20. Customer deposits 381,746 388,831 390,400 287,978 30. Securities in issue 208,358 202,459 239,839 207,276 40. Held for trading financial liabilities 128,668 165,335 113,656 103,980 50. 60. Financial assets liabilities designated at fair value Hedging derivatives 1,647 10,275 1,659 7,751 1,967 5,569 1,731 4,070 70. 80. Value adjustments to financial liabilities subject to macro-hedging (+/-) Tax liabilities a) current 2,993 6,587 1,853 1,572 8,229 2,827 (625) 7,652 2,690 (363) 6,094 1,515 b) deferred 4,734 5,402 4,962 4,579 90. 100. 110. 120. Liabilities included in disposal groups classified as held for sale Other liabilities Employee severance indemnity Provisions for risks and charges a) pensions and similar obligations 298 20,956 1,339 8,175 4,578 537 23,701 1,415 8,049 4,553 5,026 24,505 1,528 9,105 4,839 97 15,727 1,234 6,872 4,082 b) other provisions 3,596 3,496 4,266 2,790 130. Technical reserves 147 156 178 162 140. Valuation reserves (1,331) (1,740) 1,445 2,444 170. Reserves 14,335 11,979 10,316 8,091 180. Share premium 36,582 34,070 33,708 17,628 190. Capital 8,390 6,684 6,683 5,219 200. Treasury shares (-) (7) (6) (363) (362) 210. Minority interests (+/-) 3,108 3,242 4,744 4,275 220. Profit (loss) for the year (+/-) 1,331 4,012 5,901 5,448 Total liabilities equity items and shareholders 957,709 1,045,612 1,021,835 823,284 The amounts as at December 31, 2008 and as at December 31, 2007 differ from those published for effect of the reclassification of the currency exchange differences relevant to net foreign investments (subsidiaries, affiliates or joint venture) amongst the “currency exchange differences” of the item 140 “Valuation reserve”. The same currency exchange differences were previously recorded amongst the other reserves of net profits in item 170 “Reserves”. Development of Assets and Liabilities (in millions of €) % Change Held for trading Financial assets: product breakdown 09.30.2009 30.09.2008 31.12.2007 31.12.2006 2009/2008 2008/2007 2007/2006 A) Non-derivative financial assets 1. Debt securities 30,626 54,711 80,971 78,513 -44.0% -32.4% 3.1% 2. Equities 5,802 4,828 19,483 18,938 20.2% -75.2% 2.9% 3. Units in collective investment undertakings 2,050 2,562 7,843 6,169 -20.0% -67.3% 27.1% 4. Loans 9,067 13,847 27,074 28,904 -34.5% -48.8% 6.3% 5. Impaired assets 1 1 10 5 0 -90.0% 100.0% 6. Assets sold but not derecognised 10,119 8,403 3,269 1,773 20.4% -157.1% 84.4% Total (A) 57,665 84,352 138,650 134,302 -31.6% -39.2% 3.2% B) Derivative instruments 1. Financial derivatives 82,087 101,362 60,575 55,770 -19.0% 67.3% 8.6% 2. Credit derivatives 5,767 19,176 3,118 1,522 -69.9% 515.0% 104.0% Total (B) 87,854 120,538 63,693 57,292 -27.1% 89.2% 11.2% Total (A+B) 145,519 204,890 202,343 191,594 -29.0% 1.3% 5.6% At the end of Q3 2009, the item held for trading financial assets was 29% lower than the previous year, as a result of a 31.6% reduction in non-derivative financial assets and a 27.1% reduction in derivatives. With regard to non-derivative financial assets and specifically debt securities, which decreased by about €24.1 billion in the first nine months of 2009, it is noted that this decrease includes the effects of the reclassification, in Q1 of 2009, of financial assets, - 192 -
as per the accounting standards applied, which were almost fully comprised of bonds issued by Governments, public entities, companies and financial institutions (part of the latter guaranteed) and guaranteed bank bonds (covered bonds and pfandbriefe), for a total residual carrying value of €8,384 million as at September 30, 2009. The sharp decrease in derivatives, which can also be seen in trading liabilities, can be attributed to the fluctuations in market value (for example, regarding interest rates, exchange rates, equity markets, credit spreads, etc.) which occurred primarily in Q2 and Q3 of 2009. As at December 31, 2008, the item held for trading financial assets was 1.3% higher than the previous year, as a result of a 39.2% reduction in non-derivative financial assets offset by a trend in derivatives which grew by 89.2%. Approximately one-third of the decrease in non-derivative financial instruments can be attributed to the reclassification of financial assets comprising non-derivative structured credit instruments issued by companies and financial institutions. The carrying value of the reclassified assets as at December 31, 2008, amounted to approximately €18,353 million and was charged to “Financial assets held to maturity” for €148 million and to “Loans to banks” and “Loans to customers” (for a total of €18,205 million) in compliance with the amendments to IAS 39, for held for trading financial assets which were no longer intended for trading due to the effects of reduced liquidity and the lasting turbulence on the financial markets. During the year, there was also a reduction of approximately €20 billion in equities and units in collective investment undertakings, also as a result of the downturn in stock prices and in loans, as a result of a contraction in operations. The increase in the item derivatives which, in line with the bank’s methods for managing value-at-risk shows a similar trend to trading liabilities, is primarily caused by the significant fluctuations in market values (for example, regarding interest rates, exchange rates, equity markets) which occurred primarily in Q4 of 2008. The changes from December 31, 2006 and December 31, 2007 are partially due to the inclusion of the Capitalia Group in the scope of consolidation. Net of the former Capitalia Group component, the assets held for trading amounted to €198.7 billion at the end of 2007. The remaining changes during the year (€7.1 billion) can be explained by the operations of HVB, to which a share of assets held for trading greater than 50% of the total can be attributed for all periods considered. The breakdown of the portfolio of non-derivative held for trading financial assets into the various categories of debtors/issuers shows that the share relating to banks remained within 35.1% in 2006 and 41.4% in 2008, while central banks and public entities rose from 11.1% in 2006 to 29.8% in 2008. The total weight of other issuers (excluding units in collective investment undertakings) changed from 49.2% in 2006 to 25.8% in 2008. The derivatives component primarily regards financial derivatives (from 97.3% in 2006 to 84.1% in 2008). The weight of credit derivatives increased from 2.7% to 15.9 % in the same period. The significant increase in credit derivatives – mainly credit default swaps (CDS) - which is mirrored in the trading liabilities, can substantially be - 193 -
Total (B) 87,854 120,538 63,693 57,292 -27.1% 89.2% 11.2%<br />
Total (A+B) 145,519 204,890 202,343 191,594 -29.0% 1.3% 5.6%<br />
At the end of Q3 2009, the item held for trading financial assets was 29% lower than<br />
the previous year, as a result of a 31.6% reduction in non-derivative financial assets<br />
and a 27.1% reduction in derivatives.<br />
With regard to non-derivative financial assets and specifically debt securities, which<br />
decreased by about €24.1 billion in the first nine months of 2009, it is noted that this<br />
decrease includes the effects of the reclassification, in Q1 of 2009, of financial assets,<br />
- 192 -
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