(34) Financing costs

The financing costs of EUR 206 (185) million consist exclusively of interest expenses from raising borrowed capital not directly connected with the operational insurance business. These interest expenses are attributable in an amount of EUR 188 (177) million to our issued subordinated liabilities, in an amount of EUR 16 (2) million to other interest expenses and in an amount of EUR 2 (6) million to bank liabilities of Talanx AG (cf. Notes, item 26 “Notes payable and loans”).