Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 52 (d) Financial fixed assets Financial fixed assets are participating interests and shares in affiliated undertakings which provide a permanent contribution to the commercial operations of the bank. Where no permanent diminution in value is determined, they are valued at acquisition cost. In 2008, value adjustments of € 5.0 million were formed for an affiliated company, in connection with participating interests or shares in affiliated undertakings. The bank does not hold any fixed-interest securities as financial fixed assets. (e) Investments held as current assets Securities held for liquidity purposes are recorded either at acquisition cost or a lower market value. The acquisition cost is determined using the average-cost method. Value adjustments are made in order to record them at the lower of the two values prevailing on the balance sheet date (principle of the lower of cost or market). Following the principle of prudence, and executing the tax legislation, as of 31 December 2008, value adjustments in the amount of € 0.1 million that were no longer required were maintained. The bank does not have a trading portfolio. (f) Loans and advances Loans and advances are valued at acquisition costs. Premiums and discounts are charged as expenses over the duration of the liability as a matter of principle. Discounts relating to note loans are recognised at maturity. The bank’s policy is to form specific loan loss allowances for doubtful loans and advances, the level of which is determined by the responsible corporate bodies. The allowances are offset against the respective asset items. (g) Lump-sum provision for latent risks In accordance with Luxembourg tax regulations, the bank forms a lump-sum provision. The lump-sum provision for risk-weighted assets is offset against the respective asset item. The portion relating to off-balance sheet financial instruments is included in the “Other provisions” item. (h) Liabilities Liabilities are stated at their repayment value. Discounts are capitalised and charged as expenses over the duration of the liability. Premiums are recognised over the term of the respective liabilities. (i) Taxes Taxes are calculated in accordance with the accruals concept. A tax group has been formed with Dresdner Bank AG’s Luxembourg branch.
C. Analysis of the accounts Classification of loans and advances by remaining maturities (in € thousand) As of the balance sheet date, there were no undated loans and advances. Bonds and other fixed-interest or variable-interest securities Loans and advances Other loans and advances to customers to credit institutions 2008 2007 2008 2007 Up to 3 months 1) 447,694 313,831 5,128,443 9,124,966 More than 3 months up to 1 year 15,548 21,413 1,740,473 340,142 More than 1 year up to 5 years 352,063 89,698 1,725,948 1,448,643 More than 5 years 40,643 7,618 8,254 25,412 Total 855,948 432,560 8,603,118 10,939,163 1) Amounts due in up to 3 months do not include amounts due on demand. The bonds and other fixed- or variable-interest securities are held for liquidity purposes. Bonds and other fixed- or variable-interest securities amounting to € 572.2 million (previous year: € 629.8 million) were reported. Of these, stock-exchange listed securities accounted for € 572.2 million (previous year: € 629.8 million) and unlisted securities accounted for € 0 million (previous year: € 0 million). As of the balance sheet date, premiums amounted to € 0.1 million (previous year: € 0.8 million) and discounts to € 2.2 million (previous year: € 1.1 million). In 2009, bonds and other fixed- or variable-interest securities amounting to € 149.2 million (previous year: € 74.6 million) will mature. Shares and other non-fixed-interest securities Shares and non-fixed interest securities amounted to € 2.6 million (previous year: € 710.0 million). Stockexchange listed securities accounted for € 0 million (previous year: € 707.3 million) and unlisted securities accounted for € 2.6 million (previous year: € 2.7 million). The decline results from the sale of shares in “The Industrial and Commercial Bank of China“ (ICBC), a financial institution listed in Hong Kong. Subordinated assets As of 31 December 2008, subordinated assets amounted to € 60.0 million (previous year: € 60.0 million), consisting of loans and advances to customers amounting to € 60.0 million (previous year: € 60.0 million). These figures do not include interest claims amounting to € 0.1 million (previous year: € 0.1 million). Notes to the Annual Accounts 53 Balance Sheet as at 31 December 2008
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Dresdner Bank Luxembourg S. A. Annu
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Dresdner Bank - Commerzbank International SA

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