» 50 Investments

 
     
€ million Dec. 31, 2011 Dec. 31, 2010
Bonds and other fixed-income securities 58,246 55,573
Money market instruments 110 487
from public-sector issuers 15
from other issuers 110 472
Bonds 58,136 55,086
from public-sector issuers 20,228 17,511
from other issuers 37,908 37,575
Shares and other variable-yield securities 1,301 1,180
Shares and other shareholdings 232 278
Investment fund units 793 634
Other variable-yield securities 276 268
Investments in subsidiaries 1,265 1,212
of which: in banks 80 93
of which: in financial services institutions 13 12
Interests in joint ventures 660 550
of which: in banks 426 387
Investments in associates 218 217
of which: in banks 55 56
Total 61,690 58,732

The carrying amount of joint ventures accounted for using the equity method totaled €609 million (December 31, 2010: €525 million). €217 million of the investments in associates has been accounted for using the equity method (December 31, 2010: €214 million).

Investments also include shares and other variable-yield securities, investments in subsidiaries, interests in joint ventures, and investments in associates measured at cost with a total carrying amount of €742 million (December 31, 2010: €678 million). There are no active markets for these investments, nor can their fair value be reliably determined by using a valuation technique based on assumptions that do not rely on available observable market data. Furthermore, there are no other markets for these instruments. The purpose of these investments is largely to support the business operations of the DZ BANK Group on a permanent basis.


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DZ BANK Group