jpmorgan chase & co./2010 annual report 219 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agree- ments 201d ) primarily to finance the firm 2019s inventory positions , ac- quire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations . securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets . resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest . securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received . where appropriate under applicable ac- counting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis . fees received or paid in connection with securities financing agreements are recorded in interest income or interest expense . the firm has elected the fair value option for certain securities financing agreements . for a further discussion of the fair value option , see note 4 on pages 187 2013189 of this annual report . the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated bal- ance sheets . generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue . however , for financial instru- ments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue . the following table details the firm 2019s securities financing agree- ments , all of which are accounted for as collateralized financings during the periods presented. .

Table:
december 31 ( in millions ) | 2010 | 2009
securities purchased under resale agreements ( a ) | $ 222302 | $ 195328
securities borrowed ( b ) | 123587 | 119630
securities sold under repurchase agreements ( c ) | $ 262722 | $ 245692
securities loaned | 10592 | 7835
( a ) includes resale agreements of $ 20.3 billion and $ 20.5 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
( b ) includes securities borrowed of $ 14.0 billion and $ 7.0 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
( c ) includes repurchase agreements of $ 4.1 billion and $ 3.4 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
the amounts reported in the table above have been reduced by $ 112.7 billion and $ 121.2 billion at december 31 , 2010 and 2009 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance .
jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securi- ties borrowed .
the firm monitors the market value of the un- derlying securities that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities .
margin levels are established initially based upon the counterparty and type of collateral and moni- tored on an ongoing basis to protect against declines in collat- eral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities bor- rowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default .
as a result of the firm 2019s credit risk mitigation practices described above on resale and securities borrowed agreements , the firm did not hold any reserves for credit impairment on these agreements as of december 31 , 2010 and 2009 .
for a further discussion of assets pledged and collateral received in securities financing agreements see note 31 on pages 280 2013 281 of this annual report. .

Question: what would the 2010 balance be in billions for securities purchased under resale agreements if the fair value resale agreements were excluded?
Answer: 202.1
Calculation: divide(222302, const_1000)