Annual Report 2011 - Hong Kong Monetary Authority
Annual Report 2011 - Hong Kong Monetary Authority
Annual Report 2011 - Hong Kong Monetary Authority
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78 <strong>2011</strong> ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA<br />
<strong>2011</strong> 2010 Change<br />
(in CHF ‘000) (in CHF ‘000) (in %)<br />
5 Securities and precious metals trading portfolios Total 32,081 33,160 (3.3)<br />
Debt instruments 6,391 7,285 (12.3)<br />
of which: - listed 6,391 7,285 (12.3)<br />
Equity paper 25,675 25,875 (0.8)<br />
Precious metals 15 - -<br />
32,081 33,160<br />
Securities are reported at their fair value on the balance sheet date (securities traded on a recognised Stock<br />
Exchange or representative market; if these conditions are not fulfilled, the securities are evaluated at their<br />
lowest quoted price); capital gains and losses are recorded under “Results of trading operations”.<br />
Regarding balance sheet reporting of treasury stock, see Note 17.<br />
6 Financial investments Total 1,074,457 798,673 34.5<br />
<strong>2011</strong> 2010<br />
Book value Fair value Book value Fair value<br />
Debt instruments 262,797 266,911 239,000 241,512<br />
of which: - intended to be held until maturity 180,882 183,228 160,042 161,281<br />
- reported as per lowest valuation 81,915 83,683 78,958 80,231<br />
Equity paper 28,172 33,542 27,725 35,244<br />
of which: - qualifying equity stakes (min. 10% of capital or votes) - - - -<br />
Precious metals 783,488 783,488 531,948 531,948<br />
Buildings - - - -<br />
1,074,457 1,083,941 798,673 808,704<br />
of which: - securities eligible for repo agreements under liquidity regulations 181,616 - 168,854 -<br />
Interest-bearing securities that are intended to be held until maturity are evaluated using the accrual method. Capital gains and losses are calculated for<br />
the duration of issues, i.e. until their redemption date. Interest-bearing securities that are not intended to be held until maturity appear at their lowest<br />
valuation. When the market value of listed securities is below their acquisition price or when the price of unlisted securities is below the net asset value<br />
of the issuing company, the difference is charged to “Other ordinary expenses”. Precious metals held to set off commitments towards clients are stated<br />
at their fair value. Regarding balance sheet reporting of treasury stock, see Note 17.
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