Wholesale criticized exposure Exposures deemed criticized generally represent a ratings profile similar to a rating of CCC+/Caa1 and lower, as defined by Standard & Poor’s/Moody’s.
The criticized component of the portfolio decreased to $5.2 billion (excluding HFS) at December 31, 2005, from $8.3 billion at year-end 2004, reflecting strong credit quality, refinancings and gross charge-offs.
Also contributing to the decline was a refinement in methodology in the first quarter of 2005 to align the ratings methodologies of the heritage firms.
At December 31, 2005,Automotive,Telecom services and Retail and consumer services moved into the top 10 of wholesale criticized exposure, replacing Chemicals/plastics, Business services and Metals/mining industries.
Wholesale nonperforming assets Wholesale nonperforming assets (excluding purchased held-for-sale wholesale loans) decreased by $779 million from $1.8 billion at December 31, 2004, as a result of loan sales, repayments and gross charge-offs.
For full year 2005, wholesale net recoveries were $77 million compared with net charge-offs of $186 million in 2004, primarily due to lower gross charge-offs.
The net recovery rate for full year 2005 was 0.06% compared with a net charge-off rate of 0.18% for the prior year.
Net charge-offs do not include $67 million of gains from sales of nonperforming loans that were sold during 2005 to a counter- party other than the original borrower.
When it is determined that a loan will be sold it is transferred into a held-for-sale account.
Held-for-sale loans are accounted for at lower of cost or fair value, with changes in value recorded in other revenue.
Wholesale criticized exposure – industry concentration
## Table 0 ##
(a) HFS loans primarily relate to securitization and syndication activities; excludes purchased nonperforming HFS loans.
Wholesale selected industry discussion Presented below is a discussion of several industries to which the Firm has significant exposure and which it continues to monitor because of actual or potential credit concerns.
For additional information, refer to the tables above and on the preceding page ?
Banks and finance companies: This industry group, primarily consisting of exposure to commercial banks, is the largest segment of the Firm’s wholesale credit portfolio.
Credit quality is high, as 88% of the exposure in this category is rated investment-grade.  ?
Real estate: This industry, the second largest segment of the Firm’s whole- sale credit portfolio, grew modestly in 2005, as the portfolio continued to benefit from relatively low interest rates, high liquidity and increased capital demand.
The exposure is well-diversified by client, transaction type, geography and property type.  ?
Oil and gas: During 2005, exposure to this industry group increased as a result of the rise in oil and gas prices; derivative receivables MTM increased on contracts that were executed at lower price levels.
In addition, the Firm extended shorter term loans that were expected to be refinanced through capital market transactions and further syndications.  ?
Media: Criticized exposures within Media increased in 2005, and this industry now represents the largest percentage of the total criticized portfolio.
The increase was attributable primarily to the extension of short-term financings to select borrowers.
The remaining Media portfolio is stable, with the majority of the exposure rated investment-grade.  ?
Automotive: In 2005,Automotive original equipment manufacturers (“OEMs”) and suppliers based in North America were negatively affected by a challenging operating environment.
As a result, criticized exposures to the Automotive industry grew, primarily as a result of downgrades to select names within the portfolio.
However, though larger in the aggregate, most of the criticized exposure remains undrawn and performing.  ?
All other: All other in the wholesale credit exposure concentration table at December 31, 2005, excluding HFS, included $283 billion of credit exposure to 21 industry segments.
Exposures related to SPEs and high-net-worth individuals totaled 45% of this category.
SPEs provide secured financing (generally backed by receivables, loans or bonds on a bankruptcy-remote, non-recourse or limited-recourse basis) originated by companies in a diverse group of industries that are not highly correlated.
The remaining All other exposure is well diversified across other industries; none comprise more than 3% of total exposure.
Derivative contracts In the normal course of business, the Firm utilizes derivative instruments to meet the needs of customers, to generate revenues through trading activities, to manage exposure to fluctuations in interest rates, currencies and other markets and to manage its own credit risk.
The Firm uses the same credit risk management procedures as those used for its traditional lending activities to assess and approve potential credit exposures when entering into derivative transactions.
Securities borrowed and securities lent are recorded at the amount of cash collateral advanced or received.
Securities borrowed consist primarily of government and equity securities.
JPMorgan Chase monitors the market value of the securities borrowed and lent on a daily basis and calls for additional collateral when appropriate.
Fees received or paid in connection with securities borrowed and lent are recorded in interest income or interest expense.
The following table details the components of collateralized financings.
## Table 1 ##
(a) Includes resale agreements of $20.8 billion and $19.1 billion accounted for at fair value at December 31, 2008 and 2007, respectively.
(b) Includes securities borrowed of $3.4 billion accounted for at fair value at December 31, 2008.
(c) Includes repurchase agreements of $3.0 billion and $5.8 billion accounted for at fair value at December 31, 2008 and 2007, respectively.
JPMorgan Chase pledges certain financial instruments it owns to collateralize repurchase agreements and other securities financings.
Pledged securities that can be sold or repledged by the secured party are identified as financial instruments owned (pledged to various parties) on the Consolidated Balance Sheets.
At December 31, 2008, the Firm received securities as collateral that could be repledged, delivered or otherwise used with a fair value of approximately $511.9 billion.
This collateral was generally obtained under resale or securities borrowing agreements.
Of these securities, approximately $456.6 billion were repledged, delivered or otherwise used, generally as collateral under repurchase agreements, securities lending agreements or to cover short sales.
Note 14 – Loans The accounting for a loan may differ based upon whether it is originated or purchased and as to whether the loan is used in an investing or trading strategy.
For purchased loans held-for-investment, the accounting also differs depending on whether a loan is creditimpaired at the date of acquisition.
Purchased loans with evidence of credit deterioration since the origination date and for which it is probable, at acquisition, that all contractually required payments receivable will not be collected are considered to be credit-impaired.
The measurement framework for loans in the Consolidated Financial Statements is one of the following: ?
At the principal amount outstanding, net of the allowance for loan losses, unearned income and any net deferred loan fees or costs, for loans held for investment (other than purchased creditimpaired loans); ?
At the lower of cost or fair value, with valuation changes recorded in noninterest revenue, for loans that are classified as heldfor-sale; or ?
At fair value, with changes in fair value recorded in noninterest revenue, for loans classified as trading assets or risk managed on a fair value basis; ?
Purchased credit-impaired loans held for investment are accounted for under SOP 03-3 and initially measured at fair value, which includes estimated future credit losses.
Accordingly, an allowance for loan losses related to these loans is not recorded at the acquisition date.
See Note 5 on pages 156–158 of this Annual Report for further information on the Firm’s elections of fair value accounting under SFAS 159.
See Note 6 on pages 158–160 of this Annual Report for further information on loans carried at fair value and classified as trading assets.
For loans held for investment, other than purchased credit-impaired loans, interest income is recognized using the interest method or on a basis approximating a level rate of return over the term of the loan.
Loans within the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio.
Transfers to held-for-sale are recorded at the lower of cost or fair value on the date of transfer.
Credit-related losses are charged off to the allowance for loan losses and losses due to changes in interest rates, or exchange rates, are recognized in noninterest revenue.
Loans within the held-for-sale portfolio that management decides to retain are transferred to the held-for-investment portfolio at the lower of cost or fair value.
These loans are subsequently assessed for impairment based on the Firm’s allowance methodology.
For a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses, see Note 15 on pages 178–180 of this Annual Report.
Nonaccrual loans are those on which the accrual of interest is discontinued.
Loans (other than certain consumer and purchased creditimpaired loans discussed below) are placed on nonaccrual status immediately if, in the opinion of management, full payment of principal or interest is in doubt, or when principal or interest is 90 days or more past due and collateral, if any, is insufficient to cover principal and interest.
Loans are charged off to the allowance for loan losses when it is highly certain that a loss has been realized.
Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income.
In addition, the amortization of net deferred loan fees is suspended.
Interest income on nonaccrual loans is recognized only to the extent it is received in cash.
However, where there is doubt regarding the ultimate collectibility of loan principal, all cash thereafter received is applied to reduce the carrying value of such loans (i. e. , the cost recovery method).
Loans are restored to accrual status only when future payments of interest and principal are reasonably assured.
Consumer loans, other than purchased credit-impaired loans, are generally charged to the allowance for loan losses upon reaching specified stages of delinquency, in accordance with the Federal Financial Institutions Examination Council policy.
For example, credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification of the filing of bankruptcy, whichever is earlier.
Residential mortgage products are generally charged off to net realizable value at no later than 180 days past due.
Other consumer
Management’s discussion and analysis 106 JPMorgan Chase & Co. /2015 Annual Report Treasury and CIO overview Treasury and CIO are predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding and structural interest rate and foreign exchange risks, as well as executing the Firm’s capital plan.
The risks managed by Treasury and CIO arise from the activities undertaken by the Firm’s four major reportable business segments to serve their respective client bases, which generate both on- and off-balance sheet assets and liabilities.
Treasury and CIO achieve the Firm’s asset-liability management objectives generally by investing in highquality securities that are managed for the longer-term as part of the Firm’s investment securities portfolio.
Treasury and CIO also use derivatives to meet the Firm’s assetliability management objectives.
For further information on derivatives, see Note 6.
The investment securities portfolio primarily consists of U. S.  and non-U.
S.  government securities, agency and nonagency mortgage-backed securities, other asset-backed securities, corporate debt securities and obligations of U. S.  states and municipalities.
At December 31, 2015, the investment securities portfolio was $287.8 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available and where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s).
See Note 12 for further information on the details of the Firm’s investment securities portfolio.
For further information on liquidity and funding risk, see Liquidity Risk Management on pages 159–164.
For information on interest rate, foreign exchange and other risks, Treasury and CIO VaR and the Firm’s earnings-at-risk, see Market Risk Management on pages 133–139.
Selected income statement and balance sheet data
## Table 2 ##
(a) Average investment securities included held-to-maturity balances of $50.0 billion and $47.2 billion for the years ended December 31, 2015 and 2014 respectively.
The held-to-maturity balance for full year 2013 was not material.
(b) Period-end investment securities included held-to-maturity securities of $49.1 billion, $49.3 billion, $24.0 billion at December 31, 2015, 2014 and 2013, respectively.
Private equity portfolio information(a)

<table><tr><td></td><td colspan="2">2005</td><td colspan="2">2004</td></tr><tr><td>As of December 31,</td><td rowspan="2">Credit exposure</td><td rowspan="2">% of portfolio</td><td rowspan="2">Credit exposure</td><td rowspan="2">% of portfolio</td></tr><tr><td>(in millions)</td></tr><tr><td>Media</td><td>$684</td><td>13.2%</td><td>$509</td><td>6.1%</td></tr><tr><td>Automotive</td><td>643</td><td>12.4</td><td>359</td><td>4.4</td></tr><tr><td>Consumer products</td><td>590</td><td>11.4</td><td>479</td><td>5.8</td></tr><tr><td>Telecom services</td><td>430</td><td>8.3</td><td>275</td><td>3.3</td></tr><tr><td>Airlines</td><td>333</td><td>6.5</td><td>450</td><td>5.4</td></tr><tr><td>Utilities</td><td>295</td><td>5.7</td><td>890</td><td>10.7</td></tr><tr><td>Machinery and equipmentmanufacturing</td><td>290</td><td>5.6</td><td>459</td><td>5.6</td></tr><tr><td>Retail and consumer services</td><td>288</td><td>5.6</td><td>393</td><td>4.8</td></tr><tr><td>Real estate</td><td>276</td><td>5.4</td><td>765</td><td>9.2</td></tr><tr><td>Building materials/construction</td><td>266</td><td>5.1</td><td>430</td><td>5.2</td></tr><tr><td>All other</td><td>1,077</td><td>20.8</td><td>3,273</td><td>39.5</td></tr><tr><td>Total excluding HFS</td><td>$5,172</td><td>100.0%</td><td>$8,282</td><td>100.0%</td></tr><tr><td>Held-for-sale<sup>(a)</sup></td><td>1,069</td><td></td><td>2</td><td></td></tr><tr><td>Total</td><td>$6,241</td><td></td><td>$8,284</td><td></td></tr></table>
<table><tr><td>December 31, (in millions)</td><td>2008</td><td>2007</td></tr><tr><td>Securities purchased under resale agreements<sup>(a)</sup></td><td>$200,265</td><td>$169,305</td></tr><tr><td>Securities borrowed<sup>(b)</sup></td><td>124,000</td><td>84,184</td></tr><tr><td>Securities sold under repurchase agreements<sup>(c)</sup></td><td>$174,456</td><td>$126,098</td></tr><tr><td>Securities loaned</td><td>6,077</td><td>10,922</td></tr></table>
<table><tr><td>As of or for the year ended December 31, (in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Securities gains</td><td>$190</td><td>$71</td><td>$659</td></tr><tr><td>Investment securities portfolio (average)<sup>(a)</sup></td><td>314,802</td><td>349,285</td><td>353,712</td></tr><tr><td>Investment securities portfolio (period–end)<sup>(b)</sup></td><td>287,777</td><td>343,146</td><td>347,562</td></tr><tr><td>Mortgage loans (average)</td><td>2,501</td><td>3,308</td><td>5,145</td></tr><tr><td>Mortgage loans (period-end)</td><td>2,136</td><td>2,834</td><td>3,779</td></tr></table>

Question: how much of the securities borrowed in 2008 were fair value resale agreements?