22 Marketable securities

The marketable securities serve to safeguard liquidity. They are short-term fixed-income securities and shares. Most securities are measured at fair value. Noncurrent marketable securities amounting to €997 million (previous year: €1,744 million) were pledged as collateral for financial liabilities and contingent liabilities. There is no original right of disposal or pledge for the furnished collateral on the part of the collateral taker.