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20. Other financial assets

Other financial assets are as follows:

	Dec. 31, 2007		Dec. 31, 2008
	Total	Of which current	Total	Of which current
	€ million	€ million	€ million	€ million
Loans and receivables	347	126	633	142
Available-for-sale financial assets	325	7	288	4
of which debt instruments	59	5	62	3
of which equity instruments	266	2	226	1
Held-to-maturity financial investments	179	9	167	57
Receivables from forward commodity contracts	246	38	81	57
Receivables from other derivatives	339	154	635	373
Receivables under lease agreements	26	1	27	1
Total	1,462	335	1,831	634

The increase in loans is principally due to the granting of loan capital of €310 million to Bayer-Pensionskasse VVaG (Bayer-Pensionskasse) for its effective initial fund.

In 2008, impairment losses of €1 million (2007: €9 million) were recognized on loans and receivables and an impairment charge of €14 million (2007: €27 million) was recognized on available-for-sale financial assets. No unimpaired other financial assets were overdue on the closing date.

Available-for-sale financial assets include equity instruments in the amount of €84 million (2007: €86 million) whose fair value could not be determined from a stock exchange or other market price or by discounting reliably determined future cash flows. These equity instruments are recognized at amortized cost.

Further information on the accounting for receivables from derivatives is given in Note [30].

Receivables under lease agreements relate to finance leases where Bayer is the lessor and the lessee is the economic owner of the leased assets. These receivables comprise expected lease payments of €32 million (2007: €32 million), including an interest component of €5 million (2007: €6 million). €2 million of the expected lease payments is due within one year (2007: €2 million), €28 million is due in the following four years (2007: €7 million) and €2 million is due after five years (2007: €23 million).

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