Landeskreditbank Baden-Württemberg - L-Bank
Landeskreditbank Baden-Württemberg - L-Bank
Landeskreditbank Baden-Württemberg - L-Bank
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Notes to the annual financial statements of<br />
<strong>Landeskreditbank</strong> <strong>Baden</strong>-Württemberg – Förderbank –<br />
for the financial year ended December 31, 2003<br />
Transactions involving derivatives – by volume<br />
Interest rate risks<br />
Dec. 31, 2003 Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2003<br />
Nominal values Nominal values<br />
Credit risk<br />
equivalents<br />
Replacement<br />
costs<br />
EUR million EUR million EUR million EUR million<br />
• Interest rate swaps .......................... 86,625 72,138 635 2,078<br />
• Interest rate options<br />
– bought 0 0 0 0<br />
– sold 0 0 — —<br />
• Caps..................................... 383 895 0 0<br />
• Stock exchange contracts .................... 0 110 0 0<br />
• Other forward transactions ................... 269 0 35 31<br />
Interest rate risks – total – ..................... 87,277 73,143 670 2,109<br />
Currency risks<br />
• Forward exchange deals ..................... 498 176 2 5<br />
• Cross-currency interest rate swaps ............. 4,729 3,600 63 40<br />
Currency risks – total – ....................... 5,227 3,776 65 45<br />
Credit derivatives<br />
• Credit default swaps<br />
• as guarantor ............................... 675 525 343 2<br />
• as guarantee ............................... 20 0 0 0<br />
• Credit-linked notes .........................<br />
• as guarantor ............................... 354 255 354 353<br />
Credit derivatives – total – ..................... 1,049 780 697 355<br />
All credit default swaps have been assigned to investments. Credit default swaps for which the <strong>Bank</strong> is acting as<br />
guarantor appear under contingent liabilities at their nominal value. Credit-linked notes are shown under<br />
securities.<br />
The transactions reported above include the following commercial transactions:<br />
Transactions involving derivatives – commercial transactions<br />
Dec. 31, 2003 Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2003<br />
Nominal values Nominal values<br />
Credit risk<br />
equivalents Replacement costs<br />
EUR million EUR million EUR million EUR million<br />
• Interest rate contracts .................... 1,370 3,879 17 62<br />
Total .................................... 1,370 3,879 17 62<br />
Statement on tax liability<br />
Under §5 para. 1 no. 2 of the Corporation Tax Act (Körperschaftsteuergesetz [KStG]) and §3 no. 2 of the Trade<br />
Tax Act (Gewerbesteuergesetz [GewStG]), <strong>Landeskreditbank</strong> <strong>Baden</strong>-Württemberg – Förderbank is exempt from<br />
corporation tax and trade tax.<br />
F-39
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