See accounting policy AA.

The amounts due to banks decreased from € 5,741 million to € 2,262 million primarily as a result of the decrease in liability recognised for cash collateral received under ISDAs (International Swaps and Derivatives Association) and Client Clearing Agreements (CCA) 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 6.7.1.2). The average interest rate for the cash collateral received in 2022 is -0.01% and based on €STR (2021: -0.48% (EONIA / €STR)).

€ 450 million (2021 : nil) of cash on the balance sheet has been borrowed by entering into repurchase agreements. The asset recognised for cash collateral paid on 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 due to banks is expected to be settled less than or equal to twelve months after the balance sheet date.

a.s.r.’s unsecured Revolving Credit Facility (RCF) amounts to € 400 million (2021: € 400 million). The RCF can be used for multiple purposes including investment purposes, balance sheet management and short-term cash flow management. As per the year-end 2022 the RCF is undrawn and fully available.

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.