Annual report 2010 - Banca Privata Edmond de Rothschild Lugano ...

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30 • banca privata Edmond dE rothschild lUGano Information on the balance sheet Other assets and other liabilities Other assets 31.12.2010 CHF Other liabilities 31.12.2010 CHF Other assets 31.12.2009 CHF Other liabilities 31.12.2009 CHF Replacement value of derivative instruments – Contracts as intermediary 2’136’720 220’186 – Contracts as commission agent 3’702’205 3’641’170 3’065’277 2’489’486 Total derivative instruments 3’702’205 5’777’890 3’065’277 2’709’672 Indirect taxes 911’780 2’670’325 1’027’276 4’557’666 Other adjustment accounts 683 Total other assets and other liabilities 4’613’985 8’448’215 4’093’236 7’267’338 31.12.2010 CHF 31.12.2009 CHF Change CHF Change % Assets either encumbered or under reservation of property Securities and financial investments pledged for discount 2’041’941 2’041’941 0 – of which amount actually drawn 0 0 0 – Financial investments pledged for margin on quoted options 561’232 908’801 -347’569 -38 of which amount actually drawn 0 0 0 – Other 0 392’570 -392’570 -100 of which amount actually drawn 0 0 0 – Personnel welfare plans The staff of the parent company and of some affiliates are insured by the Personnel Welfare Foundation for the Staff of Banque Privée Edmond de Rothschild S.A. and Allied companies (the “Joint foundation”). Its purpose is to protect the staff of its member companies from the economic consequences of old age, disability and death. The Joint foundation is semi-autonomous and operates on the basis of actual contributions (the “primacy of contributions” principle). Contribution rates increase with age. Employers pay in two-thirds of contributions and employees one-third. Death and disability coverage is financed by the Employers’ Personnel Welfare foundation for the Staff of Banque Privée Edmond de Rothschild S.A. and Allied Companies (the “Employers’ foundation”). Administrative overheads are covered by member employers. Employees are jointly liable in full within the Joint foundation. The Foundation’s latest audited financial statements showed a funding ratio of 97.2% at Dec. 31, 2009 (as against 89.8% at Dec. 31, 2008). Thanks to good management of the Foundation’s assets, the funding ratio was back above 100% by the end of 2010. The Foundation Council resolved not to adjust current pensions and to pay 1.5% interest on members’ retirement savings for the reporting year. The Board of directors believes that any surplus as defined in rule RPC 16 of the accounting principles (Swiss GAAP) will be used for the benefit of employees and that, as a consequence, no profit will arise for the member companies. The member companies whose staff are insured by the Joint foundation also pay into the Employers’ foundation. The purpose of the Employers’ foundation is, for example, provide additional benefits or relief allowances at its discretion. Such benefits are financed by the member companies’ voluntary contributions. At that date there was no employer contribution reserve. Notes to the Financial Statements
Notes to the Financial Statements Information on the balance sheet The Bank is currently engaged in legal proceedings concerning a number of business matters. The Bank allocates provisions in line with the expectations of the solicitors involved when they believe we will probably incur a payout or a loss, the size of which can be reasonably estimated. Balance 31.12.2009 CHF Specific usage and reversals CHF Recoveries, doubtful interest, currency differences CHF New creation charged to income statement CHF annUal rEport 2010 • 31 Reversals credited to income statement CHF Balance 31.12.2010 CHF Valuation adjustments and provisions Valuation adjustments and provisions for default risks (credit and country risks) 5’000 5’000 Valuation adjustments and provisions for other business risks 1’220’425 -358’736 97’169 -97’169 861’689 Other provisions 44’239’505 86’000 44’325’505 Total valuation adjustments and provisions 45’464’930 -358’736 0 183’169 -97’169 45’192’194 less: valuation adjustments directly netted with assets – – – – – – Total valuation adjustments and provisions as per balance sheet 45’464’930 – – – – 45’192’194 Reserves for general banking risks (taxed) 6’628’413 – – – – 6’628’413
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