Liquidity and Capital Resources

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

Long-term Credit Ratings

Deutsche Bank attaches great importance to the credit assessment of the rating agencies as it is a fundamental value driver for our clients, bondholders and shareholders. In 2013, bank ratings worldwide were again closely reviewed by the rating agencies as raising regulatory requirements and demanding capital markets influenced the performance of the sector.

On July 2, 2013, Standard & Poor’s lowered Deutsche Bank’s long-term credit rating to A from A+ referring to mounting regulatory challenges and increased industry risk for banks with large capital market operations in Europe. The rating action removed the Credit Watch negative assignment from March 26, 2013. The outlook is now stable.

On December 19, 2013, Moody’s affirmed Deutsche Bank’s A2 long-term credit rating, but moved the respective rating outlook from stable to negative. The rating agency perceives the timely completion of the bank’s Strategy 2015+ targets in the light of present regulatory headwinds as challenging. Should Deutsche Bank fail to substantially achieve the plan, Moody’s may decide to downgrade the rating.

 

Dec 31, 2013

Dec 31, 2012

Dec 31, 2011

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.

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

A2

Aa3

Standard & Poor’s, New York2

A

A+

A+

Fitch Ratings, New York3

A+

A+

A+

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, 2013

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

150,688

33,734

34,972

31,590

50,391

Trust preferred securities1

13,868

5,771

2,858

5,002

237

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

9,533

2,054

2,713

2,049

2,717

Finance lease obligations

47

26

6

5

10

Operating lease obligations

5,013

824

1,304

1,021

1,865

Purchase obligations

1,363

483

744

97

39

Long-term deposits1

26,470

0

8,665

5,536

12,269

Other long-term liabilities

2,411

55

104

134

2,118

Total

209,393

42,948

51,365

45,434

69,645

Figures above do not include the revenues of noncancelable sublease rentals of € 161 million on operating leases. Purchase obligations for goods and services include future payments for, among other things, information technology services, facility management 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 5 “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”.