Ken Usdin — Jefferies — Analyst
Okay, started using it. Many Thanks great deal, David. We’ll keep it here given your one question request.
David J. Turner — Senior Executive Vice President, Chief Financial Officer
Operator
Your question that is next comes Brian Foran of Autonomous analysis.
Brian Foran — Autonomous Analysis — Analyst
Hi. Maybe a followup on the hedges. It really is interesting, after all, most of the banks that are regional opted out of including a OCI and money as being a — we have regarded as a kind of regulatory relief. Nevertheless now, specifically for a bank it kind of understates your capital ratios in a way like you where you’ve got the outside team. Therefore I wonder, us, what would the capital ratios look like if the unrealized gains were included and is there any scenario where the hedges are so valuable you would actually monetize that — invest them some way in an acquisition or a buyback or is that just too far out if you can just remind?
David J. Turner — Senior Executive Vice President, Chief Financial Officer
Well, so we made our decision to exclude OCI, it had been a selection we’d. Had we not made that option, we might just have had using the hedges that people have actually another $1.7 billion that is pre-tax inside our — in money. But as soon as you make your choice, you need to live because of it. And that is okay. Therefore, to your extent we would take that gain that we see opportunities to terminate those swaps. It might be deferred and amortized together with income therefore money within the life that is remaining of swaps, which as I’ve mentioned earlier our five year tenor. To this site ensure would simply be in a full instance in which you saw the chances of prices increasing. After which we would get in front of that. That will not appear to be the situation at this stage over time. However you’re asking the question that is right. There will come a true point over time where we accomplish that. Recall the hedges are to safeguard net gain from being degraded as a consequence of the interest rate environment that is low. It isn’t an incremental. It’s wanting to protect that which we do have. And thus while we are enjoying that security, there is no significance of us in an attempt to front end gains and employ that for capital actions to maintain our profile within our persistence of producing PPNR.
Brian Foran — Autonomous Analysis — Analyst
Operator
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Your next concern arises from Matt O’Connor of Deutsche Bank.
John M. Turner — President and Ceo
Good early early morning, Matt.
Matt O’Connor — Deutsche Bank — Analyst
Good early morning. Is it possible to simply mention a few of the expense levers that you could pull, while lots of things are shutdown and there is clearly plenty of focus on workers. You’ve had types of constant enhancement on costs for quite some time and talk about some just of the items that you can test into the environment right here? Many Many Thanks.
David J. Turner — Senior Executive Vice President, Chief Financial Officer
Yes, Matt. Therefore, we have stayed centered on cost administration. I believe we have done a job that is really good. The places we’ve been able to reduce expenses have been attached to our branches if you look at our top categories, salaries and benefits, occupancy and charter fixtures and equipment. We have consolidated a whole many more branches than we have opened. We proceeded to consider that and continue steadily to have — we now have a whole band of individuals dedicated to our retail community technique to be sure that we are optimizing that community from a income and growth generation along with expense optimization.
Which means you should expect us to continue here. We’ve proceeded to lessen square footage that we are down some 300,000 square legs into the quarter. We are going to be down another 600,000 to 700,000 for the complete 12 months. And now we’re learning some plain things, working at home so we’ve actually had missed a beat when it comes to efficiency and effectiveness. And so I had mentioned within the prepared reviews type of hoteling and perhaps there is a chance for all of us to keep to ramp that up much more therefore.
Our merchant spin, we continued to own programs in position to manage and lower the seller expenses in particular from the need administration side. Thus I think, we now have 73 initiatives that individuals’ve identified in constant enhancement. I experienced mentioned we are through 40% of these — really we are through about 32 of those. We are going to finish another 14 in 2010. So John has expected us to find out exactly how we get good at whatever we do, wherever you’re in the lender, how can you do it better tomorrow than you did today? I really think you ought to continue steadily to see us try to find methods to be more efficient and effective as time passes. So we are — we now have some approaches to continue steadily to work with the cost part.
John M. Turner — President and Ceo
And I also would just include, Matt, we have seen great deal of change and enhancement over the past four to five months even as we’ve accelerated the requirement to respond just how we serve our clients. And thus i believe it bodes well for proceeded process enhancement. With process enhancement, we are getting greater effectiveness. We are positively invested in effectively managing expenses all the time, but specially during this time period of some great doubt.