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Note 7 — Allowance for Credit Losses
The following table summarizes the changes in the allowance for credit losses for 2006, 2005 and 2004:
| (Dollars in millions) | 2006 | 2005 | 2004 |
|---|---|---|---|
| Allowance for loan and lease losses, January 1 |
$ |
$ |
$ |
| FleetBoston balance, April 1, 2004 | — | — | 2,763 |
| MBNA balance, January 1, 2006 | 577 | — | — |
| Loans and leases charged off | (5,881) | (5,794) | (4,092) |
| Recoveries of loans and leases previously charged off | 1,342 | 1,232 | 979 |
|
Net charge-offs
|
(4,539) | (4,562) | (3,113) |
| Provision for loan and lease losses | 5,001 | 4,021 | 2,868 |
| Other | (68) | (40) | (55) |
|
Allowance for loan and lease losses, December 31
|
9,016 | 8,045 | 8,626 |
|
Reserve for unfunded lending commitments, January 1
|
395 | 402 | 416 |
| FleetBoston balance, April 1, 2004 | — | — | 85 |
| Provision for unfunded lending commitments | 9 | (7) | (99) |
| Other | (7) | — | — |
|
Reserve for unfunded lending commitments, December 31
|
397 | 395 | 402 |
|
Total allowance for credit losses
|
$ |
$ |
$ |
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