25 Noncurrent and current financial liabilities

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

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NONCURRENT AND CURRENT FINANCIAL LIABILITIES

 

 

CARRYING AMOUNT

 

CARRYING AMOUNT

€ million

 

Current

 

Noncurrent

 

Dec. 31, 2013

 

Current

 

Noncurrent

 

Dec. 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds

 

16,645

 

39,677

 

56,322

 

12,822

 

36,883

 

49,705

Commercial paper and notes

 

9,281

 

11,953

 

21,233

 

9,206

 

12,687

 

21,892

Liabilities to banks

 

11,305

 

7,659

 

18,964

 

9,670

 

10,621

 

20,291

Deposit business

 

22,310

 

1,015

 

23,325

 

21,974

 

1,943

 

23,917

Loans and miscellaneous liabilities

 

396

 

850

 

1,247

 

355

 

1,074

 

1,428

Bills of exchange

 

 

 

 

0

 

 

0

Finance lease liabilities

 

50

 

363

 

413

 

33

 

396

 

429

 

 

59,987

 

61,517

 

121,504

 

54,060

 

63,603

 

117,663

The deposits from direct banking business contained in the financial liabilities of €121.5 billion (previous year:  €117.7 billion) decreased by €5.5 million as a result of a fair value adjustment from portfolio hedging (previous year: increase of €3.4 million).

Asset-backed securities transactions amounting to €19,076 million (previous year: €17,655 million) entered into to refinance the financial services business are included in bonds, commercial paper and notes, and liabilities from loans. Receivables of €24,529 million (previous year: €21,543 million) from the customer finance and leasing business are pledged as collateral. The expected payments are assigned to special purpose entities and the financed vehicles transferred as collateral.

Most of the 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% or 10%, as appropriate, of the original transaction volume is outstanding. The asset-backed securities transactions of Volkswagen Financial Services (UK) will have been largely repaid by the time all of the liabilities have been redeemed.