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## 19 Certificated liabilities 

The Group issues fixed and floating rate debt denominated in vari- ous currencies, although predominantly in euros. 

Fixed and floating rate debt outstanding as of December 31, 2003 matures at various dates through 2039 and carries contractual inter- est rates ranging from 1.25 % to 7.42 %. Certificated liabilities include Allianz Finance B. V. in an amount of ¤ 5,311 (2002: 7,130) mn and Allianz Finance II B. V. in an amount of ¤ 3,849 (2002: 4,915) mn. The interest rates for the floating rate debt issues are generally based on the London Inter-Bank Offered Rate (LIBOR), although in certain instances they are subject to minimum interest rates as specified in the agreements governing the respective issues. 

The following table provides an overview of the Group’s certificated liabilities according to maturity: 

<img src='content_image/80839.jpg'>

## 20 Trading liabilities 

<img src='content_image/80838.jpg'>

The negative market values of derivative financial instruments are shown on a net basis, i. e. taking into account existing netting agree- ments. 

The increase of obligations to deliver securities is due to the sub- stantially higher volume of short sales of fixed-interest securities by Dresdner Bank. 

## 21 Other accrued liabilities 

<img src='content_image/80837.jpg'>

Of the accrued taxes, ¤ 1,488 mn is attributable to taxes on income. 

