D _ Consolidated Financial Statements Cash and cash equivalents € mn As of 31 December 2021 2020 Balances with banks payable on demand 10,102 10,188 Balances with central banks 3,807 3,658 Cash on hand 72 64 Treasury bills, discounted treasury notes, similar treasury securities, bills of exchange and checks 6,863 5,847 Reverse repurchase agreements (due in three months or less) 3,370 2,685 Total 24,214 22,443 Changes in liabilities arising from financing activities € mn Liabilities to Certificated and banks and subordinated customers liabilities Lease liabilities Total As of 1 January 2020 8,894 22,448 2,791 34,132 Net cash flows 659 1,104 (409) 1,354 Non-cash transactions Changes in the consolidated subsidiaries of the Allianz Group 42 - (83) (42) Foreign currency translation adjustments (28) (22) (88) (138) Fair value and other changes (8) (289) 514 217 As of 31 December 2020 9,559 23,241 2,725 35,525 Net cash flows 1,454 (1,706) (396) (649) Non-cash transactions Changes in the consolidated subsidiaries of the Allianz Group (16) - 13 (3) Foreign currency translation adjustments 22 12 67 101 Fair value and other changes 15 197 383 594 As of 31 December 2021 11,034 21,744 2,790 35,568 124 Annual Report 2021 − Allianz Group