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

[19] Derecognition of Financial Assets


The Group enters into transactions in which it transfers previously recognized financial assets, such as debt securities, equity securities and traded loans, but retains substantially all of the risks and rewards of those assets. Due to this retention, the transferred financial assets are not derecognized and the transfers are accounted for as secured financing transactions. The most common transactions of this nature entered into by the Group are repurchase agreements, securities lending agreements and total return swaps, in which the Group retains substantially all of the associated credit, equity price, interest rate and foreign exchange risks and rewards associated with the assets as well as the associated income streams.

The following table provides further information on the asset types and the associated transactions that did not qualify for derecognition, and their associated liabilities.

Carrying amount of transferred assets
in € m.

Dec 31, 2009

Dec 31, 20081

1

Prior year amounts have been adjusted.

Trading securities not derecognized due to the following transactions:

 

 

Repurchase agreements

58,584

47,882

Securities lending agreements

18,943

10,518

Total return swaps

10,028

10,971

Total trading securities

87,555

69,371

Other trading assets

2,915

2,560

Financial assets available for sale

492

472

Loans

2,049

2,250

Total

93,011

74,653

Carrying amount of associated liability

84,381

66,597

Continuing involvement accounting is typically applied when the Group retains the rights to future cash flows of an asset, continues to be exposed to a degree of default risk in the transferred assets or holds a residual interest in, or enters into derivative contracts with, securitization or special purpose entities.

The following table provides further detail on the carrying value of the assets transferred in which the Group still has continuing involvement.

in € m.

Dec 31, 2009

Dec 31, 2008

Carrying amount of the original assets transferred:

 

 

Trading securities

4,688

7,250

Other trading assets

4,594

4,190

Carrying amount of the assets continued to be recognized:

 

 

Trading securities

2,899

4,490

Other trading assets

1,429

1,262

Carrying amount of associated liability

4,253

6,383

Service Functions

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