Notes to the consolidated financial statements of Aegon N.V.  Note 52 274 Future lease payments 2013 2012 Future lease payments Not later  than 1 year 1-5 years Later than 5  years Not later  than 1 year 1-5 years Later than 5  years Operating lease obligations 66 164 253 83 204 300 Operating lease rights 58 149 49 65 160 56 The operating lease obligations relate mainly to office space leased from third parties. The total of future minimum sublease payments  expected to be received on non-cancellable subleases is EUR 7 million (2012: EUR 9 million).  The operating lease rights relate to non-cancellable commercial property leases. Transfers of financial assets occur when Aegon transfers contractual rights to receive cash flows of financial assets or when Aegon  retains the contractual rights to receive the cash flows of the transferred financial asset, but assumes a contractual obligation to pay  the cash flows to one or more recipients in that arrangement.  52 Transfers of financial assets  In the normal course of business Aegon is involved in the following transactions: The following disclosures provide details for transferred financial assets that are not derecognized in their entirety, transferred  financial asset that are derecognized in their entirety, but where Aegon has a continuing involvement and assets accepted and pledged  as collateral. ■ Transferred financial assets that are not derecognized in their entirety: ■ securities lending; whereby Aegon legally (but not economically) transfers assets and receives cash and non-cash collateral.  The transferred assets are not derecognized. The obligation to repay the cash collateral is recognized as a liability.  The non-cash collateral is not recognized on the balance sheet; ■ repurchase activities; whereby Aegon receives cash for the transferred assets. The financial assets are legally (but not  economically) transferred, but are not derecognized. The obligation to repay the cash received is recognized as a liability. ■ Transferred financial assets that are derecognized in their entirety and Aegon does not have a continuing involvement (normal sale). ■ Transferred financial assets that are derecognized in their entirety, but where Aegon has a continuing involvement: ■ securitizations whereby mortgage loans are transferred to a securitization vehicle which is not part of the Group and where  Aegon has a continuing involvement in the transferred assets. ■ Collateral accepted in the case of securities lending, reverse repurchase agreement and derivative transactions. ■ Collateral pledged in the case of (contingent) liabilities, repurchase agreements, securities borrowing and derivative transactions. Annual Report 2013