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, 2011 |
Current |
Noncurrent |
Carrying amount Dec. 31, 2010 | ||||||
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Bonds |
11,917 |
24,031 |
35,948 |
9,345 |
19,392 |
28,737 | ||||||
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Commercial paper and notes |
7,732 |
7,537 |
15,269 |
7,893 |
4,991 |
12,884 | ||||||
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Liabilities to banks |
7,474 |
8,561 |
16,035 |
6,245 |
7,494 |
13,739 | ||||||
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Deposits business |
19,997 |
3,093 |
23,089 |
15,043 |
3,882 |
18,924 | ||||||
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Loans |
1,727 |
923 |
2,650 |
1,143 |
1,166 |
2,309 | ||||||
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Bills of exchange |
24 |
– |
24 |
0 |
– |
0 | ||||||
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Finance lease liabilities |
44 |
299 |
343 |
26 |
234 |
260 | ||||||
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Financial liabilities to |
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affiliated companies |
174 |
– |
174 |
158 |
– |
158 | ||||||
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joint ventures |
– |
– |
– |
0 |
– |
0 | ||||||
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associates |
– |
– |
– |
– |
– |
– | ||||||
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other investees and investors |
– |
– |
– |
– |
– |
– | ||||||
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49,090 |
44,443 |
93,533 |
39,852 |
37,159 |
77,012 |
Of the financial liabilities reported in the consolidated balance sheet, a total of €511 million (previous year: €138 million) is secured, for the most part by real estate liens and leasing portfolios.
The deposits from direct banking business contained in the current financial liabilities of €93.5 billion (previous year: €77.0 billion) rose by €6.3 million as a result of a fair value adjustment from portfolio hedging (previous year: decrease of €0.7 million).
Asset-backed securities transactions amounting to €14,478 million (previous year: €9,482 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 €16,795 million (previous year: €11,120 million) from the customer finance and leasing business 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.
