the goldman sachs group , inc .and subsidiaries notes to consolidated financial statements note 10 .collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements ) and securities borrowed .collateralized financings are securities sold under agreements to repurchase ( repurchase agreements ) , securities loaned and other secured financings .the firm enters into these transactions in order to , among other things , facilitate client activities , invest excess cash , acquire securities to cover short positions and finance certain firm activities .collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists .interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in 201cinterest income 201d and 201cinterest expense , 201d respectively .see note 23 for further information about interest income and interest expense .the table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. .
[['$ in millions', 'as of december 2015', 'as of december 2014'], ['securities purchased under agreements to resell1', '$ 120905', '$ 127938'], ['securities borrowed2', '172099', '160722'], ['securities sold under agreements to repurchase1', '86069', '88215'], ['securities loaned2', '3614', '5570']]
$ in millions 2015 2014 securities purchased under agreements to resell 1 $ 120905 $ 127938 securities borrowed 2 172099 160722 securities sold under agreements to repurchase 1 86069 88215 securities loaned 2 3614 5570 1 .substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option .see note 8 for further information about the valuation techniques and significant inputs used to determine fair value .2 .as of december 2015 and december 2014 , $ 69.80 billion and $ 66.77 billion of securities borrowed , and $ 466 million and $ 765 million of securities loaned were at fair value , respectively .resale and repurchase agreements a resale agreement is a transaction in which the firm purchases financial instruments from a seller , typically in exchange for cash , and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date .a repurchase agreement is a transaction in which the firm sells financial instruments to a buyer , typically in exchange for cash , and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date .the financial instruments purchased or sold in resale and repurchase agreements typically include u.s .government and federal agency , and investment-grade sovereign obligations .the firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements .to mitigate credit exposure , the firm monitors the market value of these financial instruments on a daily basis , and delivers or obtains additional collateral due to changes in the market value of the financial instruments , as appropriate .for resale agreements , the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition .even though repurchase and resale agreements ( including 201crepos- and reverses-to-maturity 201d ) involve the legal transfer of ownership of financial instruments , they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement .a repo-to-maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security .prior to january 2015 , repos-to- maturity were accounted for as sales .the firm had no repos-to-maturity as of december 2015 and december 2014 .see note 3 for information about changes to the accounting for repos-to-maturity which became effective in january 2015 .goldman sachs 2015 form 10-k 159 .

Question: what percentage of securities borrowed were at fair value for december 31 2015?
Answer: 40.6%