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Bank overdrafts are largely part of cash pool agreements with banks and matched by cash balances. IFRS does not permit net presentation of these cash balances and bank overdrafts under the current agreements with these banks. 

EUR 308 million of the debentures and other loans are pledged as collateral (2009: nil). 

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Included in debentures and other loans is EUR 987 million (2009: EUR 959 million) relating to borrowings measured at fair value. Proceeds have been swapped to US dollar floating-rate. For the year 2010, AEGON’s credit spread had a negative impact of EUR 6 million on income before tax (2009: negative impact of EUR 189 million) and a negative impact of EUR 4 million on shareholders’ equity (2009: negative impact of EUR 132 million). 

The cumulative negative impact of AEGON’s credit spread, based on observable market data, on income before tax amounted to EUR 42 million (2009: EUR 36 million). 

The difference between the contractually required payment at maturity date and the carrying amount of the borrowing amount to EUR 59 million (2009: EUR 43 million). 

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