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ePaper created 2013-04-15, 17:20:51 | version 1.25.7
notes 71 OTHER OBLIGATIONS The irrevocable loan commitments contained in this item consist almost solely of mortgage loan commitments made to customers. It is anticipated that the irrevocable loan commitments will be drawn down. Against the background of the ongoing monitoring of loans, the probable need to create provisions for risks related to the remaining obligations is viewed as minor. Pursuant to Art. 3 (3) of the Restructuring Fund Regulation, a retroactive amount of € 9,851 (thousand) is not shown under other financial liabilities in the balance sheet. OTHER OPERATING EXPENSES This position contains expenses arising from accrued interest effects of € 1,945 (thousand) (previous year € 1,703 (thousand)) for established provisions. For reasons of materiality, expenses of other taxes in the amount of € 96 (thousand) paid during the year under review are included under the item “Other Operating Expenses” for the first time. TAXES ON INCOME AND PROFIT The item “Taxes on Income and Profit” primarily consists of expenses incurred in other periods. OTHER OPERATING INCOME This item includes nonperiod income of € 1,170 (thousand) arising from reversals of provisions. Forward trades AND DERIVATIVES The following derivative transactions were made to hedge swings in interest rates or hedge against exchange rate risks. These figures do not include derivatives embedded in underlying basic transactions stated on the balance sheet. Nominal amounts (in millions of €) Residual term ≤ one year Residual term > one year ≤ five years Residual term > five years Total Fair value at date of record *) neg. (-) Interest-Rate-Related Transactions Interest rate swaps 7,674 21,318 26,320 55,312 -1,695 Interest rate options - Calls 17 56 91 164 11 - Puts 10 85 0 95 0 Other interest rate contracts 0 50 1,288 1,338 -20 Currency-Related Transactions Cross-currency swaps 969 1,292 1,509 3,770 -79 Currency swaps 796 0 0 796 5 *) Valuation methods: Interest rate swaps are valued using the present value method based on the current interest rate curve on the date of record. In doing so the cash flows are discounted using market interest rates appropriate for the related risks and remaining terms to maturity, interest that has been accrued but not yet paid is not taken into consideration. This approach is known as “clean price” valuation. The value of options is calculated using option price models and generally accepted basic assumptions. In general, the particular value of an option is calculated using the price of the underlying value, its volatility, the agreed strike price, a risk-free interest rate, and the remaining term to the expiration date of the option.