36 Contingent liabilities
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€ million |
Dec. 31, 2014 |
Dec. 31, 2013 | ||
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Liabilities under guarantees |
674 |
847 |
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Liabilities under warranty contracts |
58 |
155 |
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Assets pledged as security for third-party liabilities |
1,411 |
1,468 |
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Other contingent liabilities |
2,359 |
1,750 |
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4,502 |
4,220 |
The trust assets and liabilities of the savings and trust entities belonging to the South American subsidiaries not included in the consolidated balance sheet amount to €802 million (previous year: €601 million).
In the case of liabilities from guarantees (financial guarantee contracts), the Group is required to make specific payments if the debtors fail to meet their financial obligations. Liabilities arising from the assets pledged as security for third-party liabilities primarily include the pledge of claims under certificates of deposit with Bankhaus Metzler in the amount of €1.4 billion to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler (please see the information on the basis of consolidation and joint ventures).
The other contingent liabilities are attributable primarily to potential liabilities arising from matters relating to taxes and customs duties, as well as to litigation and proceedings relating to suppliers, dealers, customers and employees.