Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.


morgan stanley notes to consolidated financial statements 2014 ( continued ) 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 $ 1175 million at december 31 , 2013 and $ 1131 million at december 31 , 2012 . in addition , separate agreements are entered into by the company 2019s subsidiaries that effectively allow the holders to put the notes aggregated $ 353 million at december 31 , 2013 and $ 1895 million at december 31 , 2012 . 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 . 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 . these instruments are included in the preceding table at their redemption values based on the performance of the underlying indices , baskets of stocks , or specific equity securities , credit or other position or index . the company carries either the entire structured borrowing at fair value or bifurcates the embedded derivative and carries it 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 4 for further information on structured borrowings . subordinated debt and junior subordinated debentures . included in the company 2019s long-term borrowings are subordinated notes of $ 9275 million having a contractual weighted average coupon of 4.69% ( 4.69 % ) at december 31 , 2013 and $ 5845 million having a weighted average coupon of 4.81% ( 4.81 % ) at december 31 , 2012 . junior subordinated debentures outstanding by the company were $ 4849 million at december 31 , 2013 and $ 4827 million at december 31 , 2012 having a contractual weighted average coupon of 6.37% ( 6.37 % ) at both december 31 , 2013 and december 31 , 2012 . maturities of the subordinated and junior subordinated notes range from 2014 to 2067 . 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 as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>2</td><td>weighted average coupon of long-term borrowings at period-end ( 1 )</td><td>4.4% ( 4.4 % )</td><td>4.4% ( 4.4 % )</td><td>4.0% ( 4.0 % )</td></tr><tr><td>3</td><td>effective average borrowing rate for long-term borrowings after swaps at period-end ( 1 )</td><td>2.2% ( 2.2 % )</td><td>2.3% ( 2.3 % )</td><td>1.9% ( 1.9 % )</td></tr></table> ( 1 ) included in the weighted average and effective average calculations are non-u.s . dollar interest rates . other . the company , through several of its subsidiaries , maintains funded and unfunded committed credit facilities to support various businesses , including the collateralized commercial and residential mortgage whole loan , derivative contracts , warehouse lending , emerging market loan , structured product , corporate loan , investment banking and prime brokerage businesses. .
Question: what was the effect in difference of average borrowing rate due to the use of swaps in 2013?

2.2