{"pre_text": ["notes to consolidated financial statements fifth third bancorp 81 vii held by the trust vii bear a fixed rate of interest of 8.875% ( 8.875 % ) until may 15 , 2058 .", "thereafter , the notes pay a floating rate at three-month libor plus 500 bp .", "the bancorp entered into an interest rate swap to convert $ 275 million of the fixed-rate debt into floating .", "at december 31 , 2008 , the rate paid on the swap was 6.05% ( 6.05 % ) .", "the jsn vii may be redeemed at the option of the bancorp on or after may 15 , 2013 , or in certain other limited circumstances , at a redemption price of 100% ( 100 % ) of the principal amount plus accrued but unpaid interest .", "all redemptions are subject to certain conditions and generally require approval by the federal reserve board .", "subsidiary long-term borrowings the senior fixed-rate bank notes due from 2009 to 2019 are the obligations of a subsidiary bank .", "the maturities of the face value of the senior fixed-rate bank notes are as follows : $ 36 million in 2009 , $ 800 million in 2010 and $ 275 million in 2019 .", "the bancorp entered into interest rate swaps to convert $ 1.1 billion of the fixed-rate debt into floating rates .", "at december 31 , 2008 , the rates paid on these swaps were 2.19% ( 2.19 % ) on $ 800 million and 2.20% ( 2.20 % ) on $ 275 million .", "in august 2008 , $ 500 million of senior fixed-rate bank notes issued in july of 2003 matured and were paid .", "these long-term bank notes were issued to third-party investors at a fixed rate of 3.375% ( 3.375 % ) .", "the senior floating-rate bank notes due in 2013 are the obligations of a subsidiary bank .", "the notes pay a floating rate at three-month libor plus 11 bp .", "the senior extendable notes consist of $ 797 million that currently pay interest at three-month libor plus 4 bp and $ 400 million that pay at the federal funds open rate plus 12 bp .", "the subordinated fixed-rate bank notes due in 2015 are the obligations of a subsidiary bank .", "the bancorp entered into interest rate swaps to convert the fixed-rate debt into floating rate .", "at december 31 , 2008 , the weighted-average rate paid on the swaps was 3.29% ( 3.29 % ) .", "the junior subordinated floating-rate bank notes due in 2032 and 2033 were assumed by a bancorp subsidiary as part of the acquisition of crown in november 2007 .", "two of the notes pay floating at three-month libor plus 310 and 325 bp .", "the third note pays floating at six-month libor plus 370 bp .", "the three-month libor plus 290 bp and the three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 , respectively , were assumed by a subsidiary of the bancorp in connection with the acquisition of first national bank .", "the obligations were issued to fnb statutory trusts i and ii , respectively .", "the junior subordinated floating-rate bank notes due in 2035 were assumed by a bancorp subsidiary as part of the acquisition of first charter in may 2008 .", "the obligations were issued to first charter capital trust i and ii , respectively .", "the notes of first charter capital trust i and ii pay floating at three-month libor plus 169 bp and 142 bp , respectively .", "the bancorp has fully and unconditionally guaranteed all obligations under the acquired trust preferred securities .", "at december 31 , 2008 , fhlb advances have rates ranging from 0% ( 0 % ) to 8.34% ( 8.34 % ) , with interest payable monthly .", "the advances are secured by certain residential mortgage loans and securities totaling $ 8.6 billion .", "at december 31 , 2008 , $ 2.5 billion of fhlb advances are floating rate .", "the bancorp has interest rate caps , with a notional of $ 1.5 billion , held against its fhlb advance borrowings .", "the $ 3.6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 and $ 1.1 billion in 2013 and thereafter .", "medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by two subsidiary banks , of which $ 3.8 billion was outstanding at december 31 , 2008 with $ 16.2 billion available for future issuance .", "there were no other medium-term senior notes outstanding on either of the two subsidiary banks as of december 31 , 2008 .", "15 .", "commitments , contingent liabilities and guarantees the bancorp , in the normal course of business , enters into financial instruments and various agreements to meet the financing needs of its customers .", "the bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks , provide funding , equipment and locations for its operations and invest in its communities .", "these instruments and agreements involve , to varying degrees , elements of credit risk , counterparty risk and market risk in excess of the amounts recognized in the bancorp 2019s consolidated balance sheets .", "creditworthiness for all instruments and agreements is evaluated on a case-by-case basis in accordance with the bancorp 2019s credit policies .", "the bancorp 2019s significant commitments , contingent liabilities and guarantees in excess of the amounts recognized in the consolidated balance sheets are summarized as follows : commitments the bancorp has certain commitments to make future payments under contracts .", "a summary of significant commitments at december 31: ."], "post_text": ["commitments to extend credit are agreements to lend , typically having fixed expiration dates or other termination clauses that may require payment of a fee .", "since many of the commitments to extend credit may expire without being drawn upon , the total commitment amounts do not necessarily represent future cash flow requirements .", "the bancorp is exposed to credit risk in the event of nonperformance for the amount of the contract .", "fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the bancorp 2019s exposure is limited to the replacement value of those commitments .", "as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets .", "standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party .", "at december 31 , 2008 , approximately $ 3.3 billion of letters of credit expire within one year ( including $ 57 million issued on behalf of commercial customers to facilitate trade payments in dollars and foreign currencies ) , $ 5.3 billion expire between one to five years and $ 0.4 billion expire thereafter .", "standby letters of credit are considered guarantees in accordance with fasb interpretation no .", "45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d ( fin 45 ) .", "at december 31 , 2008 , the reserve related to these standby letters of credit was $ 3 million .", "approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively .", "in the event of nonperformance by the customers , the bancorp has rights to the underlying collateral , which can include commercial real estate , physical plant and property , inventory , receivables , cash and marketable securities .", "the bancorp monitors the credit risk associated with the standby letters of credit using the same dual risk rating system utilized for ."], "table": [["( $ in millions )", "2008", "2007"], ["commitments to extend credit", "$ 49470", "49788"], ["letters of credit ( including standby letters of credit )", "8951", "8522"], ["forward contracts to sell mortgage loans", "3235", "1511"], ["noncancelable lease obligations", "937", "734"], ["purchase obligations", "81", "52"], ["capital expenditures", "68", "94"]], "table_ori": [["($ in millions)", "2008", "2007"], ["Commitments to extend credit", "$49,470", "49,788"], ["Letters of credit (including standby letters of credit)", "8,951", "8,522"], ["Forward contracts to sell mortgage loans", "3,235", "1,511"], ["Noncancelable lease obligations", "937", "734"], ["Purchase obligations", "81", "52"], ["Capital expenditures", "68", "94"]]}

Question: what was the average securitization rate of standby letters of credit as of december 2008 and 2007?
Evidence:
text_51: approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively .
Program: add(66%, 70%), divide(#0, const_2)
Answer:
str_answer: 68%
exe_answer: 0.68