Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statements8.3. Financial liabilities measured at fair value through profit or loss31/12/08 31/12/09Financial liabilities held for trading 273 275Financial liabilities designated at fair value 18,679 19,070TOTAL 18,952 19,345Management report8.3.1. FINANCIAL LIABILITIES HELD FOR TRADINGA. ANALYSIS BY NATURE31/12/08 31/12/09Bonds issued by public bodies 216 191Other bonds 7 12Equity instruments 50 72TOTAL 273 275B. ANALYSIS BY MATURITY AND INTEREST RATESee notes 12.4., 12.5. and 12.6.Consolidatedfinancial statementsannual financial statementsC. ANALYSIS OF THE FAIR VALUESee note 12.1.8.3.2. FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUEA. ANALYSIS BY NATURE31/12/08 31/12/09Non-subordinated liabilities 15,135 15,520Subordinated liabilities (1) 347 353Unit-linked products 3,197 3,197TOTAL 18,679 19,070(1) List available on request.Additional information150Dexia Annual report 2009
Notes to the consolidated fi nancial statementsB. ANALYSIS BY MATURITY AND INTERESTRATESee notes 12.4, 12.5 and 12.6.C. ANALYSIS OF THE FAIR VALUESee note 12.1.The “Fair Value Option” (FVO), for financial liabilities is mainlyused in the following situations:1) by the insurance business where financial liabilities containa not-closely related embedded derivative whereby the returnis linked to the investment in a specified pool of insurer’sassets (Unit-linked contracts).In order to avoid volatility in its equity and results, Dexia hasdesignated the assets and liabilities of unit-linked contracts(branch 23) at fair value through the statement of income.2) by Dexia Financial Products Inc. and FSA Global FundingLtd for liabilities where the hedge accounting requirementsare not met or there is a risk that they will not be met, theFVO is used as an alternative in order to reduce volatility inprofit or loss.8.4. Debt securitiesThe following types of liabilities are subject to the FVOclassification:a) Fixed rate liabilities that are highly customised fundingcontracts that are tailored to the specific needs of theinvestor (GIC activities). The own credit spread is calculatedbased on benchmark spread;b) FSA Global Funding fixed rate liabilities.The credit spread used is the Long Term Funding spread usedby Dexia for its own funding.3) by companies issuing debt with embedded derivatives.The pricing tools used and the procedures followed to determinethe fair value for non-listed financial instruments classifiedunder the fair value option, are set up by Group RiskManagement.The pricing tool is a discounted cash flow model wherebythe net present value is determined by an interest rate basedon available market rates applicable for similar securities andtaking into account our own credit rating.A. ANALYSIS BY NATURE31/12/08 31/12/09Certificates of deposit 16,466 33,246Customer savings certificates 5,011 13,136Convertible debts 3 2Non-convertible bonds 166,640 166,681TOTAL 188,120 213,065The list of convertible debts is available on request.B. ANALYSIS BY MATURITY AND INTEREST RATESee notes 12.4., 12.5. and 12.6.C. ANALYSIS OF THE FAIR VALUESee note 12.1.Management reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 151
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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 governanceConsidering tho
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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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Corporate governance• It identifi
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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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Activity and results of the busines
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General information3. Overview of t
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General informationAll the above-me
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General information4.5. Dexia banka
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General information6.3. Notificatio
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Consolidated balance sheet ........
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Consolidated balance sheetManagemen
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Statutory Auditor’s reportManagem
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Additional informationGeneral dataN
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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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