12 Financial Assets Pledged as Collateral

In CHF million  
  Carrying amount
  31.12.2012 31.12.2011
Debt securities reclassified from
financial assets available for sale
  964 969
Total financial assets pledged as collateral
  964 969

Financial assets that have been sold under a repurchase agreement or lent under an agreement to return them, are not derecognised when substantially all the risks and rewards of ownership are retained by Swiss Life. If the transferee has the right to sell or repledge the financial assets given as collateral, they are reclassified in the balance sheet as financial assets pledged at their respective carrying amounts.

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