See accounting policy AA.
The amounts due to banks decreased from € 7,996 million to € 5,741 million primarily as a result of the decrease in liability recognised for cash collateral received under ISDAs (International Swaps and Derivatives Association) and CCAs (Client Clearing Agreement) concluded with counterparties (see chapter 6.5.12). There is no significant difference between the carrying amount and the fair value of these liabilities (see chapter 220.127.116.11).
a.s.r. increased its unsecured revolving facility to an amount of € 400 million (2020: € 350 million). As per the year end 2021 there are no drawings under the facility which means that it is fully available. The facility can be used for multiple purposes including investment purposes, balance sheet management, and for short-term cash flow management.
The average interest rate for the cash collateral received in 2021 is -0.48% and mainly based on EONIA / €STR (2020: -0.46% (EONIA / €STR)). There are no specific terms and conditions, because these depend on the development of the value of the underlying instrument. a.s.r. has bonds that have been transferred as a result of reverse repurchase agreements, but do not qualify for derecognition amounting to nil (2020: nil). The asset recognised for cash collateral paid on reverse repurchase agreements is presented under loans and receivables. The liability recognised for cash collateral received on repurchase agreements is presented under due to banks.
The entire amount of the due to banks is expected to be settled less than or equal to twelve months after the balance sheet date.