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22 Marketable securities and time deposits

The marketable securities serve to safeguard liquidity. They are mainly short-term fixed-income securities and shares. Most securities are measured at fair value. Current securities amounting to €1,406 million (previous year: €485 million) were furnished as collateral for financial liabilities and contingent liabilities. There is no original right of disposal or pledge for the furnished collateral on the part of the collateral taker. In the current fiscal year, time deposits with maturities of more than three months are recognized in the item securities and time deposits; in the previous year, these items were recognized in cash, cash equivalents and time deposits.