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Annual Report

34 Contingent liabilities

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€ million

 

Dec. 31, 2010

 

Dec. 31, 2009

Liabilities under guarantees

 

225

 

162

Liabilities under warranty contracts

 

69

 

48

Pledges on company assets as security
for third-party liabilities

 

1,681

 

12

Other contingent liabilities

 

1,033

 

905

 

 

3,008

 

1,126

The trust assets and liabilities of the savings and trust entities belonging to the South American subsidiaries not included in the consolidated balance sheet amount to €1,232 million (previous year: €818 million).

In the case of liabilities from guarantees (financial guarantee contracts), the Group is required to make specific payments if the debtors fail to meet their financial obligations.

Liabilities arising from the pledge of company assets as security for third-party liabilities primarily include the pledge of claims under certificates of deposit with Bankhaus Metzler in the amount of €1.4 billion to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler (please see the information on the basis of consolidation and joint ventures).

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