(8) Financial assets
available for sale
|N70||FINANCIAL ASSETS AVAILABLE FOR SALE|
|FIGURES IN EUR MILLION|
|Amortised cost||Unrealised gains/losses||Fair value|
|Government debt securities of EU member states||6,554||5,256||217||363||6,771||5,619|
|US treasury notes||1,750||1,294||–5||40||1,745||1,334|
|Other foreign government debt securities||1,682||1,758||–30||26||1,652||1,784|
|Debt securities issued by quasi-governmental entities 1)||7,056||7,121||219||523||7,275||7,644|
|Covered bonds/asset-backed securities||7,152||7,104||489||680||7,641||7,784|
|Total fixed-income securities||42,232||37,461||1,299||2,619||43,531||40,080|
|Total variable-yield securities||1,071||1,020||320||237||1,391||1,257|
|1) Debt securities issued by quasi-governmental entities include securities of EUR 2,681 (3,147) million that are guaranteed by the Federal Republic of Germany, other EU states or German federal states|
The book value of financial assets available for sale is based on fair value. Unrealised gains/losses are recognised under “Other comprehensive income” and under “Other reserves” in shareholders’ equity.
The item “Covered bonds, asset-backed securities” includes German covered bonds (Pfandbriefe) with a carrying amount of EUR 6,442 (6,827) million, which corresponds to 84 (88)%.
|N71||CONTRACTUAL MATURITIES OF FIXED-INCOME SECURITIES|
|FIGURES IN EUR MILLION|
|Fair value||Amortised cost|
|31.12.2013||31.12.2012 1)||31.12.2013||31.12.2012 1)|
|One year or sooner||2,800||2,448||2,784||2,428|
|Later than one year, up to two years||3,983||4,009||3,901||3,932|
|Later than two years, up to three years||3,074||4,173||2,967||4,018|
|Later than three years, up to four years||3,589||3,491||3,469||3,308|
|Later than four years, up to five years||4,141||4,105||4,027||3,896|
|Later than five years, up to ten years||16,037||13,748||15,499||12,671|
|Later than ten years||9,907||8,106||9,585||7,208|
|1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”|
The rating categories are based on the classifications of leading international rating agencies.
As at the balance sheet date, the Group recognised securities – which were sold with a redemption obligation to third parties at a fixed price (genuine repurchase transactions) – since the material risks and opportunities associated with the financial assets remain within the Group. Of these transactions, investments in the category “Financial assets available for sale” in the amount of EUR 64 million (carrying amount prior to the transfer: EUR 63 million, fair value as at the balance sheet date corresponds to the carrying amount) were affected. There are no restrictions on the use of the transferred assets. The Group recognised the redemption obligation under “Other liabilities” in the amount of the payment received (EUR 63 million). The difference between the amount received for the transfer and that agreed to for retransfer is allocated in accordance with the effective interest rate method for the term of the repurchase transaction and recognised under “Net investment income”.