A financial institution has four open derivative positions with an investment company. A description of the positions and their current market values are displayed in the table below:

| Position | Exposure (USD) |

|---------------------------|----------------|

| Long swaptions | 32 million |

| Long credit default swaps | 12 million |

| Long currency derivatives | -16 million |

| Long futures contracts | -8 million |

If the investment company defaults, what would be the loss to the financial institution if netting is used compared to the loss if netting is not used?