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The details of noncurrent and current financial liabilities are presented in the following table:
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€ million |
Current |
Non-current |
Carrying |
Current |
Non-current |
Carrying | ||||||||
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Bonds* |
12,822 |
36,883 |
49,705 |
11,917 |
24,029 |
35,947 | ||||||||
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Commercial paper and notes |
9,206 |
12,687 |
21,892 |
7,732 |
7,537 |
15,269 | ||||||||
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Liabilities to banks |
9,670 |
10,621 |
20,291 |
7,474 |
8,561 |
16,035 | ||||||||
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Deposit business |
21,974 |
1,943 |
23,917 |
19,997 |
3,093 |
23,089 | ||||||||
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Loans and miscellaneous liabilities |
355 |
1,074 |
1,428 |
1,901 |
923 |
2,825 | ||||||||
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Bills of exchange |
0 |
– |
0 |
24 |
– |
24 | ||||||||
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Finance lease liabilities |
33 |
396 |
429 |
44 |
299 |
343 | ||||||||
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54,060 |
63,603 |
117,663 |
49,090 |
44,442 |
93,532 | ||||||||
Of the financial liabilities reported in the consolidated balance sheet, a total of €2,496 million (previous year: €511 million) is secured, for the most part by real estate liens and leasing portfolios.
The deposits from direct banking business contained in the financial liabilities of €117.7 billion (previous year: €93.5 billion) increased by €3.4 million as a result of a fair value adjustment from portfolio hedging (previous year: increase of €6.3 million).
Asset-backed securities transactions amounting to €17,655 million (previous year: €14,478 million) entered into to refinance the financial services business are included in bonds, commercial paper and notes, and liabilities from loans. Receivables of €21,543 million (previous year: €16,795 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.
