management 2019s discussion and analysis liquidity risk management liquidity is of critical importance to financial institutions .
most of the failures of financial institutions have occurred in large part due to insufficient liquidity .
accordingly , we have in place a comprehensive and conservative set of liquidity and funding policies to address both firm-specific and broader industry or market liquidity events .
our principal objective is to be able to fund the firm and to enable our core businesses to continue to serve clients and generate revenues , even under adverse circumstances .
we manage liquidity risk according to the following principles : global core liquid assets .
we maintain substantial liquidity ( gcla , previously gce ) to meet a broad range of potential cash outflows and collateral needs in a stressed environment .
asset-liability management .
we assess anticipated holding periods for our assets and their expected liquidity in a stressed environment .
we manage the maturities and diversity of our funding across markets , products and counterparties , and seek to maintain liabilities of appropriate tenor relative to our asset base .
contingency funding plan .
we maintain a contingency funding plan to provide a framework for analyzing and responding to a liquidity crisis situation or periods of market stress .
this framework sets forth the plan of action to fund normal business activity in emergency and stress situations .
these principles are discussed in more detail below .
global core liquid assets our most important liquidity policy is to pre-fund our estimated potential cash and collateral needs during a liquidity crisis and hold this liquidity in the form of unencumbered , highly liquid securities and cash .
we believe that the securities held in our gcla would be readily convertible to cash in a matter of days , through liquidation , by entering into repurchase agreements or from maturities of resale agreements , and that this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets .
as of december 2014 and december 2013 , the fair value of the securities and certain overnight cash deposits included in our gcla , totaled $ 182.95 billion and $ 184.07 billion , respectively .
based on the results of our internal liquidity risk models , discussed below , as well as our consideration of other factors including , but not limited to , an assessment of our potential intraday liquidity needs and a qualitative assessment of the condition of the financial markets and the firm , we believe our liquidity position as of both december 2014 and december 2013 was appropriate .
the table below presents the fair value of the securities and certain overnight cash deposits that are included in our average for the year ended december $ in millions 2014 2013 .

$ in millions
average for theyear ended december 2014
average for theyear ended december 2013
u.s . dollar-denominated
$ 134223
$ 136824
non-u.s . dollar-denominated
45410
45826
total
$ 179633
$ 182650

the u.s .
dollar-denominated gcla is composed of ( i ) unencumbered u.s .
government and federal agency obligations ( including highly liquid u.s .
federal agency mortgage-backed obligations ) , all of which are eligible as collateral in federal reserve open market operations and ( ii ) certain overnight u.s .
dollar cash deposits .
the non- u.s .
dollar-denominated gcla is composed of only unencumbered german , french , japanese and united kingdom government obligations and certain overnight cash deposits in highly liquid currencies .
we strictly limit our gcla to this narrowly defined list of securities and cash because they are highly liquid , even in a difficult funding environment .
we do not include other potential sources of excess liquidity in our gcla , such as less liquid unencumbered securities or committed credit facilities .
72 goldman sachs 2014 annual report .

Question: in 2013 what percentage of gcla is in non-u.s . dollar denominated assets?
Answer: 25%
Calculation: divide(45826, 182650)