jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire 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 accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .
fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively .
the firm has elected the fair value option for certain securities financing agreements .
for further information regarding the fair value option , see note 4 on pages 214 2013 216 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 balance 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 instruments 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 agreements , all of which are accounted for as collateralized financings during the periods presented .
december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value .
( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value .
( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value .
( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value .
there were no securities loaned accounted for at fair value at december 31 , 2011 .
the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , 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 securities borrowed .
the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s .
agency securities and agency mbs , and equities ) 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 monitored on an ongoing basis to protect against declines in collateral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed 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 with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report. .

December 31,(in millions)
2012
2011
Securities purchased under resale agreements<sup>(a)</sup>
$295,413
$235,000
Securities borrowed<sup>(b)</sup>
119,017
142,462
Securities sold under repurchase agreements<sup>(c)</sup>
$215,560
$197,789
Securities loaned<sup>(d)</sup>
23,582
14,214

jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire 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 accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .
fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively .
the firm has elected the fair value option for certain securities financing agreements .
for further information regarding the fair value option , see note 4 on pages 214 2013 216 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 balance 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 instruments 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 agreements , all of which are accounted for as collateralized financings during the periods presented .
december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value .
( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value .
( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value .
( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value .
there were no securities loaned accounted for at fair value at december 31 , 2011 .
the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , 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 securities borrowed .
the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s .
agency securities and agency mbs , and equities ) 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 monitored on an ongoing basis to protect against declines in collateral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed 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 with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report. .

Question: Analyse this data from a financial earnings document. in 2012 what was the ratio of the securities borrowed to the securities loaned
Choices:
0.60174
5.04694
320.04694
1
6.04113
Correct choice index: 1