annual report - Hypo Real Estate Holding AG

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Group Accounts 41. Deferred day one profit or loss Movements of deferred day one profit and loss from the acquisition of certain derivatives were as follows: 42. Dividends per share Final dividends are not accounted for until they have been ratified at the Annual General Meeting. No dividend is proposed for the year ended 2007. 43. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise the following balances with less than three months’ maturity from the date of acquisition. 44. Hedges Fair value hedges The Group hedges substantially all of the fixed interest rate risk in its long term financial assets and financial liabilities, through fair value hedges using a variety of interest rate derivatives. The Group also hedges foreign exchange risk using a variety of foreign exchange derivatives. The net fair value of these derivatives at 31 December 2007 was -€2,879 million (2006: -€4,462 million). Cash flow hedges The Group also hedges a portion of the cash flow interest rate and foreign currency risk, arising on future payments and receipts on variable rate assets and liabilities. The Group manages this risk through the use of cross currency interest rate swaps. The net fair value of these derivatives at 31 December 2007 was -€492 million (2006: -€429 million). The ineffectiveness recognised in profit or loss from the application of hedge accounting to these positions was nil (2006 nil). The Group’s policies and objectives in managing the risks that arise in connection with the use of financial instruments are set out in the Directors’ Report on pages 78 to 83. 178 Group Company 2007 2006 2007 2006 € m € m € m € m At 1 January 15 - 15 - Arising from new transactions 45 48 45 48 Released to profit or loss during the period -18 -33 -18 -33 At 31 December 42 15 42 15 Group Company 2007 2006 2007 2006 € m € m € m € m Cash and balances with central banks 8,312 808 8,305 804 Loans and advances to banks 10,602 4,140 8,451 3,100 18,914 4,948 16,756 3,904
Risikoberichtbericht 45. Fair values of financial assets and liabilities The following table summarises the carrying amounts and fair values of those financial assets and liabilities not presented on the Group’s balance sheet at their fair value. Bid prices are used to estimate fair values of assets, whereas offer prices are applied for liabilities. Group Carrying value Fair value 2007 2006 2007 2006 € m € m € m € m Financial assets Cash and balances with central banks 8,426 1,743 8,426 1,743 Loans and advances to banks 28,996 34,708 28,496 34,679 Loans and advances to customers 110,648 125,247 109,979 125,663 Financial liabilities Deposits from banks 89,845 63,199 89,844 63,202 Other deposits 30,226 31,118 30,226 31,118 Due to customers 10,532 7,904 10,539 7,900 Debt securities in issue 62,876 102,857 62,667 103,086 Other borrowed funds 2,271 2,133 2,052 2,189 Company Carrying value Fair value 2007 2006 2007 2006 € m € m € m € m Financial assets Cash and balances with central banks 8,334 1,699 8,334 1,699 Loans and advances to banks 40,309 45,020 39,856 44,916 Loans and advances to customers 59,519 39,026 59,149 39,005 Financial liabilities Deposits from banks 87,999 71,037 87,999 71,038 Other deposits 29,487 31,118 29,487 31,118 Due to customers 10,909 7,327 10,916 7,327 Debt securities in issue 9,243 6,976 9,115 6,975 Other borrowed funds 1,160 971 1,139 971 a) Deposits from banks/due to customers The fair value of floating due to customers rate placements and overnight deposits is their carrying amount. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money market interest rates for debts with similar credit risk and remaining maturity. 179
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2007 DEPFA BANK plc annual report
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Profile ❚ The only globally opera
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■ Europe incl. EMEA and CIS (Lond
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Risikoberichtbericht Accounts 76 Di
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Millau Viaduct, France
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Client: The Region of Campania, Ita
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Corporate Highlights 2007 10 10 Q1:
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John Kirwan: “This award winning
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Executive Directors 14 Paul Leather
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Dr. Christian Kummert: “Probably
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Management Discussion - Segments Ma
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Management Discussion - Segments co
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Management Discussion - Segments be
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Management Discussion - Segments Di
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Management Discussion - Segments in
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Capital Beltway HOT Lanes in Virgin
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Aguas de Portugal (AdP), Portugal
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Public Sector and Infrastructure Fi
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Vincent Matrone: “We were the lea
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Marnin Lebovits: “The State of Mi
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Export-Import Bank of Korea
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Sam Miller: “The transaction with
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Puerto Rico Sales Tax Financing Cor
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Energinet, Denmark
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Management Discussion - Segments Cl
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Management Discussion - Segments DE
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Management Discussion - Segments Re
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Management Discussion - Segments Th
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Project Omega, Northern Ireland
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Business Performance Business Perfo
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Business Performance Balance Sheet
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Business Performance forms of capit
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Client: Bulgarian State Railways (B
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Client: Royal BAM (BAM PPP Limited)
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Risk Committee Ms. B. von Oesterrei
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Directors’ and Secretary’s inte
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Risikoberichtbericht The credit pro
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Risikoberichtbericht Branches outsi
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Risikoberichtbericht Independent Au
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Risikoberichtbericht We have obtain
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Risikoberichtbericht Consolidated b
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Consolidated statement of changes i
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Consolidated cash flow statement Ca
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Notes to the consolidated financial
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Risikoberichtbericht Expenses incur
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Risikoberichtbericht (b) Loans and
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Risikoberichtbericht Hedging deriva
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Risikoberichtbericht (vi) observabl
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Risikoberichtbericht Cash and cash
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Risikoberichtbericht Share capital
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Risikoberichtbericht Standards, ame
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Risikoberichtbericht Credit Committ
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Risikoberichtbericht Asset and Liab
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Risikoberichtbericht The portfolio
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Risikoberichtbericht Assessing cred
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Company On-Balance Sheet December 2
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Company On-Balance Sheet December 2
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DEPFA’s Counterparty Risk Pools R
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Risikoberichtbericht Credit Risk Ma
Page 131 and 132: Risikoberichtbericht Further Credit
Page 133 and 134: DEPFA Deutsche Pfandbriefbank AG
Page 135 and 136: Risikoberichtbericht As can be seen
Page 137 and 138: The HRE Group risk management commi
Page 139 and 140: Risikoberichtbericht As at 31 Decem
Page 141 and 142: Risikoberichtbericht As at 31 Decem
Page 143 and 144: Risikoberichtbericht 5. Operational
Page 145 and 146: Risikoberichtbericht 7. Compliance
Page 147 and 148: Risikoberichtbericht Taxation The t
Page 149 and 150: Risikoberichtbericht Corporate Infr
Page 151 and 152: 6. Net interest income Interest and
Page 153 and 154: 10. Other operating income Other op
Page 155 and 156: Risikoberichtbericht 14. Result fro
Page 157 and 158: Risikoberichtbericht Operating expe
Page 159 and 160: Cashflows from discontinued operati
Page 161 and 162: 17. Trading assets 18. Derivative f
Page 163 and 164: Risikoberichtbericht Futures are st
Page 165 and 166: Risikoberichtbericht At 31 December
Page 167 and 168: Allowance for losses on loans and a
Page 169 and 170: Shares in Group undertakings are in
Page 171 and 172: 24. Property, plant and equipment R
Page 173 and 174: 29. Debt securities in issue 30. Ot
Page 175 and 176: Deferred income tax assets and liab
Page 177 and 178: (b) Loan commitments Risikoberichtb
Page 179 and 180: Details of the share awards of Hypo
Page 181: 40. Other reserves Unrealised gains
Page 185 and 186: Company 2007 Risikoberichtbericht F
Page 187 and 188: Risikoberichtbericht 47. Acquisitio
Page 189 and 190: Risikoberichtbericht 49. Capital ma
Page 191 and 192: Nicosia Branch 10 Diomidous Street,
Page 193: DEPFA BANK plc Member of Hypo Real
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annual report - Hypo Real Estate Holding AG

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