Banking Services - DenizBank

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Section IV Independent Audit Reports, Financial Statements and Notes DENİZBANK ANONİM ŞİRKETİ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2009 (Currency: Thousands of TRY-Turkish Lira) Convenience Translation of Consolidated Financial Report Originally Issued in Turkish, See Note 3.I.2 Denizbank’s rating by Moody’s Investors Service On 9 November 2009, Moody’s Investors Service, concerning the revising of the governments’ support to banking system worldwide, downgraded the Bank’s long term local currency deposit to Baa2 from Baa1. On 8 January 2010, Moody’s Investors Service upgraded the Bank’s long term foreign currency deposit to Ba3 from B1, and long and short term local currency deposit rates are affirmed as Baa2 and Prime-2, respectively. The outlook of the note is “Stable”. The latest ratings of Denizbank are as follows: Long Term Foreign Currency Deposit Long Term Local Currency Deposit Short Term Local Currency Deposit Short Term Local Currency Deposit Local Currency Deposit Outlook Financial Strength Rating Ba3/Stable Baa2 Non-Prime Prime-2 Stable C- Stable 3. Significant Events and Matters Arising Subsequent to the Balance Sheet Date Financial Strength Rating Outlook European Commission, Belgium, France and Luxembourg governments and Dexia agreed in Dexia’s ongoing restructuring plan on 5 February 2010. It was affirmed by Dexia Group in its press release dated 6 February 2010 that DenizBank Financial Services Group (DFSG) and Turkish market will remain for Dexia as one of the main growth area in banking business. On the other hand, Dexia Group decided to dispose off its insurance operations in Turkey until 31 October 2012. Based on the resolution of the Parent Bank’s Board of Directors, a portion of the credit card and consumer loans portfolio amounting to TRY 50,200 which are under follow-up for at least 2 years and fully provided against, was sold to Standart Varlık Yönetimi A.Ş for TRY 4,900, with the sales agreement dated 19 January 2010. 4. Information about effects of significant changes in foreign exchange rates after balance sheet date that would effect the analysis and decision making process of users and foreign operations of the Parent Bank There are no significant fluctuations in the currency exchange rates after the balance sheet date that would affect the analysis and decision making process of the financial statement users. 168 «« CONTENTS
DenizBank Financial Services Group Annual Report 2009 DENİZBANK ANONİM ŞİRKETİ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2009 (Currency: Thousands of TRY-Turkish Lira) Convenience Translation of Consolidated Financial Report Originally Issued in Turkish, See Note 3.I.2 SECTION SEVEN INDEPENDENT AUDITORS’ REPORT I. Information on the independent auditor’s report DFS Group’s consolidated financial statements and notes to the consolidated financial statements have been audited by DRT Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (Member of Deloitte Touche Tohmatsu) and the independent auditors’ report dated 24 February 2010 is presented in front of the financial statements. II. Disclosures and footnotes prepared by independent auditor There are no significant issues and required disclosures and footnotes to DFS Group’s operations, deemed as necessary, which have not been explained in the above sections. «« CONTENTS 169
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Section I Introduction Ordinary Gen
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Section I Introduction 2009 at a Gl
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Section I Introduction 2009 at a Gl
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Section I Introduction DenizBank in
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Section I Introduction Message from
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Section I Introduction IN HER 12 TH
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Section I Introduction Information
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Section IV Independent Audit Report
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Banking Services - DenizBank

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