18 .allowance for credit losses . in millions of dollars                                                                 | 2009               | 2008 ( 1 )         | 2007 ( 1 )      
allowance for loan losses at beginning of year                                         | $ 29616            | $ 16117            | $ 8940          
gross credit losses                                                                    | -32784 ( 32784 )   | -20760 ( 20760 )   | -11864 ( 11864 )
gross recoveries                                                                       | 2043               | 1749               | 1938            
net credit ( losses ) recoveries ( ncls )                                              | $ -30741 ( 30741 ) | $ -19011 ( 19011 ) | $ -9926 ( 9926 )
ncls                                                                                   | $ 30741            | $ 19011            | $ 9926          
net reserve builds ( releases )                                                        | 5741               | 11297              | 6550            
net specific reserve builds ( releases )                                               | 2278               | 3366               | 356             
total provision for credit losses                                                      | $ 38760            | $ 33674            | $ 16832         
other net ( 2 )                                                                        | -1602 ( 1602 )     | -1164 ( 1164 )     | 271             
allowance for loan losses at end of year                                               | $ 36033            | $ 29616            | $ 16117         
allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) | $ 887              | $ 1250             | $ 1100          
provision for unfunded lending commitments                                             | 244                | -363 ( 363 )       | 150             
allowance for credit losses on unfunded lending commitments at end of year ( 3 )       | $ 1157             | $ 887              | $ 1250          
total allowance for loans leases and unfunded lending commitments                      | $ 37190            | $ 30503            | $ 17367          ( 1 ) reclassified to conform to the current period 2019s presentation .( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .real estate lending loans , and $ 562 million related to the transfer of the u.k .cards portfolio to held-for-sale .2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .
Question: what is the net change in value of allowance for loan losses from 2007 to 2008?
Steps: subtract(16117, 8940)
Answer: 7177.0
Question: what percentage change does this represent?

Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
18 .allowance for credit losses . in millions of dollars                                                                 | 2009               | 2008 ( 1 )         | 2007 ( 1 )      
allowance for loan losses at beginning of year                                         | $ 29616            | $ 16117            | $ 8940          
gross credit losses                                                                    | -32784 ( 32784 )   | -20760 ( 20760 )   | -11864 ( 11864 )
gross recoveries                                                                       | 2043               | 1749               | 1938            
net credit ( losses ) recoveries ( ncls )                                              | $ -30741 ( 30741 ) | $ -19011 ( 19011 ) | $ -9926 ( 9926 )
ncls                                                                                   | $ 30741            | $ 19011            | $ 9926          
net reserve builds ( releases )                                                        | 5741               | 11297              | 6550            
net specific reserve builds ( releases )                                               | 2278               | 3366               | 356             
total provision for credit losses                                                      | $ 38760            | $ 33674            | $ 16832         
other net ( 2 )                                                                        | -1602 ( 1602 )     | -1164 ( 1164 )     | 271             
allowance for loan losses at end of year                                               | $ 36033            | $ 29616            | $ 16117         
allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) | $ 887              | $ 1250             | $ 1100          
provision for unfunded lending commitments                                             | 244                | -363 ( 363 )       | 150             
allowance for credit losses on unfunded lending commitments at end of year ( 3 )       | $ 1157             | $ 887              | $ 1250          
total allowance for loans leases and unfunded lending commitments                      | $ 37190            | $ 30503            | $ 17367          ( 1 ) reclassified to conform to the current period 2019s presentation .( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .real estate lending loans , and $ 562 million related to the transfer of the u.k .cards portfolio to held-for-sale .2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .
Question: what is the net change in value of allowance for loan losses from 2007 to 2008?
Steps: subtract(16117, 8940)
Answer: 7177.0
Question: what percentage change does this represent?
