NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 159 Structure of residual terms for banking business The following presents loans and advances and liabilities in the bank- ing business according to their final maturity or call date. 12/31/2003 Total Up to 3 months > 3 months > 1 year More than to 1 year to 5 years 5 years ¤  mn ¤  mn ¤  mn ¤  mn ¤  mn ASSETS Term loans and advances to banks 107,094 68,919 35,899 1,765 511 Loans and advances to customers 1) 187 ,315 99,519 19,410 27,501 40,885 Term loans and advances 294,409 168,438 55,309 29,266 41,396 LIABILITIES Participation certificates and subordinated liabilities 8,255 97 139 3,975 4,044 Term liabilities to banks 2) 154,793 125,042 17,434 6,736 5,581 Liabilities to customers 2) Savings deposits and home-loan savings deposits 5,474 1,421 184 2,567 1,302 Other term liabilities to customers 91,762 73,921 6,762 3,740 7,339 Certificated liabilities 51,299 17,858 10,024 19,421 3,996 Term liabilities 311,583 218,339 34,543 36,439 22,262 Trustee business in banking business The table below presents a breakdown of trustee business in bank- ing business not reported in the balance sheet: 12/31/2003 12/31/2002 ¤ mn ¤ mn Loans and advances to banks 3,426 5,217 Loans and advances to customers 2,319 4,247 Investments 828 7 Other – – Assets held in trust 3) 6,573 9,471 Liabilities to banks 997 955 Liabilities to customers 5,576 8,516 Liabilities incurred as a trustee 6,573 9,471 Other banking information _  Loans and advances (after loan loss allowance) to banks and cus- tomers include reverse repos totaling  ¤ 154,441 (2002: 98,063) mn. Liabilities to banks and customers include repo transactions amounting to  ¤ 92,876 (2002: 63,573) mn. _  Subordinated assets amounted to  ¤ 282 (2002: 473) mn. _  At the balance-sheet date there were commitments to repurchase assets sold under repurchase agreements with a net book value of ¤ 103,860 (2002: 61,068) mn. _  An amount of  ¤ 134 (2002: 287) mn eligible for refinancing with the central bank is held in cash funds. 40 Use, treatment and reporting of derivative financial instruments Derivatives derive their market values from one or more underlying assets or specified reference values. Examples of derivatives include contracts for future delivery in the form of futures or forwards, options on shares or indices, inter- est rate options such as caps and floors, and swaps relating to both interest rates and non-interest rate markets. The latter include agree- ments to exchange previously defined assets or payment series. The use of derivatives by individual enterprises in the Allianz Group is in compliance with the relevant supervisory regulations and the Group’s own internal guidelines. In addition to local management supervision, comprehensive financial and risk management systems are in force across the Group. Further information on the risks hedged and the Group’s risk management systems is included in the Manage- ment Report under “Risk Management”. 1) Loans and advances to customers with residual terms of up to 3 months include  ¤ 7,706 (2002: 8,510) mn of undated claims. These claims include credit lines available until further notice, overdraft  facilities, loans called or overdue, unauthorized overdrafts, call money and internal account balances 2) Excluding balances payable on demand 3) Including  ¤ 5,101 (2002: 8,847) mn of trustee loans