notes to consolidated financial statements note 9 .
collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements or reverse repurchase 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. .

As of December
<i>in millions</i>
2012
2011
Securities purchased under agreements toresell<sup>1</sup>
$141,334
$187,789
Securities borrowed<sup>2</sup>
136,893
153,341
Securities sold under agreements torepurchase<sup>1</sup>
171,807
164,502
Securitiesloaned<sup>2</sup>
13,765
7,182

in millions 2012 2011 securities purchased under agreements to resell 1 $ 141334 $ 187789 securities borrowed 2 136893 153341 securities sold under agreements to repurchase 1 171807 164502 securities loaned 2 13765 7182 1 .
substantially all resale and 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 2012 and december 2011 , $ 38.40 billion and $ 47.62 billion of securities borrowed , and $ 1.56 billion and $ 107 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 , makes delivery of financial instruments sold under repurchase agreements , 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 delivery of 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 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 .
however , 201crepos to maturity 201d are accounted for as sales .
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 .
therefore , the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and , accordingly , accounts for the transaction as a sale .
the firm had no repos to maturity outstanding as of december 2012 or december 2011 .
152 goldman sachs 2012 annual report .

Question: Analyse this data from a financial earnings document. between december 2012 and december 2011 , what was the change in billions in the amount of securities borrowed?
Choices:
-136854.6
-27.62
86.02
0
-9.22
Correct choice index: 4