The decrease in Borrowings in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.

Aegon’s borrowings are defined separately as capital funding and operational funding. Capital funding includes debt securities that are issued for general corporate purposes and for capitalizing its business units. Capital funding is part of the Company’s total capitalization that is used for financing its subsidiaries and the cash held at the holding company. Operational funding includes debt securities that are issued for financing of dedicated pools of assets. These assets are either legally segregated or tracked as separate portfolios.

The difference between the contractually required payment at maturity date and the carrying amount of the borrowings amounted to EUR 7 million positive (2021: EUR 25 million positive).

Capital funding

A detailed composition of capital funding is included in the following table:


(sorted by maturity)	Coupon rate		Coupon date		Issue /Maturity		2022		2021
EUR 500 million Senior Unsecured Notes		1.00%		December 8		2016/ 23		499		499
GBP 250 million Medium-Term Notes		6.125%		December 15		1999 /31		281		296
GBP 400 million Senior Unsecured Notes		6.625%		Semi-annually		2009 /39		446		472
Other								19		26
At December 31								1,245		1,292

These loans are considered senior debt in calculating financial leverage in note 43 Capital management and solvency.

Operational funding

During 2022, the operational funding decreased by EUR 5.6 billion

mainly

due to result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.


	Coupon rate		Coupon date		Issue /Maturity		2022		2021
Revolving Loan Facility Warehouse Mortgage Loans 1)		Floating		Monthly		- /22		-		592
Revolving Loan Facility Warehouse Mortgage Loans 1)		Floating		Monthly		- /24		-		494
EUR 875 million “SAECURE 16” RMBS Note 1) , 2)		Floating		Quarterly		2018 / 23		-		676
EUR 512 million “SAECURE 18” RMBS Note 1) , 3)		Floating		Quarterly		2019 / 25		-		355
EUR 657 million “SAECURE 20” RMBS Note 1) , 4)		Floating		Quarterly		2021 / 27		-		625
EUR 500 million Conditional Pass-Through Covered Bond 1) , 5)		0.250%		Annual		2016 / 23		-		499
EUR 500 million Conditional Pass-Through Covered Bond 1) , 6)		0.375%		Annual		2017 / 24		-		499
EUR 500 million Conditional Pass-Through Covered Bond 1) , 7)		0.010%		Annual		2020 / 25		-		506
EUR 500 million Conditional Pass-Through Covered Bond 1) , 8)		0.750%		Annual		2017 / 27		-		492
EUR 500 million Conditional Pass-Through Covered Bond 1) , 9)		0.375%		Annual		2021 / 36		-		494
FHLB Secured borrowings 1)		Floating		Quarterly		2021 / 24		2,806		2,634
Aegon Bank Senior Non-Preferred debt 1)		0.625%		Annual		2019 / 24		-		499
Other								-		5
At December 31								2,806		8,369

1	Issued by a subsidiary of Aegon N.V.

2	The first optional redemption date is October 30, 2023; the final legal maturity date is October 30, 2091. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments.

3	The first optional redemption date is July 28, 2025; the final legal maturity date is April 28, 2092. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments.

4	The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments.

5	The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055.

6	The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056.

7	The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057.

8	The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059.

9	The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037.


Other


Undrawn committed borrowing facilities:	2022		2021
Floating-rate
- Expiring within one year		-		408
- Expiring beyond one year		3,435		2,991
At December 31		3,435		3,399


There were no defaults or breaches of conditions during the period.