Liquidity and Capital Resources

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

Long-term Credit Ratings

Industry-wide regulatory developments dominated the actions of rating agencies in 2014.

In March and April 2014, Fitch Ratings and Standard & Poor’s revised the outlook of their long-term ratings on Deutsche Bank from “stable” to “negative” as part of their industry-wide reviews of assumptions of government support in the European banking sector. Both agencies were responding to the ongoing developments of the European Union’s Bank Recovery and Resolution Directive, which aims to further safeguard the stability of the financial services industry. A major objective of this Directive, for example, is to shift the burden of losses away from taxpayers to shareholders and creditors.

In July 2014, Moody’s lowered Deutsche Bank’s long-term, standalone and short-term ratings by one notch, to A3, baa3 and P-2, respectively. The outlook on Deutsche Bank’s standalone rating is now stable, while the outlook on the long-term rating remains negative. Similar to Standard & Poor’s and Fitch Ratings, Moody’s negative outlook reflects its view of a trend towards generally lower systemic support for European Union banks.

On February 3, 2015 Standard & Poor’s placed Deutsche Bank’s long-term rating on ‘Credit-Watch Negative’ as part of its review of the German, Austrian and UK banks to reflect the implementation of bail-in rules into legislation in these three countries as of 1 January 2015. The rating agency expects to resolve the Credit Watch placement by early May 2015.

 

Dec 31, 2014

Dec 31, 2013

Dec 31, 2012

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. The numerical modifier 3 indicates a ranking at the lower end 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

A3

A2

A2

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, 2014.

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

164,450

28,776

50,678

32,755

52,241

Trust preferred securities1

12,270

5,579

2,202

4,238

251

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

10,535

1,965

3,737

1,147

3,686

Finance lease obligations

114

6

13

11

84

Operating lease obligations

5,103

778

1,322

1,047

1,955

Purchase obligations

1,920

528

810

285

298

Long-term deposits1

26,336

0

8,980

4,863

12,492

Other long-term liabilities

5,063

918

986

557

2,602

Total

225,790

38,550

68,726

44,904

73,610

Figures above do not include the revenues of noncancelable sublease rentals of € 171 million on operating leases. Purchase obligations for goods and services include future payments for, among other things, information technology services and facility management. 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”.