OTHER COMMITMENTS AND CONTINGENCIES  2010 2009 Guarantees 547 443 Standby letters of credit 122 109 Share of contingent liabilities incurred in relation to interests in joint ventures 75 717 Other guarantees 4 3 Other commitments and contingent liabilities  26 27 ■ Due and punctual payment of any amounts owed to third  parties by the consolidated group company  AEGON Derivatives N.V. in connection with derivative  transactions. AEGON Derivatives N.V. only enters into  derivative transactions with counterparties with which ISDA  master netting agreements including collateral support annex  agreements have been agreed; net (credit) exposure on  derivative transactions with these counterparties was  therefore limited as at December 31, 2010. Guarantees include those given on account of asset management  commitments and guarantees associated with the sale of  investments in low-income housing tax credit partnerships in  the United States. Standby letters of credit amounts reflected  above, are the liquidity commitment notional amounts.  In addition to the guarantees shown in the table, guarantees  have been given for fulfillment of contractual obligations such  as investment mandates related to investment funds.  AEGON N.V. has entered into a net worth maintenance  agreement with its indirect subsidiary AEGON Financial  Assurance Ireland Limited (AFA), pursuant to which AEGON N.V.  will cause AFA to have a tangible net worth of at least 3% of its  total liabilities under financial guaranty policies which it issues  up to a maximum of EUR 3 billion.  A group company entered into a net worth maintenance  agreement with AEGON’s subsidiary Transamerica Life  International (Bermuda) Ltd, ensuring the company is  adequately capitalized and has sufficient cash for its  operations.  AEGON N.V. has guaranteed and is severally liable for the  following:  ■ Due and punctual payment of payables due under letter of  credit agreements applied for by AEGON N.V. as co-applicant  with its subsidiary companies Transamerica Corporation,  AEGON USA, LLC and Commonwealth General Corporation.  At December 31, 2010, the letter of credit arrangements  amounted to EUR 3,489 million (2009: EUR 3,492 million);  as at that date no amounts had been drawn, or were due  under these facilities. ■ Due and punctual payment of payables by the consolidated  group companies Transamerica Corporation, AEGON Funding  Company LLC, Commonwealth General Corporation and  Transamerica Finance Corp. with respect to bonds, capital  trust pass-through securities and notes issued under  commercial paper programs (EUR 620 million; 2009:  EUR 668 million), as well as payables with respect to certain  derivative transactions of Transamerica Corporation (nominal  amount EUR 2,094 million; 2009: EUR 1,870 million). In addition, in recent years, the insurance industry has  increasingly been the subject of litigation, investigations,  regulatory activity and challenges by various governmental and  enforcement authorities and policyholder advocate groups  concerning certain practices. AEGON subsidiaries have received  inquiries from local authorities and policyholder advocate  groups in various jurisdictions including the United States,  the United Kingdom and the Netherlands. In the normal course  of business, reviews of processes and procedures are  undertaken to ensure that customers have been treated fairly,  and to respond to matters raised by policyholders and their  representatives. In 2010, AEGON UK received a fine of  AEGON is involved in litigation in the ordinary course of  business, including litigation where compensatory or punitive  damages and mass or class relief are sought. In particular,  certain current and former customers, and groups representing  customers, have initiated litigation and certain groups are  encouraging others to bring lawsuits in respect of certain  products. The products involved in the Netherlands include  securities leasing products and unit-linked products (so called  ‘beleggingsverzekeringen’ including the KoersPlan product).  AEGON has established litigation policies to deal with the claims  defending when the claim is without merit and seeking to settle  in certain circumstances. This and any other litigation  AEGON has been involved in over the last twelve months have  not had any significant effects on the financial position or  profitability of AEGON N.V. or the Group. However, there can be  no assurances that AEGON will be able to resolve existing  litigation in the manner it expects or that existing or future  litigation will not result in unexpected liability. 214 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 49