Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Jeff Hopson from Stifel Nicolaus. Your line is open.
Jeff Hopson - Stifel Nicolaus
Okay. Dennis can you describe the process I guess for liquidating the SIV exposure based upon market conditions today; how long would you think this might occur? Then the tax rate to severance and the buy out, can you give us a net EPS effect of those?
Dennis McGonigle
Let me address the first question first. In terms of the ultimate disposition of the SIV securities or more to the point, the underlying collateral that sits underneath those structures, we going to be relatively patient with that. We are working with an outside advisor that we haven’t announced who that is and they are working along with us to put more of a strategy together around disposition.
Unlike maybe some other organizations where they may have been more in a forced position or so, we don’t feel that we’re in that position. So, to the extent we feel that market values on some of that underlying collateral provide opportunities for us to liquidate today, we would certainly look to do so, but to the extent we feel that market values they do not reflect what we believe ultimate value could be for us overtime and we will be a little more patient.
There’s also some potentially, let’s say these were creative in a positive sense. Approaches to this we’re evaluating along with an out advisory firm.
On the second question, the net is roughly $0.03 to $0.04. So the tax rate, certainly as we’ve talked about in the past, I had said that this quarter was going to be historically low. For positive reasons we had good results in tax orders that closed out. The severance expense, I mean that’s pretty easier to calculate since we gave you that in the dollar value. The other one time revenue which we benefited from the banking, pretty much as a watch against severance, I bet it sits at about that $0.03 to $0.04.
Jeff Hopson - Stifel Nicolaus
Great, thank you.
Operator
Our next question comes from Glenn Greene from Oppenheimer. Your line is open.
Glenn Greene - Oppenheimer
Thanks. Good afternoon everyone. Dennis just on the expense savings and the restructuring, which I guess you did sort of half way through the quarter and I think when you disclosed it, you talked about it being 5% to 10% of sort of the 2008 expense base. I’m just trying to get a sense for how much of that, the cost savings were realized during the quarter and how much incremental benefit we may see going forward?
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