Accounting policy

Marketable securities
Marketable securities comprise mainly interest-bearing securities, distributed as shown below:
  Dec 31, Dec 31,
  2012 2011
Government securities 131 136
Banks and financial institutions 494 521
Real estate financial institutions 2,505 6,205
Marketable securities as of December 31 3,130 6,862
Cash and cash equivalents
  Dec 31, Dec 31,
  2012 2011
Cash in banks 22,712 21,206
Bank certificates1) 1,019 1,492
Time deposits in banks 2,028 7,681
Cash and cash equivalents as of December 31 25,759 30,379
     
1) Bank certificates which matures within three months of the date of acquisition.    
Cash and cash equivalents as of December 31, 2012, include SEK 0.2 billion (0.7) that is not available for use by the Volvo Group and SEK 9.4 billion (9.3) 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 Volvo Group, however normally there is no limitation for use for the Volvo Group’s operation in the respective country.