A4 für Copyshop GB.indd - Bayerische Landesbank

94 Report on the Bank and the Group
} Strong increase
in amounts due
from banks;
customer
receivables
unchanged
Credit operations
EUR billion
Due from
banks
– of which
savings banks
31.12.2004 31.12.2003
128.5
17.8
BayernLB Group
110.8
19.3
Change
in % 31.12.2004 31.12.2003
15.9
– 7.7
124.7
18.5
105.7
20.0
Change
in %
Due from
customers 87.4 91.9 – 4.8 127.8 128.8 – 0.8
Securities 52.8 51.4 2.8 64.7 60.9 6.2
Credit volume* 205.8 192.2 7.1 242.0 224.0 8.0
* Due from customers and banks (without amounts due upon demand) excluding accrued interest plus discount credits
Amounts due from banks increased sharply (by 18 percent to EUR 124.7 billion in the
Group; by 15.9 percent to EUR 128.5 billion at BayernLB) due to the temporary invest-
ment of borrowed funds. Amounts due from savings banks, however, were down
EUR 1.5 billion at both Group and Bank level, totalling EUR 18.5 billion in the Group
and EUR 17.8 billion at BayernLB.
Customer receivables remained virtually unchanged at Group level (down EUR 1.0 bil-
lion to EUR 127.8 billion). Although BayernLB’s customer receivables declined once
again (down EUR 4.5 billion to EUR 87.4 billion), this was compensated by an increase
in the latter amongst the subsidiaries.
Due to the surge in amounts due from banks, the credit volume increased by EUR 18.0
billion to EUR 242.0 billion in the Group and by EUR 13.6 billion to EUR 205.8 billion at
BayernLB.
The overall securities portfolio was slightly up on the previous year. The Group’s securi-
ties portfolio increased by 6.2 percent (to EUR 64.7 billion), while BayernLB’s security
holdings were up by 2.8 percent (to EUR 52.8 billion). As in previous years, the entire
securities portfolio is valued in accordance with the strict principle of the lower of cost
or market.
The nominal volume of derivative transactions increased by EUR 82.9 billion to EUR
1,017.1 billion during the year under review. This growth was wholly due to the EUR
110.7 billion increase in interest rate-related transactions, which reached a total vol-
ume of EUR 804.4 billion. Currency-related transactions stood at EUR 168.2 billion at
year-end, down EUR 37.7 billion against the previous year. The credit risk equivalent
of the derivative transactions dropped 15.2 percent to EUR 3.8 billion.
18.0
– 7.6