130 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 4 Included in AEGON’s sovereign investments are exposures to  central governments of the European peripheral countries of  Portugal, Italy, Ireland, Greece and Spain. The table below  provides the amortized cost and fair value of our exposure  to central government of these countries.  Level II Level III Total 2010 Level II Level III Total 2009 ABSs – Housing related 1,294 163 1,457 1,125 216 1,341 RMBS 3,430 699 4,129 2,429 1,152 3,581 CMBS 6,575 150 6,725 5,350 164 5,514 The fair values of these instruments were determined as follows: AEGON Americas holds EUR 1,457 million (2009: EUR 1,341  million) of Housing related ABS securities of which AEGON USA  holds EUR 1,448 million (2009: EUR 1,319 million). The unrealized  loss on the AEGON USA Housing related ABS securities  amounts to EUR 312 million (2009: EUR 629 million).  Housing related ABS securities are secured by pools of  residential mortgage loans primarily those which are  categorized as subprime. The unrealized loss is primarily due to  decreased liquidity and increased credit spreads in the market  combined with significant increases in expected losses on loans  within the underlying pools. Expected losses within the  underlying pools are generally higher than original  expectations, primarily in certain later-vintage adjustable rate  mortgage loan pools, which has led to some rating downgrades  in these securities.  AEGON USA does not currently invest in or originate whole loan  residential mortgages. AEGON USA categorizes asset backed  securities issued by a securitization trust as having subprime  mortgage exposure when the average credit score of the  underlying mortgage borrowers in a securitization trust is  below FICO score 660 at issuance. AEGON USA also categorizes  asset backed securities issued by a securitization trust with  second lien mortgages as subprime mortgage exposure, even  though a significant percentage of second lien mortgage  borrowers may not necessarily have credit scores below FICO  score 660 at issuance. As of December 31, 2010, the amortized  cost of investments backed by subprime mortgage loans was  EUR 1,610 million (2009: EUR 1,805 million) and the market  value was EUR 1,302 million (2009: EUR 1,202 million). ABS – Subprime mortgage exposure HOUSING RELATED ABS  1  Exposures include past due and impaired assets. AEGON Americas Exposure  1 2010 2009 ABSs – Housing related 1,457 1,341 Residential mortgage backed securities (RMBS) 4,129 3,581 Commercial mortgage backed securities (CMBS) 6,725 5,514 Amortized cost  2010 Fair value 2010 Amortized cost  2009 Fair value  2009 Portugal 33 32 56 58 Italy 114 112 138 143 Ireland 37 32 135 138 Greece 58 45 94 92 Spain 1,008 904 1,769 1,784 AT DECEMBER 31 1,250 1,125 2,192 2,215 ADDITIONAL INFORMATION ON CREDIT CONCENTRATION  IN CERTAIN SECTORS Government bond investments