ALLIANZ GROUP 144 19 Certificated liabilities The Group issues fixed and floating rate debt denominated in vari- ous currencies, although predominantly in euros. Fixed and floating rate debt outstanding as of December 31, 2003 matures at various dates through 2039 and carries contractual inter- est rates ranging from 1.25 % to 7.42 %. Certificated liabilities include Allianz Finance B. V. in an amount of  ¤ 5,311 (2002: 7,130) mn and Allianz Finance II B. V. in an amount of  ¤ 3,849 (2002: 4,915) mn. The interest rates for the floating rate debt issues are generally based on the London Inter-Bank Offered Rate (LIBOR), although in certain instances they are subject to minimum interest rates as specified in the agreements governing the respective issues. The following table provides an overview of the Group’s certificated liabilities according to maturity: The negative market values of derivative financial instruments are shown on a net basis, i. e. taking into account existing netting agree- ments. Of the accrued taxes,  ¤ 1,488 mn is attributable to taxes on income. The increase of obligations to deliver securities is due to the sub- stantially higher volume of short sales of fixed-interest securities by Dresdner Bank. 20 Trading liabilities 21 Other accrued liabilities 12/31/2003 12/31/2002 ¤ mn ¤ mn Reserves for pensions and similar obligations 5,669 5,715 Accrued taxes 2,066 1,775 Miscellaneous accrued liabilities 6,173 5,579 Total 13,908 13,069 12/31/2003 12/31/2002 ¤ mn ¤ mn Derivatives 20,391 21,401 Obligations to deliver securities 61,476 29,742  Other trading liabilities 2,968 2,377 Total 84,835 53,520 Due 2004 Due 2005 Due 2006 Due 2007 Due 2008 Due after 12/31/2003 12/31/2002 2008 Total Total ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Mortgage bonds – – 6 – – – 6 – Public-sector bonds – – – – – – – – Debentures 8,847 6,537 5,097 5,051 4,523 4,412 34,467 48,220 Total bonds issued 8,847 6,537 5,103 5,051 4,523 4,412 34,473 48,220 Money market securities 18,844 45 – 5 – – 18,894 28,217 Other 3,810 2,646 1,058 1,107 – 1,350 9,971 2,313 Certificated liabilities 31,501 9,228 6,161 6,163 4,523 5,762 63,338 78,750