Dresdner Bank - Commerzbank International SA

Dresdner Bank Luxembourg S.A. Annual Report 2008
32
8,672.4
Balance sheet and P&L
Assets:
The item ‘loans and advances to credit institutions’ sank from € 11.0 billion to € 8.7 billion as at the end
of 2008. As in the past, Dresdner Bank Luxembourg S.A. continues to place high demands on creditworthiness
in the selection of its money market partners. The bank's activities are mainly concentrated in Europe.
The use of cash credits before value adjustments amounted to € 0.9 billion as at the balance sheet date in
comparison to € 0.5 billion as at the end of 2007. The stock of internal securities (balance sheet positions
‘treasury bills and other bills eligible for refinancing with central banks’ and ‘bonds and other fixed-interest
securities’) was unchanged at € 0.6 billion.
The liquid fixed- and variable-interest securities holdings serve on the one hand as a liquidity reserve and
on the other to ensure continuous interest income. With few exceptions, the holdings consist of covered
bonds and public sector bonds. The great majority is suitable for collateralisation of refinancing schemes
through the European Central Bank. The portfolio of investment holdings sank in the same period from
€ 100.0 million to € 96.4 million as of 31 December 08. The bank remains the sole shareholder in LUFRA
Beteiligungs-Holding AG, Zurich, which was founded in 2003. The two fully-owned Belgian subsidiaries Van
Moer, Santerre & Cie and Damien Courtens & Cie were merged to form Dresdner Van Moer Courtens S.A.
Liabilities: Bank’s own funds unchanged
In the reporting period liabilities to banks increased from € 2.2 billion to € 2.4 billion. The subordinated
liabilities fell to € 200.0 million in comparison to € 299.2 million as at the end of 2007. This decline resulted
11,021.2
Loans and
advances
to credit
institutions
855.9
432.6
Loans and
advances
to customers
572.2
629.8
Debt securities
and other
fixed-income
securities
Assets (in € million)
� 2008 � 2007
412.7
Other
assets
1,052.3
2,421.5
2,175.6
Amounts
owed to credit
institutions
6,864.9
9,266.5
Amounts
owed to
customers
424.9
Liabilities (in € million)
� 2008 � 2007
424.9
Capital and
reserves
801.9
1,268.9
Other
liabilities