(9) Financial assets at fair value through profit or loss

N73 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
  FIGURES IN EUR MILLION
    Fair value
       
    31.12.2013 31.12.2012
  Fixed-income securities    
  Government debt securities of EU member states 31 347
  Other foreign government debt securities 39 195
  Debt securities issued by quasi-governmental entities1) 34 38
  Corporate securities 453 480
  Investment funds 114 104
  Covered bonds/asset-backed securities 24 91
  Participation rights 82 91
  Other 20
  Total fixed-income securities 797 1,346
  Investment funds (variable-yield securities) 52 55
  Other variable-yield securities 35 28
  Total financial assets classified at fair value through profit or loss 884 1,429
  Fixed-income securities    
  Government debt securities of EU member states 15
  Other foreign government debt securities 1
  Corporate securities 3
  Other securities 1
  Total fixed-income securities 4 16
  Investment funds (variable-yield securities) 120 123
  Derivatives 82 74
  Total financial assets held for trading 206 213
  Total 1,090 1,642
  1) Debt securities issued by quasi-governmental entities include securities of EUR 7 (8) million that are guaranteed by the Federal Republic of Germany, other EU states or German federal states
   

The book value of financial assets at fair value through profit or loss is based on fair values.

The item “Covered bonds, asset-backed securities” includes German covered bonds (Pfandbriefe) with a carrying amount of EUR 12 (11) million, which corresponds to 50 (12)%.

N74 CONTRACTUAL MATURITIES OF FIXED-INCOME SECURITIES
  FIGURES IN EUR MILLION
    Fair value
       
    31.12.2013 31.12.2012 1)
  One year or sooner 146 337
  Later than one year, up to two years 144 151
  Later than two years, up to three years 103 100
  Later than three years, up to four years 61 71
  Later than four years, up to five years 32 54
  Later than five years, up to ten years 48 343
  Later than ten years 267 306
  Total 801 1,362
  1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”
   
N75 RATING STRUCTURE OF FIXED-INCOME SECURITIES
  FIGURES IN EUR MILLION
    Fair value
       
    31.12.2013 31.12.2012
  AAA 10 11
  AA 25 26
  A 193 526
  BBB or lower 314 584
  No rating 259 215
  Total 801 1,362
   

The rating categories are based on the classifications of leading international rating agencies.

Financial assets classified at fair value through profit or loss (with no trading intention) include, inter alia, structured products in respect of which the fair value option afforded by IAS 39 was exercised. The carrying amount of these financial assets constitutes – contrary to a purely economic perspective – the maximum credit exposure. The amount with respect to the change in fair value that is attributable to changes in the credit risk of financial assets was EUR 4 (2) million in the reporting period and –EUR 4 (–3) million on an accumulated basis. There are no credit derivatives or similar hedging instruments for these securities.