notes to consolidated financial statements j.p . morgan chase & co . 98 j.p . morgan chase & co . / 2003 annual report securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions and settle other securities obligations . the firm also enters into these transactions to accommodate customers 2019 needs . securities purchased under resale agreements ( 201cresale agreements 201d ) and securities sold under repurchase agreements ( 201crepurchase agreements 201d ) are generally treated as collateralized financing transactions and are carried on the consolidated bal- ance sheet at the amounts the securities will be subsequently sold or repurchased , plus accrued interest . where appropriate , resale and repurchase agreements with the same counterparty are reported on a net basis in accordance with fin 41 . jpmorgan chase takes possession of securities purchased under resale agreements . on a daily basis , jpmorgan chase monitors the market value of the underlying collateral received from its counterparties , consisting primarily of u.s . and non-u.s . govern- ment and agency securities , and requests additional collateral from its counterparties when necessary . similar transactions that do not meet the sfas 140 definition of a repurchase agreement are accounted for as 201cbuys 201d and 201csells 201d rather than financing transactions . these transactions are accounted for as a purchase ( sale ) of the underlying securities with a forward obligation to sell ( purchase ) the securities . the forward purchase ( sale ) obligation , a derivative , is recorded on the consolidated balance sheet at its fair value , with changes in fair value recorded in trading revenue . notional amounts of these transactions accounted for as purchases under sfas 140 were $ 15 billion and $ 8 billion at december 31 , 2003 and 2002 , respectively . notional amounts of these transactions accounted for as sales under sfas 140 were $ 8 billion and $ 13 billion at december 31 , 2003 and 2002 , respectively . based on the short-term duration of these contracts , the unrealized gain or loss is insignificant . securities borrowed and securities lent are recorded at the amount of cash collateral advanced or received . securities bor- rowed consist primarily of government and equity securities . jpmorgan chase monitors the market value of the securities borrowed and lent on a daily basis and calls for additional col- lateral when appropriate . fees received or paid are recorded in interest income or interest expense. .
in 2003 what was the ratio of the securities purchased under resale agreements to the \\nsecurities borrowed
note 10 jpmorgan chase pledges certain financial instruments it owns to collateralize repurchase agreements and other securities financ- ings . pledged securities that can be sold or repledged by the secured party are identified as financial instruments owned ( pledged to various parties ) on the consolidated balance sheet . at december 31 , 2003 , the firm had received securities as col- lateral that can be repledged , delivered or otherwise used with a fair value of approximately $ 210 billion . this collateral was gen- erally obtained under resale or securities-borrowing agreements . of these securities , approximately $ 197 billion was repledged , delivered or otherwise used , generally as collateral under repur- chase agreements , securities-lending agreements or to cover short sales . notes to consolidated financial statements j.p . morgan chase & co . loans are reported at the principal amount outstanding , net of the allowance for loan losses , unearned income and any net deferred loan fees . loans held for sale are carried at the lower of aggregate cost or fair value . loans are classified as 201ctrading 201d for secondary market trading activities where positions are bought and sold to make profits from short-term movements in price . loans held for trading purposes are included in trading assets and are carried at fair value , with the gains and losses included in trading revenue . interest income is recognized using the interest method , or on a basis approximating a level rate of return over the term of the loan . nonaccrual loans are those on which the accrual of interest is discontinued . loans ( other than certain consumer loans discussed below ) are placed on nonaccrual status immediately if , in the opinion of management , full payment of principal or interest is in doubt , or when principal or interest is 90 days or more past due and collateral , if any , is insufficient to cover prin- cipal and interest . interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income . in addition , the amortization of net deferred loan fees is suspended . interest income on nonaccrual loans is recognized only to the extent it is received in cash . however , where there is doubt regarding the ultimate collectibility of loan principal , all cash thereafter received is applied to reduce the carrying value of the loan . loans are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured . consumer loans are generally charged to the allowance for loan losses upon reaching specified stages of delinquency , in accor- dance with the federal financial institutions examination council ( 201cffiec 201d ) policy . for example , credit card loans are charged off at the earlier of 180 days past due or within 60 days from receiving notification of the filing of bankruptcy . residential mortgage products are generally charged off to net realizable value at 180 days past due . other consumer products are gener- ally charged off ( to net realizable value if collateralized ) at 120 days past due . accrued interest on residential mortgage products , automobile financings and certain other consumer loans are accounted for in accordance with the nonaccrual loan policy note 11 .