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The carrying value and market value of bonds and other fixed rate securities are as follows: 

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The carrying value and market value of bonds and other fixed rate securities by contractual maturity at December 31, 2003 are as follows: Carrying 

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For a proper understanding it should be noted that the market value is not part of the matching of these investments with the related insurance liabilities, which are not stated at market value either. 

The doubtful debts provision for bonds and other fixed rate securities not yet written down amounts to EUR 194 million (2002: EUR 249 million). 

Bonds and other fixed rate securities lent out are included and amount to a carrying value of EUR 3,784 million (2002: EUR 5,469 million). No bonds and other fixed rate securities were borrowed. 

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Loans guaranteed by mortgages are valued at redemption value. Discounts granted are deferred and amortized to income over the contractual period of interest fixation. 

Market value of the portfolio amounts to EUR 18,011 million (2002: EUR 20,039 million). As no market exists for these investments, market value is calculated based on current interest rate, maturity and risk assumptions. For a proper understanding it should be noted that this market value is not part of the matching of these investments with the related insurance liabilities, which are not stated at market value either. 

The provision for doubtful debts for these investments amounts to EUR 47 million (2002: EUR 38 million). 

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Other loans represent private placements, which are shown at amortized cost less provisions for uncollectable amounts. Amortized cost represents the cash value at the balance sheet date of future interest and principal repayment components based on the effective interest rate on the date of acquisition. 

