Notes to the financial statements  for the financial year ended 31 March 2014  continued  macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Note 36  Structured entities  continued  The following table presents the carrying value and maximum exposure to loss (before the benefit of collateral and credit  enhancements) of the Consolidated Entity’s interests in unconsolidated SEs as at 31 March 2014:  Nature of activity  Securitisations  $m  Asset-backed financing  $m  Consolidated 2014  Carrying value of assets  Trading portfolio assets  1,169  –  Derivative assets  4  21  Investment securities available for sale (1) 2,430  146  Loan assets held at amortised cost  254  270  Total carrying value of assets  3,857  437  Maximum exposure to loss  Debt and equity held  3,853  416  Derivatives and undrawn commitments  882  21  Total maximum exposure to loss  4,735  437  (1) Securitisations includes $1,749 million of investments that are managed by the Consolidated Entity under the liquid assets policy  described in Note 38.2.  Maximum exposure to loss is the carrying value of debt and equity held, the undrawn amount for commitments, the maximum  amount if guarantees were to be called upon, and the notional amounts of derivative instruments. The amounts for commitments,  guarantees and derivatives are reduced for any liabilities already recognised.  Of the above interests, the Consolidated Entity holds $846 million in subordinated interests, with $533 million included in  securitisation activities and $313 million included in asset-backed financing activities. These carrying values also represent the  maximum exposure to loss. The subordinated securitisation interests are primarily trading positions that are typically managed under market risk described in  Note 38.3. For these reasons, information on size and capital structure for these SEs is not considered meaningful for  understanding the related risks, and so have not been presented.  The subordinated asset-backed interests are included within investments available for sale and loans, involve unconsolidated SEs  with a total size of $1,025 million, and the potential losses borne by others whose interests rank lower is $8 million.  Size represents either the assets of the SE (measured either at amortised cost excluding impairments or fair values if readily  available); the principal amount of liabilities if there is nominal equity; or the notional amounts of derivatives if the SE was designed to  primarily obtain exposure synthetically through derivative instruments. Size is based on the most current publicly available  information to the Consolidated Entity.  MGL has contractually guaranteed the performance obligations of a consolidated SE. As at 31 March 2014, the notional value of  the guarantee is $1,616 million (2013: $1,447 million), which is included in amounts of MGL guarantees disclosed in note 34 -  Contingent liabilities and commitments. The guarantee and the performance obligations are eliminated through the process of  consolidation, and replaced with a liability of $1,616 million (2013: $1,447 million) owing by the SE to third parties, included in Debt  issued at amortised cost in the consolidated statement of financial position. Support  172 