E Financial instruments disclosures
37. Fair value of financial instruments
The table shows the disclosures on the fair value of financial instruments included in the published annual reports of the DZ BANK Group. For all other companies included in the consolidated financial statements, the fair value was deemed to be equivalent to the carrying amount.
| Dec. 31, 2023 € million | Dec. 31, 2022 € million | |||
|---|---|---|---|---|
| Carrying amount | Fair value | Carrying amount | Fair value | |
| Assets | ||||
| Cash and cash equivalents1,2 | 113,513 | 113,512 | 111,211 | 111,206 |
| Loans and advances to banks1 | 38,022 | 33,396 | 45,1024 | 35,0774 |
| Loans and advances to customers1 | 1,011,933 | 1,002,314 | 989,8124 | 974,1544 |
| Hedging instruments (positive fair values) | 5,259 | 5,259 | 10,169 | 10,169 |
| Financial assets held for trading2 | 33,750 | 33,765 | 48,549 | 48,563 |
| Investments1,3 | 240,599 | 240,525 | 239,4234 | 239,1984 |
| Investments held by insurance companies1,2,3 | 110,422 | 110,461 | 100,271 | 100,2594 |
| Other assets1,2 | 1,380 | 3,681 | –6,2814 | –2,1084 |
| Liabilities | ||||
| Deposits from bank | 137,444 | 133,957 | 166,002 | 157,037 |
| Deposits from customers | 1,033,200 | 1,031,878 | 1,032,861 | 1,030,913 |
| Debt certificates issued including bonds | 97,433 | 94,120 | 71,149 | 65,775 |
| Hedging instruments (negative fair values) | 624 | 624 | 442 | 442 |
| Financial liabilities held for trading2 | 44,002 | 43,963 | 48,777 | 48,703 |
| Provisions5 | 578 | 921 | 551 | 1,095 |
| Other liabilities2 | 7,936 | 8,575 | 5,5514 | 6,6984 |
| Subordinated capital | 6,713 | 6,385 | 6,129 | 5,605 |
1 Carrying amounts less loss allowances.
2 Fair values and carrying amounts are only disclosed for financial instruments and for assets and liabilities held for sale.
3 Excluding investments in joint ventures and in associates.
4 Amount restated. 5 Provision for loan commitments and financial guarantee contracts.
In addition, there are the following differences, all of which were determined using simplified procedures. At BSH, there are net unrealized gains in the amount of €7.5 billion (2022: €10.0 billion) from collective building society operations, which result from the balance of the carrying amounts recorded for the home savings business of €-60.3 billion (2022: €-64.4 billion (surplus of liabilities)) and the present value of the home savings pool of €-52.9 billion (2022: €-54.5 billion) calculated using simulation models for building society operations. In addition, there are net unrealized losses in the amount of €1.4 billion (2022: €6.8 billion) from the investments of the cooperative banks and of MHB.
38. Maturity analysis
Balance as at Dec. 31, 2023
€ million
| ≤ 3 months | > 3 months – 1 year | > 1 year | Indefinite | |
|---|---|---|---|---|
| Loans and advances to banks | 18,105 | 4,387 | 24,134 | 220 |
| Loans and advances to customers | 55,759 | 79,895 | 891,599 | 20,747 |
| Deposits from banks | 36,400 | 14,985 | 89,578 | 184 |
| Deposits from customers | 819,808 | 79,963 | 72,641 | 63,765 |
| Debt certificates issued including bonds | 7,946 | 19,177 | 76,558 | – |
Balance as at Dec. 31, 2022
€ million
| ≤ 3 months | > 3 months – 1 year | > 1 year | Indefinite | |
|---|---|---|---|---|
| Loans and advances to banks | 21,562 | 4,577 | 24,375 | 339 |
| Loans and advances to customers | 54,143 | 76,464 | 875,615 | 16,537 |
| Deposits from banks | 41,139 | 21,638 | 105,312 | 610 |
| Deposits from customers | 889,598 | 26,514 | 53,837 | 66,683 |
| Debt certificates issued including bonds | 8,347 | 8,361 | 59,380 | – |
The contractual maturities shown in the table do not match the estimated actual cash inflows and cash outflows and include undiscounted cash flows as well as partially also discounted carrying amounts.