Annual report 2006 - Dexia.com

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9.4. RELATED PARTIES TRANSACTIONS A. Related parties transactions RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS Key Entities with Subsidaries Associates Joint ventures management joint control in which or significant the entity is influence over the a venturer entity (1) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 Loans (2) 1 1 316 651 2 382 193 1,040 16 60 Interest income 0 0 6 20 0 0 5 8 1 1 Deposits 16 2 344 377 23 264 95 190 38 2,389 Interest expense 0 0 (5) (10) 0 0 (2) (5) (1) (95) Other revenue – fee result 0 0 0 0 0 0 12 (3) 0 (16) Guarantees issued and commitments provided (3) 0 0 0 56 1 1 194 26 7 512 Guarantees and commitments received 0 0 700 1,320 0 0 10 905 23 0 (1) We refer here to the main shareholders of Dexia (2005-2006) : Arcofin , Holding Communal , Caisse des dépôts et consignations. (2) Loans to key management personnel were granted at general market conditions. (3) Unused lines granted. No provisions were recorded on loans given to related parties. Dexia group entered no investment transactions exceeding EUR 25 million with related parties. B. Key management compensations COMPTES SOCIAUX Dec. 31, 2005 Dec. 31, 2006 Short-term benefits 8 7 Post-employment benefits 4 2 Other long-term benefits 0 0 Termination benefits 0 0 Share-based payments 1 1 Details per person are reported in the Management Report on page 46. Short-term benefits include the salaries, bonuses and other advantages. Post-employment benefits: service cost calculated in accordance with IAS 19. Share-based payments include the cost of stock options and the discount given on capital increase allowed to the key management. 180 | Dexia / Annual Report 2006
9.5. SECURITIZATION Dexia Bank Belgium and DenizBank have securization vehicles. Dexia Bank Belgium has three securitization vehicles : Atrium- 1, Atrium-2 and MBS. This latter has six compartments. Total assets of those vehicles amounts respectively EUR 332 million and EUR 295 million as of Dec.31, 2005 and Dec. 31,2006. Atrium-1 is a securitization transaction of social housing loans pursuant to a long-term credit facility between BACOB (merged into Dexia Bank Belgium) and Domus Flandria NV (the borrower) and guaranteed by the Flemish Region. The guarantee of the Flemish Region was transferred to the special purpose vehicle (SPV). The original size of the transaction was EUR 188 million. Two classes of fixed-rate notes were issued on April 30, 1996, both carrying a Moody’s rating equal to that of the Flemish government (initially Aa2, currently Aa1). As of December 31, 2006 EUR 118.6 million is still outstanding under class A2 while class A1 has been repaid. Atrium-2 is a securitization transaction of social housing loans pursuant to a long term credit facility between BACOB (merged into Dexia Bank Belgium) and Domus Flandria NV (the borrower) and guaranteed by the Flemish Region. The guarantee of the Flemish Region was transferred to the SPV. The original size of the transaction was EUR 129.3 million. Two classes of fixed-rate notes were issued on June 19, 1997, both carrying a Moody’s rating equal to that of the Flemish government (initially Aa2, currently Aa1). As of December 31, 2006 EUR 86 million is still outstanding under class A2. MBS-3 is a securitization transaction of Belgian residential mortgage loans. The transaction, which had an original outstanding amount of EUR 371.8 million, was launched on November 24, 1997. Four floating-rate tranches of obligations were issued, three senior classes (called class A1 through A3 and rated Aaa/AAA by Moody’s and Fitch) and one junior class (called class B and rated A3/A by Moody’s and Fitch). As at December 31, 2006 there is still EUR 28.5 million outstanding. There is 24.5 million outstanding under class A3 and EUR 3.9 million under class B (currently rated Aa1/AA by Moody’s and Fitch). MBS-4 is a securitization transaction of Belgian residential mortgage loans. The transaction, which had an original outstanding amount of EUR 272.7 million, was launched on November 25, 1998. Four floating-rate tranches of obligations were issued, three senior classes (called class A1 through A3 and rated Aaa/AAA by Moody’s and Fitch) and one junior class (called class B and rated A3/A by Moody’s and Fitch). As of December 31, 2006 there is still EUR 51.2 million outstanding. There is EUR 46.2 million outstanding under class A3 and EUR 5.0 million under class B (currently rated Aa1/AA by Moody’s and Fitch). In June 2005, DenizBank completed a securitization transaction: the “DPR (Diversified Payment Rights) Securitization”. The bank securitizes its SWIFT MT 100 category payment orders received primarily through foreign depository banks in EUR, USD and GBP currencies. The SPC “DFS Funding Corporation Cayman” issued three tranches of series: USD 150 million Series 2005-A Floating Rate Notes Due 2010; USD 80 million Series 2005-C Fixed Rate Notes Due 2012; USD 70 million Series 2005-C Fixed Rate Notes Due 2010, and bought the Diversified Payment Rights. As at December 31, 2006 there is still USD 300 million outstanding. RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dexia / Annual Report 2006 | 181
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no achievement without commitment
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FINANCIAL HIGHLIGHTS 4 MESSAGE FROM
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FINANCIAL HIGHLIGHTS FINANCIAL HIGH
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MESSAGE FROM THE CHAIRMEN MESSAGE F
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MESSAGE FROM THE CHAIRMEN MESSAGE F
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GROUP PRESENTATION GROUP PRESENTATI
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GROUP PRESENTATION HISTORY OF THE G
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GROUP PRESENTATION MANAGEMENT REPOR
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GROUP PRESENTATION MANAGEMENT REPOR
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GROUP PRESENTATION GROUP ORGANIZATI
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GROUP PRESENTATION Group Executive
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GROUP PRESENTATION MAIN ACTIVITIES
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GROUP PRESENTATION December Opening
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CORPORATE GOVERNANCE Dexia’s comp
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CORPORATE GOVERNANCE MANAGEMENT REP
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CORPORATE GOVERNANCE NAME SPECIALIZ
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CORPORATE GOVERNANCE NAME SPECIALIZ
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CORPORATE GOVERNANCE DIRECTORS’ A
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CORPORATE GOVERNANCE THE MANAGEMEN
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CORPORATE GOVERNANCE The maximum am
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THE DEXIA SHARE MANAGEMENT REPORT C
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THE DEXIA SHARE MAIN SHAREHOLDERS O
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HUMAN RESOURCES HUMAN RESOURCES Dex
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HUMAN RESOURCES MANAGEMENT REPORT C
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HUMAN RESOURCES INITIATING AND CAS
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SUSTAINABLE DEVELOPMENT SUSTAINABLE
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RISK MANAGEMENT MANAGEMENT REPORT C
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FINANCIAL RESULTS MANAGEMENT REPORT
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FINANCIAL RESULTS to business devel
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FINANCIAL RESULTS ANALYSIS OF THE
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PUBLIC/PROJECT FINANCE MANAGEMENT R
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PUBLIC/PROJECT FINANCE WORLD LEADE
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PERSONAL FINANCIAL SERVICES MANAGEM
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ASSET MANAGEMENT MANAGEMENT REPORT
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INSURANCE SERVICES INSURANCE SERVIC
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INSURANCE SERVICES MANAGEMENT REPOR
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INVESTOR SERVICES MANAGEMENT REPORT
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TREASURY AND FINANCIAL MARKETS MANA
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GENERAL INFORMATION MANAGEMENT REPO
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CONSOLIDATED BALANCE SHEET 112 CONS
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CONSOLIDATED BALANCE SHEET ASSETS (
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CONSOLIDATED STATEMENT OF INCOME (i
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MINORITY INTERESTS Core Gains and l
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CONSOLIDATED CASH FLOW STATEMENT (i
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RAPPORT DE GESTION CONSOLIDATED FIN
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Page 132 and 133: RAPPORT DE GESTION CONSOLIDATED FIN
Page 136 and 137: 4.1.3. Currency risk 4.2. CREDIT RI
Page 140 and 141: Name Head Office % of Consolidation
Page 142 and 143: GEOGRAPHIC Eurozone (1) Rest of USA
Page 144 and 145: PORTFOLIO Number Loan Collateral Ex
Page 148 and 149: 7. NOTES ON THE ASSETS OF THE CONSO
Page 150 and 151: B. Analysis of quality See note 7.1
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Page 156 and 157: 7.10. TANGIBLE FIXED ASSETS A. Net
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Page 160 and 161: A. Other assets Analysis by nature
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Page 174 and 175: 9. OTHER NOTES ON THE CONSOLIDATED
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Page 188 and 189: 9.8. SHARE-BASED PAYMENTS STOCK OPT
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4.10. SHARE IN THE CAPITAL AND OTHE
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D. Commitments to issue shares Amou
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4.19. OTHER TAXES AND TAXES BORNE B
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6. SOCIAL REPORT 6.1. STATEMENT OF
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• there have been no transactions
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DEXIA IN THE WORLD RAPPORT DE GESTI
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RAPPORT DE GESTION COMPTES CONSOLID
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RAPPORT DE GESTION Kommunalkredit D
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Dexia’s Annual Report 2006 has be
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SDXI 0109-5 03-07
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