4.2 - Other financial liabilities

(€ million) 31.12.2012 31.12.2011
Subordinated liabilities 7,833 6,611
Loans and bonds 16,669 15,699
Deposits received from reinsurers 1,077 984
Bonds 4,975 5,022
Other loans 4,643 4,623
Financial liabilities related to investment contracts issued by insurance companies 4,947 4,107
Hedging derivatives 1,028 963
Liabilities to banks or customers 24,880 22,285
Liabilities to banks 2,147 995
Liabilities to customers 22,733 21,289
Total 49,382 44,594

The table below summarizes the main subordinated issuances in the market and their features:

Issuer Coupon Outstanding(*) Currency Amortised cost(**)
Generali Finance B.V. 5,32% 1,275 EUR 1,241
Generali Finance B.V. 6.21% 700 GBP 859
Assicurazioni Generali 6.27% 350 GBP 428
Generali Finance B.V. 5.48% 1,250 EUR 920
Assicurazioni Generali 6.42% 495 GBP 604
Assicurazioni Generali 10.13% 750 EUR 747
Assicurazioni Generali 7.75% 1,250 EUR 1,245

(*)in millons, in currency

(**)in millons, in euro

In this category are also classified subordinated liabilities issued by Assicurazioni Generali S.p.A. and other subsidiaries in the form of private placements. The unquoted private placements issued by Assicurazioni Generali S.p.A. for a nominal amount of € 1,500 million, are accounted for at a corresponding amortized cost of  € 1,483 million. The remaining subordinated liabilities are mainly issued by Generali France and BSI, respectively for a nominal amount of € 200 million and USD 100 million, for a total corresponding amortised cost of € 306 million.

The fair value of subordinated liabilities amounts to € 7,449 million.

The category of bonds includes some senior issues shown below:

Issuer Coupon Outstanding(*) Currency Amortised cost(**)
Generali Finance B.V. 4.75% 1500.0 EUR 1490
Generali Finance B.V. 3.88% 500.0 EUR 499
Assicurazioni Generali 4.88% 750.0 EUR 741
Assicurazioni Generali 5.13% 1750.0 EUR 1719

(*)in millions, in currency

(**)in millions, in euro

This category includes also a senior bond issued in May 2010 for a nominal value of € 560 million, corresponding to an amortized cost of € 511 million, in order to fund the tax recognition of the goodwill related to the extraordinary operation Alleanza Toro.    

In this category are also classified other senior bonds issued by Ceska Pojistovna for a nominal amount of CZK 500 million corresponding to an amortized cost of € 15 million.

The fair value of bonds issued (mainly fixed interest rate bonds) amounts to € 5,357 million.

Liabilities to banks and customers are mainly payable on demand or short term liabilities.