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BANQUE SAFRA - LUXEMBOURG, SOCIÉTÉ ANONYME NOTES TO THE ACCOUNTS DECEMBER 31, 2010 NOTE 28 - OTHER OPERATING CHARGES Other operating charges are made up as follows: 2010 2009 (see note 1) EUR EUR Charges related to prior years 449,659 1,577,786 Charges related to commercial activities 72,166 1,104,557 AGDL provision 664,392 508,287 Other 13,424 11,881 1,199,641 3,202,511 NOTE 29 - STAFF NUMBERS The average number of persons employed during the financial year by the Bank is as follows: 2010 2009 (see note 1) Number Number Senior management 7 9 Middle management 12 13 Employees 105 103 124 125 NOTE 30 - MANAGEMENT REMUNERATION The Bank has granted emoluments in respect of the financial year to the members of the Senior Management of the Bank by reason of their responsibilities, and has entered into commitments in respect of retirement pensions for present members of these bodies, as follows: RetirementRetirement EmolumentsEmoluments pensions pensions 2010 2009 (see note 1) 2010 2009 (see note 1) EUR EUR EUR EUR Senior Management 2,954,086 2,956,218 107,344 119,723 The Bank has granted advances and credits to the members of its Senior Management as follows: Advances Advances and credits and credits 2010 2009 (see note 1) EUR EUR Senior management 53,046 26,183 NOTE 31 - DEPOSIT GUARANTEE SCHEME On September 25, 1989, all credit institutions in the Luxembourg banking sector became members of the non-profit making association “Association pour la Garantie des Dépôts, Luxembourg” (“AGDL”). In accordance with the Law of April 5, 1993, as amended by the Law of June 11, 1997, the sole object of AGDL is the establishment of a mutual guarantee scheme covering deposits made by customers of member credit institutions (“the Guarantee”). The customers covered by the Guarantee include all depositors who are physical persons, whatever their nationality or country of residence. Also covered by the Guarantee are small companies constituted under the Law of a Member State of the European Union, whose size is such that they would be permitted to draw up abbreviated accounts pursuant to Article 35 of the Law of December 19, 2002 on commercial companies, as amended. In accordance with the Law of December 18, 2008 and with respect to each member, the Guarantee is limited to a maximum amount per depositor of EUR 100,000 or its foreign currency equivalent. No depositor can receive more than this sum, regardless of the number of accounts or deposits held in the sole or joint name of the depositor with the same credit institution. 20
The Law of July 27, 2000 stipulates that banks must also belong to an investment Guarantee scheme. This additional Guarantee covers the reimbursement of claims resulting from investment transactions up to the amount of EUR 20,000. The total amount of the Guarantees which will in no case exceed EUR 120,000 per customer (EUR 100,000 deposit guarantee and EUR 20,000 investor compensation) represents an absolute figure and cannot be increased by any interest, charges or any other amount. As at December 31, 2010 and 2009, the Bank has set up a provision in recognition of its potential liabilities under the Guarantees within the limits set out in the Grand-Ducal Regulation of December 21, 1991 enacting Article 167 § 1 (5) of the income tax Law of December 4, 1967 (see note 18). During the year 2010, the additional amount of EUR 664,392 (2009 (see note 1): EUR 508,287) has been allocated to the AGDL provision. No advances were paid in 2010 (2009 (see note 1): EUR 600,815). During the year 2010, the Bank received reimbursements from AGDL for an amount of EUR 139,788 (2009 (see note 1): EUR 326,692), posted in “Other operation income” (see note 27). As at December 31 the following balances with related parties are included on the liabilities side of the balance sheet: Affiliated Affiliated undertakings undertakings 2010 2009 * EUR EUR Amounts owed to credit institutions 67,677,368 60,704,996 Accruals and deferred income 56 0 67,677,424 60,704,996 *Figures disclosed for 2009 are just for information as the group of affiliated undertakings is existing since January 2010. The Bank has not entered into any material transaction with related parties (as defined in International Accounting Standard 24“Related Party Disclosure”) which were not made on terms equivalent to those that prevail in arm’s length transactions as of December 31, 2010 and for the year then ended. At the request of the Bank, the CSSF has granted a total exemption for the exposures towards the credit institutions included in the consolidation scope of J.Safra Holding AG for the calculation of large exposure limits, in accordance with Part XVI, point 24 at Circular 06/213, as amended. NOTE 32 - RELATED PARTIES As at December 31 the following balances with related parties are included on the assets side of the balance sheet: Affiliated Affiliated undertakings undertakings 2010 2009 * EUR EUR Loans and advances to credit institutions 80,548,231 72,628,561 Prepayments and accrued income 0 3,760 80,548,231 72,632,321 *Figures disclosed for 2009 are just for information as the group of affiliated undertakings is existing since January 2010. 21
Page 3 and 4: “If you choose to sail upon the s
Page 5 and 6: BANQUE SAFRA-LUXEMBOURG, Société
Page 7 and 8: Credits to banks, which represent 1
Page 9 and 10: REPORT OF THE REVISEUR D’ENTREPRI
Page 11 and 12: NOTE 2010 2009 (see note 1) LIABILI
Page 13 and 14: BANQUE SAFRA - LUXEMBOURG, SOCIÉT
Page 15 and 16: Uncovered forward transactions are
Page 17 and 18: NOTE 5 - TRANSFERABLE SECURITIES Tr
Page 19 and 20: NOTE 13 - AMOUNTS OWED TO CUSTOMERS
Page 21: NOTE 24 - COMMITMENTS The Bank's co
Page 25 and 26: As at December 31, 2009 (see note1)
Page 27 and 28: As at December 31, 2009 (see note 1
Page 29 and 30: Carrying amount Carrying amount 201
Page 31: 33.5. Fair value of derivative non-

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