26 Noncurrent and current other financial liabilities

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CARRYING AMOUNT

 

CARRYING AMOUNT

€ million

 

Current

 

Non­current

 

Dec. 31, 2014

 

Current

 

Non­current

 

Dec. 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Negative fair values of derivative financial instruments

 

2,991

 

2,390

 

5,381

 

1,070

 

1,169

 

2,239

Interest payable

 

709

 

43

 

752

 

667

 

62

 

730

Miscellaneous financial liabilities

 

3,943

 

1,521

 

5,464

 

2,789

 

1,074

 

3,863

 

 

7,643

 

3,954

 

11,597

 

4,526

 

2,305

 

6,832

The negative fair values of derivatives relate to the following items:

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€ million

 

Dec. 31, 2014

 

Dec. 31, 2013

 

 

 

 

 

Transactions for hedging

 

 

 

 

foreign currency risk from assets using fair value hedges

 

24

 

34

foreign currency risk from liabilities using fair value hedges

 

286

 

300

interest rate risk using fair value hedges

 

115

 

117

interest rate risk using cash flow hedges

 

20

 

30

foreign currency and price risk from future cash flows (cash flow hedges)

 

4,168

 

996

Hedging transactions

 

4,614

 

1,476

Liabilities related to derivatives not included in hedging relationships

 

767

 

762

 

 

5,381

 

2,239

The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €69 million (previous year: €61 million).

Positive fair values of €49 million (previous year: €41 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.

Further details on derivative financial instruments as a whole are given in note 34.