The following table shows the Group’s gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2003:
| Less than | 12 months | Total | ||||
| 12 months | or longer | |||||
| in € m. | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized |
| Losses | Losses | Losses | ||||
| Debt securities | ||||||
| German government | 2,802 | (23) | – | – | 2,802 | (23) |
| U.S. Treasury and U.S. government agencies | 18 | (1) | – | – | 18 | (1) |
| Other foreign governments | 2,191 | (105) | – | – | 2,191 | (105) |
| Corporates | 1,614 | (19) | 715 | (26) | 2,329 | (45) |
| Total debt securities | 6,625 | (148) | 715 | (26) | 7,340 | (174) |
| Equity securities | ||||||
| Equity shares | 9 | (4) | 96 | (4) | 105 | (8) |
| Investment certificates and mutual funds | 66 | (1) | 71 | (9) | 137 | (10) |
| Total equity securities | 75 | (5) | 167 | (13) | 242 | (18) |
| Total temporarily impaired securities | 6,700 | (153) | 882 | (39) | 7,582 | (192) |
The unrealized losses on investments in debt securities were primarily interest rate related. Since the Group has the intent and ability to hold these investments until a market price recovery or maturity, they are not considered other-than-temporarily impaired. The unrealized losses on investments in equity securities are attributable primarily to general market fluctuations rather than to specific adverse conditions. Based on this and our intent and ability to hold the securities until the market price recovers, these investments are not considered other-than-temporarily impaired.