(8) Financial assets
available for sale

N70 FINANCIAL ASSETS AVAILABLE FOR SALE
  FIGURES IN EUR MILLION
    Amortised cost Unrealised gains/losses Fair value
                 
    31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012
  Fixed-income securities            
  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
  Corporate securities 16,923 13,675 361 912 17,284 14,587
  Investment funds 699 808 38 71 737 879
  Covered bonds/asset-backed securities 7,152 7,104 489 680 7,641 7,784
  Participation rights 416 445 10 4 426 449
  Total fixed-income securities 42,232 37,461 1,299 2,619 43,531 40,080
  Variable-yield securities            
  Equities 391 423 221 164 612 587
  Investment funds 639 558 99 73 738 631
  Participation rights 41 39 41 39
  Total variable-yield securities 1,071 1,020 320 237 1,391 1,257
  Total securities 43,303 38,481 1,619 2,856 44,922 41,337
  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
  Total 43,531 40,080 42,232 37,461
  1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”
   
N72 RATING STRUCTURE OF FIXED-INCOME SECURITIES
  FIGURES IN EUR MILLION
    Amortised cost
       
    31.12.2013 31.12.2012
  AAA 10,803 12,301
  AA 12,047 9,621
  A 10,644 9,331
  BBB or lower 9,484 8,303
  No rating 553 524
  Total 43,531 40,080
   

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”.