8 Financial assets held for trading

The breakdown by currency of financial assets held for trading or available for sale is presented below:

	Nominal value (€ million)	Fair value (€ million)	Rating - Moody’s	Rating - S&P
Quoted bonds issued by sovereign states
Fixed rate bonds
Netherlands	150	153	Aaa	AA+
France	140	144	Aa1	AA
Italy	115	116	Baa2	BBB
Belgium	95	99	Aa3	AA
Spain	55	57	Baa3	BBB-
Austria	25	26	Aaa	AA+
Germany	17	17	Aaa	AAA
Denmark	13	13	Aaa	AAA
Poland	10	8	A2	A-
Slovakia	6	7	A2	A
Sweden	5	5	Aaa	AAA
Europe (Supranational Institutions)	99	100	from Aaa to Aa1	from AAA to AA
	730	745
Floating rate bonds
Italy	667	667	Baa2	BBB
France	100	100	Aa1	AA
Spain	100	100	Baa3	BBB-
Netherlands	56	56	Aaa	AA+
Germany	50	50	Aaa	AAA
Slovakia	1	1	A2	A
Europe (Supranational Institutions)	242	242	from Aaa to Aa1	from AAA to AA
	1,216	1,216
Total quoted bonds issued by sovereign states	1,946	1,961
Other Bonds
Fixed rate bonds
Quoted Bonds issued by industrial companies	1,494	1,574	from Aaa to Baa3	from AAA to BBB-
Non-quoted Bonds issued by industrial companies	325	325	from P-1 to P-2	from A-1 to A-2
Quoted Bonds issued by financial and insurance companies	377	396	from Aaa to Baa3	from AAA to BBB-
Non-quoted Bonds issued by financial and insurance companies	218	218	from P-1 to P-2	from A-1 to A-2
	2,414	2,513
Floating rate bonds
Bonds issued by industrial companies	133	133	from Aaa to Baa3	from AAA to BBB-
Bonds issued by financial companies	397	397	from Aaa to Baa3	from AAA to BBB-
	530	530
Total other bonds	2,944	3,043
Total other financial assets held for trading	4,890	5,004

The breakdown by currency is provided below:

(XLS:) Download table

(€ million)		December 31, 2013
Euro		4,954
British pound		37
Swiss franc		13
		5,004

The fair value was estimated on the basis of market quotations for quoted securities and on the basis of appropriate financial valuation methods commonly used for non-quoted securities. More information is disclosed in Note 35 – Guarantees, commitments and risks.