182 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 22 - 23 NOTE 23 BORROWINGS NOTE 22 INVESTMENT CONTRACTS FOR  ACCOUNT OF POLICYHOLDERS  2010 2009 Investment contracts for account of policyholders  1 69,527 57,421 1  Refer to note 47 for a summary of all financial assets and financial liabilities at fair value through profit or loss. Without  discretionary  participation  features With  discretionary  participation  features Total At January 1, 2010 20,477 36,944 57,421 Gross premium and deposits – existing and new business 5,436 6,464 11,900 Withdrawals  (4,614) –  (4,614) Interest credited 3,238 4,226 7,464 Investment contracts liabilities released –  (4,838)  (4,838) Fund charges released  (129) –  (129) Net exchange differences 1,201 1,128 2,329 Other (6) – (6) AT DECEMBER 31, 2010 25,603 43,924 69,527 At January 1, 2009 16,829 28,785 45,614 Gross premium and deposits – existing and new business 3,805 5,219 9,024 Withdrawals  (2,578) –  (2,578) Disposal of a business  (131) –  (131) Interest credited 2,872 5,109 7,981 Investment contracts liabilities released – (4,271) (4,271) Fund charges released (94) – (94) Net exchange differences (179) 2,102 1,923  Other (47) – (47) AT DECEMBER 31, 2009 20,477 36,944 57,421 2010 2009 Debentures and other loans 7,743 6,512 Commercial paper 701 520 Bank overdrafts 57 301 Short term deposits 17 152 AT DECEMBER 31 8,518 7,485 Current 1,031 2,038 Non-current 7,487 5,447 Total fair value of borrowings 8,631 7,587