7,257 35,982 Of the above amount, the amount that has either been repledged or otherwise transferred to others

in connection with ABN AMRO’s financing activities or to satisfy its commitments under short sale transactions

6,465 32,055

These transactions are conducted under terms that are usual and customary to standard securities borrowing and reverse repurchase agreements.

In 2009, ABN AMRO does not have any obligation to return any amount of securities borrowings (2008: EUR 3,458 million).

33 Assets pledged as security

ABN AMRO trades in debt instruments, equity instruments and derivatives. These transactions are conducted under terms that are usual and customary to standard lending and stock borrowing activities. ABN AMRO has therefore financial assets pledged as security to third parties for liabilities.

Financial assets pledged to secure liabilities are as follows:

2009 2008

Financial assets held for trading - 74

Interest earnings securities available-for-sale - 400

Loans and receivables – customers 1,086 6,794

Total 1,086 7,268

These assets have been pledged in respect of the following liabilities and contingent liabilities:

2009 2008

Due to banks 130 4,298

Issued debt securities 894 2,064

Total 1,024 6,362

These transactions are conducted under terms that are usual and customary to collateralised transactions including, where relevant, standard securities lending and repurchase agreements.

Please refer to note 32 for an overview of the assets repledged to secure liabilities relating to reverse repurchase agreements and to note 40 for an overview of assets charged as security for liabilities relating to securitisations.

34 Commitments and contingent liabilities

Credit facilities

At any time ABN AMRO has outstanding commitments to extend credit. These commitments take the form of approved but undrawn loans, overdraft revolving and underwriting facilities and credit card limits. New loan offers have a commitment period that does not extend beyond the normal underwriting and settlement period.

Guarantees and other commitments

ABN AMRO provides financial guarantees and letters of credit to guarantee the performance of customers to third parties. These transactions have fixed limits and generally extend for periods of up to five years. Expirations are not concentrated in any particular period. ABN AMRO also provides guarantees by acting as a settlement agent in securities borrowing and lending transactions. In addition, ABN AMRO has entered into transactions to guarantee various liabilities in respect to insurance related regulatory reserve financing transactions.

The contractual amounts of commitments and contingent liabilities are set out by category in the following table. The amounts stated in the table for commitments assume that amounts are fully advanced. The amounts reflected in the table for guarantees and letters of credit represent the maximum accounting loss that would be recognised at the balance sheet date if the relevant contract parties completely failed to perform as contracted.

Many of the contingent liabilities and commitments are expected to expire without being advanced in whole or in part. This means that the amounts stated do not represent expected future cash flows. Additionally, guarantees and letters of credit are supported by varying levels of collateral.

Aside from the items stated above, non-quantified guarantees have been given for ABN AMRO’s securities custody operations, for interbank bodies and institutions and for participating interests. Collective guarantee schemes are applicable to ABN AMRO’s companies in various countries. Furthermore, statements of liability have been issued for a number of companies, including ABN AMRO Bank N.V.

Our committed credit facilities, guarantees and other commitments at 31 December 2009 and 2008 are summarised below.

Payments due by period

Total Less than

1 year

1-3 years 3-5 years After 5 years

2009

Committed facilities 51,520 10,811 24,881 9,390 6,438

Guarantees and other commitments:

Guarantees granted 33,567 20,411 5,336 1,892 5,928

Irrevocable letters of credit 3,199 3,189 9 - 1

Recourse risks arising from discounted bills 1 1 - - -

2008

Committed facilities 63,436 14,231 27,336 17,616 4,253

Guarantees and other commitments:

Guarantees granted 37,509 22,377 5,890 2,021 7,221

Irrevocable letters of credit 4,515 4,280 217 6 12

Recourse risks arising from discounted bills 124 124 - - -

Leasing

ABN AMRO is lessee under finance and operating leases, providing asset financing for its customers and leasing assets for its own use. In addition, assets leased by ABN AMRO may be sublet to other parties. An analysis of the impact of these transactions on the statement of financial position and income statement is provided below.

Operating lease commitments

Where ABN AMRO is the lessee, the future minimum lease payment under non-cancellable operating leases are as follows:

Property

2009 2008

Not more than one year 182 165

Over one year but not more than five years 391 337

More than five years 323 254

Total 896 756

Transactions involving the legal form of a lease

ABN AMRO has entered into IT outsourcing arrangements that involve leases in form but not in substance. The life of the arrangement is for 5 years through 2010, where the total amount of underlying assets is EUR 130 million.

Contractual and contingent obligations

The table below shows the discounted contractual expiry by maturity of ABN AMRO's obligations. Payments due by period

Total Less than

1 year

1-3 years 3-5 years After 5 years

2009

Issued debt securities 95,660 39,591 13,245 13,245 29,579

Subordinated liabilities 14,544 827 9 - 13,708

Purchase obligations 61 44 17 - -

Other obligations 305,480 292,775 3,158 3,158 6,389

2008

Issued debt securities 111,296 44,944 21,044 21,044 24,264

Subordinated liabilities 13,549 1,513 825 47 11,164

Purchase obligations 44 44 - - -

Other obligations 495,711 477,317 5,863 5,864 6,667

Other contingencies

ABN AMRO is involved in a number of legal proceedings in the ordinary course of our business in a number of jurisdictions. In presenting our consolidated financial statements, management makes estimates regarding the outcome of legal, regulatory and arbitration matters, and takes a charge to income when losses with respect to such matters are probable. Charges, other than those taken periodically for costs of defence, are not established for matters when losses cannot be reasonably estimated.

In November 2009, the Supreme Court in the Netherlands gave a declaratory judgement against World Online International N.V., Goldman Sachs International and ABN AMRO Bank N.V. in relation to claims arising out of the World Online initial public offering of 2000. It held that these defendants had committed certain wrongful acts in connection with the initial public offering. The judgement does not establish liability or the amount of any loss. Management does not believe that any final liability or loss will have a significant effect on ABN AMRO’s financial position or profitability.

On the basis of information currently available, and having taken legal counsel with legal advisors, ABN AMRO is of the opinion that the outcome of the proceedings that ABN AMRO is involved in is unlikely to have a material adverse effect on the consolidated financial position and the consolidated results of ABN AMRO.

35 Statement of cash flows

The following table analyses the determination of cash and cash equivalents at 31 December:

2009 2008 2007

Cash and balances at central banks 28,382 5,854 12,469

Loans and receivables - banks 3,794 4,237 9,165

Due to banks (11,582) (23,588) (14,376)

Cash and cash equivalents from continued operations 20,594 (13,497) 7,258

Cash and balances at central banks 146 - -

Loans and receivables - banks 40 8 43

Due to banks (4) - -

Cash and cash equivalents from businesses held for sale 182 8 43

Cash and balances at central banks - 37 4,707

Loans and receivables - banks - 6 788

Due to banks - (1) (44)

Cash and cash equivalents from discontinued operations - 42 5,451

Total 20,776 (13,447) 12,752

The following table states the interest, tax and dividend amounts included in the cash flow from operating activities: 2009 2008 2007 Interest received 14,617 31,067 34,304 Interest paid 9,139 20,092 24,960 Taxation paid - 790 1,544 Dividends received 53 121 155

The following table analyses movements in operating assets and liabilities:

2009 2008 2007