Cost-effective, adequate financing is necessary for the subsidiaries’ operating business. Various marketable financial instruments are employed for this purpose, including overnight money, term deposits, commercial paper, bonds, and bilateral and syndicated loans. Capital expenditure by subsidiaries is primarily financed through equity and loans from banks or subsidiaries. There are also cash-pooling arrangements with subsidiaries to the extent they are possible and justifiable in the relevant legal and tax situation. Should events lead to unexpected financing requirements, Continental can draw upon existing liquidity and fixed credit lines from banks.