Liquidity and Capital Resources


For a detailed discussion of our liquidity risk management, see our Risk Report.

Long-term Credit Ratings

Maintaining a strong credit quality is a fundamental value driver for our clients, bondholders and shareholders. In 2012, bank ratings globally continued to decline based on the difficult macroeconomic environment and the ongoing sovereign debt crisis. Despite these challenges, Deutsche Bank was able to retain its A+ long-term credit ratings assigned by both Standard and Poor’s and Fitch.

In the first quarter 2012, Moody’s initiated a comprehensive rating review of 114 European banks and 17 banks and securities firms with global capital markets operations. Upon conclusion of the review, most banks were subject to a downward rating action of up to three notches. On June 21, 2012, Deutsche Bank AG’s long-term credit rating was downgraded by two notches to A2 in this context. Moody’s attributed the downgrade to the bank’s large capital markets business and the resulting challenges for the bank’s risk management in a persisting difficult business environment.

 

Dec 31, 2012

Dec 31, 2011

Dec 31, 2010

1

Moody’s defines A-rated obligations as upper-medium grade obligations which are subject to low credit risk. The numerical modifier 2 indicates a ranking in the middle of the A category.

2

Standard and Poor’s defines its A rating as somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong. The plus indicates a ranking in the higher end of the A category.

3

Fitch Ratings defines it’s A rating as high credit quality. Fitch Ratings uses the A rating to denote expectations of low default risk. According to Fitch Ratings, A ratings indicate a strong capacity for payment of financial commitments. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than higher ratings. The plus indicates a ranking in the higher end of the A category.

Moody’s Investors Service, New York1

A2

Aa3

Aa3

Standard & Poor’s, New York2

A+

A+

A+

Fitch Ratings, New York3

A+

A+

AA-

Each rating reflects the view of the rating agency only at the time it gave us the rating, and you should evaluate each rating separately and look to the rating agencies for any explanations of the significance of their ratings. The rating agencies can change their ratings at any time if they believe that circumstances so warrant. You should not view these long-term credit ratings as recommendations to buy, hold or sell our securities.

Tabular Disclosure of Contractual Obligations

Cash payment requirements outstanding as of December 31, 2012.

Contractual obligations

Payment due by period

in € m.

Total

Less than 1 year

1–3 years

3–5 years

More than 5 years

1

Includes interest payments.

2

Long-term debt and long-term deposits designated at fair value through profit or loss.

Long-term debt obligations1

176,777

42,493

38,131

36,254

59,899

Trust preferred securities1

14,715

5,367

2,731

2,791

3,826

Long-term financial liabilities designated at fair value through profit or loss2

13,539

4,540

2,881

1,702

4,417

Finance lease obligations

57

10

30

7

10

Operating lease obligations

5,051

880

1,369

1,057

1,745

Purchase obligations

2,386

686

1,180

472

48

Long-term deposits1

35,245

12,152

7,099

15,994

Other long-term liabilities

5,457

210

194

2,661

2,392

Total

253,227

54,184

58,668

52,043

88,331

Figures above do not include the revenues of noncancelable sublease rentals of € 190 million on operating leases. Purchase obligations for goods and services include future payments for, among other things, facility management, information technology and security settlement services. Some figures above for purchase obligations represent minimum contractual payments and actual future payments may be higher. Long-term deposits exclude contracts with a remaining maturity of less than one year. Under certain conditions future payments for some long-term financial liabilities designated at fair value through profit or loss may occur earlier. See the following notes to the consolidated financial statements for further information: Note 06 “Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss”, Note 24 “Leases”, Note 28 “Deposits” and Note 32 “Long-Term Debt and Trust Preferred Securities”.