Notes to consolidated financial statements 216 JPMorgan Chase & Co. /2012 Annual Report Determination of instrument-specific credit risk for items for which a fair value election was made The following describes how the gains and losses included in earnings during 2012, 2011 and 2010, which were attributable to changes in instrument-specific credit risk, were determined.  ?
Loans and lending-related commitments: For floatingrate instruments, all changes in value are attributed to instrument-specific credit risk.
For fixed-rate instruments, an allocation of the changes in value for the period is made between those changes in value that are interest rate-related and changes in value that are credit-related.
Allocations are generally based on an analysis of borrower-specific credit spread and recovery information, where available, or benchmarking to similar entities or industries.  ?
Long-term debt: Changes in value attributable to instrument-specific credit risk were derived principally from observable changes in the Firm’s credit spread.  ?
Resale and repurchase agreements, securities borrowed agreements and securities lending agreements: Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned; as a result, there would be no adjustment or an immaterial adjustment for instrument-specific credit risk related to these agreements.
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of December 31, 2012 and 2011, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
## Table 0 ##
(a) There were no performing loans which were ninety days or more past due as of December 31, 2012 and 2011, respectively.
(b) Remaining contractual principal is not applicable to nonprincipal-protected notes.
Unlike principal-protected structured notes, for which the Firm is obligated to return a stated amount of principal at the maturity of the note, nonprincipal-protected structured notes do not obligate the Firm to return a stated amount of principal at maturity, but to return an amount based on the performance of an underlying variable or derivative feature embedded in the note.
(c) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflected as the remaining contractual principal is the final principal payment at maturity.
At December 31, 2012 and 2011, the contractual amount of letters of credit for which the fair value option was elected was $4.5 billion and $3.9 billion, respectively, with a corresponding fair value of $(75) million and $(5) million, respectively.
For further information regarding off-balance sheet lending-related financial instruments, see Note 29 on pages 308–315 of this Annual Report.
Asset management, administration and commissions This revenue category includes fees from investment management and related services, custody, brokerage services, insurance premiums and commissions, and other products.
These fees are recognized over the period in which the related service is provided.
Performance-based fees, which are earned based on exceeding certain benchmarks or other performance targets, are accrued and recognized at the end of the performance period in which the target is met.
The following table presents components of asset management, administration and commissions.
## Table 1 ##
(a) Includes fees for custody, securities lending, funds services and securities clearance.
Mortgage fees and related income This revenue category primarily reflects CCB’s Mortgage Production and Mortgage Servicing revenue, including: fees and income derived from mortgages originated with the intent to sell; mortgage sales and servicing including losses related to the repurchase of previously-sold loans; the impact of risk management activities associated with the mortgage pipeline, warehouse loans and MSRs; and revenue related to any residual interests held from mortgage securitizations.
This revenue category also includes gains and losses on sales and lower of cost or fair value adjustments for mortgage loans held-for-sale, as well as changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option.
Changes in the fair value of CCB mortgage servicing rights are reported in mortgage fees and related income.
Net interest income from mortgage loans, and securities gains and losses on AFS securities used in mortgage-related risk management activities, are recorded in interest income and securities gains/(losses), respectively.
For a further discussion of MSRs, see Note 17 on pages 291–295 of this Annual Report.
Card income This revenue category includes interchange income from credit and debit cards and net fees earned from processing credit card transactions for merchants.
Card income is recognized as earned.
Annual fees and direct loan origination costs are deferred and recognized on a straightline basis over a 12-month period.
Expense related to rewards programs is recorded when the rewards are earned by the customer and netted against interchange income.
Credit card revenue sharing agreements The Firm has contractual agreements with numerous affinity organizations and co-brand partners (collectively, “partners”), which grant the Firm exclusive rights to market to the members or customers of such partners.
These partners endorse the credit card programs and provide their mailing lists to the Firm, and they may also conduct marketing activities and provide awards under the various credit card programs.
The terms of these agreements generally range from three to 10 years.
The Firm typically makes incentive payments to the partners based on new account originations, charge volumes and the cost of the partners’ marketing activities and awards.
Payments based on new account originations are accounted for as direct loan origination costs.
Payments to partners based on charge volumes are deducted from interchange income as the related revenue is earned.
Payments based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as noninterest expense.
Other income Included in other income is operating lease income of $1.3 billion, $1.2 billion and $971 million for the years ended December 31, 2012, 2011 and 2010, respectively
Note 13 – Securities financing activities JPMorgan Chase enters into resale agreements, repurchase agreements, securities borrowed transactions and securities loaned transactions (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short positions, accommodate customers’ financing needs, and settle other securities obligations.
Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated Balance Sheets.
Resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased, plus accrued interest.
Securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received.
Where appropriate under applicable accounting guidance, resale and repurchase agreements with the same counterparty are reported on a net basis.
Fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense, respectively.
The Firm has elected the fair value option for certain securities financing agreements.
For further information regarding the fair value option, see Note 4 on pages 214– 216 of this Annual Report.
The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements; securities loaned or sold under repurchase agreements; and securities borrowed on the Consolidated Balance Sheets.
Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue.
However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue.
The following table details the Firm’s securities financing agreements, all of which are accounted for as collateralized financings during the periods presented.
## Table 2 ##
(a) At December 31, 2012 and 2011, included resale agreements of $24.3 billion and $22.2 billion, respectively, accounted for at fair value.
(b) At December 31, 2012 and 2011, included securities borrowed of $10.2 billion and $15.3 billion, respectively, accounted for at fair value.
(c) At December 31, 2012 and 2011, included repurchase agreements of $3.9 billion and $6.8 billion, respectively, accounted for at fair value.
(d) At December 31, 2012, included securities loaned of $457 million accounted for at fair value.
There were no securities loaned accounted for at fair value at December 31, 2011.
The amounts reported in the table above were reduced by $96.9 billion and $115.7 billion at December 31, 2012 and 2011, respectively, as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance.
JPMorgan Chase’s policy is to take possession, where possible, of securities purchased under resale agreements and of securities borrowed.
The Firm monitors the value of the underlying securities (primarily G7 government securities, U. S.  agency securities and agency MBS, and equities) that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities.
Margin levels are established initially based upon the counterparty and type of collateral and monitored on an ongoing basis to protect against declines in collateral value in the event of default.
JPMorgan Chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed counterparties, which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default.
As a result of the Firm’s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above, the Firm did not hold any reserves for credit impairment with respect to these agreements as of December 31, 2012 and 2011.
For further information regarding assets pledged and collateral received in securities financing agreements, see Note 30 on pages 315–316 of this Annual Report.

<table><tr><td></td><td colspan="4">2012</td><td colspan="4">2011</td></tr><tr><td>December 31, (in millions)</td><td>Contractual principal outstanding</td><td></td><td>Fair value</td><td>Fair value over/(under) contractual principal outstanding</td><td>Contractual principal outstanding</td><td></td><td>Fair value</td><td>Fair value over/(under) contractual principal outstanding</td></tr><tr><td>Loans<sup>(a)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nonaccrual loans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans reported as trading assets</td><td>$4,217</td><td></td><td>$960</td><td>$-3,257</td><td>$4,875</td><td></td><td>$1,141</td><td>$-3,734</td></tr><tr><td>Loans</td><td>116</td><td></td><td>64</td><td>-52</td><td>820</td><td></td><td>56</td><td>-764</td></tr><tr><td>Subtotal</td><td>4,333</td><td></td><td>1,024</td><td>-3,309</td><td>5,695</td><td></td><td>1,197</td><td>-4,498</td></tr><tr><td>All other performing loans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans reported as trading assets</td><td>44,084</td><td></td><td>40,581</td><td>-3,503</td><td>37,481</td><td></td><td>32,657</td><td>-4,824</td></tr><tr><td>Loans</td><td>2,211</td><td></td><td>2,099</td><td>-112</td><td>2,136</td><td></td><td>1,601</td><td>-535</td></tr><tr><td>Total loans</td><td>$50,628</td><td></td><td>$43,704</td><td>$-6,924</td><td>$45,312</td><td></td><td>$35,455</td><td>$-9,857</td></tr><tr><td>Long-term debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal-protected debt</td><td>$16,541</td><td><sup>(c)</sup></td><td>$16,391</td><td>$-150</td><td>$19,417</td><td><sup>(c)</sup></td><td>$19,890</td><td>$473</td></tr><tr><td>Nonprincipal-protected debt<sup>(b)</sup></td><td>NA</td><td></td><td>14,397</td><td>NA</td><td>NA</td><td></td><td>14,830</td><td>NA</td></tr><tr><td>Total long-term debt</td><td>NA</td><td></td><td>$30,788</td><td>NA</td><td>NA</td><td></td><td>$34,720</td><td>NA</td></tr><tr><td>Long-term beneficial interests</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nonprincipal-protected debt<sup>(b)</sup></td><td>NA</td><td></td><td>$1,170</td><td>NA</td><td>NA</td><td></td><td>$1,250</td><td>NA</td></tr><tr><td>Total long-term beneficial interests</td><td>NA</td><td></td><td>$1,170</td><td>NA</td><td>NA</td><td></td><td>$1,250</td><td>NA</td></tr></table>
<table><tr><td>Year ended December 31,(in millions)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Asset management</td><td></td><td></td><td></td></tr><tr><td>Investment management fees</td><td>$6,309</td><td>$6,085</td><td>$5,632</td></tr><tr><td>All other asset management fees</td><td>792</td><td>605</td><td>496</td></tr><tr><td>Total asset management fees</td><td>7,101</td><td>6,690</td><td>6,128</td></tr><tr><td>Total administration fees<sup>(a)</sup></td><td>2,135</td><td>2,171</td><td>2,023</td></tr><tr><td>Commission and other fees</td><td></td><td></td><td></td></tr><tr><td>Brokerage commissions</td><td>2,331</td><td>2,753</td><td>2,804</td></tr><tr><td>All other commissions and fees</td><td>2,301</td><td>2,480</td><td>2,544</td></tr><tr><td>Total commissions and fees</td><td>4,632</td><td>5,233</td><td>5,348</td></tr><tr><td>Total asset management, administration and commissions</td><td>$13,868</td><td>$14,094</td><td>$13,499</td></tr></table>
<table><tr><td>December 31,(in millions)</td><td>2012</td><td>2011</td></tr><tr><td>Securities purchased under resale agreements<sup>(a)</sup></td><td>$295,413</td><td>$235,000</td></tr><tr><td>Securities borrowed<sup>(b)</sup></td><td>119,017</td><td>142,462</td></tr><tr><td>Securities sold under repurchase agreements<sup>(c)</sup></td><td>$215,560</td><td>$197,789</td></tr><tr><td>Securities loaned<sup>(d)</sup></td><td>23,582</td><td>14,214</td></tr></table>

Question: in 2012 what was the percent of the securities loaned included in the accounted for at fair value
Answer: 0.01938