Financial report context:
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 .

Financial table:
in millions: u.s . dollar-denominated; average for theyear ended december 2012: $ 125111; average for theyear ended december 2011: $ 125668
in millions: non-u.s . dollar-denominated; average for theyear ended december 2012: 46984; average for theyear ended december 2011: 40291
in millions: total; average for theyear ended december 2012: $ 172095; average for theyear ended december 2011: $ 165959

Additional report context:
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 2012 is in non-u.s . dollar-denominated assets?
Answer: 27%