M & T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, largely within the markets the Company serves.
Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services.
The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers.
Activities of this segment also include the origination, sales and servicing of commercial real estate loans.
The Discretionary Portfolio segment includes securities, residential mortgage loans and other assets; short-term and long-term borrowed funds; brokered certificates of deposit and interest rate swap agreements related thereto; and offshore branch deposits.
This segment also provides foreign exchange services to customers.
The Residential Mortgage Banking segment originates and services residential mortgage loans for consumers and sells substantially all of those loans in the secondary market to investors or to bank subsidiaries of M&T.
The segment periodically purchases servicing rights to loans that have been originated by other entities.
This segment also originates and services loans to developers of residential real estate properties.
Residential mortgage loans held for sale are included in the Residential Mortgage Banking segment.
The Retail Banking segment offers a variety of services to consumers and small businesses through several delivery channels that include banking offices, automated teller machines, telephone banking and internet banking.
The ‘‘All Other’’ category includes other operating activities of the Company that are not directly attributable to the reported segments as determined in accordance with SFAS No.131, the difference between the provision for credit losses and the calculated provision allocated to the reportable segments, goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions, the net impact of the Company’s internal funds transfer pricing methodology, eliminations of transactions between reportable segments, certain nonrecurring transactions, the residual effects of unallocated support systems and general and administrative expenses, and the impact of interest rate risk management strategies.
The amount of intersegment activity eliminated in arriving at consolidated totals was included in the ‘‘All Other’’ category as follows:
## Table 0 ##
The Company conducts substantially all of its operations in the United States.
There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues.22.
Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations.
Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years.
For purposes of this test, at December 31, 2005, approximately $528,216,000 was available for payment of dividends to M&T from banking subsidiaries without prior regulatory approval.
Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets.
Securities of affiliates are not eligible as collateral for this purpose.
The bank subsidiaries are required to maintain noninterest-earning reserves against certain deposit liabilities.
During the maintenance periods that included December 31, 2005 and 2004, cash and due from banks included a daily average of $388,697,000 and $408,450,000, respectively, for such purpose.
Federal regulators have adopted capital adequacy guidelines for bank holding companies and banks.
Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the
The Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals through the Company’s banking office network and several other delivery channels, including business banking centers, telephone banking, Internet banking and automated teller machines.
The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets the Company serves.
Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services.
The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers.
Activities of this segment include the origination, sales and servicing of commercial real estate loans.
The Discretionary Portfolio segment includes securities, residential mortgage loans and other assets; short-term and long-term borrowed funds; brokered deposits; and Cayman Islands branch deposits.
This segment also provides foreign exchange services to customers.
The Residential Mortgage Banking segment originates and services residential real estate loans for consumers and sells substantially all of those loans in the secondary market to investors or to the Discretionary Portfolio segment.
The segment periodically purchases servicing rights to loans that have been originated by other entities.
Residential real estate loans held for sale are included in the Residential Mortgage Banking segment.
The Retail Banking segment offers a variety of services to consumers through several delivery channels that include banking offices, automated teller machines, telephone banking and Internet banking.
The “All Other” category includes other operating activities of the Company that are not directly attributable to the reported segments; the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions; merger-related gains and expenses resulting from acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain nonrecurring transactions; the residual effects of unallocated support systems and general and administrative expenses; and the impact of interest rate risk management strategies.
The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows:
## Table 1 ##
The Company conducts substantially all of its operations in the United States.
There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues.23.
Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations.
Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years.
For purposes of this test, at December 31, 2014, approximately $1.5 billion was available for payment of dividends to M&T from banking subsidiaries.
Additionally, the Federal Reserve Board requires bank holding companies with $50 billion or more of total consolidated assets to submit annual capital plans.
Such bank holding companies may pay dividends and repurchase stock only in accordance with a capital plan which the Federal Reserve Board has not objected to.
Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets.
Securities of affiliates are not eligible as collateral for this purpose.
The bank subsidiaries are required to maintain reserves against certain deposit liabilities.
During the maintenance periods that included December 31, 2014 and 2013, cash and due from banks and interestearning deposits at banks included a daily average of $555,575,000 and $595,593,000, respectively, for such purpose.
Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more.
All larger balance criticized commercial loans and commercial real estate loans are individually reviewed by centralized loan review personnel each quarter to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing.
Smaller balance criticized loans are analyzed by business line risk management areas to ensure proper loan grade classification.
Furthermore, criticized nonaccrual commercial loans and commercial real estate loans are considered impaired and, as a result, specific loss allowances on such loans are established within the allowance for credit losses to the extent appropriate in each individual instance.
The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans.
## Table 2 ##
In determining the allowance for credit losses, residential real estate loans and consumer loans are generally evaluated collectively after considering such factors as payment performance and recent loss experience and trends, which are mainly driven by current collateral values in the market place as well as the amount of loan defaults.
Loss rates on such loans are determined by reference to recent charge-off history and are evaluated (and adjusted if deemed appropriate) through consideration of other factors including near-term forecasted loss estimates developed by the Company’s Credit Department.
In arriving at such forecasts, the Company considers the current estimated fair value of its collateral based on geographical adjustments for home price depreciation/ appreciation and overall borrower repayment performance.
With regard to collateral values, the realizability of such values by the Company contemplates repayment of any first lien position prior to recovering amounts on a second lien position.
However, residential real estate loans and outstanding balances of home equity loans and lines of credit that are more than 150 days past due are generally evaluated for collectibility on a loan-by-loan basis giving consideration to estimated collateral values.
The carrying value of residential real estate loans and home equity loans and lines of credit for which a partial charge-off has been recognized aggregated $55 million and $21 million, respectively, at December 31, 2015 and $63 million and $18 million, respectively, at December 31, 2014.
Residential real estate loans and home equity loans and lines of credit that were more than 150 days past due but did not require a partial charge-off because the net realizable value of the collateral exceeded the outstanding customer balance totaled $20 million and $28 million, respectively, at December 31, 2015 and $27 million and $28 million, respectively, at December 31, 2014.
The Company also measures additional losses for purchased impaired loans when it is probable that the Company will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition.
The determination of the allocated portion of the allowance for credit losses is very subjective.
Given that inherent subjectivity and potential imprecision involved in determining the allocated portion of the allowance for credit losses, the Company also provides an inherent unallocated portion of the
18.
Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities.
The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges.
Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party.
Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not significant as of December 31, 2017.
The net effect of interest rate swap agreements was to increase net interest income by $25 million in 2017, $37 million in 2016 and $44 million in 2015.
Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows:
## Table 3 ##
(a) Effective January 2017 certain clearinghouse exchanges revised their rules such that certain required payments by counterparties for variation margin on derivative instruments that had been treated as collateral are now treated as settlements of those positions.
The impact of such rule changes at December 31, 2017 was a reduction of the estimated fair value losses on interest rate swap agreements designated as fair value hedges of $41.1 million and on interest rate swap agreements designated as cash flow hedges of $16.3 million.
(b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
(c) Includes notional amount and terms of $2.0 billion of forward-starting interest rate swap agreements that will become effective upon maturity in 2019 of $2.0 billion of agreements currently in effect.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December 31</td></tr><tr><td></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td></td><td colspan="3">(In thousands)</td></tr><tr><td>Revenues</td><td>$-70,698</td><td>$-60,195</td><td>$-87,309</td></tr><tr><td>Expenses</td><td>-18,445</td><td>-16,950</td><td>-18,307</td></tr><tr><td>Income taxes (benefit)</td><td>-21,262</td><td>-17,596</td><td>-28,077</td></tr><tr><td>Net income (loss)</td><td>-30,991</td><td>-25,649</td><td>-40,925</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="3">(In thousands)</td></tr><tr><td>Revenues</td><td>$-49,800</td><td>$-50,128</td><td>$-71,452</td></tr><tr><td>Expenses</td><td>-12,014</td><td>-16,235</td><td>-17,313</td></tr><tr><td>Income taxes (benefit)</td><td>-15,375</td><td>-13,791</td><td>-22,029</td></tr><tr><td>Net income (loss)</td><td>-22,411</td><td>-20,102</td><td>-32,110</td></tr></table>
<table><tr><td></td><td></td><td colspan="3"> Real Estate</td></tr><tr><td></td><td> Commercial, Financial, Leasing, etc.</td><td> Commercial</td><td> Residential Builder and Developer</td><td> Other Commercial Construction</td></tr><tr><td></td><td colspan="4"> (In thousands)</td></tr><tr><td>December 31, 2015</td><td></td><td></td><td></td><td></td></tr><tr><td>Pass</td><td>$19,442,183</td><td>$23,098,856</td><td>$1,497,465</td><td>$3,432,679</td></tr><tr><td>Criticized accrual</td><td>738,238</td><td>787,480</td><td>59,779</td><td>96,654</td></tr><tr><td>Criticized nonaccrual</td><td>241,917</td><td>179,606</td><td>28,429</td><td>16,363</td></tr><tr><td>Total</td><td>$20,422,338</td><td>$24,065,942</td><td>$1,585,673</td><td>$3,545,696</td></tr><tr><td>December 31, 2014</td><td></td><td></td><td></td><td></td></tr><tr><td>Pass</td><td>$18,695,440</td><td>$21,837,022</td><td>$1,347,778</td><td>$3,347,522</td></tr><tr><td>Criticized accrual</td><td>588,407</td><td>578,317</td><td>45,845</td><td>172,269</td></tr><tr><td>Criticized nonaccrual</td><td>177,445</td><td>141,600</td><td>71,517</td><td>25,699</td></tr><tr><td>Total</td><td>$19,461,292</td><td>$22,556,939</td><td>$1,465,140</td><td>$3,545,490</td></tr></table>
<table><tr><td></td><td></td><td></td><td colspan="2">Weighted- Average Rate</td><td></td></tr><tr><td></td><td>Notional Amount (Inthousands)</td><td>Average Maturity (Inyears)</td><td>Fixed</td><td>Variable</td><td>EstimatedFair ValueGain (a) (Inthousands)</td></tr><tr><td>December 31, 2017</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed rate long-term borrowings(b)</td><td>$4,550,000</td><td>2.9</td><td>2.27%</td><td>2.09%</td><td>$573</td></tr><tr><td>Cash flow hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Variable rate commercial real estateloans(b)( c)</td><td>4,850,000</td><td>2.0</td><td>1.52%</td><td>1.36%</td><td>66</td></tr><tr><td>Total</td><td>$9,400,000</td><td>2.5</td><td></td><td></td><td>$639</td></tr><tr><td>December 31, 2016</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed rate long-term borrowings(b)</td><td>$900,000</td><td>1.1</td><td>3.75%</td><td>2.08%</td><td>$11,892</td></tr></table>

Question: At December 31,what year is the Estimated Fair Value Gain for Fair value hedges for Fixed rate long-term borrowings lower?
Answer: 2017