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, 2008 |
current |
noncurrent |
Carrying amount Dec. 31, 2007 |
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Bonds |
7,125 |
19,672 |
26,797 |
6,943 |
20,364 |
27,307 |
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Commercial paper and notes |
9,274 |
4,877 |
14,151 |
6,924 |
2,901 |
9,825 |
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Liabilities to banks |
7,918 |
4,662 |
12,580 |
5,082 |
2,777 |
7,859 |
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Deposits from direct banking business |
10,877 |
1,958 |
12,835 |
8,421 |
1,199 |
9,620 |
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Loans |
762 |
1,912 |
2,674 |
1,058 |
1,881 |
2,939 |
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Bills of exchange |
0 |
– |
0 |
0 |
– |
0 |
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Finance lease liabilities |
32 |
176 |
208 |
21 |
193 |
214 |
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Financial liabilities to |
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affiliated companies |
130 |
– |
130 |
190 |
– |
190 |
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joint ventures |
– |
– |
– |
16 |
– |
16 |
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associates |
5 |
– |
5 |
6 |
– |
6 |
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other investees and investors |
– |
– |
– |
16 |
– |
16 |
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36,123 |
33,257 |
69,380 |
28,677 |
29,315 |
57,992 |
Of the liabilities reported in the consolidated balance sheet, a total of €526 million (previous year: €325 million) is secured, for the most part by real estate liens.
Asset-backed securities transactions amounting to €13,117 million (previous year: €13,015 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 €15,880 million (previous year: €14,208 million) from the customer financing and leasing businesses are pledged as collateral.
All public and private asset-backed securities transactions can be repaid in advance if less than 9% of the original transaction volume is outstanding. The ABS transactions of Volkswagen Financial Services (UK) and Volkswagen Financial Services Japan are private transactions that can be terminated at any time.
