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ePaper created 2015-04-21, 16:47:46 | version 1.37.0
66 münchener Hypothekenbank eg | annual report 2014notes As of the date of record there was no indication that the present value of the Bank’s participations and capital holdings at coop- eratives, holdings in affiliated companies, as well as the value of shares and other non-fixed-income securities was less than their book values. The item “Bonds and other fixed-income securities” includes securities with a book value of € 1,562,975 (thousand) (previous year € 2,513,457 (thousand)) exceeding the present value of € 1,536,402 (thousand) (previous year € 2,399,838 (thousand)). To the ex- tent that these securities are associated with a swap transaction, they are valued together with the transaction as a single item. Securities held as fixed assets in the business year, and which are not expected to be subject to a permanent impairment in value, are valued in accordance with the moderated lower of cost or market principle. In light of our intention to hold these securities until they mature, we generally assume that market price-related decreases in value will not become effective and that securities will be repaid in full at their nominal value at maturity. As they are expected to be subject to a permanent impairment we wrote down the book value of two securities held as fixed assets to the fair value at the balance sheet date. Trust transactions 31 Dec. 14 € 000 31 Dec. 13 € 000 Assets held in trusts Claims on customers 45 83 Liabilities incurred as trustee Liabilities to banks 45 83 Tangible assets The portion of the total value attributable to the land and buildings used by the Bank is € 60,688 (thousand) (previous year € 61,645 (thousand)), and of plant and office equipment € 1,568 (thousand) (previous year € 1,591 (thousand)). Subordinated assets 31 Dec. 14 € 000 31 Dec. 13 € 000 Shares and other non-fixed-income securities 8,090 8,110 other assets The item “Other assets” includes deferred items of € 16,058 (thousand) related to the derivative business, and € 35,999 (thousand) in commissions for mortgage loans that will be paid after the date of record, and, above all, tax claims of € 12,561 (thousand). 31 Dec. 14 € 00031 Dec. 13 € 000 Claims on customers 4583 Liabilities to banks 4583 31 Dec. 14 € 00031 Dec. 13 € 000 Shares and other non-fixed-income securities 8,0908,110