ANNUAL REPORT 2009 - GAM Holding AG

11C OTHER FINANCIAL LIABILITIES
Trading liabilities
NOTE 31.12.2009 31.12.2008 CHANGE
CHF 1000 CHF 1000 CHF 1000
Short positions – debt - 158 851 -158 851
of which listed - 8 992 -8 992
of which unlisted - 149 859 -149 859
Short positions – equity - 177 929 -177 929
of which listed - 107 841 -107 841
of which unlisted - 70 088 -70 088
Total trading liabilities - 336 780 -336 780
Derivative financial instruments 22 - 6 114 496 -6 114 496
Financial liabilities designated at fair value - 2 510 038 -2 510 038
Total other financial liabilities - 8 961 314 -8 961 314
11D FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE
Senior debt
2010 2011 2012 2013 2014 2015-2019 31.12.2009 31.12.2008
CHF M CHF M CHF M CHF M CHF M CHF M CHF M CHF M
Fixed rate - - - - - - - 971.0
Floating rate - - - - - - - 1 160.6
Total - - - - - - - 2 131.6
In 2008 an additional financial liability designated at fair value of CHF 378.4 million relates to Julius Baer Life (Bahamas) Ltd. and is
compensated by respective financial assets designated at fair value in the same amount.
The table above indicates the maturities of the structured debt issues of Bank Julius Baer & Co. Ltd. as at 31 December 2008 with fixed
interest rate coupons ranging from 0% up to 32.4%. As part of the separation of the former Julius Baer group, these debts were transferred to
Julius Baer Group Ltd. The high and low coupons generally relate to structured debt issues prior to the separation of embedded derivatives. As a
result, the stated interest rate on such debt issues generally does not reflect the effective interest rate paid to service the debt after the
embedded derivative has been separated and, where applicable, the application of hedge accounting.
70 GAM Holding Ltd. Annual Report 2009