SHORT-TERM BORROWINGS Federal funds purchased include overnight borrowings and term federal funds, which are payable at maturity.
## Table 0 ##
SELECTED LOAN MATURITIES AND INTEREST SENSITIVITY
## Table 1 ##
At December 31, 2007, $1.1 billion notional of pay-fixed interest rate swaps were designated to commercial loans as part of fair value hedge strategies.
The changes in fair value of the loans attributable to the hedged risk are included in the commercial loan amount in the above table.
In addition, $7.9 billion notional amount of receive-fixed interest rate swaps were designated as part of cash flow hedging strategies that converted the floating rate (1 month LIBOR, 3 month LIBOR and Prime) on the underlying commercial loans to a fixed rate as part of risk management strategies.
TIME DEPOSITS OF $100,000 OR MORE Time deposits in foreign offices totaled $7.4 billion at December 31, 2007, substantially all of which are in denominations of $100,000 or more.
The following table sets forth maturities of domestic time deposits of $100,000 or more:
## Table 2 ##
COMMON STOCK PRICES/DIVIDENDS DECLARED The table below sets forth by quarter the range of high and low sale and quarter-end closing prices for our common stock and the cash dividends we declared per common share.
## Table 3 ##
Certain loans transferred to the Agencies contain removal of account provisions (ROAPs).
Under these ROAPs, we hold an option to repurchase at par individual delinquent loans that meet certain criteria.
In other limited cases, the U. S.  Department of Housing and Urban Development (HUD) has granted us the right to repurchase current loans when we intend to modify the borrower’s interest rate under established guidelines.
When we have the unilateral ability to repurchase a loan, effective control over the loan has been regained and we recognize an asset (in either Loans or Loans held for sale) and a corresponding liability (in Other borrowed funds) on the balance sheet regardless of our intent to repurchase the loan.
At December 31, 2015 and December 31, 2014, these assets and liabilities both totaled $120 million and $136 million, respectively.
The Agency and Non-agency mortgage-backed securities issued by the securitization SPEs that are purchased and held on our balance sheet are typically purchased in the secondary market.
PNC does not retain any credit risk on its Agency mortgage-backed security positions as FNMA, FHLMC, and the U. S.  Government (for GNMA) guarantee losses of principal and interest.
We also have involvement with certain Agency and Nonagency commercial securitization SPEs where we have not transferred commercial mortgage loans.
These SPEs were sponsored by independent third-parties and the loans held by these entities were purchased exclusively from other thirdparties.
Generally, our involvement with these SPEs is as servicer with servicing activities consistent with those described above.
We recognize a liability for our loss exposure associated with contractual obligations to repurchase previously transferred loans due to breaches of representations and warranties and also for loss sharing arrangements (recourse obligations) with the Agencies.
Other than providing temporary liquidity under servicing advances and our loss exposure associated with our repurchase and recourse obligations, we have not provided nor are we required to provide any type of credit support, guarantees, or commitments to the securitization SPEs or third-party investors in these transactions.
See Note 21 Commitments and Guarantees for further discussion of our repurchase and recourse obligations.
The following table provides cash flows associated with PNC’s loan sale and servicing activities: Table 50: Cash Flows Associated with Loan Sale and Servicing Activities
## Table 4 ##
(a) Represents cash flow information associated with both commercial mortgage loan transfer and servicing activities.
(b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged.
(c) Gains/losses recognized on sales of loans were insignificant for the periods presented.
(d) Includes residential mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, and loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.
Includes home equity lines of credit repurchased at the end of their draw periods due to contractual requirements.
(e) Includes contractually specified servicing fees, late charges and ancillary fees.
(f) Represents cash flows on securities we hold issued by a securitization SPE in which PNC transferred to and/or services loans.
The carrying value of such securities held were $6.6 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2015 and $3.4 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2014.
Junior Subordinate Deferrable Interest Debentures In June 2005, we issued $100.0?million of Trust Preferred Securities, which are reflected on the balance sheet as Junior Subordinate Deferrable Interest Debentures.
The proceeds were used to repay our revolving credit facility.
The $100.0?million of junior subordinate deferrable interest debentures have a 30-year term ending July 2035.
They bear interest at a fixed rate of 5.61% for the first 10 years ending July 2015.
Thereafter, the rate will float at three month LIBOR plus 1.25%.
The securities are redeemable at par.
Restrictive Covenants The terms of the 2011 revolving credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends (as discussed below), make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and the disposition of assets, and which require compliance with financial ratios including our minimum tangible net worth, a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges and a maximum ratio of unsecured indebtedness to unencumbered asset value.
The dividend restriction referred to above provides that we will not during any time when we are in default, make distributions with respect to common stock or other equity interests, except to enable us to continue to qualify as a REIT for Federal Income Tax purposes.
As of December?31, 2011 and 2010, we were in compliance with all such covenants.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Market Rate Risk We are exposed to changes in interest rates primarily from our floating rate borrowing arrangements.
We use interest rate derivative instruments to manage exposure to interest rate changes.
A?hypothetical 100?basis point increase in interest rates along the entire interest rate curve for 2011 and 2010, would increase our annual interest cost by approximately $12.3?million and $11.0?million and would increase our share of joint venture annual interest cost by approximately $4.8?million and $6.7?million, respectively.
We recognize all derivatives on the balance sheet at fair value.
Derivatives that are not hedges must be adjusted to fair value through income.
If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.
The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings.
Approximately $4.8?billion of our long- term debt bore interest?at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates.
The interest rate on our variable rate debt and joint venture debt as of December?31, 2011 ranged from LIBOR plus 150?basis points to LIBOR plus 350?basis points.
Contractual Obligations Combined aggregate principal maturities of mortgages and other loans payable, our 2011 revolving credit facility, senior unsecured notes (net of discount), trust preferred securities, our share of joint venture debt, including as- of-right extension options, estimated interest expense (based on weighted average interest rates for the quarter), and our obligations under our capital lease and ground leases, as of December?31, 2011 are as follows (in thousands):

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">2007</td><td colspan="2">2006</td><td colspan="2">2005</td></tr><tr><td>Dollars in millions</td><td>Amount</td><td>Rate</td><td>Amount</td><td>Rate</td><td>Amount</td><td>Rate</td></tr><tr><td>Federal funds purchased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Year-end balance</td><td> $7,037</td><td>3.17%</td><td>$2,711</td><td>5.24%</td><td>$4,128</td><td>4.07%</td></tr><tr><td>Average during year</td><td> 5,533</td><td>5.13</td><td>3,081</td><td>5.10</td><td>2,098</td><td>3.38</td></tr><tr><td>Maximum month-end balance during year</td><td> 8,798</td><td></td><td>4,226</td><td></td><td>4,128</td><td></td></tr></table>
<table><tr><td>December 31, 2007In millions</td><td>1 Yearor Less</td><td>1 Through5 Years</td><td>After 5 Years</td><td>GrossLoans</td></tr><tr><td>Commercial</td><td> $9,670</td><td> $15,017</td><td> $3,920</td><td> $28,607</td></tr><tr><td>Real estate projects</td><td> 3,124</td><td> 2,461</td><td> 529</td><td> 6,114</td></tr><tr><td>Total</td><td> $12,794</td><td> $17,478</td><td> $4,449</td><td> $34,721</td></tr><tr><td>Loans with Predetermined rate</td><td> $2,486</td><td> $3,157</td><td> $2,089</td><td> $7,732</td></tr><tr><td>Floating or adjustable rate</td><td> 10,308</td><td> 14,321</td><td> 2,360</td><td> 26,989</td></tr><tr><td>Total</td><td> $12,794</td><td> $17,478</td><td> $4,449</td><td> $34,721</td></tr></table>
<table><tr><td>December 31, 2007 – in millions</td><td>Certificatesof Deposit</td></tr><tr><td>Three months or less</td><td> $2,628</td></tr><tr><td>Over three through six months</td><td> 1,983</td></tr><tr><td>Over six through twelve months</td><td> 893</td></tr><tr><td>Over twelve months</td><td> 1,930</td></tr><tr><td>Total</td><td> $7,434</td></tr></table>
<table><tr><td></td><td>High</td><td>Low</td><td>Close</td><td>CashDividends Declared</td></tr><tr><td> 2007 Quarter</td><td></td><td></td><td></td><td></td></tr><tr><td> First</td><td> $76.41</td><td> $68.60</td><td> $71.97</td><td> $.55</td></tr><tr><td> Second</td><td> 76.15</td><td> 70.31</td><td> 71.58</td><td> .63</td></tr><tr><td> Third</td><td> 75.99</td><td> 64.00</td><td> 68.10</td><td> .63</td></tr><tr><td> Fourth</td><td> 74.56</td><td> 63.54</td><td> 65.65</td><td> .63</td></tr><tr><td> Total</td><td></td><td></td><td></td><td> $2.44</td></tr><tr><td>2006 Quarter</td><td></td><td></td><td></td><td></td></tr><tr><td>First</td><td>$71.42</td><td>$61.78</td><td>$67.31</td><td>$.50</td></tr><tr><td>Second</td><td>72.00</td><td>65.30</td><td>70.17</td><td>.55</td></tr><tr><td>Third</td><td>73.55</td><td>68.09</td><td>72.44</td><td>.55</td></tr><tr><td>Fourth</td><td>75.15</td><td>67.61</td><td>74.04</td><td>.55</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>$2.15</td></tr></table>
<table><tr><td>In millions</td><td>Residential Mortgages</td><td>Commercial Mortgages (a)</td><td>Home Equity Loans/Lines (b)</td></tr><tr><td> CASH FLOWS – Year ended December 31, 2015</td><td></td><td></td><td></td></tr><tr><td>Sales of loans (c)</td><td>$8,121</td><td>$4,398</td><td></td></tr><tr><td>Repurchases of previously transferred loans (d)</td><td>580</td><td></td><td>$135</td></tr><tr><td>Servicing fees (e)</td><td>339</td><td>120</td><td>15</td></tr><tr><td>Servicing advances recovered/(funded), net</td><td>90</td><td>48</td><td>3</td></tr><tr><td>Cash flows on mortgage-backed securities held (f)</td><td>1,458</td><td>184</td><td></td></tr><tr><td> CASH FLOWS – Year ended December 31, 2014</td><td></td><td></td><td></td></tr><tr><td>Sales of loans (c)</td><td>$8,344</td><td>$3,469</td><td></td></tr><tr><td>Repurchases of previously transferred loans (d)</td><td>744</td><td></td><td>$14</td></tr><tr><td>Servicing fees (e)</td><td>346</td><td>132</td><td>19</td></tr><tr><td>Servicing advances recovered/(funded), net</td><td>70</td><td>113</td><td>-20</td></tr><tr><td>Cash flows on mortgage-backed securities held (f)</td><td>934</td><td>308</td><td></td></tr></table>

Question: What is the value of the Certificates of Deposit for Over three through six months at December 31, 2007? (in million)
Answer: 1983