The components of net gains on securities available for sale as reported in the Consolidated Statement of Income follow:
| in € m. | 2003 | 2002 | 2001 |
| Debt securities – gross realized gains | 106 | 149 | 405 |
| Debt securities – gross realized losses1 | (35) | (235) | (256) |
| Equity securities – gross realized gains | 488 | 4,094 | 2,376 |
| Equity securities – gross realized losses2 | (539) | (485) | (1,009) |
| Total net gains on securities available for sale | 20 | 3,523 | 1,516 |
| 1 | Includes € 7 million, € 156 million and € 27 million of write-downs for other-than-temporary impairment for the years ended December 31, 2003, 2002 and 2001, respectively. |
| 2 | Includes € 479 million, € 152 million and € 401 million of write-downs for other-than-temporary impairment for the years ended December 31, 2003, 2002 and 2001, respectively. |
On January 1, 2001, the Group transferred debt securities with a fair value of € 14.9 billion from trading assets to securities available for sale. There was no impact on earnings from this transfer which primarily involved securities issued by German and other foreign governments. Prior to 2001, these securities were risk-managed together with derivatives which were classified as trading mainly due to contemporaneous hedge documentation requirements that could not be fulfilled when initially adopting U.S. GAAP after the fact. Beginning 2001, these securities are hedged in accordance with the Group's management practices with derivatives that qualify for hedge accounting and were reclassified accordingly.
The following table shows the fair value, remaining maturities, approximate weighted-average yields (based on amortized cost) and total amortized cost by maturity distribution of the debt security components of the Group's securities available for sale at December 31, 2003:
| Up to one | More than one | More than five | More than | Total | ||||||
| year | year and up to | years and up to | ten years | |||||||
| five years | ten years | |||||||||
| in € m. | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield |
| German government | – | – | 190 | 3.16% | 322 | 4.05% | 2,290 | 5.97% | 2,802 | 5.56% |
| U.S. Treasury and U.S. government agencies | 130 | 1.75% | – | – | – | – | 20 | 7.30% | 150 | 2.52% |
| U.S. local (municipal) governments | 2 | 1.91% | – | – | – | – | – | – | 2 | 1.91% |
| Other foreign governments | 1,580 | 2.87% | 470 | 5.25% | 360 | 4.02% | 884 | 5.82% | 3,294 | 4.17% |
| Corporates | 661 | 2.84% | 1,884 | 3.49% | 908 | 3.85% | 2,193 | 6.27% | 5,646 | 4.54% |
| Other asset-backed securities | – | – | 1,679 | 3.50% | – | – | – | – | 1,679 | 3.50% |
| Mortgage-backed securities , principally obligations of U.S. federal agencies | 629 | 5.30% | 1 | 7.30% | – | – | 2,078 | 5.68% | 2,708 | 5.59% |
| Other debt securities | 448 | 1.13% | 74 | 4.46% | 10 | 8.35% | – | – | 532 | 1.73% |
| Total fair value | 3,450 | – | 4,298 | – | 1,600 | – | 7,465 | – | 16,813 | – |
| Total amortized cost | 3,394 | – | 4,263 | – | 1,617 | – | 7,461 | – | 16,735 | – |