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Value Adjustments

The level of provisioning on our loan and guarantee portfolio remained stable in 2012 at €23 million (2011; €23 million), whereas the level in 2012 was driven by the one-off release of the group specific provision related to the information backlog as explained earlier. The net additions to the value adjustments recorded on our total investment portfolio amounted to €46 million (2011: €59 million). The total provisioning (counterparty-specific and group-specific) as a percentage of the gross loan portfolio decreased slightly to 10.4% (2011: 11.0%).

The level of impairments on our equity investment portfolio improved compared to the previous year. For 2012 impairments amounted to €23 million (2011: €36 million). The impairments were driven by individual circumstances; no general trend in impairments has been identified.