94 Fifth Third Bancorp  The following table reflects the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as  of December 31: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  2010 2009 Fair value Fair value  ($ in millions)  Notional  Amount  Derivative  Assets  Derivative  Liabilities  Notional  Amount  Derivative  Assets  Derivative  Liabilities  Qualifying hedging instruments :  Fair value hedges:  Interest rate swaps related to long-term debt  $4,355 $442 $ - $5,155  $275 $ - Interest rate swaps related to time deposits  - - - 771  - 6 Total fair value hedges  442 - 275 6 Cash flow hedges:  Interest rate floors related to C&I loans  1,500 153 - 1,500  162 - Interest rate swaps related to C&I loans  3,000 8 - 3,500  33 - Interest rate caps related to long-term debt  1,500 4 - 2,750  44 - Interest rate swaps related to long-term debt  1,190 - 31 -  - - Total cash flow hedges  165 31 239 - Total derivatives designated as qualifying hedging instruments  607 31 514 6 Derivatives not designated as qualifying hedging instruments  Free-standing derivatives – risk management and other  business purposes:   Interest rate contracts related to MSRs  12,477  141 81 8,592  114 24 Forward contracts related to held for sale mortgage loans 6,389 90 14 3,633 33 2 Interest rate swaps related to long-term debt  173 3 1 410 4 2 Foreign exchange contracts for trading purposes  2,494 4 4 - - - Put options associated with Processing Business Sale  769 - 8 667 - 9 Stock warrants associated with Processing Business Sale  175 79 - 152 75 - Swap associated with the sale of Visa, Inc. Class B shares  363 - 18 522 - 55 Total free-standing derivatives – risk management and other  business purposes  317 126 226 92 Free-standing derivatives - customer accommodation:  Interest rate contracts for customers  26,817  701 735 28,628  719 753 Interest rate lock commitments  1,772  9 9 1,489  3 8 Commodity contracts 1,878  99 92 805  63 58 Foreign exchange contracts  17,998  339 319 10,997  206 169 Derivative instruments related to equity linked CDs  70  2 2 113  2 2 Total free-standing derivatives – customer accommodation  1,150 1,157 993 990 Total derivatives not designated as qualifying hedging  instruments  1,467 1,283 1,219 1,082 Total $2,074 $1,314 $1,733 $1,088 Fair Value Hedges  were accounted for using the “long-haul” method. The long-haul  method requires a quarterly assessment of hedge effectiveness and  measurement of ineffectiveness. For interest rate swaps accounted  for as a fair value hedge using the long-haul method, ineffectiveness is the difference between the changes in the fair  value of the interest rate swap and changes in fair value of the  long-term debt attributable to the risk being hedged. The  ineffectiveness on interest rate swaps hedging long-term debt or  time deposits is reported within interest expense in the Consolidated Statements of Income.  The Bancorp may enter into interest rate swaps to convert its  fixed-rate, long-term debt or time deposits to floating-rate.  Decisions to convert fixed-rate debt or time deposits to floating are  made primarily through consideration of the asset/liability mix of  the Bancorp, the desired asset/liability sensitivity and interest rate  levels. For the years ended December 31, 2010 and 2009, certain  interest rate swaps met the criteria required to qualify for the  shortcut method of accounting. Based on this shortcut method of  accounting treatment, no ineffectiveness is assumed. For interest  rate swaps that do not meet the shortcut requirements, an  assessment of hedge effectiveness was performed and such swaps 