Notes to the financial statements

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25 Subordinated liabilities

Subordinated liabilities comprise limited recourse funding from Kreditanstalt fur Wiederaufbau ("KfW"), a German federal bank. Repayment of the funding, which individually finances investment assets, is dependent upon the disposal of the associated assets. This funding is subordinated to other creditors of the German subsidiaries to which these funds have been advanced and in certain cases becomes non-repayable as assets fail.