The funds withheld totalling EUR 15,826.5 million (EUR 14,267.8 million) represent the cash and securities deposits furnished by our company to our cedants that do not trigger any cash flows and cannot be realised by cedants without our consent. The maturities of these deposits are matched to the corresponding provisions. In the event of default on such a deposit our reinsurance commitment is reduced to the same extent. The increase in funds withheld was attributable principally to new business and exchange rate effects.