2005 Annual Report Julius Baer Holding Ltd. - GAM Holding AG

Notes
27 Consolidated off-balance-sheet transactions
116 JULIUS BAER GROUP
31.12.2004 31.12.2005 Change Change
Note CHF 1000 CHF 1000 CHF 1000 %
Contingent liabilities
Credit guarantees in the form of obligations
under avals, sureties and guarantees,
including guarantee obligations in the form
of irrevocable letters of credit 383486 633282 249796 65.1
Irrevocable liabilities under documentary letters of credit 641 641
Other contingent liabilities 15000 31250 16250 108.3
Total 398486 665173 266687 66.9
Irrevocable commitments
Unutilized irrevocable commitments to extend credit 27128 30470 3342 12.3
Confirmed credits
Acceptance liabilities 1802 5974 4172 231.5
Amounts already contained in balance sheet.
Derivative financial instruments
Contract volume 28 91300078 89386816 -1913262 -2.1
Fiduciary transactions
Fiduciary deposits 1 4493648 11535708 7042060 156.7
Other fiduciary transactions
(securities lending & borrowing on an agent basis) 13169 2617 -10552 -80.1
Total 4506817 11538325 7031508 156.0
1 Investments which Group companies enter into at banks outside of the consolidated companies for the account of and at the risk of the client
The contingent liabilities comprise, among other things, credit guarantees in the form of obligations under avals, sureties and guarantees,
including guarantee obligations in the form of irrevocable letters of credit, bid and performance bonds, and irrevocable liabilities
under documentary letters of credit.
The irrevocable commitments relate to unutilized irrevocable commitments to extend credit.
Fiduciary transactions consist of investments, credits and participations that the Bank enters into or grants in its own name but for
the account of and at the risk of the client as per written instruction.
In connection with the withdrawal from the US private banking business and the disposal of the residual interest in the institutional
brokerage business, from which the Group withdrew in the 2003 financial year, as well as in connection with the acquisition of
three private banks and the further asset management companies, third parties have been provided with customary indemnification
provisions. These indemnification provisions generally shift the potential risk of certain unquantifiable and unknowable loss contingencies
(e.g. litigations, tax and intellectual property matters) from the acquirer to the seller, as known or quantifiable loss contingencies
generally are reflected in the value of the assets or business sold. To date there have not been any payments arising from
these indemnification provisions and we are not aware of any circumstances giving reasons for any indemnifications.