Net proceeds from the sale were $14.2 billion. Business activities may also be affected by an institution's capital classification. PNC and PNC Bank are required to calculate the LCR on a daily basis. These joint rules have not yet been proposed. Enhanced Prudential Requirements. PNC Bank is provisionally registered as swap dealer with the CFTC. Our SEC File Number is 001-09718. Copies will be provided without charge. PNC elected to adopt this optional transition provision effective March 31, 2020. Similarly, SOFR, because it is riskless, tends to be a lower rate than LIBOR. In others, we or our vendors license it from others. And our efforts to prevent significant harm from attacks may be insufficient. We also have reserves for unfunded loan commitments and letters of credit. This is particularly true to the extent that our competitors are better able to do so. We are at risk for an adverse impact on our business due to damage to our reputation. It may be severe even if we fully remediate any harm suffered by our customers. This competition leads to increased expenses in affected business areas.
