Changes in the total carrying value of real estate used by third  parties  Impairments on securities available-for-sale totaled  ¤ 4,823 (2002: 5,523; 2001: 1,507) mn and are included in other expenses for invest- ments. The first-time application of the rule requiring the immediate write down of an equity if its market value at the balance sheet date has remained permanently below group-wide amortized cost for more than 12 months resulted in an impairment charge of  ¤ 409 mn. Reversal of impairments on securities available-for-sale totaled ¤ 2,030 (2002: 679; 2001: 184) mn and are included in other income from investments. $^{*)}$Without treasury shares Depreciation includes impairment write-downs of  ¤ 30 (2002: 104; 2001: 86) mn. Commitments outstanding at the balance sheet date to purchase real estate amounted to  ¤51 (2002:  161) mn. The fair value of real estate used by third parties was  ¤ 13,804 (2002: 14,818) mn at the balance sheet date. Rental income for the fiscal year 2003 was  ¤ 986 (2002: 1,141; 2001: 1,108) mn.  The actual maturities may deviate from the contractually defined maturities, because certain security holders/borrowers have the right to serve notice on or repay certain obligations ahead of schedule, with or without redemption or early repayment penalties. Certain entities within the Group participate in securities lending arrangements whereby specific securities are loaned to other institu- tions for short periods of time. On December 31, 2003, the volume of securities loaned out by the Group was  ¤ 34,941 (2002: 20,396) mn. The gross capitalized values totaled  ¤ 13,621 mn at the beginning of the year and  ¤ 13,672 mn at the end of the year. Accumulated de- preciation amounted to  ¤ 2,874 mn at the beginning of the year and ¤ 3,171 mn at the end of the year. Assets pledged as security and other restrictions on title amount to  ¤ 60 (2002: 61) mn. Real estate used by third parties Securities lending Loans and advances to banks 8 Loans and advances to banks and customers ALLIANZ GROUP 132 Amortized cost Market values 12/31/2003 12/31/2002 12/31/2003 12/31/2002 ¤ mn ¤ mn ¤ mn ¤ mn Contractual term to  maturity due in 1 year or less 15,897 20,761 16,231 21,091 due after 1 year and in  less than 5 years 79,921 75,092 82,558 79,500 due after 5 years and  in less than 10 years 93,040 86,652 96,754 90,113 due after 10 years 33,146 25,822 34,058 27,122 Total *) 222,004 208,327 229,601 217,826 2003 2002 ¤ mn ¤ mn Value stated as of 12/31 prior year 10,747 12,004 Translation differences – 184 – 80 Reclassifications 345 – Value stated as of 1/1 10,908 11,924 Additions 712 1,117 Changes in the group of consolidated  companies – 228 – 712 Disposals – 594 – 1,249 Depreciation – 297 – 333  Value stated as of 12/31 10,501 10,747 12/31/2003 12/31/2002 ¤  mn ¤  mn Loans 4,439 5,213 Reverse repos 91,201 59,061 Other advances 22,171 22,956 Loans and advances to banks 117,811 87,230 Less loan loss allowance 300 408 Loans and advances to banks, net of  loan loss allowance 117,511 86,822 Receivables due within 1 year total  ¤ 115,455 (2002: 84,074) mn, those due after more than 1 year total  ¤ 2,356 (2002: 3,156) mn.