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Geschäftsbericht 2014, englisch

69notes 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 contingent obligations and other obligations is viewed as minor. Pursuant to Art. 3 (3) of the Restructuring Fund Regulation, a retroactive amount of € 9,006 (thousand) is not shown under other financial liabilities in the balance sheet. OTHER OPERATING EXPENSES This position contains expenses arising from adding interest effects of € 2,835 (thousand) (previous year € 2,162 (thousand)) for established provisions. OTHER OPERATING INCOME This item shows income arising from value-added tax repayments of € 1,879 (thousand). 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 Transaction Interest rate swaps 6,757 17,355 35,232 59,344 -943 Interest rate options - Calls 22 82 61 165 20 - Puts 25 225 143 393 -4 Other interest rate contracts 50 100 2,925 3,075 -347 Currency-Related Transactions Cross-currency swaps 285 1,236 1,565 3,086 -85 Currency swaps 301 0 0 301 0 *) 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. Interest rate swaps 6,75717,35535,23259,344 -943 - Calls 22826116520 - Puts 25225143393 -4 Other interest rate contracts 501002,9253,075 -347 Cross-currency swaps 2851,2361,5653,086 -85 Currency swaps 301003010

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