jpmorgan chase & co./2017 annual report 89 the table below reflects the firm 2019s assessed level of capital allocated to each line of business as of the dates indicated . line of business equity ( allocated capital ) .
what is the annual cash flow cost of the cc series preferred stock , in m?
planning and stress testing comprehensive capital analysis and review the federal reserve requires large bank holding companies , including the firm , to submit a capital plan on an annual basis . the federal reserve uses the ccar and dodd-frank act stress test processes to ensure that large bhcs have sufficient capital during periods of economic and financial stress , and have robust , forward-looking capital assessment and planning processes in place that address each bhc 2019s unique risks to enable it to absorb losses under certain stress scenarios . through the ccar , the federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) , as well as its plans to make capital distributions , such as dividend payments or stock repurchases . on june 28 , 2017 , the federal reserve informed the firm that it did not object , on either a quantitative or qualitative basis , to the firm 2019s 2017 capital plan . for information on actions taken by the firm 2019s board of directors following the 2017 ccar results , see capital actions on pages 89-90 . the firm 2019s ccar process is integrated into and employs the same methodologies utilized in the firm 2019s icaap process , as discussed below . internal capital adequacy assessment process semiannually , the firm completes the icaap , which provides management with a view of the impact of severe and unexpected events on earnings , balance sheet positions , reserves and capital . the firm 2019s icaap integrates stress testing protocols with capital planning . the process assesses the potential impact of alternative economic and business scenarios on the firm 2019s earnings and capital . economic scenarios , and the parameters underlying those scenarios , are defined centrally and applied uniformly across the businesses . these scenarios are articulated in terms of macroeconomic factors , which are key drivers of business results ; global market shocks , which generate short-term but severe trading losses ; and idiosyncratic operational risk events . the scenarios are intended to capture and stress key vulnerabilities and idiosyncratic risks facing the firm . however , when defining a broad range of scenarios , actual events can always be worse . accordingly , management considers additional stresses outside these scenarios , as necessary . icaap results are reviewed by management and the audit committee . capital actions preferred stock preferred stock dividends declared were $ 1.7 billion for the year ended december 31 , 2017 . on october 20 , 2017 , the firm issued $ 1.3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc , with an initial dividend rate of 4.625% ( 4.625 % ) . on december 1 , 2017 , the firm redeemed all $ 1.3 billion of its outstanding 5.50% ( 5.50 % ) non-cumulative preferred stock , series o . for additional information on the firm 2019s preferred stock , see note 20 . trust preferred securities on december 18 , 2017 , the delaware trusts that issued seven series of outstanding trust preferred securities were liquidated , $ 1.6 billion of trust preferred and $ 56 million of common securities originally issued by those trusts were cancelled , and the junior subordinated debentures previously held by each trust issuer were distributed pro rata to the holders of the corresponding series of trust preferred and common securities . the firm redeemed $ 1.6 billion of trust preferred securities in the year ended december 31 , 2016 . common stock dividends the firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook , desired dividend payout ratio , capital objectives , and alternative investment opportunities . on september 19 , 2017 , the firm announced that its board of directors increased the quarterly common stock dividend to $ 0.56 per share , effective with the dividend paid on october 31 , 2017 . the firm 2019s dividends are subject to the board of directors 2019 approval on a quarterly basis . for information regarding dividend restrictions , see note 20 and note 25. .