Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 394

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 394
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| Foreign exchange risk                    |     |                  1,665 |     |        1,273 |
| Pension risk                             |     |                    944 |     |        1,106 |
| Guaranteed funds risk                    |     |                    100 |     |           59 |
| Total non-trading market risk portfolios |     |                  6,835 |     |        6,523 |

The economic capital figures do take into account diversification benefits between the different risk types.

Economic Capital Usage for Non-trading Market Risk totaled € 6.8 billion as of December 31, 2024, which is € 0.3 billion above the economic capital usage at year-end 2023. The increase in economic capital was predominantly driven by higher structural positions taken to protect the bank’s capital ratio against changes in exchange rates, partially offset by the reduction in exposures to interest rate risks.

– Interest rate risk; economic capital charge for interest rate risk in the banking book, including gap risk, basis risk and option risk, such as the risk of a change in client behavior embedded in modelled non-maturity deposits or prepayment risk; in total the economic capital usage for December 31, 2024 was € 2.8billion , compared to € 3.0billion for December 31, 2023

– Credit spread risk; economic capital charge for portfolios in the banking book subject to credit spread risk; economic capital usage was € 184million as of December 31, 2024, versus € 60million as of December 31, 2023

– Equity and Investment risk; economic capital charge for equity risk from a structural short position in the bank’s own share price arising from the Group’s equity compensation plans, and from the non-consolidated investment holdings, such as strategic investments and alternative assets the economic capital usage was € 1.2billion as of December 31, 2024, compared to € 1.0billion as of December 31, 2023

– Foreign exchange risk; foreign exchange risk predominantly arises from the Group’s structural position taken to protect the sensitivity of the bank’s capital ratio against changes in the exchange rates. The economic capital usage was € 1.7billion as of December 31, 2024, versus € 1.3billion as of December 31, 2023

– Pension risk; this risk arises from the Group’s defined benefit obligations, including interest