notes to consolidated financial statements note 9 .collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements or reverse repurchase 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 2012', 'as of december 2011'], ['securities purchased under agreements toresell1', '$ 141334', '$ 187789'], ['securities borrowed2', '136893', '153341'], ['securities sold under agreements torepurchase1', '171807', '164502'], ['securitiesloaned2', '13765', '7182']]
in millions 2012 2011 securities purchased under agreements to resell 1 $ 141334 $ 187789 securities borrowed 2 136893 153341 securities sold under agreements to repurchase 1 171807 164502 securities loaned 2 13765 7182 1 .substantially all resale and 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 2012 and december 2011 , $ 38.40 billion and $ 47.62 billion of securities borrowed , and $ 1.56 billion and $ 107 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 , makes delivery of financial instruments sold under repurchase agreements , 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 delivery of 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 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 .however , 201crepos to maturity 201d are accounted for as sales .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 .therefore , the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and , accordingly , accounts for the transaction as a sale .the firm had no repos to maturity outstanding as of december 2012 or december 2011 .152 goldman sachs 2012 annual report .

Question: between december 2012 and december 2011 , what was the change in billions in the amount of securities borrowed?
Answer: -9.22