(34) Financing costs

The financing costs of EUR 185 (161) million consist exclusively of interest expenses from the raising of borrowed capital not directly connected with the operational insurance business. These interest expenses are attributable in an amount of EUR 177 (152) million to our issued subordinated liabilities, in an amount of EUR 2 (0) million to other interest expenses and in an amount of EUR 6 (9) million to bank liabilities of Talanx AG (see Notes, item 26 “Notes payable and loans”).