CONDUIT ASSETS BY ASSET ORIGIN
## Table 0 ##
The conduits meet the definition of a VIE, as defined by FIN 46(R).
We have determined that we are not the primary beneficiary of the conduits, as defined by FIN 46(R), and do not record them in our consolidated financial statements.
We hold no direct or indirect ownership interest in the conduits, but we provide subordinated financial support to them through contractual arrangements.
Standby letters of credit absorb certain actual credit losses from the conduit assets; our commitment under these letters of credit totaled $1.00 billion and $1.04 billion at December 31, 2008 and 2007, respectively.
Liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business; these facilities, which require us to purchase assets from the conduits at par, would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market.
The aggregate commitment under the liquidity asset purchase agreements was approximately $23.59 billion and $28.37 billion at December 31, 2008 and 2007, respectively.
We did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at December 31, 2008 or 2007.
During the first quarter of 2008, pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits, we were required to purchase $850 million of conduit assets.
The purchase was the result of various factors, including the continued illiquidity in the commercial paper markets.
The securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements, and which exceeded their fair value.
Accordingly, during the first quarter of 2008, the securities were written down to their fair value through a $12 million reduction of processing fees and other revenue in our consolidated statement of income, and are carried at fair value in securities available for sale in our consolidated statement of condition.
None of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008, and no draw-downs on the standby letters of credit occurred during 2008.
The conduits generally sell commercial paper to independent third-party investors.
However, we sometimes purchase commercial paper from the conduits.
As of December 31, 2008, we held an aggregate of approximately $230 million of commercial paper issued by the conduits, and $2 million at December 31, 2007.
In addition, approximately $5.70 billion of U. S.  conduit-issued commercial paper had been sold to the CPFF.
The CPFF is scheduled to expire on October 31, 2009.
The weighted-average maturity of the conduits’ commercial paper in the aggregate was approximately 25 days as of December 31, 2008, compared to approximately 20 days as of December 31, 2007.
Each of the conduits has issued first-loss notes to independent third parties, which third parties absorb firstdollar losses related to credit risk.
Aggregate first-loss notes outstanding at December 31, 2008 for the four conduits totaled $67 million, compared to $32 million at December 31, 2007.
Actual credit losses of the conduits
lending volumes.
Spreads benefited from the Federal Reserve’s aggregate 400-basis-point reduction in the federal funds rate during 2008, as well as continued disruption of the global fixed-income securities markets.
Beginning in the third quarter of 2008, a number of institutional investors suspended or limited their participation in our securities lending program, resulting in lower lending volumes.
The decreased lending volumes are expected to continue as long as this suspended or limited participation continues.
During 2008, we experienced significant withdrawal activity from the underlying collateral pools, primarily to allow the lending programs to meet mark-to-market changes in collateral agreements caused by declines in the values of securities on loan or the return of borrowed securities, with a net reduction of the value of securities on loan from June 30, 2008 to December 31, 2008 of approximately 41%.
We were able to manage these outflows of cash collateral, as well as the impact of the disruptions in the credit markets, in a manner that substantially reduced the risk of loss to our customers.
However, we imposed limitations on withdrawals from our lending programs in order to manage the liquidity in the cash collateral pools, and the net asset value of our cash collateral pools, determined using market valuations, has fallen below $1.00 per unit.
We cannot determine how long these limitations will remain in place, nor can we determine how long market illiquidity will continue to affect the valuation of the collateral pools.
The continuation of either trend could materially affect the longer-term prospects for our securities lending business.
We continue to distinguish our securities lending program from those of our competitors due to the absence to date of realized credit losses with respect to our program.
Processing Fees and Other Processing fees and other revenue includes diverse types of fees and other revenue, including fees from our structured products business, fees from software licensing and maintenance, equity income from joint venture investments, gains and losses on sales of leased equipment and other assets, and amortization of investments in tax-advantaged financings.
Processing fees and other revenue were relatively flat compared to 2007, with the benefit of two additional quarters of revenue from the acquired Investors Financial business for 2008 compared to 2007, offset by lower levels of equity income from joint venture investments.
NET INTEREST REVENUE
## Table 1 ##
The increase in total revenue for 2007 compared to 2006 primarily reflected growth in fee revenue, which mainly reflected growth in servicing and management fees, with almost 60% of the overall growth in fee revenue generated from these two services.
The increase in servicing fees was the result of the inclusion of servicing fee revenue from the acquired Investors Financial business, the impact of net new business from existing and new customers, higher average equity market valuations and higher customer transaction volumes.
Approximately 41% of our servicing fees were derived from non-U.
S.  customers in 2007, down from 44% in 2006.
The decrease in the non-U.
S.  proportion reflected the contribution of servicing fees from the acquired Investors Financial business, which are generated predominately in the U. S.  Assets under custody increased to $15.30 trillion at December 31, 2007, up 29% from $11.85 trillion a year earlier, with the majority of the increase the result of the addition of assets under custody of the acquired Investors Financial business.
The increase in management fees from 2006 primarily resulted from the impact of net new business on 2007 revenue and higher equity market valuations.
Approximately 41% of management fees were derived from customers outside the U. S.  in 2007, up from 32% for 2006.
Assets under management increased to $1.98 trillion at December 31, 2007, up $230 billion from $1.75 trillion a year earlier.
The growth in trading services revenue, which includes foreign exchange trading and brokerage and other trading revenue, reflected an increase in foreign exchange trading revenue of $191 million, primarily due to increased customer volumes, but also the result of the inclusion of $43 million of foreign exchange revenue from the acquired Investors Financial business.
Brokerage and other fees increased from $251 million in 2006, up 39% to $350 million in 2007 due to the contribution of revenue from the acquired Currenex business and an increase in revenue from transition management.
The increase in securities finance revenue reflected the effect of increased loan volumes resulting from both new customer demands and increased demand from existing customers.
Spreads also increased, primarily in the domestic and non-U.
S.  equity portfolios and the corporate bond and fixed-income portfolios.
Spreads benefited from reductions in federal funds rates during 2007.
The increase in net interest revenue was the result of several favorable trends.
Transaction deposit volume increased, particularly with respect to non-U.
S.  deposits.
Volume increases resulted from net new business in non-U.
S.  assets under custody, and spreads increased because deposit rates lagged rate increases by foreign central banks during 2007.
The acquired Investors Financial business added interest-earning assets and related net interest revenue.
Finally, as fixed-rate investment securities matured, they were replaced by higher yielding investments.
EXPENSES
## Table 2 ##
The increase in salaries and employee benefits was driven primarily by the inclusion of salaries and benefits expense of the acquired Investors Financial and Currenex businesses, higher incentive compensation costs due to improved performance, which were offset by the reduction of incentive compensation recorded as part of the net

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">2008</td><td colspan="2"> 2007</td></tr><tr><td> (Dollars in billions)</td><td> Amount</td><td>Percent of Total Conduit Assets</td><td> Amount</td><td> Percent of Total Conduit Assets</td></tr><tr><td>United States</td><td>$11.09</td><td>46%</td><td>$12.14</td><td>42%</td></tr><tr><td>Australia</td><td>4.30</td><td>17</td><td>6.10</td><td>21</td></tr><tr><td>Great Britain</td><td>1.97</td><td>8</td><td>2.93</td><td>10</td></tr><tr><td>Spain</td><td>1.71</td><td>7</td><td>1.90</td><td>7</td></tr><tr><td>Italy</td><td>1.66</td><td>7</td><td>1.86</td><td>7</td></tr><tr><td>Portugal</td><td>0.62</td><td>3</td><td>0.70</td><td>2</td></tr><tr><td>Germany</td><td>0.57</td><td>3</td><td>0.70</td><td>2</td></tr><tr><td>Netherlands</td><td>0.40</td><td>2</td><td>0.55</td><td>2</td></tr><tr><td>Belgium</td><td>0.29</td><td>1</td><td>0.31</td><td>1</td></tr><tr><td>Greece</td><td>0.27</td><td>1</td><td>0.31</td><td>1</td></tr><tr><td>Other</td><td>1.01</td><td>5</td><td>1.26</td><td>5</td></tr><tr><td>Total conduit assets</td><td>$23.89</td><td>100%</td><td>$28.76</td><td>100%</td></tr></table>
<table><tr><td> Years ended December 31,</td><td colspan="3">2008</td><td colspan="3">2007</td><td colspan="3"> 2006</td></tr><tr><td></td><td> Average Balance</td><td> Interest Revenue/ Expense</td><td>Rate</td><td> Average Balance</td><td> Interest Revenue/ Expense</td><td>Rate</td><td> Average Balance</td><td> Interest Revenue/ Expense</td><td> Rate</td></tr><tr><td> (Dollars in millions; fully taxable-equivalent basis)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal funds sold and securities purchased under resale agreements</td><td>$12,895</td><td>$339</td><td>2.63%</td><td>$14,402</td><td>$756</td><td>5.25%</td><td>$12,820</td><td>$663</td><td>5.17%</td></tr><tr><td>Investment securities</td><td>72,227</td><td>3,163</td><td>4.38</td><td>70,990</td><td>3,649</td><td>5.14</td><td>61,579</td><td>2,956</td><td>4.80</td></tr><tr><td>Investment securities purchased under AMLF-1</td><td>9,193</td><td>367</td><td>4.00</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Loans and leases-2</td><td>11,884</td><td>276</td><td>2.32</td><td>10,753</td><td>394</td><td>3.67</td><td>7,670</td><td>288</td><td>3.75</td></tr><tr><td>Other</td><td>26,426</td><td>838</td><td>3.17</td><td>8,405</td><td>471</td><td>5.60</td><td>10,596</td><td>462</td><td>4.36</td></tr><tr><td>Total interest-earning assets</td><td>$132,625</td><td>$4,983</td><td>3.75</td><td>$104,550</td><td>$5,270</td><td>5.04</td><td>$92,665</td><td>$4,369</td><td>4.72</td></tr><tr><td>Deposits</td><td>$79,507</td><td>$1,326</td><td>1.67%</td><td>$68,220</td><td>$2,298</td><td>3.37%</td><td>$55,635</td><td>$1,891</td><td>3.40%</td></tr><tr><td>Short-term borrowings under AMLF-1</td><td>9,170</td><td>299</td><td>3.26</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other short-term borrowings</td><td>21,283</td><td>375</td><td>1.76</td><td>22,024</td><td>959</td><td>4.36</td><td>25,699</td><td>1,145</td><td>4.46</td></tr><tr><td>Long-term debt</td><td>4,106</td><td>229</td><td>5.59</td><td>3,402</td><td>225</td><td>6.62</td><td>2,621</td><td>178</td><td>6.77</td></tr><tr><td>Total interest-bearing liabilities</td><td>$114,066</td><td>$2,229</td><td>1.95</td><td>$93,646</td><td>$3,482</td><td>3.72</td><td>$83,955</td><td>$3,214</td><td>3.83</td></tr><tr><td>Interest-rate spread</td><td></td><td></td><td>1.80%</td><td></td><td></td><td>1.32%</td><td></td><td></td><td>0.89%</td></tr><tr><td>Net interest revenue - fully taxable-equivalent basis-3</td><td></td><td>$2,754</td><td></td><td></td><td>$1,788</td><td></td><td></td><td>$1,155</td><td></td></tr><tr><td>Net interest margin - fully taxable-equivalent basis</td><td></td><td></td><td>2.08%</td><td></td><td></td><td>1.71%</td><td></td><td></td><td>1.25%</td></tr><tr><td>Net interest revenue—GAAP basis</td><td></td><td>$2,650</td><td></td><td></td><td>$1,730</td><td></td><td></td><td>$1,110</td><td></td></tr></table>
<table><tr><td> Years ended December 31,</td><td> 2007</td><td> 2006</td><td> % Change</td></tr><tr><td> (Dollars in millions)</td><td></td><td></td><td></td></tr><tr><td>Salaries and employee benefits</td><td>$3,256</td><td>$2,652</td><td>23%</td></tr><tr><td>Information systems and communications</td><td>546</td><td>501</td><td>9</td></tr><tr><td>Transaction processing services</td><td>619</td><td>496</td><td>25</td></tr><tr><td>Occupancy</td><td>408</td><td>373</td><td>9</td></tr><tr><td>Provision for legal exposure</td><td>600</td><td>—</td><td></td></tr><tr><td>Merger and integration costs</td><td>198</td><td>—</td><td></td></tr><tr><td>Professional services</td><td>236</td><td>157</td><td>50</td></tr><tr><td>Amortization of other intangible assets</td><td>92</td><td>43</td><td>114</td></tr><tr><td>Other</td><td>478</td><td>318</td><td>50</td></tr><tr><td>Total expenses</td><td>$6,433</td><td>$4,540</td><td>42</td></tr></table>

Question: In what year is the Amount of Total conduit assets greater than 28 billion?
Answer: 2007