the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements note 10 . collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale 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. .

Table:
$ in millions | as of december 2015 | as of december 2014
securities purchased under agreements to resell1 | $ 120905 | $ 127938
securities borrowed2 | 172099 | 160722
securities sold under agreements to repurchase1 | 86069 | 88215
securities loaned2 | 3614 | 5570
$ in millions 2015 2014 securities purchased under agreements to resell 1 $ 120905 $ 127938 securities borrowed 2 172099 160722 securities sold under agreements to repurchase 1 86069 88215 securities loaned 2 3614 5570 1 .
substantially all resale agreements and all 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 2015 and december 2014 , $ 69.80 billion and $ 66.77 billion of securities borrowed , and $ 466 million and $ 765 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 and makes delivery of financial instruments sold under repurchase agreements .
to mitigate credit exposure , the firm 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 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 ( including 201crepos- and reverses-to-maturity 201d ) 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 .
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 .
prior to january 2015 , repos-to- maturity were accounted for as sales .
the firm had no repos-to-maturity as of december 2015 and december 2014 .
see note 3 for information about changes to the accounting for repos-to-maturity which became effective in january 2015 .
goldman sachs 2015 form 10-k 159 .

Question: what percentage of securities borrowed were at fair value for december 31 2015?
Answer: 40.6%
Calculation: divide(172099, const_1000), divide(69.80, #0)