management 2019s discussion and analysis liquidity risk management liquidity is of critical importance to financial institutions .most of the recent failures of financial institutions have occurred in large part due to insufficient liquidity .accordingly , the firm has 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 : excess liquidity .we maintain substantial excess liquidity 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 .excess liquidity our most important liquidity policy is to pre-fund our estimated potential cash and collateral needs during a liquidity crisis and hold this excess liquidity in the form of unencumbered , highly liquid securities and cash .we believe that the securities held in our global core excess would be readily convertible to cash in a matter of days , through liquidation , by entering into repurchase agreements or from maturities of reverse repurchase 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 2012 and december 2011 , the fair value of the securities and certain overnight cash deposits included in our gce totaled $ 174.62 billion and $ 171.58 billion , respectively .based on the results of our internal liquidity risk model , discussed below , as well as our consideration of other factors including , but not limited to , a qualitative assessment of the condition of the financial markets and the firm , we believe our liquidity position as of december 2012 was appropriate .the table below presents the fair value of the securities and certain overnight cash deposits that are included in our gce .average for the year ended december in millions 2012 2011 .
[['in millions', 'average for theyear ended december 2012', 'average for theyear ended december 2011'], ['u.s . dollar-denominated', '$ 125111', '$ 125668'], ['non-u.s . dollar-denominated', '46984', '40291'], ['total', '$ 172095', '$ 165959']]
the u.s .dollar-denominated excess 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 excess 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 excess liquidity 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 , such as less liquid unencumbered securities or committed credit facilities , in our gce .goldman sachs 2012 annual report 81 .

Question: what percentage of gce in 2011 is in non-u.s . dollar-denominated assets?
Answer: 24%