A Black-Scholes option-pricing model was used for purposes of estimating the fair value of State Street’s employee stock options at the grant date.
The following were the weighted average assumptions for the years ended December 31, 2001, 2000 and 1999, respectively: risk-free interest rates of 3.99%, 5.75% and 5.90%; dividend yields of 1.08%, .73% and .92%; and volatility factors of the expected market price of State Street common stock of .30, .30 and .30.
The estimated weighted average life of the stock options granted was 4.1 years for the years ended December 31, 2001, 2000 and 1999.
Other Unrealized Comprehensive Income (Loss) At December 31, the components of other unrealized comprehensive income (loss), net of related taxes, were as follows:
## Table 0 ##
Note J Shareholders’ Rights Plan In 1988, State Street declared a dividend of one preferred share purchase right for each outstanding share of common stock.
In 1998, the Rights Agreement was amended and restated, and in 2001, the Rights Plan was impacted by the 2-for-1 stock split.
Accordingly, a right may be exercised, under certain conditions, to purchase one eight-hundredths share of a series of participating preferred stock at an exercise price of $132.50, subject to adjustment.
The rights become exercisable if a party acquires or obtains the right to acquire 10% or more of State Street’s common stock or after commencement or public announcement of an offer for 10% or more of State Street’s common stock.
When exercisable, under certain conditions, each right entitles the holder thereof to purchase shares of common stock, of either State Street or of the acquirer, having a market value of two times the then-current exercise price of that right.
The rights expire in September 2008, and may be redeemed at a price of $.00125 per right, subject to adjustment, at any time prior to expiration or the acquisition of 10% of State Street’s common stock.
Under certain circumstances, the rights may be redeemed after they become exercisable and may be subject to automatic redemption.
Note K Regulatory Matters Regulatory Capital State Street is subject to various regulatory capital requirements administered by federal banking agencies.
Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on State Street’s financial condition.
Under capital adequacy guidelines, State Street must meet specific capital guidelines that involve quantitative measures of State Street’s assets, liabilities and off-balance sheet items as calculated under regulatory accounting practices.
State Street’s capital amounts and classification are subject to qualitative judgments by the regulators about components, risk weightings and other factors.
As more fully described in Note 1, management periodically reviews the investment securities portfolio to determine if other-than-temporary impairment has occurred.
This review encompasses all investment securities and includes such quantitative factors as the length of time the cost basis has exceeded the fair value and the severity of the impairment measured as the ratio of fair value to amortized cost, and includes all investment securities for which we have issuer-specific concerns regardless of quantitative factors.
After a full review of all investment securities, taking into consideration current economic conditions, adverse situations that might affect our ability to fully collect interest and principal, timing of future payments, the value of underlying collateral of asset-backed securities, and other relevant factors, we consider the aggregate decline in fair value and the resulting gross unrealized losses of $610 million on 4,125 securities at December 31, 2005 to be temporary.
The losses are primarily the result of rising interest rates over the course of 2005, not the result of any material changes in the credit characteristics of the investment securities portfolio.
During 2003, we recorded a $27 million charge to processing fees and other revenue to reduce the amortized cost basis of certain investment securities for which the decline in fair value was determined to be other than temporary.
Securities carried at $26.57 billion and $27.27 billion at December 31, 2005 and 2004, respectively, were designated as pledged securities for public and trust deposits, borrowed funds and for other purposes as provided by law.
Gross gains and losses realized from sales of available-for-sale securities were as follows for the years indicated:
## Table 1 ##
Maturities of debt investment securities as of December 31, 2005, were as follows:
## Table 2 ##
The maturities of asset-backed securities, mortgage-backed securities and collateralized mortgage obligations are based upon the expected principal payments.
Cash, Dividend, Loan and Other Restrictions: During 2005, our subsidiary banks were required by the Federal Reserve Bank to maintain average cash reserve balances of $267 million.
In addition, federal and state banking regulations place certain restrictions on dividends paid by subsidiary banks to a parent holding company.
For 2006, aggregate dividends by State Street Bank without prior regulatory approval are limited to approximately $503 million of its undistributed earnings at December 31, 2005, plus an additional amount equal to its net profits, as defined, for 2006 up to the date of any dividend.
The Federal Reserve Act requires that extensions of credit by State Street Bank to certain affiliates, including the parent company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of its capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of its capital and surplus.
At December 31, 2005, consolidated retained earnings included $179 million representing undistributed earnings of affiliates that are accounted for using the equity method.
Note 14.
Derivative Financial Instruments We use derivatives to support customers’ needs, conduct trading activities, and manage our interest-rate and currency risk.
As part of our trading activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options, and interest-rate swaps.
In the aggregate, long and short foreign exchange forward positions are matched closely to minimize currency and interest-rate risk.
All foreign exchange contracts are valued daily at current market rates.
Interest-rate contracts involve an agreement with a counterparty to exchange cash flows based on the movement of an underlying interest-rate index.
An interest-rate swap agreement involves the exchange of a series of interest payments, either at a fixed or variable rate, based upon the notional amount without the exchange of the underlying principal amount.
An interest-rate option contract provides the purchaser, for a premium, the right, but not the obligation, to receive an interest rate based upon a predetermined notional value during a specified period.
An interest-rate futures contract is a commitment to buy or sell, at a future date, a financial instrument at a contracted price; it may be settled in cash or through the delivery of the contracted instrument.
Foreign exchange contracts involve an agreement to exchange one currency for another currency at an agreed-upon rate and settlement date.
Foreign exchange contracts consist of cross-currency swap agreements and foreign exchange forward and spot contracts.
The following table summarizes the contractual or notional amounts of derivative financial instruments held or issued for trading and asset and liability management as of December 31:
## Table 3 ##
As described above, the borrowings are extended on a non-recourse basis.
As such, there is no credit or market risk exposure to us on the assets, and as a result the terms of the AMLF permit exclusion of the assets from regulatory leverage and risk-based capital calculations.
The interest rate on the borrowings is set by the Federal Reserve Bank, and we earn net interest revenue by earning a spread on the difference between the yield we earn on the assets and the rate we pay on the borrowings.
For 2008, we earned net interest revenue associated with this facility of approximately $68 million.
Separately, we currently maintain a commercial paper program under which we can issue up to $3 billion with original maturities of up to 270 days from the date of issue.
At December 31, 2008 and 2007, $2.59 billion and $2.36 billion, respectively, of commercial paper were outstanding.
In addition, State Street Bank currently has Board authority to issue bank notes up to an aggregate of $5 billion, including up to $2.48 billion of senior notes under the FDIC’s Temporary Liquidity Guarantee Program, instituted by the FDIC in October 2008 for qualified senior debt issued through June 30, 2009, and up to $1 billion of subordinated bank notes (see note 10).
At December 31, 2008 and 2007, no notes payable were outstanding, and at December 31, 2008, all $5 billion was available for issuance.
State Street Bank currently maintains a line of credit of CAD $800 million, or approximately $657 million, to support its Canadian securities processing operations.
The line of credit has no stated termination date and is cancelable by either party with prior notice.
At December 31, 2008, no balance was due on this line of credit.
Note 9.
Restructuring Charges In December 2008, we implemented a plan to reduce our expenses from operations and support our longterm growth.
In connection with this plan, we recorded aggregate restructuring charges of $306 million in our consolidated statement of income.
The primary component of the plan was an involuntary reduction of approximately 7% of our global workforce, which reduction we expect to be substantially completed by the end of the first quarter of 2009.
Other components of the plan included costs related to lease and software license terminations, restructuring of agreements with technology providers and other costs.
Of the aggregate restructuring charges of $306 million, $243 million related to severance, a portion of which will be paid in a lump sum or over a defined period, and a portion of which will provide related benefits and outplacement services for approximately 2,100 employees identified for involuntary termination in connection with the plan; $49 million related to future lease obligations and write-offs of capitalized assets, including $23 million for impairment of other intangible assets; $10 million of costs associated with information technology and $4 million of other restructuring costs.
The severance component included $47 million related to accelerated vesting of equity-based compensation.
In December 2008, approximately 620 employees were involuntarily terminated and left State Street.
The following table presents the activity in the related balance sheet reserve for 2008.
## Table 4 ##
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS $65.35 billion and $87.20 billion as of December 31, 2017 and December 31, 2016, respectively.
TABLE 29: COMPONENTS OF AVERAGE HQLA BY TYPE OF ASSET
## Table 5 ##
With respect to highly liquid short-term investments presented in the preceding table, due to the continued elevated level of client deposits as of December 31, 2017, we maintained cash balances in excess of regulatory requirements governing deposits with the Federal Reserve of approximately $33.58 billion at the Federal Reserve, the ECB and other non-U.
S.  central banks, compared to $48.40 billion as of December 31, 2016.
The lower levels of deposits with central banks as of December 31, 2017 compared to December 31, 2016 was due to normal deposit volatility.
Liquid securities carried in our asset liquidity include securities pledged without corresponding advances from the FRBB, the FHLB, and other nonU.
S.  central banks.
State Street Bank is a member of the FHLB.
This membership allows for advances of liquidity in varying terms against high-quality collateral, which helps facilitate asset-and-liability management.
Access to primary, intra-day and contingent liquidity provided by these utilities is an important source of contingent liquidity with utilization subject to underlying conditions.
As of December 31, 2017 and December 31, 2016, we had no outstanding primary credit borrowings from the FRBB discount window or any other central bank facility, and as of the same dates, no FHLB advances were outstanding.
In addition to the securities included in our asset liquidity, we have significant amounts of other unencumbered investment securities.
The aggregate fair value of those securities was $66.10 billion as of December 31, 2017, compared to $54.40 billion as of December 31, 2016.
These securities are available sources of liquidity, although not as rapidly deployed as those included in our asset liquidity.
Measures of liquidity include LCR, NSFR and TLAC which are described in "Supervision and Regulation" included under Item 1, Business, of this Form 10-K.
Uses of Liquidity Significant uses of our liquidity could result from the following: withdrawals of client deposits; drawdowns of unfunded commitments to extend credit or to purchase securities, generally provided through lines of credit; and short-duration advance facilities.
Such circumstances would generally arise under stress conditions including deterioration in credit ratings.
A recurring significant use of our liquidity involves our deployment of HQLA from our investment portfolio to post collateral to financial institutions and participants in our agency lending program serving as sources of securities under our enhanced custody program.
We had unfunded commitments to extend credit with gross contractual amounts totaling $26.49 billion and $26.99 billion as of December 31, 2017 and December 31, 2016, respectively.
These amounts do not reflect the value of any collateral.
As of December 31, 2017, approximately 72% of our unfunded commitments to extend credit expire within one year.
Since many of our commitments are expected to expire or renew without being drawn upon, the gross contractual amounts do not necessarily represent our future cash requirements.
Information about our resolution planning and the impact actions under our resolution plans could have on our liquidity is provided in "Supervision and Regulation," included under Item 1.  Business, of this Form 10-K.  Funding Deposits We provide products and services including custody, accounting, administration, daily pricing, foreign exchange services, cash management, financial asset management, securities finance and investment advisory services.
As a provider of these products and services, we generate client deposits, which have generally provided a stable, low-cost source of funds.
As a global custodian, clients place deposits with State Street entities in various currencies.
As of December 31, 2017 and December 31, 2016, approximately 60% of our average client deposit balances were denominated in U. S.  dollars, approximately 20% in EUR, 10% in GBP and 10% in all other currencies.
For the past several years, we have frequently experienced higher client deposit inflows toward the end of each fiscal quarter or the end of the fiscal year.
As a result, we believe average client deposit balances are more reflective of ongoing funding than period-end balances.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(Dollars in millions)</td><td>2001</td><td>2000</td></tr><tr><td>Unrealized gain on available-for-sale securities</td><td>$ 96</td><td>$ 19</td></tr><tr><td>Foreign currency translation</td><td>-27</td><td>-20</td></tr><tr><td>Other</td><td>1</td><td></td></tr><tr><td>Total</td><td>$ 70</td><td>$ -1</td></tr></table>
<table><tr><td> </td><td>  2005 </td><td>2004 </td><td>2003 </td></tr><tr><td>(Dollars in millions) </td><td></td><td></td><td></td></tr><tr><td>Gross gains</td><td>$9</td><td>$49</td><td>$56</td></tr><tr><td>Gross losses</td><td>10</td><td>23</td><td>33</td></tr><tr><td>Net (losses) gains</td><td>$-1</td><td>$26</td><td>$23</td></tr></table>
<table><tr><td> </td><td>  Under 1   Year </td><td> 1 to 5   Years </td><td> 6 to 10   Years </td><td> Over 10   Years </td></tr><tr><td>(Dollars in millions) </td><td></td><td></td><td></td><td></td></tr><tr><td>Available for Sale:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>$2,614</td><td>$7,103</td><td>$497</td><td></td></tr><tr><td>Mortgage-backed securities</td><td>40</td><td>1,107</td><td>5,154</td><td>$4,837</td></tr><tr><td>Asset-backed securities</td><td>1,818</td><td>9,373</td><td>9,309</td><td>3,342</td></tr><tr><td>Collateralized mortgage obligations</td><td>97</td><td>1,948</td><td>2,404</td><td>1,078</td></tr><tr><td>State and political subdivisions</td><td>321</td><td>783</td><td>627</td><td>137</td></tr><tr><td>Other investments</td><td>685</td><td>613</td><td>389</td><td>8</td></tr><tr><td>Total</td><td>$5,575</td><td>$20,927</td><td>$18,380</td><td>$9,402</td></tr><tr><td>Held to Maturity:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>$856</td><td>$801</td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td>—</td><td>—</td><td>$226</td><td>$699</td></tr><tr><td>Collateralized mortgage obligations</td><td>—</td><td>354</td><td>1,007</td><td>725</td></tr><tr><td>Other investments</td><td>73</td><td>65</td><td>81</td><td>4</td></tr><tr><td>Total</td><td>$929</td><td>$1,220</td><td>$1,314</td><td>$1,428</td></tr></table>
<table><tr><td> </td><td>  2005 </td><td>2004 </td></tr><tr><td>(Dollars in millions) </td><td></td><td></td></tr><tr><td>Trading:</td><td></td><td></td></tr><tr><td>Interest-rate contracts:</td><td></td><td></td></tr><tr><td>Swap agreements</td><td>$4,508</td><td>$1,450</td></tr><tr><td>Options and caps purchased</td><td>912</td><td>310</td></tr><tr><td>Options and caps written</td><td>2,564</td><td>1,464</td></tr><tr><td>Futures</td><td>534</td><td>1,767</td></tr><tr><td>Foreign exchange contracts:</td><td></td><td></td></tr><tr><td>Forward, swap and spot</td><td>414,376</td><td>364,357</td></tr><tr><td>Options purchased</td><td>6,624</td><td>3,298</td></tr><tr><td>Options written</td><td>6,763</td><td>3,214</td></tr><tr><td>Asset and Liability Management:</td><td></td><td></td></tr><tr><td>Interest-rate contracts:</td><td></td><td></td></tr><tr><td>Swap agreements</td><td>5,369</td><td>4,300</td></tr><tr><td>Foreign exchange contracts:</td><td></td><td></td></tr><tr><td>Swap agreements</td><td>355</td><td>407</td></tr></table>
<table><tr><td>(In millions)</td><td>Severance</td><td>Lease and Asset Write-Offs</td><td>Information Technology</td><td>Other</td><td>Total</td></tr><tr><td>Initial accrual</td><td>$250</td><td>$42</td><td>$10</td><td>$4</td><td>$306</td></tr><tr><td>Payments and adjustments</td><td>-20</td><td>-25</td><td>-10</td><td>-1</td><td>-56</td></tr><tr><td>Balance at December 31, 2008</td><td>$230</td><td>$17</td><td>—</td><td>$3</td><td>$250</td></tr></table>
<table><tr><td>(In millions)</td><td>December 31, 2017</td><td>December 31, 2016</td></tr><tr><td>Excess Central Bank Balances</td><td>$33,584</td><td>$48,407</td></tr><tr><td>U.S. Treasuries</td><td>10,278</td><td>17,770</td></tr><tr><td>Other Investment securities</td><td>13,422</td><td>15,442</td></tr><tr><td>Foreign government</td><td>8,064</td><td>5,585</td></tr><tr><td>Total</td><td>$65,348</td><td>$87,204</td></tr></table>

Question: between 2000 and 2001 , what was the percent increase of unrealized gains?
Answer: 4.05263
Reasoning program: subtract(96,19), divide(#0,19)