The Company’s average VaR for the Primary Risk Categories for 2012 was $64 million compared with $78 million for 2011.
This decrease was primarily driven by reduced risk in interest rate and credit spread sensitive products.
The average Credit Portfolio VaR for 2012 was $26 million compared with $61 million for 2011.
This change was primarily driven by a significant reduction in counterparty exposure to MBIA, which the Company settled in December 2011 (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—Significant Items—Monoline Insurers” in Part II, Item 7 herein for further information).
Additionally, the transition of loans held at fair value to loans held for investment (net of allowance) also contributed to the reduction.
The average Total Trading VaR for 2012 was $73 million compared with $98 million for 2011.
This decrease was driven by the aforementioned movements.
To aid in the transition to the current VaR model in 2012, results using the prior model are being provided for comparative purposes.
This dual presentation will be discontinued in 2013
## Table 0 ##
(1) Diversification benefit equals the difference between the total VaR and the sum of the component VaRs.
This benefit arises because the simulated one-day losses for each of the components occur on different days; similar diversification benefits also are taken into account within each component.
(2) N/A–Not Applicable.
The minimum and maximum VaR values for the total VaR and each of the component VaRs might have occurred on different days during the year, and therefore the diversification benefit is not an applicable measure.
The current VaR model estimates are lower than the VaR estimates produced under the prior model because the prior model places more emphasis on the large market moves experienced during the 2008 financial crisis, whereas the current model emphasized more recent volatility, which has been generally lower.
VaR Statistics under Varying Assumptions.
VaR statistics are not readily comparable across firms because of differences in the breadth of products included in each firm’s VaR model, in the statistical assumptions made when simulating changes in market risk factors, and in the methods used to approximate portfolio revaluations under the simulated market conditions.
These differences can result in materially different VaR estimates for similar portfolios.
The impact varies depending on the factor history assumptions, the frequency with which the factor history is updated, and the confidence level.
As a result, VaR statistics are more reliable and relevant when used as indicators of trends in risk taking rather than as a basis for inferring differences in risk taking across firms.
MORGAN STANLEY Consolidated Statements of Changes in Total Equity—(Continued) (dollars in millions)
## Table 1 ##
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
## Table 2 ##
(1) The Company holds or sells short for trading purposes equity securities issued by entities in diverse industries and of varying size.
(2) For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Counterparty and Cash Collateral Netting.
” For contracts with the same counterparty, counterparty netting among positions classified within the same level is included within that level.
For further information on derivative instruments and hedging activities, see Note 12.
(3) Amount represents MSRs accounted for at fair value.
See Note 7 for further information on MSRs.
Transfers Between Level 1 and Level 2 During 2011.
Financial instruments owned—Other sovereign government obligations and Financial instruments sold, not yet purchased—Other sovereign government obligations.
During 2011, the Company reclassified approximately $0.9 billion of other sovereign government obligations assets and approximately $1.7 billion of other sovereign government obligations liabilities from Level 1 to Level 2.
These reclassifications primarily related to certain European peripheral government bonds as these securities traded with a high degree of pricing volatility, dispersion and wider bid-ask spreads.
The Company continues to mark these securities to observable market price quotations.
Financial instruments owned—Derivative and other contracts and Financial instruments sold, not yet purchased—Derivative and other contracts.
During 2011, the Company reclassified approximately $0.7 billion of derivative assets and approximately $1.0 billion of derivative liabilities from Level 2 to Level 1 as these listed derivatives became actively traded and were valued based on quoted prices from the exchange.
Also during 2011, the Company reclassified approximately $1.3 billion of derivative assets and approximately $1.4 billion of derivative liabilities from Level 1 to Level 2 as transactions in these contracts did not occur with sufficient frequency and volume to constitute an active market.
Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis.
The following tables present additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for 2012, 2011 and 2010, respectively.
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2.
As a result, the realized and unrealized gains (losses) for assets and liabilities within the Level 3 category presented in the tables below do not reflect the related realized and unrealized gains (losses) on hedging instruments that have been classified by the Company within the Level 1 and/or Level 2 categories.
Additionally, both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level 3 category.
As a result, the unrealized gains (losses) during the period for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value during the period that were attributable to both observable (e. g. , changes in market interest rates) and unobservable (e. g. , changes in unobservable long-dated volatilities) inputs.
For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and

Tables referenced above, in order (Table 0 first):
<table><tr><td> Table 1b: 95% VaR—Prior Model</td><td colspan="4"> 95%/One-Day VaR for 2012</td><td colspan="4"> 95%/One-Day VaR for 2011</td></tr><tr><td> Market Risk Category</td><td>Period End</td><td>Average</td><td> High</td><td> Low</td><td>Period End</td><td>Average</td><td> High</td><td> Low</td></tr><tr><td></td><td colspan="8"> (dollars in millions)</td></tr><tr><td>Interest rate and credit spread</td><td>$84</td><td>$73</td><td>$98</td><td>$46</td><td>$66</td><td>$87</td><td>$137</td><td>$49</td></tr><tr><td>Equity price</td><td>25</td><td>32</td><td>46</td><td>23</td><td>25</td><td>31</td><td>48</td><td>21</td></tr><tr><td>Foreign exchange rate</td><td>14</td><td>16</td><td>25</td><td>9</td><td>18</td><td>17</td><td>27</td><td>8</td></tr><tr><td>Commodity price</td><td>23</td><td>29</td><td>40</td><td>22</td><td>28</td><td>30</td><td>44</td><td>23</td></tr><tr><td>Less: Diversification benefit-1(2)</td><td>-57</td><td>-70</td><td>N/A</td><td>N/A</td><td>-67</td><td>-63</td><td>N/A</td><td>N/A</td></tr><tr><td>Primary Risk Categories</td><td>$89</td><td>$80</td><td>$108</td><td>$65</td><td>$70</td><td>$102</td><td>$170</td><td>$60</td></tr><tr><td>Credit Portfolio</td><td>23</td><td>31</td><td>52</td><td>21</td><td>52</td><td>97</td><td>124</td><td>49</td></tr><tr><td>Less: Diversification benefit-1(2)</td><td>-17</td><td>-22</td><td>N/A</td><td>N/A</td><td>-35</td><td>-70</td><td>N/A</td><td>N/A</td></tr><tr><td>Total Trading VaR</td><td>$95</td><td>$89</td><td>$118</td><td>$74</td><td>$87</td><td>$129</td><td>$168</td><td>$83</td></tr></table>
<table><tr><td></td><td>Preferred Stock</td><td>Common Stock</td><td>Paid-in Capital</td><td>Retained Earnings</td><td>Employee Stock Trust</td><td>Accumulated Other Comprehensive Income (Loss)</td><td>Common Stock Held in Treasury at Cost</td><td>Common Stock Issued to Employee Trust</td><td>Non- redeemable Non- controlling Interests</td><td>Total Equity</td></tr><tr><td>BALANCE AT DECEMBER 31, 2011</td><td>$1,508</td><td>$20</td><td>$22,836</td><td>$40,341</td><td>$3,166</td><td>$-157</td><td>$-2,499</td><td>$-3,166</td><td>$8,029</td><td>$70,078</td></tr><tr><td>Net income applicable to Morgan Stanley</td><td>—</td><td>—</td><td>—</td><td>68</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>68</td></tr><tr><td>Net income applicable to nonredeemable noncontrolling interests</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>524</td><td>524</td></tr><tr><td>Dividends</td><td>—</td><td>—</td><td>—</td><td>-497</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-497</td></tr><tr><td>Shares issued under employee plans and related tax effects</td><td>—</td><td>—</td><td>662</td><td>—</td><td>-234</td><td>—</td><td>485</td><td>234</td><td>—</td><td>1,147</td></tr><tr><td>Repurchases of common stock</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-227</td><td>—</td><td>—</td><td>-227</td></tr><tr><td>Net change in cash flow hedges</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>6</td><td>—</td><td>—</td><td>—</td><td>6</td></tr><tr><td>Pension, postretirement and other related adjustments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-265</td><td>—</td><td>—</td><td>5</td><td>-260</td></tr><tr><td>Foreign currency translation adjustments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-128</td><td>—</td><td>—</td><td>-125</td><td>-253</td></tr><tr><td>Change in net unrealized gains on securities available for sale</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>28</td><td>—</td><td>—</td><td>—</td><td>28</td></tr><tr><td>Purchase of additional stake in the Wealth Management Joint Venture</td><td>—</td><td>—</td><td>-107</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-1,718</td><td>-1,825</td></tr><tr><td>Reclassification to redeemable noncontrolling interests</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-4,288</td><td>-4,288</td></tr><tr><td>Other net increases</td><td>—</td><td>—</td><td>35</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>892</td><td>927</td></tr><tr><td>BALANCE AT DECEMBER 31, 2012</td><td>$1,508</td><td>$20</td><td>$23,426</td><td>$39,912</td><td>$2,932</td><td>$-516</td><td>$-2,241</td><td>$-2,932</td><td>$3,319</td><td>$65,428</td></tr></table>
<table><tr><td></td><td> Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td> Significant Observable Inputs  (Level 2)</td><td> Significant Unobservable Inputs  (Level 3)</td><td>Counterparty and Cash Collateral Netting</td><td> Balance at December 31, 2011</td></tr><tr><td></td><td colspan="5"> (dollars in millions)</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>—</td><td>8</td><td>340</td><td>—</td><td>348</td></tr><tr><td>Other secured financings</td><td>—</td><td>14,024</td><td>570</td><td>—</td><td>14,594</td></tr><tr><td>Long-term borrowings</td><td>10</td><td>38,050</td><td>1,603</td><td>—</td><td>39,663</td></tr><tr><td>Total liabilities measured at fair value</td><td>$76,234</td><td>$156,460</td><td>$11,154</td><td>$-54,262</td><td>$189,586</td></tr></table>

Question: What's the current growth rate of Primary Risk Categories for Period End?
Answer: 0.27143
Reasoning program: subtract(89,70), divide(#0,70)