Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statements7.6. Financial investmentsManagement reportA. ANALYSIS BY COUNTERPARTY31/12/08 31/12/09Public sector 53,359 45,578Banks 55,876 43,508Others 14,842 15,751Impaired financial investments 2,613 1,267TOTAL FINANCIAL INVESTMENTS BEFORE IMPAIRMENT 126,690 106,104Less:Specific and collective impairment on impaired financial investments (1) (1,661) (853)TOTAL 125,029 105,251of which included in cash and cash equivalents 3,195 3,690(1) Several specific impairments were recorded in 2008, mainly on Lehman Brothers, Icelandic banks and Washington Mutual.B. ANALYSIS OF QUALITYSee note 7.15.Quality of financial assetsConsolidatedfinancial statementsannual financial statementsC. ANALYSIS BY MATURITY AND INTEREST RATESee notes 12.4., 12.5. and 12.6.D. ANALYSIS BY NATURE (FINANCIAL INVESTMENTS BEFORE IMPAIRMENTS)Available for sale Held to maturity TOTAL31/12/08 31/12/09 31/12/08 31/12/09 31/12/08 31/12/09Loans 46 43 0 0 46 43Bonds issued by public bodies 46,294 41,023 1,147 887 47,441 41,910Other bonds and fixed-incomeinstruments 73,761 59,838 820 679 74,581 60,517Equity and variable-income instruments 4,622 3,634 0 0 4,622 3,634TOTAL 124,723 104,538 1,967 1,565 126,690 106,104E. CONVERTIBLE BONDS INCLUDED IN THE AVAILABLE-FOR-SALE PORTFOLIO(POSITION GREATER THAN EUR 50 MILLION)Nil.F. TRANSFERS BETWEEN PORTFOLIOS31/12/08 31/12/09Securities transferred from the AFS to the HTM portfolio during the year (1) (304) 0Impact on equity related to the transfer to the-held-to-maturity portfolio (1) 0(1) Relating to a reclassification of Turkish government bonds by DenizBank.G. ANALYSIS OF THE FAIR VALUESee note 12.1.Additional informationH. RECLASSIFICATION OF FINANCIAL ASSETS (IAS39 AMENDED)See note 7.7.140Dexia Annual report 2009
Notes to the consolidated fi nancial statements7.7. Reclassification of financial assets (IAS 39 amended)From Tradingto Loans andReceivables(1)From Tradingto Available forSale Portfolio(2)From Availablefor-SalePortfolio toLoans andReceivables(3)Carrying amount of assets reclassified as at 1 Oct. 2008 6,591 2,704 90,784Carrying amount of assets reclassified as at 31 Dec. 2008 (A) 6,342 2,655 95,522Fair value of assets reclassified as at 31 Dec. 2008 (B) 6,298 2,651 93,399AMOUNT NOT TAKEN IN INCOME (1)&(2)DUE TO RECLASSIFICATION (B)-(A) (44) (4) n.a.AMOUNT NOT TAKEN IN AFS RESERVE (3)DUE TO RECLASSIFICATION (B)-(A) n.a. n.a. (2,123)P/D amortization in P&L during the year 28 12 n.a.P/D amortization in AFS Reserve during the year n.a. n.a. 293Carrying amount of assets reclassified as at 1 Oct. 2008 6,591 2,704 90,784Carrying amount of assets reclassified as at 1 Jan. 2009 0 0 874Carrying amount of assets reclassified as at 31 Dec. 2009 (A) 5,214 589 83,763Fair value of assets reclassified at 31 Dec. 2009 (B) 5,070 713 83,201CUMULATED AMOUNT NOT TAKEN IN INCOME (1)&(2)DUE TO RECLASSIFICATION (B)-(A) (144) 124 n.a.CUMULATED AMOUNT NOT TAKEN IN AFS RESERVE (3)DUE TO RECLASSIFICATION (B)-(A) n.a. n.a. (562)P/D amortization in P&L during the year 103 59 n.a.P/D amortization in AFS Reserve during the year n.a. n.a. 892Dexia decided to apply the amendment of IAS 39 & IFRS 7– Reclassification of Financial Assets for some assets. In particular,Dexia considered that after the bankruptcy of LehmanBrothers and the subsequent financial crisis, observable pricesfor some financial assets did no longer represent “fair value”,but distressed prices or indicative broker’s prices. Given thatrare circumstance, Dexia opted to reclassify certain assets from“Held for Trading” to “Available for Sale – AFS” or “Loansand Receivables – L&R” (provided the definition is met)because they are no longer held for sale in the near term.Moreover, following its change in intent, Dexia reclassifiedalso certain assets from AFS to L&R (provided the definitionis met). The reclassification to L&R reflects Dexia’s intentionand ability to hold these financial assets for the foreseeablefuture. Reclassifications have been made on 1 October 2008(see annual report 2008) and 1 January 2009.On 1 January 2009 the Group reclassified some Availablefor-salefinancial assets to “Loans and Receivables”, mainly inthe insurance portfolios. The Group identified assets, eligibleunder the amendments, for which at the reclassification dateit had a clear change of intent and ability to hold for theforeseeable future rather than to exit or trade in the shortterm. The reclassifications were made at the fair value of theassets at the reclassification date.The effective interest rates at reclassification date on assetsreclassified on 1 January 2009 ranged from 2.4% to 37.1%.The reimbursement amount of those assets reclassified wasEUR 1,061 million. If these financial assets had not beenreclassified, in 2009, there would have been a further positivemovement in shareholders’ equity (“Net gains (losses) notrecognised in the income statement”) of EUR 129 million.Impacts of reclassifications of 2008 and 2009on 2009 equity and resultsTransfer from “Held for Trading” to “Loans andReceivables” (L&R) and “Available for Sale” (AFS)The difference between the carrying amount at reclassificationdate and the reimbursement amount is amortised onthe remaining period. The impact of this amortization on theresult of the period is shown in the line “P/D amortization inP&L during the year”.The difference between the “Carrying amount of reclassifiedassets as at 31 December 2009” and the fair valuerepresents the cumulated changes in fair value as fromreclassification date until 31 December 2009 and alsoincludes the cumulated amortization of the premium discountsince reclassification.The difference is positive fortrading assets reclassified in AFS as markets have becomemore liquid and spreads have decreased in 2009, whereasfor trading assets reclassified in “Loans & Receivables”,markets remain illiquid and the difference is estimatednegative, based on model valuations.Transfer from “Available for Sale” (AFS) to “Loansand Receivables” (L&R)Dexia has a particular “Available-for-Sale” portfolio with avery long maturity, resulting in significant change in value followingsmall shifts in spreads.Only not impaired financial assets for which no quoted priceson active market were available and for which Dexia has theintention and ability to hold for the foreseeable future weretransferred to “Loans and Receivables”, except for the financialproducts portfolio (see annual report 2008).Management reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 141
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Group profi leSIMPLIFIED GROUP STRU
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Group profi leQUALITY OF RISKS Dexi
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In accordance with the agreement wi
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2009 and early 2010 highlightsExit
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2009 and early 2010 highlightsCreat
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Corporate governanceIntroduction: t
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Corporate governanceThe European Ad
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Corporate governanceNAMEPIERREMARIA
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Corporate governanceNAMEROBERTDE ME
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Corporate governanceNAMESPECIALISTC
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Corporate governanceNAMEKOEN VAN LO
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Corporate governanceNew directors a
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Corporate governancemade and the fi
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Corporate governanceDIRECTORS’ AN
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Corporate governanceOperation and a
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Corporate governanceThe Appointment
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Corporate governanceResponsibilitie
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Corporate governanceVariable compen
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Corporate governancetional entities
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Shareholder informationStock market
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Shareholder informationPRINCIPAL DE
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Human resourcesAGE PYRAMID> 5955-59
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Sustainable developmentThe 2009 Dex
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Risk managementIntroductionIn 2009,
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Risk managementThe Rating Committee
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Risk managementAsset qualityBy the
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Risk managementBond portfolioDexia
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Risk managementThis good performanc
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Risk managementRisk and control sel
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Risk managementECONOMIC CAPITALBY T
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Financial resultsPreliminary notes
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Financial resultsSolvency31/12/08 3
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Financial resultsAssetsLoans and ad
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General information3. Overview of t
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Additional informationDexia FP Hold
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Dexia’s annual report 2009 has be
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Annual report 2009 - Dexia.com

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