Annual Report - EFG Bank Group

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86 Notes to the Financial Statements (continued) processes, systems and people, or from external causes, whether accidental or deliberate. It is limited by means of organisational measures, automations, internal controls, security measures, authorisation frameworks, written procedures, legal documentation and support, and compliance checks under the responsibility of the Management. In addition, operational statistics are produced for the attention of the Management. Furthermore, the Bank’s operations are included in the monitoring process of operational risk performed at Group level, which includes the follow-up of key operational risk-related control issues and the reporting of operational losses. (c) Outsourcing Back offices, information technology, transactions execution and settlement, custody and corporate actions, electronic fund transfers, asset management, daily risk management activities, legal and compliance have been outsourced to the Bank’s Swiss subsidiary, EFG Bank, using common operating procedures and platform, but with distinct supervision by the Bank’s Management. Salary and pension fund administration have been outsourced to a third party service company specialising in this area. IT development projects may also be outsourced on a case-by-case basis. EFG Bank European Financial Group
Notes to the Financial Statements (continued) 3. Fire insurance value of fixed assets (All figures in thousands of CHF) Dec. 31, 2006 Dec. 31, 2005 Investment properties 16,931 16,931 Other tangible fixed assets 1,000 1,000 4. Pledged or assigned assets in guarantee of own liabilities Dec. 31, 2006 Dec. 31, 2005 Book value Book value of pledged Actual of pledged Actual (All figures in thousands of CHF) assets liabilities assets liabilities Balance sheet positions Money market instruments 1,098 - 395 - Total 1,098 - 395 - 5. Pension The pension schemes cover employees for retirement pension and against disability or death (in which case spouse and dependent children are the beneficiaries). They are run in accordance with applicable Swiss law and regulation on pension. Up until December 31, 2003, retirement schemes were defined-benefit schemes. However, on January 1, 2004, except for 5 employees aged over 51 years old for whom a defined-benefit scheme (insured through an insurance company) remains in place, all other retirement schemes became defined-contribution schemes. Generally funded by employees and employers, the schemes are legally independent from the Bank. Employer’s contribution expenses are booked as personnel expenses. The Bank has no liability towards the pension funds (2005: nil). 6. Statements of changes in shareholders’ equity Share Legal General Other Available (All figures in thousands of CHF) capital reserve banking reserves earnings Balance at beginning of the year 250,000 18,600 10,345 282,300 10,062 571,307 Allocation to/from reserves - 600 - 9,400 (10,000) - Net profit for the year - - - - 11,026 11,026 Balance at end of the year 250,000 19,200 10,345 291,700 11,088 582,333 Annual Report 2006 87
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Annual Report 2006
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Contents 3 Consolidated Financial H
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4 Report of the Board of Directors
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6 EFG Group’s Activities The EFG
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8 EFG Group’s Activities (continu
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10 Group Presence EFG Bank European
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12 Board of Directors and Group Exe
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14 Consolidated Statement of Income
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16 Consolidated Statement of Change
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18 Notes to the Consolidated Financ
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Page 78 and 79: Contents 78 Review of Parent Bank a
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Page 90 and 91: 88 Notes to the Financial Statement
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Annual Report - EFG Bank Group

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