COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
310
254 Commerzbank Annual Report 2011
(53) Financial investments
Financial investments are financial instruments not assigned to
any other balance sheet item. They comprise bonds, notes and
other interest-rate-related securities, shares and other equityrelated
securities not used for trading purposes, as well as units
in investment funds, equity holdings (including companies not
accounted for using the equity method and joint ventures) and
holdings in non-consolidated subsidiaries.
€m 31.12.2011 31.12.2010 Change in %
Bonds, notes and other interest-rate-related securities1 92,526 113,493 – 18.5
Money market instruments 2,084 5,036 – 58.6
issued by public-sector borrowers 364 2,874 .
issued by other borrowers 1,720 2,162 – 20.4
Bonds and notes 90,442 108,457 – 16.6
issued by public-sector borrowers 42,831 53,148 – 19.4
issued by other borrowers
Shares, other equity-related securities and units in investment
47,611 55,309 – 13.9
funds 1,506 1,284 17.3
Equities 289 448 – 35.5
Units in investment funds 1,125 766 46.9
Other equity-related securities 92 70 31.4
Equity holdings 347 807 – 57.0
of which in banks 64 410 – 84.4
Holdings in non-consolidated subsidiaries 144 124 16.1
of which in banks – – .
Total
of which relate to the category
94,523 115,708 – 18.3
Loans and receivables 60,618 70,435 – 13.9
Available-for-sale financial assets 30,587 41,764 – 26.8
of which measured at amortised cost 456 372 22.6
At fair value through profit or loss (fair value option) 3,318 3,509 – 5.4
1 Reduced by portfolio valuation allowances for reclassified securities of €91m (previous year: €51m).
As at December 31, 2011 the financial investments included
€456m (previous year: €372m) of equity-related securities which
are predominantly unlisted (e.g. shareholdings in limited
companies) and are measured at cost, as we do not have any
reliable data to calculate fair value for these assets.
The following table shows the listed holdings contained in
financial investments. The available-for-sale financial investments
and those for which the fair value option is applied are listed
with their fair values. Financial investments in the loans and
receivables category are shown at amortised cost.
€m 31.12.2011 31.12.2010 Change in %
Bonds, notes and other interest-rate-related securities
Shares, other equity-related securities and units in investment
79,040 95,793 – 17.5
funds 894 581 53.9
Equity holdings 10 300 – 96.7
Total 79,944 96,674 – 17.3