Notes to the consolidated financial statements of Aegon N.V.  Note 52 276 52.3 Assets accepted Aegon receives collateral related to securities lending and reverse repurchase activities. Non-cash collateral is not recognized in  the statement of financial position. To the extent that cash is paid for reverse repurchase agreements, a receivable is recognized for  the corresponding amount. The following table analyses the fair value of the assets received in relation to securities lending and reverse repurchase activities: The above items are conducted under terms that are usual and customary to standard securities lending activities, as well as  requirements determined by exchanges where the bank acts as intermediary. In addition, Aegon can receive collateral related to derivative transactions that it enters into. The credit support agreement will  normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon  or its counterparty to post collateral are typically the result of over-the-counter derivative trades, comprised mostly of interest rate  swaps, currency swaps and credit swaps. Refer to the credit risk section in note 4 for details on collateral received for derivative  transactions. Annual Report 2013 Securities lending 2013 2012 Carrying amount of transferred financial assets 6,347 6,780 Fair value of cash collateral received 4,165 3,562 Fair value of non-cash collateral received 2,286 3,296 Net exposure (104) (78) Non-cash collateral that can be sold or repledged in the absence of default 1,517 1,802 Non-cash collateral that has been sold or transferred - - Reverse repurchase agreements 2013 2012 Cash paid for reverse repurchase agreements 2,752 4,411 Fair value of non-cash collateral received 2,782 4,428 Net exposure (31) (17) Non-cash collateral that can be sold or repledged in the absence of default 1,704 3,710 Non-cash collateral that has been sold or transferred - -