loan commitments ( unfunded loans and unused lines of credit ) , asset purchase agreements , standby letters of credit and letters of credit are issued to accommodate the financing needs of state street 2019s clients and to provide credit enhancements to special purpose entities . loan commitments are agreements by state street to lend monies at a future date . asset purchase agreements are commitments to purchase receivables or securities , subject to conditions established in the agreements , and at december 31 , 2001 , include $ 8.0 billion outstanding to special purpose entities . standby letters of credit and letters of credit commit state street to make payments on behalf of clients and special purpose entities when certain specified events occur . standby letters of credit outstanding to special purpose entities were $ 608 million at december 31 , 2001 . these loan , asset purchase and letter of credit commitments are subject to the same credit policies and reviews as loans . the amount and nature of collateral are obtained based upon management 2019s assessment of the credit risk . approximately 89% ( 89 % ) of the loan commitments and asset purchase agreements expire within one year from the date of issue . sincemany of the commitments are expected to expire or renewwithout being drawn , the total commitment amounts do not necessarily represent future cash requirements . the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31: .
state street corporation 53 .
(Dollars in millions) 2001 2000
Indemnified securities on loan $113,047 $101,438
Loan commitments 12,962 11,367
Asset purchase agreements 10,366 7,112
Standby letters of credit 3,918 4,028
Letters of credit 164 218
( dollars in millions ) 2001 2000
indemnified securities on loan $ 113047 $ 101438
loan commitments 12962 11367
asset purchase agreements 10366 7112
standby letters of credit 3918 4028
letters of credit 164 218