Annual Report - VÃB banka

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3. Cash and cash equivalents For the purposes of the cash fl ow statement, cash and cash equivalents comprise the following balances with agreed maturity of less than 90 days: Notes 2007 2006 Cash and balances with central banks 4 4,493 4,872 Treasury bills and other eligible bills 6 9,967 2,974 Current accounts in other banks 5 784 363 Term deposits with central and other banks 5 3,117 11,854 Loans and advances to central and other banks 5 28,715 22,424 42,076 42,487 4. Cash and balances with central banks 2007 2006 Balances with central banks: Compulsory minimum reserves 666 1,785 Current accounts 1,021 548 1,687 2,333 Cash in hand 2,806 2,539 4,493 4,872 The compulsory minimum reserve is maintained as an interest bearing deposit under the regulations of the NBS and the CNB. The amount of the compulsory minimum reserve depends on the level of customer deposits accepted by the Bank and is calculated as 2% of a monthly average balance of selected customer deposits. 83 The daily balance of the compulsory minimum reserve can vary signifi cantly based on the amount of incoming and outgoing payments. The Bank’s ability to withdraw the compulsory minimum reserve is restricted by statutory legislation. 5. Loans and advances to banks 2007 2006 Current accounts in other banks 784 363 Loans and advances to: Central banks 19,911 22,424 Other banks 11,101 2,576 Term deposits with: Central banks 2,397 665 Other banks 923 12,571 Impairment losses (note 10) (26) (33) 35,090 38,566 VUB, a bank of Intesa Sanpaolo group
6. Financial assets held for trading 2007 2006 Treasury bills and other eligible bills 9,967 2,974 State bonds 514 457 Bank bonds 8 54 Corporate bonds 175 4 10,664 3,489 All securities held for trading are listed. At 31 December 2007 and 2006, the Bank did not pledge any bonds to secure transactions with counterparties. 7. Derivative financial instruments 2007 2006 2007 2006 Positive Positive Negative Negative Trading derivatives 1,055 2,388 (1,032) (2,054) Cash fl ow hedges of interest rate risk - - (2) - 1,055 2,388 (1,034) (2,054) 84 Trading derivatives include also hedge instruments that are non-qualifying according to IAS 39, but are held for risk management purposes rather than for trading. The instruments used include interest rate swaps and cross-currency interest rate swaps. In 2007, the total positive fair value of such derivatives was Sk 86 million (2006: zero) and the negative fair value was Sk 45 million (2006: zero). 2007 2006 2007 2006 Positive Positive Negative Negative Trading derivatives - Fair values Interest rate instruments Swaps 517 674 (439) (591) Forward rate agreements 18 - (12) - 535 674 (451) (591) Foreign currency instruments Forwards and swaps 183 1,529 (314) (1,278)) Cross currency swaps 86 - (16) - Options 143 82 (143) (82) 412 1,611 (473) (1,360) Equity and commodity instruments Equity options 103 103 (103) (103) Commodity options 5 - (5) - 1,055 2,388 (1,032) (2,054) <strong>Annual</strong> <strong>Report</strong> 2007
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Contents Address by the Chairman of
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a socially useful construction, fur
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y 16%, assets under management of o
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Development of the External Environ
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VUB’s 2007 Commercial Performance
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Basic Indicators Basic Indicators i
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Consolidated balance sheet at 31 De
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Consolidated statement of changes i
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Notes to the consolidated financial
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The assets and liabilities arising
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the fair value of the assets given,
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The fair value of securities held f
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Embedded derivatives The VUB Group
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3.16 Intangible assets Intangible a
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3.22 Legal reserve fund In accordan
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3.30 Future changes in accounting p
Page 34 and 35: 7. Financial assets held for tradin
Page 36 and 37: 10. Loans and advances to customers
Page 38 and 39: Maturities of gross fi nance lease
Page 40 and 41: 13. Investments in associates and j
Page 42 and 43: The goodwill is reviewed for impair
Page 44 and 45: 17. Current income tax assets 2007
Page 46 and 47: 24. Other liabilities 2007 2006 Var
Page 48 and 49: (a) Issued guarantees Commitments f
Page 50 and 51: 31. Salaries and employee benefits
Page 52 and 53: 35. Profit before changes in operat
Page 54 and 55: 37. Financial risk management Intro
Page 56 and 57: The following table describes the G
Page 58 and 59: (b) Market risk Market risk is the
Page 60 and 61: The re-pricing structure of assets
Page 62 and 63: (c) Liquidity risk Liquidity risk i
Page 64 and 65: The Intesa Sanpaolo Group’s inter
Page 66 and 67: 39. Related parties Related parties
Page 68 and 69: Balance sheet at 31 December 2007 (
Page 70 and 71: Statement of changes in equity for
Page 72 and 73: Notes to the separate financial sta
Page 74 and 75: 2.5 Foreign operations The fi nanci
Page 76 and 77: 2.10 Repurchase and reverse repurch
Page 78 and 79: 2.12 Offsetting financial instrumen
Page 80 and 81: 2.18 Leasing The determination of w
Page 82 and 83: 2.28 Significant accounting judgeme
Page 86 and 87: 2007 2006 2007 2006 Assets Assets L
Page 88 and 89: During 2007, the Bank wrote off loa
Page 90 and 91: 12. Subsidiaries, associates and jo
Page 92 and 93: 15. Current income tax assets 2007
Page 94 and 95: 22. Other liabilities 2007 2006 Var
Page 96 and 97: (a) Issued guarantees Commitments f
Page 98 and 99: 30. Other operating expenses 2007 2
Page 100 and 101: 34. Estimated fair value of certain
Page 102 and 103: 35. Financial risk management Intro
Page 104 and 105: The following table describes the B
Page 106 and 107: (b) Market risk Market risk is the
Page 108 and 109: The re-pricing structure of assets
Page 110 and 111: (c) Liquidity risk Liquidity risk i
Page 112 and 113: The Intesa Sanpaolo Bank’s intern
Page 114 and 115: 37. Related parties Related parties
Page 116 and 117: Review of the Economic and Financia
Page 118 and 119: List of VUB Branches Retail Busines
Page 120 and 121: Postal Code Address Tel. No. Fax Re
Page 122 and 123: Postal Code Address Tel. No. Fax Re
Page 124 and 125: Corporate Branches Firemné obchodn
Page 126 and 127: Structure of VUB Shareholders as at
Page 128 and 129: VUB, a bank of Intesa Sanpaolo grou
Page 130 and 131: Vladimíra Josefiová - Member of M
Page 132 and 133: ticipate in all meetings of the Man
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