39 – Information on Subsidiaries

Composition of the Group

Deutsche Bank AG is the direct or indirect holding company for the Group’s subsidiaries.

The Group consists of 2,171 (2012: 2,488) consolidated entities, thereof 1,344 (2012: 1,468) consolidated structured entities. 968 (2012: 1,103) of the entities controlled by the Group are directly or indirectly held by the Group at 100 % of the ownership interests (share of capital). Third parties also hold ownership interests in 1,203 (2012: 1,385) of the consolidated entities (noncontrolling interests). As of December 31, 2012 and 2013, the noncontrolling interests are neither individually nor cumulatively material to the Group.

Significant restrictions to access or use the Group’s assets

Statutory, contractual or regulatory requirements as well as protective rights of noncontrolling interests might restrict the ability of the Group to access and transfer assets freely to or from other entities within the Group and to settle liabilities of the Group.

Since the Group did not have any material noncontrolling interests at the balance sheet date, any protective rights associated with these did not give rise to significant restrictions.

Restrictions impacting the Group’s ability to use assets:

  • The Group has pledged assets to collateralize its obligations under repurchase agreements, securities financing transactions, collateralized loan obligations and for margining purposes for OTC derivative liabilities.
  • The assets of consolidated structured entities are held for the benefit of the parties that have bought the notes issued by these entities.
  • Assets held by insurance subsidiaries are primarily held to satisfy the obligations to the companies’ policy holders.
  • Regulatory and central bank requirements or local corporate laws may restrict the Group’s ability to transfer assets to or from other entities within the Group in certain jurisdictions.

Restricted assets

 

Dec 31, 2013

Dec 31, 2012

in € m.

Total assets

Restricted assets

Total assets

Restricted assets

Interest-earning deposits with banks

77,984

1,115

120,637

1,971

Financial assets at fair value through profit or loss

899,257

94,388

1,209,839

123,589

Financial assets available for sale

48,326

7,821

49,400

9,669

Loans

376,582

56,553

397,377

62,840

Other

209,252

7,675

245,023

5,859

Total

1,611,400

167,552

2,022,275

203,927

The table above excludes assets that are not encumbered at an individual entity level but which may be subject to restrictions in terms of their transferability within the Group. Such restrictions may be based on local connected lending requirements or similar regulatory restrictions. In this situation, it is not feasible to identify individual balance sheet items that cannot be transferred. This is also the case for regulatory minimum liquidity requirements. The Group identifies the volume of liquidity reserves in excess of local stress liquidity outflows. The aggregate amount of such liquidity reserves that are considered restricted for this purpose is € 19.4 billion and € 25.1 billion as per December 31, 2013 and December 31, 2012, respectively.