Dresdner Bank - Commerzbank International SA
Dresdner Bank - Commerzbank International SA
Dresdner Bank - Commerzbank International SA
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<strong>Dresdner</strong> <strong>Bank</strong> Luxembourg S.A. Annual Report 2008<br />
54<br />
Assets pledged as collateral<br />
Due to an exemption from the guarantee deposit obligation, a collateral deposit reported under ‘Other<br />
assets’ in the amount of €12,400 was repaid by the stock exchange in Luxembourg.<br />
Value of amounts denominated in foreign currency<br />
As at 31 December 2008, the value of assets denominated in foreign currencies amounted to € 2,485.1<br />
million (previous year: € 3,102.6 million); liabilities denominated in foreign currencies amounted to<br />
€ 2,476.7 million (previous year: € 2,971.2 million). These figures do not include precious metal assets<br />
amounting to € 27.6 million (previous year: € 19.4 million) on the asset side and € 27.6 million (previous<br />
year: € 19.4 million) on the liabilities side.<br />
Participating interests and shares in affiliated undertakings<br />
Participating interests and shares in affiliated undertakings were held in unlisted companies in the amount<br />
of € 96.4 million (previous year: € 100.0 million). Listed companies were not included in the portfolio.<br />
<strong>Dresdner</strong> <strong>Bank</strong> Luxembourg S.A. held shares in affiliated credit institutions (Veer Palthe Voûte N.V. (VPV)<br />
and <strong>Dresdner</strong> <strong>Bank</strong> Monaco <strong>SA</strong>M) in the amount of € 31.8 million (previous year: € 36.8 million).<br />
The bank holds 100% of the affiliated company LUFRA Beteiligungs-Holding AG, Zurich.<br />
During the financial year, the merger of both fully-owned Belgian subsidiaries, Van Moer, Santerre & Cie.<br />
and Damien Courtens & Cie, into <strong>Dresdner</strong> Van Moer Courtens S.A. was completed. In this context, the<br />
investment book valued was increased by € 7.2 million, through the payment of an agreed second tranche<br />
to the previous owners.<br />
The bank held a minimum of 20% of the capital in the following participating interests and affiliated companies<br />
of a substantial size (see table):<br />
Participating interests and shares in affiliated undertakings<br />
Book value Stake Equity Result<br />
Name and domicile 31.12.08 31.12.07 31.12.08 31.12.07 31.12.08 31.12.07 31.12.08 31.12.07<br />
of participating interest in € thousand in % in € thousand in € thousand<br />
LUFRA Beteiligungs-Holding AG, Zurich 7,186 12,847 100.0 100.0 16,162 13,971 115,967 17,920<br />
<strong>Dresdner</strong> <strong>Bank</strong> Monaco <strong>SA</strong>M 15,000 20,000 100.0 100.0 16,882 18,790 – 2,200 – 1,908<br />
<strong>Dresdner</strong> Veer Palthe Voûte N.V., Gouda 16,766 16,766 100.0 100.0 42,862 32,546 4,585 15,316<br />
<strong>Dresdner</strong> Van Moer Courtens S.A. 57,192 49,959 100.0 100.0 46,771 47,221 – 1,859 – 449
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