Annual Report 2011 - Hong Kong Monetary Authority

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2011 2010 Change (in CHF ‘000) (in CHF ‘000) (in %) 24 Contingent liabilities Irrevocable guarantees in the form of avals, sureties and guarantees (including guarantee commitments under irrevocable letters of credit), advance payment guarantees and Total 324,056 308,039 5.2 endorsement obligations from rediscounting Performance bonds, bid bonds, letters of indemnity and other service guarantees (including 263,194 249,345 5.6 service guarantees in the form of irrevocable letters of credit) 60,862 58,694 3.7 324,056 308,039 For guarantee commitments made on behalf of the Bank’s governing bodies, see Note 20. These commitments are reported in “Off-balance sheet transactions” at their face value. 25 Guarantee commitments for third parties Total 324,056 308,039 5.2 Surety bonds 3,655 4,784 (23.6) Guarantees 320,401 303,255 5.7 324,056 308,039 FINANCIAL REPORT CONSOLIDATED ACCOUNTS 91
26 Open interest in derivative instruments (in thousands of CHF) Positive replacement values 92 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA Trading instruments Hedging instruments Negative replacement values Underlying values Positive replacement values Negative replacement values Underlying values Interest rate products Forward contracts including FRAs - - - - - - Swaps 233 384 25,788 - - - Futures - - - - - - OTC options - - - - - - Traded options - - - - - - Forward contracts Combined interest and currency swaps 164,135 304,848 17,246,169 - - - Futures 173,204 24,771 4,796,158 - - - OTC options - - - - - - Traded options 3,724 3,861 316,292 98 - 53,599 Equity index products - - - - - - Futures OTC options - - - - - - Traded options - - - - - - Other 3,325 3,325 67,559 - - - Forward contracts - - - - - - OTC options Traded options - - - - - - Total before impact of netting agreements - - - - - - Options (OTC) - - - - - - Options (négociables) - - - - - - Total before impact of netting agreements 2011 344,621 337,189 22,451,966 98 - 53,599 2010 327,990 336,527 22,942,462 - - - Positive replacement values (accumulated) Negative replacement values (accumulated) Total after impact of netting agreements 2011 344,719 337,189 2010 327,990 336,527 The derivative instruments used by the Group include exchange-traded futures, OTC forwards, exchange-traded options, OTC options and swaps. Derivative instruments are traded by the Group on behalf of clients and on a proprietary basis. Transactions involving options, futures and swaps for our own account are used to hedge financial investments and to control interest rate and currency risks. Derivative instruments are reported at their fair value. The positive and negative replacement values represent the Bank’s claims and obligations respectively, should the Bank enter into contracts identical to the intial ones with other counterparties. The positive and negative replacement values are shown in the balance sheet under “Other assets” and “Other liabilities” respectively, and in the profit and loss account under “Results of trading operations”. The fair value is either the market price (if the instrument is traded on an efficient, liquid market), the price quoted by market makers or the price determined using valuation models. The underlying value represents the net claim arising from trading in derivative instruments for own account or on behalf of customers (contract value). (Note 26 cont’d next page)
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Annual Report 2011
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Contents 6 20 Banque Privée Edmond
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Banque Privée Edmond de Rothschild
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1 4 1 Odéon, Théâtre de l’Euro
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within our group, which have develo
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Is this the end of the market econo
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dangerous to bet on bureaucracy as
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SENIOR MANAGEMENT Head Office Execu
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BRANCHES In Switzerland Fribourg Se
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Social Entrepreneurship Economic te
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Corporate governance Introduction O
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1.1.2. / 1.1.3. Group legal structu
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2.6. Transferability restrictions a
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1965-1996 First Vice-President, the
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Jean Laurent-Bellue Member, French,
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3.2. Other activities and vested in
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3.5. Powers The Board of Directors
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4. Executive Committee The Executiv
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Jean-Pierre Pieren Member, Swiss, 1
Page 42 and 43: Present duties Since 1988 Chief Fin
Page 44 and 45: 5. Remuneration, profi t-sharing an
Page 46 and 47: This scheme was implemented for a f
Page 48 and 49: 7. Take-overs and defensive measure
Page 50 and 51: 9. Information policy Banque Privé
Page 52 and 53: Intercultural Dialogue Too often, p
Page 54 and 55: Key fi gures Banque Privée Edmond
Page 56 and 57: Awards 2011 in Milan and Large Fund
Page 58 and 59: esources of institutional clients i
Page 60 and 61: Outlook for 2012 2012 will be marke
Page 62 and 63: Report on other legal requirements
Page 64 and 65: Abroad Banks Banque Privée Edmond
Page 66 and 67: Prifund Conseil SA Luxembourg 3) 10
Page 68 and 69: Dividends are eliminated through re
Page 70 and 71: Personnel welfare liabilities Contr
Page 72 and 73: Consolidated balance sheet at 31 De
Page 74 and 75: Consolidated cash fl ow statement a
Page 76 and 77: - The Risk Manager sees to it that
Page 78 and 79: 2011 2010 Change (in CHF ‘000) (i
Page 82 and 83: Forex adjustments Redesignations In
Page 84 and 85: Situation at end-2010 Uses and rele
Page 86 and 87: 2011 2010 (in CHF ‘000) (in CHF
Page 90 and 91: 22 Breakdown of consolidated assets
Page 94 and 95: (Note 26 cont’d) 2011 2010 Positi
Page 98 and 99: 2011 2010 42 Earnings per share Gro
Page 100 and 101: Health and Research For over a cent
Page 102 and 103: Key fi gures of Banque Privée Edmo
Page 104 and 105: Roundup of results The Bank’s net
Page 106 and 107: Elections as per our Articles of As
Page 108 and 109: Breakdown of revenues (% of total)
Page 110 and 111: Report on other legal requirements
Page 112 and 113: Balance sheet at 31 December 2011 (
Page 114 and 115: Notes to the fi nancial statements
Page 120 and 121: Par value Number of shares 2011 201
Page 122 and 123: Loans granted to the Bank’s gover
Page 124 and 125: (Note 15 cont’d) 2011 2010 Employ
Page 128 and 129: Edmond de Rothschild Conseil et Cou
Page 130 and 131: Other Edmond de Rothschild Group co
Page 132 and 133: Other Edmond de Rothschild Group co
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Annual Report 2011 - Hong Kong Monetary Authority

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