275 52.1 Transferred financial assets that have not been derecognized in their entirety The following table reflects the carrying amount of financial assets that have been transferred to another party in such a way that  part or all of the transferred financial assets do not qualify for derecognition. Furthermore, it reflects the carrying amounts of  the associated liabilities. The table above includes financial assets that have been transferred to another party under securities lending and repurchase activities. Aegon retains substantially all risks and rewards of those transferred assets, this includes credit risk, settlement risk, country risk and  market risk. The assets are transferred in return for cash collateral or other financial assets. Non-cash collateral is not recognized in  the statement of financial position. Cash collateral is recorded on the statement of financial position as an asset and an offsetting  liability is established for the same amount as Aegon is obligated to return this amount upon termination of the lending arrangement.  Cash collateral is usually invested in pre-designated high quality investments. The sum of cash and non-cash collateral is typically  greater than the market value of the related securities loaned. Refer to 52.3 and 52.4 for an analysis of collateral accepted and  pledged in relation to securities lending and repurchase agreements. Aegon has no transferred financial assets with continuing involvement that are derecognized in their entirely as per year-end 2012 and 2013. 52.2 Transferred financial assets that are derecognized in their entirety, but where Aegon has continuing involvement Securities lending and repurchase activities 2013 Available­for­sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of  policyholders Carrying amount of transferred assets 264 7,994 31 436 Carrying amount of associated liabilities 281 8,051 32 447 2012 Available-for-sale financial assets Financial assets at fair value through  profit or loss Shares Debt securities Debt securities Investments for  account of  policyholders Carrying amount of transferred assets 272 8,038 26 795 Carrying amount of associated liabilities 297 8,075 27 814