Group   Company  
19. Financial trading assets and liabilities                
  Financial trading assets                
  Repurchase agreements 2 325   778   2 325   778  
  Negotiable certificates of deposit 334   193   334   193  
  Listed shares 1 039   693      
  Government bonds 541   921   541   921  
  Fixed deposits   126     126  
  Other money market securities 26   24   26   24  
    4 265   2 735   3 226   2 042  
  Financial trading liabilities                
  Short-sold government bonds 752   204   752   204  
  Commercial paper issued 762   388   762   388  
  Repurchase agreements 4 144   763   4 144   763  
    5 658   1 355   5 658   1 355  
  Encumbered assets

Eskom has concluded sale and repurchase transactions of commercial paper, comprising Eskom bonds and government bonds, with approved counterparties. The group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. If all or substantially all risks and rewards are retained, then the transferred assets are not derecognised. Transfers of assets with retention of all or substantially all risks and rewards include, for example, securities lending and repurchase transactions. At year end Eskom has sold and is committed to repurchase commercial paper after year end with a fair value of R4 144 million (2013: R1 215 million). Of this amount, R4 091 million (2013: R1 191 million) relates to government securities and R53 million (2013: R24 million) to Eskom bonds.

Collateral held

Eskom has concluded the purchase of commercial paper (Eskom and government bonds) from approved counterparties and has committed to sell this commercial paper back to the counterparties in the following financial year. Although Eskom has legal title to the commercial paper at year end, it has not been recognised on the statement of financial position as a result of the commitment to resell. This has also resulted in the recognition of a receivable with a fair value of R2 325 million (2013: R1 230 million) recorded in financial trading assets and cash and cash equivalents (depending on original maturity) at year end. Of this amount, R1 714 million (2013: R443 million) relates to government securities and R611 million (2013: R787 million) to Eskom bonds. The total receivable is secured by commercial paper of an equivalent fair value.