139 ANNUAL REPORT 2010 In addition to its indirect exposure via wrapped bonds, AEGON  USA also has direct exposure of EUR 8 million (2009: EUR 38  million) via holdings in monoline insurers and derivative  counterparty exposure where monoline insurers are AEGON’s  counterparty. Of AEGON’s direct exposure 100% relates to MBIA  (2009: 36% related to XL, 25% to MBIA, 39% to AMBAC). The tables that follow provide information on past due and  individually impaired financial assets for the whole AEGON  Group. An asset is past due when a counterparty has failed  to make a payment when contractually due. Assets are impaired  when an impairment loss has been charged to the income  statement relating to this asset. After the impairment loss  is reversed in subsequent periods, the asset is no longer  considered to be impaired. When the terms and conditions  of financial assets have been renegotiated, the terms and  conditions of the new agreement apply in determining whether  the financial assets are past due. There were renegotiated  assets of EUR 13 million that would have been past due  or impaired if they had not been renegotiated in the  reporting year (2009: EUR 13 million). At December 31, 2010  EUR 377 million (2009: EUR 165 million) collateral and other  credit enhancements are held related to financial assets that  were past due or individually impaired. AEGON's policy is to pursue realization of the collateral in an  orderly manner as and when liquidity permits. AEGON generally  does not use the non-cash collateral for its own operations. Past due and impaired assets 2010 2009 Past due but not  impaired assets  0-6  months 6-12  months > 1 year Total 0-6  months 6-12  months > 1 year Total Debt securities - carried  at fair value 73 57 15 145 19 – 1 20 Mortgage loans 120 50 19 189 77 11 77 165 Other loans 1 – 1 2 – – – – Accrued Interest – – 1 1 2 – – 2 AT DECEMBER 31 194 107 36 337 98 11 78 187 Impaired fi nancial assets  Carrying amount  2010 Carrying amount 2009 Shares 402 344 Debt securities – carried at fair value 1,126 669 Mortgage loans 635 619 Other loans 7 8 Other financial assets – carried at fair value 36 41 AT DECEMBER 31 2,206 1,681 products and mutual funds. Although most of the risk remains  with the policyholder, lower investment returns can reduce the  asset management fee earned by AEGON on the asset balance  in these products. In addition, some of this business has  minimum return or accumulation guarantees. AEGON also  operates an Investment and Counterparty Policy that limits  the Group’s overall counterparty risk exposure.  Fluctuations in the equity, real estate and capital markets have  affected AEGON’s profitability, capital position and sales of  equity related products in the past and may continue to do  so. Exposure to equity, real estate and capital markets exists  in both assets and liabilities. Asset exposure exists through  direct equity investment, where AEGON bears all or most of  the volatility in returns and investment performance risk.  Equity market exposure is also present in insurance and  investment contracts for account of policyholders where funds  are invested in equities, such as variable annuities, unit-linked  EQUITY, REAL ESTATE AND NON-FIXED INCOME  EXPOSURE  SHARPENING OUR FOCUS