24 – Liabilities

Other bonds

Other bonds consist primarily of industrial revenue and pollution control bonds of the BASF Corporation group that were used to finance investments in the United States. Both the weighted-average interest rate of these bonds as well as their weighted-average effective interest rate amounted to 1.5% in 2015 and 1.6% in 2014. The average residual term amounted to 210 months as of December 31, 2015 (December 31, 2014: 222 months).

Liabilities to credit institutions

In order to finance the natural gas trading and storage business, a €1,650 million loan was incurred with a 5-year term at an interest rate of 1.08% in the previous year.

As a result of higher volumes of loans in emerging countries, the weighted average interest rate on loans increased to 4.9% in 2015 compared with 4.0% in 2014.

Unused credit lines

BASF SE had committed and unused credit lines with variable interest rates amounting to €6,000 million as of December 31, 2015 and as of December 31, 2014.

Other liabilities

The decline in other liabilities was primarily attributable to the asset swap with Gazprom and largely affected the current negative fair values arising from derivatives as well as noncurrent loans and interest liabilities. The appreciation of the U.S. dollar relative to the euro further led to a decrease in the negative fair values arising from derivatives.

Liabilities to credit institutions were secured primarily with registered land charges. The decline in secured other liabilities compared with December 31, 2014, is primarily attributable to the disposal of WINGAS GmbH, Kassel, Germany, as part of the asset swap with Gazprom. As in the previous year, there were no secured contingent liabilities in 2015.