jpmorgan chase & co .
/ 2008 annual report 175jpmorgan chase & co .
/ 2008 annual report 175jpmorgan chase & co .
/ 2008 annual report 175jpmorgan chase & co .
/ 2008 annual report 175jpmorgan chase & co .
/ 2008 annual report 175 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 moni- tors 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. .

december 31 ( in millions )
2008
2007
securities purchased under resale agreements ( a )
$ 200265
$ 169305
securities borrowed ( b )
124000
84184
securities sold under repurchase agreements ( c )
$ 174456
$ 126098
securities loaned
6077
10922

( 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 col- lateralize 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 2013 loans the accounting for a loan may differ based upon whether it is origi- nated or purchased and as to whether the loan is used in an invest- ing or trading strategy .
for purchased loans held-for-investment , the accounting also differs depending on whether a loan is credit- impaired 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 : 2022 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 credit- impaired loans ) ; 2022 at the lower of cost or fair value , with valuation changes record- ed in noninterest revenue , for loans that are classified as held- for-sale ; or 2022 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 ; 2022 purchased credit-impaired loans held for investment are account- ed 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 2013158 of this annual report for further information on the firm 2019s elections of fair value accounting under sfas 159 .
see note 6 on pages 158 2013160 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 2019s allowance methodology .
for a fur- ther discussion of the methodologies used in establishing the firm 2019s allowance for loan losses , see note 15 on pages 178 2013180 of this annual report .
nonaccrual loans are those on which the accrual of interest is dis- continued .
loans ( other than certain consumer and purchased credit- impaired loans discussed below ) are placed on nonaccrual status immediately if , in the opinion of management , full payment of princi- pal 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 amortiza- tion 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 col- lectibility 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 pay- ments 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 receiv- ing notification of the filing of bankruptcy , whichever is earlier .
residential mortgage products are generally charged off to net real- izable value at no later than 180 days past due .
other consumer .

Question: how much of the securities borrowed in 2008 were fair value resale agreements?
Answer: 16.8%