E Financial instruments disclosures
37. Fair value of financial instruments
The disclosures on the fair value of financial instruments included in the following table correspond to the disclosures reported in the published annual reports of DZ BANK for the financial instruments of the DZ BANK Group, while the fair value was deemed to equal the carrying amount for all other companies included in the consolidated financial statements.
| Dec. 31, 2024 € million | Dec. 31, 2023 € million | |||
|---|---|---|---|---|
| Carrying amount | Fair value | Carrying amount | Fair value | |
| Assets | ||||
| Cash and cash equivalents1, 2 | 91,826 | 91,826 | 113,513 | 113,512 |
| Loans and advances to banks1 | 58,379 | 55,694 | 38,022 | 33,396 |
| Loans and advances to customers1 | 1,034,879 | 1,028,294 | 1,011,933 | 1,002,314 |
| Hedging instruments (positive fair values) | 3,530 | 3,530 | 5,259 | 5,259 |
| Financial assets held for trading2 | 29,637 | 29,657 | 33,750 | 33,765 |
| Investments1, 3 | 255,422 | 255,452 | 240,599 | 240,525 |
| Investments held by insurance companies1, 2, 3 | 117,526 | 117,514 | 110,422 | 110,461 |
| Other assets1, 2 | 2,865 | 4,175 | 1,380 | 3,681 |
| Liabilities | ||||
| Deposits from banks | 138,877 | 136,570 | 139,4584 | 135,9714 |
| Deposits from customers | 1,061,003 | 1,059,940 | 1,031,1864 | 1,029,8644 |
| Debt certificates issued including bonds | 100,778 | 98,931 | 97,433 | 94,120 |
| Hedging instruments (negative fair values) | 660 | 660 | 624 | 624 |
| Financial liabilities held for trading2 | 38,505 | 38,451 | 44,002 | 43,963 |
| Provisions5 | 795 | 997 | 578 | 921 |
| Other liabilities2 | 7,556 | 7,729 | 7,936 | 8,575 |
| Subordinated capital | 7,214 | 7,142 | 6,713 | 6,385 |
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 accounted for using the equity method.
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 €7.0 billion (2023: €7.5 billion) from collective building society operations, which result from the balance of the carrying amounts recorded for the home savings business of €–55.7 billion (December 31, 2023: €–60.3 billion (surplus of liabilities in each case)) and the present value of the home savings pool of €–48.7 billion (December 31, 2023: €–52.9 billion) calculated using simulation calculations for building society operations. In addition, there are net unrealized gains in the amount of €1.9 billion (December 31, 2023: net unrealized losses of €–1.4 million) from the investments of the cooperative banks and of MHB.
38. Maturity analysis
Balance as at Dec. 31, 2024
€ million
| ≤ 3 months | > 3 months – 1 year | > 1 year | Indefinite | |
|---|---|---|---|---|
| Loans and advances to banks | 29,833 | 6,975 | 30,341 | 173 |
| Loans and advances to customers | 60,802 | 83,150 | 909,789 | 21,144 |
| Deposits from banks | 41,695 | 13,988 | 87,038 | 81 |
| Deposits from customers | 837,348 | 91,486 | 72,151 | 62,479 |
| Debt certificates issued including bonds | 14,555 | 16,318 | 76,949 | – |
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 | 38,4131 | 14,985 | 89,578 | 184 |
| Deposits from customers | 817,7951 | 79,963 | 72,641 | 63,765 |
| Debt certificates issued including bonds | 7,946 | 19,177 | 76,558 | – |
1 Amount restated.
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.