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 .

december 31 , 2014 (1): client deposits ( 1 ): 195276
december 31 , 2013: client deposits ( 1 ): 182268
december 31 , 2014 (2): client deposits ( 1 ): 167470
2013: client deposits ( 1 ): 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 .

Questions:
what is the net change in deposits of clients from 2013 to 2014?
what growth rate does this represent?
what is the net change in average cds that were excluded between 2013 and 2014?
what about the average cds that were excluded between 2013?
what percentage change does this represent?

Answers:
13008
7.1%
4.37
2.50
175%