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Annual Report

25 Noncurrent and current financial liabilities

The details of noncurrent and current financial liabilities are presented in the following table:

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€ million

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2010

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2009

Bonds

 

9,345

 

19,392

 

28,737

 

10,817

 

21,405

 

32,222

Commercial paper and notes

 

7,893

 

4,991

 

12,884

 

7,580

 

4,240

 

11,820

Liabilities to banks

 

6,245

 

7,494

 

13,739

 

5,878

 

6,864

 

12,742

Deposits from direct banking business

 

15,043

 

3,882

 

18,924

 

15,268

 

3,041

 

18,309

Loans

 

1,143

 

1,166

 

2,309

 

864

 

1,260

 

2,123

Bills of exchange

 

0

 

 

0

 

0

 

 

0

Finance lease liabilities

 

26

 

234

 

260

 

23

 

183

 

206

Financial liabilities to

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

158

 

 

158

 

177

 

 

177

joint ventures

 

0

 

 

0

 

 

 

associates

 

 

 

 

 

 

other investees and investors

 

 

 

 

 

 

 

 

39,852

 

37,159

 

77,012

 

40,606

 

36,993

 

77,599

Of the financial liabilities reported in the consolidated balance sheet, a total of €138 million (previous year: €151 million) is secured, for the most part by real estate liens.

Financial liabilities of €77.0 billion (previous year: €77.6 billion) contain a fair value adjustment from portfolio hedging amounting to €0.7 million (previous year: €0.3 million) for deposits from direct banking business.

Asset-backed securities transactions amounting to €9,482 million (previous year: €10,584 million) entered into to refinance the financial services business via consolidated special purpose entities are included in bonds, commercial paper and notes, and liabilities from loans. Receivables of €11,120 million (previous year: €12,785 million) from the customer financing and leasing businesses are pledged as collateral. The expected payments are assigned to special purpose vehicles and the financed vehicles transferred as collateral.

All public and private asset-backed securities transactions of the Volkswagen Financial Services AG group can be repaid in advance (clean-up call) if less than 9% of the original transaction volume is outstanding. The asset-backed securities conduit transactions of Volkswagen Financial Services (UK) and Volkswagen Financial Services Japan are private transactions that can be terminated at fixed dates.

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