143 ANNUAL REPORT 2010 bonds that are readily saleable or redeemable on demand  (2009: EUR 28,389 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 described in note 23, amounting to  EUR 2,563 million which were unused at the end of the  reporting period (2009: EUR 2,412 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.  AEGON’s liquidity management is based on expected claims  and benefit payments rather than on the contractual maturities.  The projected cash benefit payments in the table below are  based on management’s best estimates of the expected gross  benefits and expenses, partially offset by the expected gross  premiums, fees and charges relating to the existing business in  force. Estimated cash benefit payments are based on mortality,  morbidity and lapse assumptions comparable with AEGON’s  historical experience, modified for recently observed trends.  Actual payment obligations may differ if experience varies  from these assumptions. The cash benefit payments are  presented on an undiscounted basis and are before deduction  of tax and before reinsurance. 1  Borrowings include debentures and other loans, short term deposits, bank overdrafts and commercial paper; refer to note 23 for more details. 2  Excluding investment contracts with discretionary participating features. SHARPENING OUR FOCUS Maturity analysis – gross undiscounted  contractual cash fl ows (for non-derivatives) On  demand < 1 yr  amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total  amount 2010 Trust pass-through securities – 8 34 44 204 290 Borrowings  1 39 1,371 4,494 1,512 4,044 11,460 Investment contracts  2 9,717 2,901 8,624 820 1,659 23,721 Investment contracts for account of policyholders  2  16,516 5,717 – – – 22,233 Other fi nancial liabilities 7,918 6,011 1,097 974 – 16,000 2009 Trust pass-through securities – 8 32 40 197 277 Borrowings  1 – 2,267 3,149 933 3,641 9,990 Investment contracts  2 9,451 5,466 11,205 1,374 2,369 29,865 Investment contracts for account of policyholders$^{ 2}$  12,791 7,592 – – – 20,383 Other fi nancial liabilities 5,123 4,589 152 1,489 491 11,844