... into to protect against the risk of default. These instruments largely consist of credit default swaps, generally referred to as CDSs, pursuant to which one party agrees to make a payment to ... allowances for credit loss) of € 448 million to Greece, € 420 million to Ireland, € 1.8 billion to Italy, € 165 million to Portugal and € 1.3 billion to Spain. Many financial institutions, including ... inventory. Momentum has slowed since autumn 2010 as the effect of these factors tailed off. Deutsche Bank Item 3: Key Information 9 Annual Report 2011 on Form 20-F In 2011, ...