Movements in Assets

The overall decrease in total assets of € 411 billion (or 20 %) as of December 31, 2013, compared to December 31, 2012, was largely related to a € 264 billion reduction in positive market values from derivative financial instruments. This was predominantly driven by interest-rate derivatives and shifts in U.S. dollar, euro and pound sterling yield curves during the year, foreign exchange rate movements as well as trade restructuring to reduce mark-to-market, improved netting and increased clearing.

Cash and due from banks as well as interest-earning deposits with banks decreased in the same period by € 11 billion and € 43 billion, respectively. This was primarily due to managed reductions in our wholesale funding activities, other deposits and long-term debt, as well as liquidity reserve optimization.

The decline in trading assets by € 44 billion during 2013, mainly in debt securities, was driven by foreign exchange rate movements as well as by active inventory reductions as part of the de-leveraging initiative and reductions in RMBS and Commodities business inventory.

During 2013, loans declined by € 21 billion, primarily from managed reductions in our NCOU.

Central bank funds sold, securities purchased under resale agreements and securities borrowed, under both accrual and fair value accounting, have decreased by € 16 billion in total, primarily resulting from collateral optimization initiatives.

Brokerage and securities related receivables were down by € 14 billion compared to prior year-end, driven by lower cash/margin receivables corresponding to the significant reduction of negative market values from derivative financial instruments.

Foreign exchange rate movements (included in the figures above), in particular the significant weakening of the U.S. dollar during the third quarter and the Japanese yen throughout the year versus the euro, contributed € 56 billion to the reduction of our balance sheet during 2013.