management 2019s discussion and analysis of financial condition and results of operations ( continued ) funding deposits : we provide products and services including custody , accounting , administration , daily pricing , foreign exchange services , cash management , financial asset management , securities finance and investment advisory services .
as a provider of these products and services , we generate client deposits , which have generally provided a stable , low-cost source of funds .
as a global custodian , clients place deposits with state street entities in various currencies .
we invest these client deposits in a combination of investment securities and short- duration financial instruments whose mix is determined by the characteristics of the deposits .
for the past several years , we have experienced higher client deposit inflows toward the end of the quarter or the end of the year .
as a result , we believe average client deposit balances are more reflective of ongoing funding than period-end balances .
table 33 : client deposits average balance december 31 , year ended december 31 .

( in millions )
december 31 , 2014
december 31 , 2013
december 31 , 2014
2013
client deposits ( 1 )
$ 195276
$ 182268
$ 167470
$ 143043

client deposits ( 1 ) $ 195276 $ 182268 $ 167470 $ 143043 ( 1 ) balance as of december 31 , 2014 excluded term wholesale certificates of deposit , or cds , of $ 13.76 billion ; average balances for the year ended december 31 , 2014 and 2013 excluded average cds of $ 6.87 billion and $ 2.50 billion , respectively .
short-term funding : our corporate commercial paper program , under which we can issue up to $ 3.0 billion of commercial paper with original maturities of up to 270 days from the date of issuance , had $ 2.48 billion and $ 1.82 billion of commercial paper outstanding as of december 31 , 2014 and 2013 , respectively .
our on-balance sheet liquid assets are also an integral component of our liquidity management strategy .
these assets provide liquidity through maturities of the assets , but more importantly , they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales .
in addition , our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors .
as discussed earlier under 201casset liquidity , 201d state street bank's membership in the fhlb allows for advances of liquidity with varying terms against high-quality collateral .
short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase .
these transactions are short-term in nature , generally overnight , and are collateralized by high-quality investment securities .
these balances were $ 8.93 billion and $ 7.95 billion as of december 31 , 2014 and 2013 , respectively .
state street bank currently maintains a line of credit with a financial institution of cad $ 800 million , or approximately $ 690 million as of december 31 , 2014 , to support its canadian securities processing operations .
the line of credit has no stated termination date and is cancelable by either party with prior notice .
as of december 31 , 2014 , there was no balance outstanding on this line of credit .
long-term funding : as of december 31 , 2014 , state street bank had board authority to issue unsecured senior debt securities from time to time , provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $ 5 billion .
as of december 31 , 2014 , $ 4.1 billion was available for issuance pursuant to this authority .
as of december 31 , 2014 , state street bank also had board authority to issue an additional $ 500 million of subordinated debt .
we maintain an effective universal shelf registration that allows for the public offering and sale of debt securities , capital securities , common stock , depositary shares and preferred stock , and warrants to purchase such securities , including any shares into which the preferred stock and depositary shares may be convertible , or any combination thereof .
we have issued in the past , and we may issue in the future , securities pursuant to our shelf registration .
the issuance of debt or equity securities will depend on future market conditions , funding needs and other factors .
agency credit ratings our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies .
factors essential to maintaining high credit ratings include diverse and stable core earnings ; relative market position ; strong risk management ; strong capital ratios ; diverse liquidity sources , including the global capital markets and client deposits ; strong liquidity monitoring procedures ; and preparedness for current or future regulatory developments .
high ratings limit borrowing costs and enhance our liquidity by providing assurance for unsecured funding and depositors , increasing the potential market for our debt and improving our ability to offer products , serve markets , and engage in transactions in which clients value high credit ratings .
a downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital .

Question: what is the growth rate in the deposits of clients from 2013 to 2014?
Answer: 7.1%

Question: what is the growth rate in the deposits of clients from 2012 to 2013?
Answer: 8.8%

Question: what is the percent change in average cds that were excluded between 2013 and 2014?
Answer: 175%