Dresdner Bank - Commerzbank International SA

Dresdner Bank Luxembourg S.A. Annual Report 2008
60
Derivative transactions 2008 (in € million)
Liabilities 1)
NV = Nominal Value FV = Fair Value (at year-end)
1) Divergent totals in the tables result from rounding differences.
2 ) Including commodity and precious metal-related OTC transactions.
Provisions for loan losses
Remaining maturity
Interest-related OTC transactions
Interest-rate swaps 0 0 2 0 12 –1 3 0 18 –1
Interest-rate options 0 0 10 0 0 0 0 0 10 0
Futures 0 0 1,078 – 1,271 0 0 0 0 1,078 – 1,271
Subtotal 0 0 1,090 – 1,271 12 –1 3 0 1,105 – 1,272
Currency-related OTC transactions 2)
≤ 3 months
NV FV
> 3 months –1year
NV FV
> 1 – 5 years
NV FV
> 5 years
NV FV
Forward exchange contracts 563 – 14 332 – 28 15 –1 0 0 911 – 43
Currency options 524 – 25 102 –5 0 0 0 0 626 – 31
Subtotal 1,087 – 39 435 – 33 15 –1 0 0 1,538 – 74
Total 1,088 – 40 1,525 – 1,304 27 –2 3 0 2,643 – 1,346
The risk of counterparty default is covered by individual provisions, lump-sum provisions, provisions for
derivatives, the formation of country risk provisions and through risk provisioning on securities posted as
depreciation at the lower of cost or market. In the case of primary financial instruments, the book values
represent the maximum credit risk.
The lump-sum provision was released during the reporting year by € 29.5 million, affecting net income.
A lump-sum provision of € 5.4 million remains.
Other operating expenses and income
Other operating income amounts to € 27.9 million, and essentially results from the releasing provisions
no longer required in the amount of € 26.8 million.
Other operating expenses amount to € 53.7 million and consist mainly of Other claims released from
previous financial years, which emerged as no longer having value, in the amount of € 36.6 million, as
well as other contributions to tax reserves, resulting from the tax group and relating to prior years,
in the amount of € 13.1 million. Additional contributions of € 1.0 million were also made to the deposit
guarantee fund.
Deposit protection and investor compensation system
Since 1990, the bank has been a member of the “Federation for Deposit Protection, Luxembourg” (AGDL).
The purpose of AGDL, based on the Law of 5 April 1993 on the financial sector, as amended by the Act
of 11 June 1997, is the establishment of a system for mutual protection relating to the deposits of natural
Total
NV FV