199 Liquidity risk Liquidity risk is inherent in much of Aegon’s business. Each asset purchased and liability sold has its own liquidity characteristics. Some  liabilities are surrenderable while some assets, such as privately placed loans, mortgage loans, real estate and limited partnership  interests, have low liquidity. If Aegon requires significant amounts of cash on short notice in excess of normal cash requirements and  existing credit facilities, it may have difficulty selling these investments at attractive prices or in a timely manner. Aegon operates a Liquidity Risk Policy under which country units are obliged to maintain sufficient levels of highly liquid assets to  meet cash demands by policyholders and account holders over the next two years. Potential cash demands are assessed under a stress  scenario including spikes in disintermediation risk due to rising interest rates and concerns over Aegon’s financial strength due to  multiple downgrades of the Group’s credit rating. At the same time, the liquidity of assets other than cash and government issues is  assumed to be severely impaired for an extended period of time. All units and Aegon Group must maintain enough liquidity in order to  meet all cash needs under this extreme scenario. Aegon holds EUR 28,134 million of general account investments in cash, money market products and sovereign bonds that are readily  saleable or redeemable on demand (2012: EUR 34,295 million). The Group expects to meet its obligations, even in a stressed liquidity  event, from operating cash flows and the proceeds of maturing assets as well as these highly liquid assets. Further, the Group has  access to back up credit facilities, as dislclosed in note 41, amounting to EUR 3,451 million which were unused at the end of the  reporting period (2012: EUR 3,268 million). The maturity analysis below shows the remaining contractual maturities of each category of financial liabilities (including coupon  interest). When the counterparty has a choice of when an amount is paid, the liability is included on the basis of the earliest date on  which it can be required to be paid. Financial liabilities that can be required to be paid on demand without any delay are reported in  the category “On demand”. If there is a notice period, it has been assumed that notice is given immediately and the repayment has  been presented at the earliest date after the end of the notice period. When the amount payable is not fixed, the amount reported is  determined by reference to the conditions existing at the reporting date. For example, when the amount payable varies with changes in  an index, the amount disclosed may be based on the level of the index at the reporting date. To manage the liquidity risk arising from financial liabilities, Aegon holds liquid assets comprising cash and cash equivalents and  investment grade investment securities for which there is an active and liquid market. These assets can be readily sold to meet liquidity  requirements. Hence, Aegon believes that it is not necessary to disclose a maturity analysis in respect of these assets to enable users  to evaluate the nature and extent of liquidity risk. Sensitivity analysis of net income and shareholders’ equity to equity markets Immediate change of Estimated approximate  effects on net income Estimated approximate  effects on shareholders' equity 2013 Equity increase 10% 179 292 Equity decrease 10% (183) (329) Equity increase 20% 297 544 Equity decrease 20% (321) (596) 2012 Equity increase 10% (30) 60 Equity decrease 10% (135) (243) Equity increase 20% (101) 93 Equity decrease 20% (253) (454)