Geschäftsbericht 2015, englisch

münchener Hypothekenbank eg | annual report 2015 62 As of the balance sheet date there was no indication that the present value of the Bank’s participations and capital holdings at cooper- atives, 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 € 1,890,324 (thousand) (previous year € 1,562,975 (thousand)) exceeding the present value of € 1,868,108 (thousand) (previous year € 1,536,402 (thousand)). To the extent 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 it is expected to be subject to a permanent impairment we wrote down the book value of one security held as fixed asset to the fair value at the balance sheet date. Trust transactions 31 Dec. 15 € 000 31 Dec. 14 € 000 Assets held in trusts Claims on customers 31 45 Liabilities incurred as trustee Liabilities to banks 31 45 Tangible assets The portion of the total value attributable to the land and buildings used by the Bank is € 59,730 (thousand) (previous year € 60,688 (thousand)), and of plant and office equipment € 1,831 (thousand) (previous year € 1,568 (thousand)). Subordinated assets 31 Dec. 15 € 000 31 Dec. 14 € 000 Bonds and other fixed-income securities 22,400 0 Shares and other non-fixed-income securities 8,070 8,090 other assets The item “Other assets” includes deferred items of € 12,232 (thousand) related to the derivative business, and € 41,817 (thousand) in commissions for mortgage loans that will be paid after the balance sheet date, and, above all, tax claims of € 5,195 (thousand). In addition, this item also includes € 3,683 (thousand) in cash collateral pledged within the framework of the banking levy for 2015. Notes 31 Dec. 15 € 00031 Dec. 14 € 000 Claims on customers 3145 Liabilities to banks 3145 31 Dec. 15 € 00031 Dec. 14 € 000 Bonds and other fixed-income securities 22,4000 Shares and other non-fixed-income securities 8,0708,090

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