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SolvencyAT 31 DECEMBERSaxo Bank GroupSaxo Bank A/S(DKK 1,000) 2009 2008 2009 2008Total equity 2,335,103 1,416,721 2,324,983 1,416,721Deduction in core capital:Intangible assets a) (1,158,799) (609,972) (1,123,606) (590,833)Deferred tax assets (16,348) (36,735) (406) (13,638)Core capital 1,159,956 770,014 1,200,971 812,250Investments in associates b) (46,767) - (46,767) -Subordinated loans, reduced value 372,075 390,755 372,075 390,755Base capital 1,485,264 1,160,769 1,526,279 1,203,005a)Including goodwill from associates of DKK 185.0 million (2008: DKK 0 million).b)Relate to investments from associates, which are credit institutions, excludinggoodwill.Weighted items with credit risk:Counterparty risk etc. 90,736 129,725 90,736 129,725Credit risk outside the trading portfolio 1,694,767 943,573 1,674,263 1,212,358Weighted items with market risk:Interest risk 990,926 150,997 990,926 150,997Share price risk 98,439 153,329 98,609 153,329Commodity risk 55,516 - 55,516 -Foreign exchange rate risk 1,690,086 3,260,563 1,259,146 3,128,031Operational risk 3,181,140 2,002,054 2,768,200 1,914,983Total weighted items 7,801,610 6,640,241 6,937,396 6,689,423Capital requirement 8% of total weighted items 624,129 531,219 554,992 535,154Core capital ratio 14.9% 11.6% 17.3% 12.1%Solvency ratio 19.0% 17.5% 22.0% 18.0%Saxo Bank uses the following methods:• Credit risk: The standard method• Market risk: The standard method• Operational risk: The basic indicator method• Counterparty risk: The market value method. The risk is calculated using netting and credit risk reduction by the expanded method forfinancial collateral.46 · SAXO BANK · ANNUAL REPORT 2009