Other expenses were $484 million, up $53 million from $431 million in 2004, primarily due to increases in professional services related to compliance, including costs related to implementation of BASEL II and the restructuring of our treasury function, as well as growth initiatives.
Income Taxes Income tax expense from continuing operations was $487 million for 2005, compared to $394 million a year ago, with the additional expense the result of increased pre-tax earnings.
The effective tax rate for continuing operations for 2005 was 34.0%.
The effective tax rate for 2004 was 33.1%, including the impact of a cumulative benefit of $18 million resulting from a change in the effective state tax rate applied to leveraged leasing transactions.
Excluding this item, the effective rate for 2004 was 34.0%.
The income tax benefit attributable to the loss from discontinued operations of $165 million was $58 million.
Line of Business Information We report two lines of business: Investment Servicing and Investment Management.
Given our services and management organization, the results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry.
Information about revenue, expense and capital allocation methodologies is in Note 23 of the “Notes to Consolidated Financial Statements” included in this Form 10-K under Item 8.
The following is a summary of line of business results.
These results exclude the loss from discontinued operations related to the planned divestiture of our investment interest in Bel Air as described in the “Financial Highlights” section of this Discussion and Analysis.
The “Business Divestiture” column includes the revenue and expenses of the divested PAM business for 2003 prior to its divestiture.
The “Other/One-Time” column for 2005 includes the additional gain from the sale of the PAM business.
For 2004, this column includes merger and integration costs related to the acquisition of the GSS business.
For 2003, the “Other/One-Time” column includes the gains from the sales of the PAM and Corporate Trust businesses, the loss on certain real estate sold, and restructuring and merger, integration and divestiture charges.
Certain previously reported amounts have been reclassified to conform to current year presentation.
## Table 0 ##
Note 10.
Commitments and Contingencies Off-Balance Sheet Commitments and Contingencies: Credit-related financial instruments include indemnified securities financing, unfunded commitments to extend credit or purchase assets and standby letters of credit.
The total potential loss on unfunded commitments, standby letters of credit and securities finance indemnifications is equal to the total contractual amount, which does not consider the value of any collateral.
The following is a summary of the contractual amount of credit-related, off-balance sheet financial instruments at December 31.
Amounts reported do not reflect participations to independent third parties.
## Table 1 ##
On behalf of our customers, we lend their securities to creditworthy brokers and other institutions.
In certain circumstances, we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities.
Collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition.
We require the borrowers to provide collateral in an amount equal to or in excess of 100% of the fair market value of the securities borrowed.
The borrowed securities are revalued daily to determine if additional collateral is necessary.
In this regard, we held, as agent, cash and U. S.  government securities totaling $572.93 billion and $527.37 billion as collateral for indemnified securities on loan at December 31, 2007 and 2006, respectively.
Approximately 82% of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue.
Since many of the commitments are expected to expire or renew without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
In the normal course of business, we provide liquidity and credit enhancements to asset-backed commercial paper programs, referred to as ‘‘conduits.
’’ These conduits are described in note 11.
The commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit, the majority of which are provided by us.
In addition, we provide direct credit support to the conduits in the form of standby letters of credit.
Our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $28.37 billion at December 31, 2007, and are included in the preceding table.
Our commitments under standby letters of credit totaled $1.04 billion at December 31, 2007, and are also included in the preceding table.
Deterioration in asset performance or certain other factors affecting the liquidity of the commercial paper may shift the asset risk from the commercial paper investors to us as the liquidity or credit enhancement provider.
In addition, the conduits may need to draw upon the back-up facilities to repay maturing commercial paper.
In these instances, we would either acquire the assets of the conduits or make loans to the conduits secured by the conduits’ assets.
In the normal course of business, we offer products that provide book value protection primarily to plan participants in stable value funds of postretirement defined contribution benefit plans, particularly 401(k) plans.
The book value protection is provided on portfolios of intermediate, investment grade fixed-income securities, and is intended to provide safety and stable growth of principal invested.
The protection is intended to cover any shortfall in the event that a significant number of plan participants
Approximately 61% of the $1.4 billion increase in total fee revenue over 2006 was generated from servicing and management fees.
Servicing Fees Servicing fees include fee revenue from U. S.  mutual funds, collective investment funds worldwide, corporate and public retirement plans, insurance companies, foundations, endowments, and other investment pools.
Products and services include custody; product- and participant-level accounting; daily pricing and administration; recordkeeping; investment manager and hedge fund manager operations outsourcing services; master trust and master custody; and performance, risk and compliance analytics.
The increase in servicing fees of $665 million from 2006 primarily resulted from the inclusion of $304 million of servicing fee revenue from the acquired Investors Financial business, net new business from existing and new customers, higher average equity market valuations and higher customer transaction volumes.
Net new business is defined as new business net of lost business.
For 2007, servicing fees generated from customers outside the U. S.  were approximately 41% of total servicing fees, 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 predominantly in the U. S.  We are the largest provider of mutual fund custody and accounting services in the United States.
We distinguish ourselves from other mutual fund service providers by offering customers a broad array of integrated products and services, including accounting, daily pricing and fund administration.
We calculate more than 34% of the U. S.  mutual fund prices provided to NASDAQ that appear daily in The Wall Street Journal and other publications with an accuracy rate of 99.9%.
We have a leading position for servicing U. S.  tax-exempt assets for corporate and public pension funds.
We provide trust and valuation services for more than 4,000 daily-priced portfolios, making us a leader for both monthly and daily valuation services.
We are a leading service provider outside of the U. S.  as well.
In Germany, we provide Depotbank services for approximately 16% of retail and institutional fund assets.
In the United Kingdom, we provide custody services for 18% of pension fund assets and provide administration services to more than 24% of mutual fund assets.
We service approximately 23% of the hedge fund market and more than $650 billion of offshore assets, primarily domiciled in Ireland and Luxembourg.
We have more than $1 trillion in assets under administration in the Asia/Pacific region, and are the largest nondomestic trust bank in Japan.
At year-end 2007, our total assets under custody were $15.30 trillion, compared to $11.85 trillion a year earlier.
The value of assets under custody is a broad measure of the relative size of various markets served.
Changes in the value of assets under custody do not necessarily result in proportional changes in revenue.
Assets under custody consisted of the following at December 31: ASSETS UNDER CUSTODY
## Table 2 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>  </td><td colspan="3">  Investment Servicing </td><td colspan="3"> InvestmentManagement </td><td colspan="3"> BusinessDivestiture </td><td colspan="3"> Other/One-Time </td><td colspan="3"> Total </td></tr><tr><td> </td><td>2005 </td><td>2004 </td><td>2003 </td><td>2005 </td><td>2004 </td><td>2003 </td><td>2005 </td><td>2004 </td><td>2003 </td><td>2005 </td><td>2004 </td><td>2003 </td><td>2005 </td><td>2004 </td><td>2003 </td></tr><tr><td>(Dollars in millions, unless otherwise noted) </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Years ended December 31,</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fee revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Servicing fees</td><td>$2,474</td><td>$2,263</td><td>$1,950</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$2,474</td><td>$2,263</td><td>$1,950</td></tr><tr><td>Management fees</td><td>–</td><td>–</td><td>–</td><td>$751</td><td>$623</td><td>$474</td><td></td><td></td><td>$59</td><td></td><td></td><td></td><td>751</td><td>623</td><td>533</td></tr><tr><td>Trading services</td><td>694</td><td>595</td><td>529</td><td>–</td><td>–</td><td>–</td><td></td><td></td><td>–</td><td></td><td></td><td></td><td>694</td><td>595</td><td>529</td></tr><tr><td>Securities finance</td><td>260</td><td>211</td><td>206</td><td>70</td><td>48</td><td>39</td><td></td><td></td><td>–</td><td></td><td></td><td></td><td>330</td><td>259</td><td>245</td></tr><tr><td>Processing fees and other</td><td>221</td><td>239</td><td>277</td><td>81</td><td>69</td><td>34</td><td></td><td></td><td>1</td><td></td><td></td><td>$-13</td><td>302</td><td>308</td><td>299</td></tr><tr><td>Total fee revenue</td><td>3,649</td><td>3,308</td><td>2,962</td><td>902</td><td>740</td><td>547</td><td></td><td></td><td>60</td><td></td><td></td><td>-13</td><td>4,551</td><td>4,048</td><td>3,556</td></tr><tr><td>Net interest revenue</td><td>826</td><td>816</td><td>773</td><td>81</td><td>43</td><td>37</td><td></td><td></td><td>–</td><td></td><td></td><td>–</td><td>907</td><td>859</td><td>810</td></tr><tr><td>Provision for loan losses</td><td>–</td><td>-18</td><td>–</td><td>–</td><td>–</td><td>–</td><td></td><td></td><td>–</td><td></td><td></td><td>–</td><td>–</td><td>-18</td><td>–</td></tr><tr><td>Net interest revenue after provision for loan losses</td><td>826</td><td>834</td><td>773</td><td>81</td><td>43</td><td>37</td><td></td><td></td><td>–</td><td></td><td></td><td>–</td><td>907</td><td>877</td><td>810</td></tr><tr><td>(Losses) gains on sales of available-for-sale investment securities, net</td><td>-1</td><td>26</td><td>23</td><td>–</td><td>–</td><td>–</td><td></td><td></td><td>–</td><td></td><td></td><td>–</td><td>-1</td><td>26</td><td>23</td></tr><tr><td>Gains on sales of divested businesses, net</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td></td><td></td><td>–</td><td>$16</td><td></td><td>345</td><td>16</td><td>–</td><td>345</td></tr><tr><td>Total revenue</td><td>4,474</td><td>4,168</td><td>3,758</td><td>983</td><td>783</td><td>584</td><td></td><td></td><td>60</td><td>16</td><td></td><td>332</td><td>5,473</td><td>4,951</td><td>4,734</td></tr><tr><td>Operating expenses</td><td>3,363</td><td>3,115</td><td>2,706</td><td>678</td><td>582</td><td>473</td><td></td><td></td><td>37</td><td>–</td><td>$62</td><td>406</td><td>4,041</td><td>3,759</td><td>3,622</td></tr><tr><td>Income from continuing operations before income taxes</td><td>$1,111</td><td>$1,053</td><td>$1,052</td><td>$305</td><td>$201</td><td>$111</td><td></td><td></td><td>$23</td><td>$16</td><td>$-62</td><td>$-74</td><td>$1,432</td><td>$1,192</td><td>$1,112</td></tr><tr><td>Pre-tax margin</td><td>25%</td><td>25%</td><td>28%</td><td>31%</td><td>26%</td><td>19%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average assets (in billions)</td><td>$96.9</td><td>$92.5</td><td>$80.6</td><td>$2.9</td><td>$2.6</td><td>$2.0</td><td></td><td></td><td>$.1</td><td></td><td></td><td></td><td>$99.8</td><td>$95.1</td><td>$82.7</td></tr></table>
<table><tr><td>(In millions)</td><td>2007</td><td>2006</td></tr><tr><td>Indemnified securities financing</td><td>$558,368</td><td>$506,032</td></tr><tr><td>Liquidity asset purchase agreements</td><td>35,339</td><td>30,251</td></tr><tr><td>Unfunded commitments to extend credit</td><td>17,533</td><td>16,354</td></tr><tr><td>Standby letters of credit</td><td>4,711</td><td>4,926</td></tr></table>
<table><tr><td> As of December 31, </td><td> 2007</td><td> 2006</td><td> 2005</td><td> 2004</td><td> 2003</td><td>2006-2007 AGR</td><td> 2003-2007 CAGR</td></tr><tr><td> (Dollars in billions)  </td><td> </td><td> </td><td> </td><td> </td><td> </td><td></td><td> </td></tr><tr><td>Mutual funds</td><td>$4,803</td><td>$3,738</td><td>$3,442</td><td>$3,088</td><td>$3,094</td><td>28%</td><td>12%</td></tr><tr><td>Collective funds</td><td>3,199</td><td>1,665</td><td>1,001</td><td>911</td><td>1,153</td><td>92</td><td>29</td></tr><tr><td>Pension products</td><td>3,960</td><td>3,713</td><td>3,358</td><td>3,254</td><td>3,026</td><td>7</td><td>7</td></tr><tr><td>Insurance and other products</td><td>3,337</td><td>2,738</td><td>2,320</td><td>2,244</td><td>2,097</td><td>22</td><td>12</td></tr><tr><td>Total</td><td>$15,299</td><td>$11,854</td><td>$10,121</td><td>$9,497</td><td>$9,370</td><td>29</td><td>13</td></tr></table>

Question: what is the growth rate in the balance of standby letters of credit from 2006 to 2007?
Answer: -0.04365
Reasoning program: subtract(4711,4926), divide(#0,4926)