Annual report 2009 - Dexia.com

Notes to the consolidated fi nancial statementsLiabilitiesAt sightand ondemand31/12/09Breakdown of gross amount and premium/discountUp to3 monthsMorethan3 monthsto 1 yearMorethan 1 to5 yearsOver5 yearsFair valueadjustmentUndeterminedmaturityAccruedinterestDue to banks 18,766 49,588 42,207 5,134 7,605 2 267 155 123,724Customer borrowings anddeposits 73,570 30,373 4,647 8,427 3,052 41 791 49 120,950Financial liabilities held fortrading 0 102 5 54 101 12 1 0 275Financial liabilities designatedat fair value 0 760 1,082 7,472 6,166 3,121 250 219 19,070Derivatives 10,081 48,283 58,364Fair value revaluationof portfolio hedge 0 1,939 1,939Debt securities 474 32,720 24,153 79,651 70,995 0 2,969 2,103 213,065Subordinated debts 1 334 35 717 1,942 895 98 89 4,111Technical provisionof insurance companies 9 149 408 4,872 7,912 58 13,408Provisions and otherobligations 1,581 1,581Tax liabilities 238 238Other liabilities 1,891 1,481 112 38 101 958 4 0 4,585Liabilities included in disposalgroups held for sale 4,332 0 0 4,332TOTAL 94,711 115,507 72,649 106,365 97,874 11,238 14,461 52,837 565,642TotalManagement reportConsolidatedfinancial statementsAt sight andon demandUp to3 monthsMore than3 months to1 year31/12/09More than1 to 5 yearsOver5 yearsUndeterminedmaturityNet liquidity gap (64,720) (77,909) (43,854) 330 200,508 9,201This table does not take into account the liquidity nor the eligibilityto refinancing the asset; some listed long-term assetsmay be sold or refinanced with central banks in case of needof liquidity.The liquidity position of a bank results from the differencebetween contractual maturities of assets and of liabilities.Therefore Dexia reports its assets analysis even if not requiredby IFRS 7. This allows the presentation of the liquidity gap.A bank uses derivatives to hedge its risks. The cash flowsare therefore dependent from the evolution of the underlyingindex (interest rate, exchange rate, credit spreads, etc.) forwhich expected cash flows can significantly change. As Dexiauses derivatives for banking and trading activities, includingsuch expected cash flows, the figures in the table will beless relevant for readers. Dexia therefore reports the marketvalue of derivatives in the fair value, in the same way it isreported for fair value adjustments on other financial assetsand liabilities.Annual financial statementsAdditional informationAnnual report 2009 Dexia 209