(21) Marketable securities

The total value of current marketable securities was €7,735 million (previous year: €10,858 million), consisting of fixed-interest marketable securities of €7,147 million (previous year: €9,685 million) with a maturity of more than three months from the date of acquisition, and stocks and profit-participation certificates of €588 million (previous year: €1,173 million). Marketable securities are stated at fair value. As of December 31, 2008, the average return on fixed-interest securities was 3.9 % (previous year: 4.9 %). Securities in the amount of €714 million (previous year: €0 million) were deposited with a clearing bank as collateral.