Assets and Liabilities

Movements in Assets

The marginal growth of € 10 billion compared to December 31, 2012, was primarily driven by a € 61 billion increase of brokerage and securities related receivables, following the usual pattern of lower year-end levels versus higher volumes over the course of the year.

This increase was almost fully offset by a € 59 billion reduction in positive market values from derivative financial instruments, primarily due to shifts in U.S. dollar, euro and pound sterling yield curves over the quarter.

Whilst from an overall perspective loans remained virtually unchanged over the first quarter 2013, further reductions in NCOU were almost fully offset by a € 5 billion increase in GTB, predominantly in Trade Finance reflecting GTB’s growth strategy.

Foreign exchange rate movements (included in numbers above), in particular of the U.S. dollar versus the euro, contributed € 20 billion to the growth of our balance sheet in the first three months 2013.

Movements in Liabilities

As of March 31, 2013, total liabilities increased marginally by € 9 billion compared to year-end 2012.

Brokerage and securities related payables were up € 54 billion compared to December 31, 2012, whilst negative market values from derivative financial instruments declined by € 58 billion, primarily due to the same reasons driving the movements in brokerage and securities related receivables and positive market values from derivative financial instruments as outlined above.

Trading liabilities contributed another € 12 billion to the overall growth in the first quarter of 2013, with more than half of the increase relating to debt securities.

The € 9 billion reduction in long-term debt largely reflects the concentration of 2013 capital markets maturities in the first quarter.