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 | ||||||
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Bonds |
10,817 |
21,405 |
32,222 |
7,125 |
19,672 |
26,797 | ||||||
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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 | ||||||
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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 | ||||||
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Bills of exchange |
0 |
– |
0 |
0 |
– |
0 | ||||||
|
Finance lease liabilities |
23 |
183 |
206 |
32 |
176 |
208 | ||||||
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Financial liabilities to |
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affiliated companies |
177 |
– |
177 |
130 |
– |
130 | ||||||
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joint ventures |
– |
– |
– |
– |
– |
– | ||||||
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associates |
– |
– |
– |
5 |
– |
5 | ||||||
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other investees and investors |
– |
– |
– |
– |
– |
– | ||||||
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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.
