321 respectively. The value of the related general account fixed income investment portfolio at the end of the years 2011, 2012 and 2013  was EUR 139 billion, EUR 142 billion and EUR 132 billion, respectively. The sensitivity of Aegon’s net income and shareholders’ equity to a change in interest rates is provided in Note 4 to the consolidated  financial statements on page 176. As an international group, Aegon is subject to foreign currency translation risk. Foreign currency exposure also exists when policies are  denominated in currencies other than Aegon’s functional currency. Currency risk in the investment portfolios backing insurance and  investment liabilities are managed using asset liability matching principles. Assets allocated to equity are kept in local currencies to the  extent shareholders´ equity is required to satisfy regulatory and Aegon’s self-imposed capital requirements. Therefore, currency  exchange rate fluctuations may affect the level of Aegon’s consolidated shareholders´ equity as a result of translation of the equity of  Aegon’s subsidiaries into euro, Aegon’s reporting currency. Aegon holds the remainder of its capital base (capital securities,  subordinated and senior debt) in various currencies in amounts that are targeted to correspond to the book value of Aegon’s business  units. This balancing is intended to mitigate currency translation impacts on equity and leverage ratios. Aegon may also hedge the  expected dividends from its principal business units that maintain their equity in currencies other than the euro. To the extent these expected dividends are not hedged or actual dividends vary from expected, Aegon’s net income and shareholders´  equity may fluctuate. As Aegon has significant business segments in the Americas and in the United Kingdom, the principal sources of  exposure from currency fluctuations are from the differences between the US dollar and the euro and between the UK pound and the  euro. Aegon may experience significant changes in net income and shareholders´ equity because of these fluctuations.  The exchange rates between Aegon’s primary operating currencies (US dollar, euro and UK pound) continued to fluctuate during 2013.  In 2013, the US dollar ranged by 7% against the euro, finishing around 4% down from 2012. The UK pound fluctuated by around 9%  against the euro ending the year with a 3% reduction from 2012. For the Americas, which primarily conducts its business in US dollars, total revenues and net income in 2013 amounted to EUR 12.6  billion and EUR 446 million, respectively. For the UK, which primarily conducts its business in UK pounds, total revenues and net income  in 2013 amounted to EUR 8.7 billion and EUR 120 million, respectively. On a consolidated basis, these represented 71% of the total  revenues and 58% of the net income for the year 2013. Additionally, Aegon borrows in various currencies to hedge the currency  exposure arising from its operations. As of December 31, 2013, Aegon has borrowed or swapped amounts in proportion to the  currency mix of capital in units, which was denominated approximately 53% in US dollars, 28% in euro, 14% in UK pounds and 5%  in Canadian dollars. It is possible that the euro may be abandoned as a currency in the future by countries that have already adopted its use. This may lead  to the re-introduction of individual currencies in one or more European Monetary Union member states, or in more extreme  circumstances, the dissolution of the European Monetary Union. It is not possible to predict with certainty the effect on the European  and global economies of a potential dissolution of the European Monetary Union or the exit of one or more European Union member  states from the European Monetary Union. Any such event may have a materially adverse effect on Aegon's future financial condition  and results of operations. Liquidity risk is inherent in much of Aegon’s businesses. Each asset purchased and liability sold has unique liquidity characteristics.  Some liabilities can be surrendered, while some assets, such as privately placed loans, mortgage loans, real estate and limited  partnership interests, are to some degree illiquid. Aegon continued to maintain its reserves of cash and liquid assets in 2013. In  depressed markets, Aegon may be unable to sell or buy significant volumes of assets at quoted prices. Currency exchange rate risk Fluctuations in currency exchange rates may affect Aegon’s reported results of operations. The possible abandonment of the euro currency by one or more members of the European Monetary Union may  affect Aegon’s results of operations in the future. Liquidity risk Illiquidity of certain investment assets may prevent Aegon from selling investments at fair prices in a timely manner.