Accounting policy

Marketable securities
Marketable securities comprise mainly interest-bearing securities, distributed as shown below:
  2011 2010
Government securities 136 146
Banks and financial institutions 521 3,527
Real estate financial institutions 6,205 6,094
Total 6,862 9,767
Cash and cash equivalents
  2011 2010
Cash in banks 21,206 16,858
Bank certificates(1 1,492 2,286
Time deposits in banks 7,681 3,822
Total 30,379 22,966
1) Bank certificates which matures within three months of the date of acquisition.    
Cash and cash equivalents at December 31, 2011, include SEK 0.7 billion (0.7) that is not available for use by the Volvo Group and SEK 9.3 billion (7.4) where other limitations exist, mainly liquid funds in countries where exchange controls or other legal restrictions apply. With that it is not possible to immediately use the liquid funds in other parts of the Group, however normally there is no limitation for use for the Group’s operation in the respective country.