morgan stanley notes to consolidated financial statements 2014 ( continued ) senior debt securities often are denominated in various non-u.s . dollar currencies and may be structured to provide a return that is equity-linked , credit-linked , commodity-linked or linked to some other index ( e.g. , the consumer price index ) . senior debt also may be structured to be callable by the company or extendible at the option of holders of the senior debt securities . debt containing provisions that effectively allow the holders to put or extend the notes aggregated $ 2902 million at december 31 , 2015 and $ 2175 million at december 31 , 2014 . in addition , in certain circumstances , certain purchasers may be entitled to cause the repurchase of the notes . the aggregated value of notes subject to these arrangements was $ 650 million at december 31 , 2015 and $ 551 million at december 31 , 2014 . subordinated debt and junior subordinated debentures generally are issued to meet the capital requirements of the company or its regulated subsidiaries and primarily are u.s . dollar denominated . during 2015 , morgan stanley capital trusts vi and vii redeemed all of their issued and outstanding 6.60% ( 6.60 % ) capital securities , respectively , and the company concurrently redeemed the related underlying junior subordinated debentures . senior debt 2014structured borrowings . the company 2019s index-linked , equity-linked or credit-linked borrowings include various structured instruments whose payments and redemption values are linked to the performance of a specific index ( e.g. , standard & poor 2019s 500 ) , a basket of stocks , a specific equity security , a credit exposure or basket of credit exposures . to minimize the exposure resulting from movements in the underlying index , equity , credit or other position , the company has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates based upon libor . the company generally carries the entire structured borrowings at fair value . the swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value . changes in fair value related to the notes and economic hedges are reported in trading revenues . see note 3 for further information on structured borrowings . subordinated debt and junior subordinated debentures . included in the long-term borrowings are subordinated notes of $ 10404 million having a contractual weighted average coupon of 4.45% ( 4.45 % ) at december 31 , 2015 and $ 8339 million having a contractual weighted average coupon of 4.57% ( 4.57 % ) at december 31 , 2014 . junior subordinated debentures outstanding by the company were $ 2870 million at december 31 , 2015 having a contractual weighted average coupon of 6.22% ( 6.22 % ) at december 31 , 2015 and $ 4868 million at december 31 , 2014 having a contractual weighted average coupon of 6.37% ( 6.37 % ) at december 31 , 2014 . maturities of the subordinated and junior subordinated notes range from 2022 to 2067 , while maturities of certain junior subordinated debentures can be extended to 2052 at the company 2019s option . asset and liability management . in general , securities inventories that are not financed by secured funding sources and the majority of the company 2019s assets are financed with a combination of deposits , short-term funding , floating rate long-term debt or fixed rate long-term debt swapped to a floating rate . fixed assets are generally financed with fixed rate long-term debt . the company uses interest rate swaps to more closely match these borrowings to the duration , holding period and interest rate characteristics of the assets being funded and to manage interest rate risk . these swaps effectively convert certain of the company 2019s fixed rate borrowings into floating rate obligations . in addition , for non-u.s . dollar currency borrowings that are not used to fund assets in the same currency , the company has entered into currency swaps that effectively convert the borrowings into u.s . dollar obligations . the company 2019s use of swaps for asset and liability management affected its effective average borrowing rate . effective average borrowing rate. .
what is the difference in effective borrowing rate in 2014 due to the use of swaps?
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