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,  2009

 

current

 

noncurrent

 

Carrying  amount Dec. 31,  2008

Bonds

 

10,817

 

21,405

 

32,222

 

7,125

 

19,672

 

26,797

Commercial paper and notes

 

7,580

 

4,240

 

11,820

 

9,274

 

4,877

 

14,151

Liabilities to banks

 

5,878

 

6,864

 

12,742

 

7,918

 

4,662

 

12,580

Deposits from direct banking business

 

15,268

 

3,041

 

18,309

 

10,877

 

1,958

 

12,835

Loans

 

864

 

1,260

 

2,123

 

762

 

1,912

 

2,674

Bills of exchange

 

0

 

 

0

 

0

 

 

0

Finance lease liabilities

 

23

 

183

 

206

 

32

 

176

 

208

Financial liabilities to

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

177

 

 

177

 

130

 

 

130

joint ventures

 

 

 

 

 

 

associates

 

 

 

 

5

 

 

5

other investees and investors

 

 

 

 

 

 

 

 

40,606

 

36,993

 

77,599

 

36,123

 

33,257

 

69,380

Of the liabilities reported in the consolidated balance sheet, a total of €151 million (previous year: €168 million, adjusted) is secured, for the most part by real estate liens.

Financial liabilities of €77.6 billion contain a fair value adjustment from portfolio hedging amounting to €0.3 million.

Asset-backed securities transactions amounting to €10,584 million (previous year: €13,117 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 €12,785 million (previous year: €15,880 million) from the customer financing and leasing businesses are pledged 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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