25 Noncurrent and current financial liabilities

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

Bonds

 

7,125

 

19,672

 

26,797

 

6,943

 

20,364

 

27,307

Commercial paper and notes

 

9,274

 

4,877

 

14,151

 

6,924

 

2,901

 

9,825

Liabilities to banks

 

7,918

 

4,662

 

12,580

 

5,082

 

2,777

 

7,859

Deposits from direct banking business

 

10,877

 

1,958

 

12,835

 

8,421

 

1,199

 

9,620

Loans

 

762

 

1,912

 

2,674

 

1,058

 

1,881

 

2,939

Bills of exchange

 

0

 

 

0

 

0

 

 

0

Finance lease liabilities

 

32

 

176

 

208

 

21

 

193

 

214

Financial liabilities to

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

130

 

 

130

 

190

 

 

190

joint ventures

 

 

 

 

16

 

 

16

associates

 

5

 

 

5

 

6

 

 

6

other investees and investors

 

 

 

 

16

 

 

16

 

 

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.

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