Part of the Consolidated Financial Statements as of 31 December 2009; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

[17] Loans


The following are the principal components of loans by industry classification.

in € m.

Dec 31, 2009

Dec 31, 2008

Banks and insurance

22,002

26,998

Manufacturing

17,314

19,043

Households (excluding mortgages)

27,002

30,923

Households – mortgages

58,673

52,453

Public sector

9,572

9,972

Wholesale and retail trade

10,938

11,761

Commercial real estate activities

28,959

27,083

Lease financing

2,078

2,700

Fund management activities

26,462

31,158

Other

59,698

60,276

Gross loans

262,698

272,367

(Deferred expense)/unearned income

1,250

1,148

Loans less (deferred expense)/unearned income

261,448

271,219

Less: Allowance for loan losses

3,343

1,938

Total loans

258,105

269,281

Government Assistance

In the course of its business, the Group regularly applies for and receives government support by means of Export Credit Agency (“ECA”) guarantees covering transfer and default risks for the financing of exports and investments into Emerging Markets and, to a lesser extent, developed markets for Structured Trade & Export Finance business. Almost all export-oriented states have established such ECAs to support their domestic exporters. The ECAs act in the name and on behalf of the government of their respective country and are either constituted directly as governmental departments or organized as private companies vested with the official mandate of the government to act on its behalf. Terms and conditions of such ECA guarantees granted for short-term, mid-term and long-term financings are quite comparable due to the fact that most of the ECAs act within the scope of the Organisation for Economic Cooperation and Development (“OECD”) consensus rules. The OECD consensus rules, an intergovernmental agreement of the OECD member states, define benchmarks to ensure that a fair competition between different exporting nations will take place. Almost 50 % of such ECA guarantees received by the Group were issued by the Euler-Hermes Kreditversicherungs AG acting on behalf of the Federal Republic of Germany.

In certain financings, the Group also receives government guarantees from national and international governmental institutions as collateral to support financings in the interest of the respective governments.

Service Functions

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