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Note 15: Cash and cash equivalents


In € millions

 

2010

 

2011

Short-term investments

 

1,302

 

343

Cash on hand and in banks

 

1,549

 

1,292

Included under cash and cash equivalents in the balance sheet

 

2,851

 

1,635

Debt to credit institutions

 

(168)

 

(300)

Total per cash flow statement

 

2,683

 

1,335

Short-term investments almost entirely consist of cash loans, time deposits, marketable private borrowings and marketable securities immediately convertible into cash. We held these investments in relation to the funding obligations for the ICI Pension Fund and sold them in January 2012 in the context of the outcome of the triennial review. For more information on this transaction, see Note 17 and Note 25. For more information on credit risk management, see Note 24.

At December 31, 2011, an amount of €125 million in cash and cash equivalents was restricted (2010: €143 million). Restricted cash is defined as cash that cannot be accessed centrally due to regulatory or contractual restrictions and mainly related to insurance.

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