Notes to the consolidated financial statements of Aegon N.V.  Note 40 252 40 Investment contracts for account of policyholders 41 Borrowings Debentures and other loans Bank overdrafts are largely part of cash pool agreements with banks and matched by cash balances. IFRS does not permit net  presentation of these cash balances and bank overdrafts under the current agreements with these banks. During 2012, RMBSs were issued under the Dutch SAECURE program for a total amount of EUR 2,050 million. Also, EUR 1,500 million  was borrowed from the European Central Bank (ECB), under its Long Term Refinancing Operation (LTRO) program. The net proceeds of  these borrowings were used to finance a part of the Dutch mortgage portfolio of Aegon the Netherlands. During 2013, residential mortgage backed securities (RMBSs) were issued under the Dutch SAECURE program for a total amount of  EUR 750 million, while an amount of EUR 1,168 million was repaid. In addition, Aegon redeemed USD 750 million senior notes which  matured. 2013 2012 Debentures and other loans 11,830 13,219 Commercial paper 135 413 Bank overdrafts 39 93 Short-term deposits 16 17 At December 31 12,020 13,742 Current 1,002 2,626 Non-current 11,018 11,116 Total fair value of borrowings 12,308 14,511 Without  discretionary  participation  features With  discretionary  participation  features Total At January 1, 2013 29,188 49,230 78,418 Gross premium and deposits – existing and new business 8,702 3,422 12,124 Withdrawals (7,578) - (7,578) Interest credited 3,781 5,405 9,187 Investment contracts liabilities released - (6,879) (6,879) Fund charges released (184) - (184) Net exchange differences (1,249) (1,198) (2,448) Other (32) - (32) At December 31, 2013 32,628 49,981 82,608 At January 1, 2012 26,687 44,746 71,433 Gross premium and deposits – existing and new business 5,541 5,307 10,848 Withdrawals (5,300) - (5,300) Interest credited 2,613 3,627 6,240 Investment contracts liabilities released - (5,782) (5,782) Fund charges released (169) - (169) Net exchange differences (99) 1,332 1,233 Other (85) - (85) At December 31, 2012 29,188 49,230 78,418 2013 2012 Investment contracts for account of policyholders  1) 82,608 78,418 1  Refer to note 50 for a summary of all financial assets and financial liabilities at fair value through profit or loss. Annual Report 2013