Annual Report 2005 - Bank am Bellevue

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17 Consolidated financial statements Notes Balance sheet by currency 31.12.2005 CHF EUR USD Other Total CHF 1,000 Assets Cash 316,230 920 105 12 317,267 Due from banks 265,586 83,134 104,529 32,438 485,687 Due from customers 288,503 24,748 29,812 28,877 371,940 Securities and precious metals trading portfolios 77,006 2,174 1,107 80,287 Derivative financial instruments 43,371 43,371 Financial investments 196,223 196,223 Participating interests 1,383 1,383 Fixed assets 22,292 22,292 Intangible fixed assets 79,558 79,558 Goodwill 160,289 160,289 Prepaid expenses and accrued income 2,203 96 566 76 2,941 Current tax assets 18,450 18,450 Other assets 4,785 281 5,066 Total assets on the balance sheet 1,475,879 109,179 137,186 62,510 1,784,754 Claims from spot and forward forex transactions and currency options 30,647 76,596 53,188 Total assets 139,826 213,782 115,698 Liabilities and shareholders’ equity Due to banks 12,862 9,991 46,173 23,804 92,830 Due to customers 664,144 103,554 107,567 35,514 910,779 Derivative financial instruments and other trading liabilities 189,242 189,242 Debt issue 150,000 150,000 Deferred income 28,108 75 789 104 29,076 Other liabilities 40,900 58 2,123 538 43,619 Current tax liabilities 5,539 5,539 Deferred tax liabilities 18,939 18,939 Provisions 7,062 7,062 Shareholders’ equity including minority interests 337,668 337,668 Total liabilities & equity on balance sheet 1,454,464 113,678 156,652 59,960 1,784,754 Liabilities from spot and forward forex transactions and from currency options 19,509 57,180 54,983 Total liabilities and shareholders’ equity 133,187 213,832 114,943 Net position per currency 6,639 –50 755 7,344 Gross currency position 7,444
18 Consolidated financial statements Notes Liquidity risks Liquidity risk refers to the possibility that Swissfirst Group or its corporate entities will not have sufficient liquidity to meet their liabilities. Daily liquidity management at individual Group companies is performed by the responsible departments. Independent risk control bodies ensure compliance with the liquidity requirements stipulated by banking law. The Group companies constantly endeavor to maintain a significantly higher amount of liquidity than is legally stipulated. The management of liquidity at Group level is performed by the Group Executive Board in consultation with those responsible for liquidity management in the individual Group companies. The table on page 19 shows the maturities of the assets and liabilities and the net position in the time frames specified. Operational risks Operational risks can arise, for example, from the inadequacy or failure of internal processes, procedures and systems, from inadequate business management or as a result of external events. Operational risks are limited by means of internal regulations and directives pertaining to organizational structures and controls. Internal procedures, processes and systems are continually analyzed and improved. The IT systems of the Group companies are continually upgraded. Legal risks and compliance The terms “legal risks” and “compliance” refer to those risks arising from legal and regulatory aspects inherent to the business environment, in particular liability and default risks as well as regulatory risks. Risks associated with transactions are minimized by requiring standardized master agreements and individual transaction confirmations. The monitoring of risks in connection with the acceptance of client assets and due diligence obligations at the individual Group companies has been delegated to the corresponding compliance offices and specially trained employees. When appropriate, external attorneys will be consulted to limit legal risks.
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Annual Report 2005 - Bank am Bellevue

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