(6) Loans and receivables

N64 LOANS AND RECEIVABLES
  FIGURES IN EUR MILLION
    Amortised cost Unrealised gains/losses Fair value
               
    31.12.2013 31.12.2012 31.12.2013 31.12.2012 2) 31.12.2013 31.12.2012 2)
  Mortgage loans 849 990 88 140 937 1,130
  Loans and prepayments on insurance policies 192 192 192 192
  Loans and receivables due from governmental or quasi-governmental entities1) 9,691 9,687 860 1,407 10,551 11,094
  Corporate securities 6,731 6,516 218 564 6,949 7,080
  Covered bonds/asset-backed securities 14,737 14,700 1,608 2,367 16,345 17,067
  Participation rights 31 16 5 3 36 19
  Total 32,231 32,101 2,779 4,481 35,010 36,582
  1) Loans and receivables due from governmental or quasi-governmental entities include securities of EUR 3,060 (2,585) million that are guaranteed by the Federal Republic
of Germany, other EU states or German federal states
2) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”
   

The book value of loans and receivables is based on Purchase cost cost.

The item “Covered bonds, asset-backed securities” includes German covered bonds (Pfandbriefe) with a carrying amount of EUR 12,434 (14,676) million, which corresponds to 84 (99)%.

N65 CONTRACTUAL MATURITIES
  FIGURES IN EUR MILLION
    Amortised cost Fair value
           
    31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1)
  One year or sooner 3,118 2,195 3,238 2,340
  Later than one year, up to two years 2,344 2,806 2,439 2,922
  Later than two years, up to three years 2,072 2,826 2,190 3,028
  Later than three years, up to four years 1,912 2,374 2,061 2,583
  Later than four years, up to five years 1,238 2,140 1,360 2,386
  Later than five years, up to ten years 6,463 6,773 7,161 7,813
  Later than ten years 15,084 12,987 16,561 15,510
  Total 32,231 32,101 35,010 36,582
  1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”
   
N66 RATING STRUCTURE OF LOANS AND RECEIVABLES
  FIGURES IN EUR MILLION
    Amortised cost
       
    31.12.2013 31.12.2012
  AAA 11,430 11,204
  AA 10,964 11,848
  A 4,971 4,647
  BBB or lower 3,532 2,983
  No rating 1,334 1,419
  Total 32,231 32,101
    

The rating categories are based on the classifications of leading international rating agencies. Unrated loans and receivables consist principally of mortgage loans and policy loans.