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 |
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CARRYING AMOUNT |
CARRYING AMOUNT |
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€ million |
Current |
Noncurrent |
Dec. 31, 2013 |
Current |
Noncurrent |
Dec. 31, 2012 | ||||||
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Bonds |
16,645 |
39,677 |
56,322 |
12,822 |
36,883 |
49,705 |
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Commercial paper and notes |
9,281 |
11,953 |
21,233 |
9,206 |
12,687 |
21,892 |
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Liabilities to banks |
11,305 |
7,659 |
18,964 |
9,670 |
10,621 |
20,291 |
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Deposit business |
22,310 |
1,015 |
23,325 |
21,974 |
1,943 |
23,917 |
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Loans and miscellaneous liabilities |
396 |
850 |
1,247 |
355 |
1,074 |
1,428 |
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Bills of exchange |
– |
– |
– |
0 |
– |
0 |
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Finance lease liabilities |
50 |
363 |
413 |
33 |
396 |
429 |
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59,987 |
61,517 |
121,504 |
54,060 |
63,603 |
117,663 |
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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.