(11) Investments under investment contracts

N80 CLASSIFICATION OF INVESTMENTS UNDER INVESTMENT CONTRACTS
  FIGURES IN EUR MILLION
    Carrying amounts
       
    31.12.2013 31.12.2012
  Loans and receivables 1,005 1,183
  Financial assets available for sale 32
  Financial assets classified at fair value through profit or loss 652 462
  Derivatives 69 53
  Total 1,758 1,698
   

“Loans and receivables” mainly consist of overnight money and time deposits. The book value of loans and receivables is based on Purchase cost cost. There are no material differences between carrying amounts and fair value.

Loans and receivables

N81 CONTRACTUAL MATURITIES
  FIGURES IN EUR MILLION
    Amortised cost Fair value
             
    31.12.2013 31.12.2012 31.12.2013 31.12.2012
  One year or sooner 194 504 194 504
  Later than one year, up to two years 136 95 138 95
  Later than two years, up to three years 66 119 66 119
  Later than three years, up to four years 206 15 206 15
  Later than four years, up to five years 7 7
  Later than five years, up to ten years 403 443 404 444
  Total 1,005 1,183 1,008 1,184
   
N82 RATING STRUCTURE
  FIGURES IN EUR MILLION
    Amortised cost
       
    31.12.2013 31.12.2012
  AAA
  AA 4
  A 25 43
  BBB or lower 844 902
  No rating 132 238
  Total 1,005 1,183
   

Financial assets available for sale

N83 CONTRACTUAL MATURITIES
  FIGURES IN EUR MILLION
    Fair value Amortised cost
           
    31.12.2013 31.12.2012 31.12.2013 31.12.2012
  Later than one year, up to two years 2 2
  Later than three years, up to four years 10 10
  Later than four years, up to five years 6 6
  Later than five years, up to ten years 14 14
  Total 32 32
   

Financial assets available for sale have a rating of category A.

Financial assets classified at fair value through profit or loss and derivatives

N84 CONTRACTUAL MATURITIES
  FIGURES IN EUR MILLION
    Fair value
         
      31.12.2013 31.12.2012
  One year or sooner 86 215
  Later than one year, up to two years 11 31
  Later than two years, up to three years 20 45
  Later than three years, up to four years 21 1
  Later than four years, up to five years 3 4
  Later than five years, up to ten years 54 75
  Later than ten years 526 144
  Total 721 515
   
N85 RATING STRUCTURE
  FIGURES IN EUR MILLION
    Fair value
       
    31.12.2013 31.12.2012
  AAA 2
  AA 13
  A 138 181
  BBB or lower 124 226
  No rating 444 108
  Total 721 515
   

The carrying amount of financial assets classified at fair value through profit or loss constitutes – contrary to a purely economic perspective – the maximum credit exposure. The amount with respect to the change in fair value occasioned by the change in the credit risk was not significant. There are no credit derivatives or similar hedging instruments for these securities.