$6,079</td><td>-29%</td><td>50%</td></tr><tr><td>Average assets(in billions of dollars)</td><td>$875</td><td>$786</td><td>$986</td><td>11%</td><td>-20%</td></tr><tr><td>Return on assets</td><td>0.74%</td><td>1.16%</td><td>0.62%</td><td></td><td></td></tr><tr><td>Revenues by region</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>North America</td><td>$9,392</td><td>$8,833</td><td>$10,821</td><td>6%</td><td>-18%</td></tr><tr><td>EMEA</td><td>6,842</td><td>10,049</td><td>5,963</td><td>-32</td><td>69</td></tr><tr><td>Latin America</td><td>2,532</td><td>3,421</td><td>2,374</td><td>-26</td><td>44</td></tr><tr><td>Asia</td><td>4,318</td><td>4,806</td><td>5,570</td><td>-10</td><td>-14</td></tr><tr><td>Total revenues</td><td>$23,084</td><td>$27,109</td><td>$24,728</td><td>-15%</td><td>10%</td></tr><tr><td>Net income from continuing operations by region</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>North America</td><td>$2,537</td><td>$2,385</td><td>$2,395</td><td>6%</td><td>—</td></tr><tr><td>EMEA</td><td>1,832</td><td>3,426</td><td>588</td><td>-47</td><td>NM</td></tr><tr><td>Latin America</td><td>1,072</td><td>1,536</td><td>1,113</td><td>-30</td><td>38%</td></tr><tr><td>Asia</td><td>1,138</td><td>1,838</td><td>1,970</td><td>-38</td><td>-7</td></tr><tr><td>Total net income from continuing operations</td><td>$6,579</td><td>$9,185</td><td>$6,066</td><td>-28%</td><td>51%</td></tr><tr><td>Securities and Bankingrevenue details</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total investment banking</td><td>$3,828</td><td>$4,767</td><td>$3,251</td><td>-20%</td><td>47%</td></tr><tr><td>Lending</td><td>932</td><td>-2,480</td><td>4,771</td><td>NM</td><td>NM</td></tr><tr><td>Equity markets</td><td>3,501</td><td>3,183</td><td>2,878</td><td>10</td><td>11</td></tr><tr><td>Fixed income markets</td><td>14,075</td><td>21,296</td><td>13,606</td><td>-34</td><td>57</td></tr><tr><td>Private bank</td><td>2,004</td><td>2,068</td><td>2,326</td><td>-3</td><td>-11</td></tr><tr><td>OtherSecurities and Banking</td><td>-1,256</td><td>-1,725</td><td>-2,104</td><td>27</td><td>18</td></tr><tr><td>TotalSecurities and Bankingrevenues</td><td>$23,084</td><td>$27,109</td><td>$24,728</td><td>-15%</td><td>10%</td></tr></table>
<table><tr><td></td><td>2013</td><td>2012</td></tr><tr><td>AAA<sup>-1</sup></td><td>70%</td><td>69%</td></tr><tr><td>AA</td><td>19</td><td>19</td></tr><tr><td>A</td><td>6</td><td>7</td></tr><tr><td>BBB</td><td>3</td><td>3</td></tr><tr><td>Below BBB</td><td>2</td><td>2</td></tr><tr><td></td><td>100%</td><td>100%</td></tr></table>

Question: If Net interest revenue develops with the same increasing rate in 2009, what will it reach in 2010? (in million)
Answer: 12188.9
Reasoning program: subtract(12377,12568), multiply(12377,#0), divide(#1,12568), add(12377,#2)