14th Jun 2010 09:06
Financial statements
Crèdit Andorrà Group
For the last two years, the international economic and financial situation has been characterised by great volatility and uncertainty. However, at the end of 2009, the figures seem to suggest the deterioration in the economy is coming to an end. Indicators point to a push by the economies of emerging countries and a certain stabilisation of the leading world economies, specifically the United States, Japan and the European Union. Nonetheless, there are still risk factors, such as the financial crisis, property prices and high unemployment, which will have to be monitored very closely.
In the second quarter of 2009, developed economies started to come out of the recession with moderate rates of growth and the forecasts given by the OECD for 2010 are for slightly positive growth. This is predicted to be 0.9% in the Euro area as a whole and 2.5% for the United States, with more significant growth being estimated for the emerging economies known as the "BRIC", around 9.9%. In general terms, the world economy is expected to grow by 4% in 2010, with a slow but sustained recovery for developed countries and strong growth for emerging countries, which will boost the economies in the rest of the world.
The Andorran economy has also been affected by the general slowdown and its traditional pillars, namely the financial sector, retail, tourism and construction have all slumped, with key indicators showing a clear downward trend.
One institutionally significant event has been Andorra's adaptation to the international standards required by the OECD in terms of the transparency and exchange of information for tax purposes. This process has culminated in the approval of the classified Act on information exchange for tax purposes, with prior request and with the signing of more than a dozen bilateral agreements so that we can join the group of cooperating countries. Consequently, the Andorran banking sector is now in line with the rearrangement of the international financial system, albeit still maintaining a high degree of confidentiality in customer relations.
The consolidated balance sheet for the Crèdit Andorrà Group as at December 31, 2009 places total business volumen at 12,285 million euros, a rise of 569 million euros and 4.9% more than the previous year. Total assets under management stand at 9,254 million euros, 5% up on the previous year, of note being the change in trend in the transfer of deposits to off-balance-sheet assets.
Although the granting of loans has slowed up significantly due to the fall in demand for consumer credit and because a more conservative policy has been applied in assessing risk, credit investment still rose in 2009 by 4.38%, mainly thanks to the performance of mortgage-backed loans and credit to the public sector, totalling 3,030 million euros.
The total operating income for the Crèdit Andorrà Group was 164.44 million euros, 10.27% down on last year, and the net profit from operations, at 72.67 million euros, was 19.28% less than in 2008. Thanks to rationalisation and stricter cost control we have managed to maintain an excellent efficiency ratio of 31.36%. All these effects overall have led to a consolidated net profit for the Crèdit Andorrà Group of 76.65 million euros, after having applied a prudent and conservative policy of provisions.
Crèdit Andorrà has always been characterised by is strength in terms of both capital and liquidity. Our solvency and liquidity ratios, 23.45% and 71.06% respectively, continue to be far above the legal minimums established, these being 10% and 40%. We should also note that we have managed to maintain our market share in terms of Business volume in spite of the strong competition.
Given the situation we are experiencing in the market, in 2009 we have implemented a plan to improve the Group's overall efficiency. This contains three broad objectives. The first is to protect our entity's profits, while the second is to boost the Group's sustainability. Here we should point out that we have improved the value we offer our customers by aiming our management at preserving capital and improving returns. We have started up a new management IT system to help us create new international projects and adapt the organisation to the constant Financial innovation required by our business with efficiency and security. Lastly, the third objective is to develop engines of growth by pushing the Crèdit Andorrà Group's internationalisation project.
Regarding the objectives of the 2007-2010 Strategic Plan, we have continued to make progress with our International expansion plan and with carrying out projects that generate value for the Crèdit Andorrà Group.
With regard to our expansion in Latin America, and specifically our consolidation in Panama, the Group has taken a significant step forward by creating Crèdit Andorrà Panamá Securities, a firm that will provide brokerage and consultancy services in financial markets.
In Europe, we have strengthened our asset management by moving the funds of Crèdit Andorrà to our collective investment companies in Luxembourg (Crediinvest Sicav and Investcredit Sicav) in order to distribute the funds internationally. And through the insurance holding ERM, our Group has continued to expand in Spain by opening three new branches in Tarragona, Palma de Mallorca and Seville, adding to a commercial network that had previously covered Barcelona and Girona.
Our organisation wishes to bring our activities in line with the best international practices and standards and we have achieved significant recognition in this area.
Firstly, Fitch Ratings has maintained its classification for our entities for another year, with a long-term rating of "A", a short-term rating of "F1", a "B" individual rating and a support "4" rating, with a stable outlook. This is particularly relevant given the current state of the international financial system. According to Fitch, these ratings continue to be "a reflection of the leading position of entities in the Andorran market, of conservative management and solid profitability" and they confirm "the healthy quality of the bank's assets, its significant liquidity and Sorong capitalisation".
On the other hand, we have also renewed our two international certificates, ISO 9001:2008 for Crediinvest, the Group's fund investment manager, and for the bank's departments of Treasury and Capital Markets and Market Administration and Control. And, for the first time, 2009 also saw this certification for Valira Capital Asset Management, our fund manager located in Madrid.
Lastly, we should also point out that Crèdit Andorrà has started internal operations to adapt the organisation to the European standards in terms of investor protection and information related to investment services, as established by the EU Markets in Financial Instruments Directive (MiFID).
In the area of Social Responsibility, our Group works to integrate the concerns and expectations of society as a strategic value, presenting quality services and acting responsibly towards society and the environment. In 2009, the Group's overall investment, channelled fundamentally through the Crèdit Andorrà Foundation, accounted for 1.97% of the profits. 24% was allocated to education, 37% to culture, 20% to social programmes, 5% to cooperation with economic development and 14% to environmental initiatives.
Our leading position in Andorra's financial sector and our desire to be competitive internationally has led us to grow while maintaining our solvency and to diversify our business with the utmost professional discipline. Every day we will continue striving to improve our customer relations and thereby contribute towards the economic and social development of the communities in which we operate. In order to achieve all this, we have what is most important: a solid mission for the future, a great team of professionals and the trust and confidence of our shareholders and customers.
The Board of Directors
Identity of the Bank and its activities
Crèdit Andorrà SA (hereinafter the Bank), authorised in 1949, is a limited company engaged in banking activities which it carries out as a commercial bank and as a private bank, and is subject to the rules and regulations governing financial institutions operating in Andorra.
The Bank's registered offices are at Avinguda Meritxell, 80, Andorra la Vella, Principality of Andorra.
Crèdit Andorrà SA is the parent company in the Group and, together with its subsidiaries, form part of the Crèdit Andorrà SA Group (hereinafter the Group).
Legal Form
The Bank was registered as a bank in the Principality of Andorra on 29th December, 1949. It is a limited liability company under Andorran law registered for an indefinite term by the Departament of Comerç of the Andorran Ministry of Economy, under number 1673 - Book B-I - page 70.
Shareholders
Pintat Mas Family 22,23%
Employees of Crèdit Andorrà 21,00%
Maria Reig i Moles 20,00%
Pintat Santolària Family 12,05%
Casal Vall Family 8,56%
Casal Mor Family 7,79%
Other Andorran families (less than 3%) 8,37%
Statutory Auditors
The auditors of the bank are KPMG (Barcelona). Auditors have not resigned, been removed or re-appointed during the period covered by the historical financial information contained herein.
Risk control and Management
The management and control of risk has always been a priority objective of Crèdit Andorrà SA and, with this in mind, we have developed the necessary infrastructure, internal methods and controls.
Policy and limits on risks are established and supervised by a committee called the Assets, Liabilities and Risks Committee (with functions equivalent to those of ALMCO, Assets and Liabilities Management Committee). Among other functions, this committee approves risk policies affecting the management of assets and liabilities of the entity and management mandates. The committee also sets and revises the limits of balancing entries with banks and supranational entities and/or private entities. With the aim of avoiding a concentration of risk, it also establishes limits for issuers of financial instruments, whether within or outside the Crèdit Andorrà SA balance sheets.
All steps taken by this committee bear in mind the rules of ANIF, the Andorran national body that regulates, controls and supervises the country's financial activity and new regulatory trends, in compliance with the directives of the New Basle Capital Accord, which emphasises increasing sensitivity towards risk and risk management.
For some years, and without putting aside conventional methods of risk control, Crèdit Andorrà SA has applied Value-at-Risk (VaR) methodology to all areas of risk management. By means of statistical and stochastic techniques, VaR provides a measurement of risk. Formally, VaR is a synthetic figure that indicates the potential maximum loss for a specific interval of confidence in the value of a portfolio over a fixed time span.
Management of market risk
The market VaR is calculated daily for a timescale of one day and with a confidence interval of 95% for portfolios of the entity as a whole. A detailed report indicating the VaR, with various timescales and confidence intervals, is periodically sent to members of the Executive Committee and the Assets, Liabilities and Risks Committee. These VaR measurements, along with others, provide a test of integrity and consistency. During this period, the average daily VaR for share portfolios, calculated with a 95% interval of confidence and a timescale of one day, was 58.6 thousand euros, with a maximum and minimum of 147.6 thousand euros and 18.1 thousand euros respectively, compared with the authorised risk limit of 200 thousand euros.
For the securities portfolios as a whole, the average daily VaR, calculated at a 95% level of confidence, was 3,505.8 thousand euros, with a maximum and minimum of 6,449.4 thousand euros and 974.7 thousand euros respectively, compared with the authorised risk limit of 6,000 thousand euros.
An analysis of this report is supported by Backtesting tests. In 2009, Backtesting tests showed that both gains and losses were more voluble than expected statistically, due to the situations of high stress occurring in the financial markets. The daily VaR for the share portfolios as a whole, with a 95% level of confidence, was consequently exceeded by 6.9% of all cases throughout 2009, compared with the expected 5%. For investment portfolios as a whole, the daily VaR, with a 95% level of confidence, was exceeded by 3.8% of all cases throughout the year.
Management of credit risk
At the end of 2009, of the total exposure to credit risk, interbank deposits accounted for 13.0%, the securities portfolio 25.7% while customer loans accounted for the remaining 61.4%.
With regard to interbank deposits and the securities portfolio, Crèdit Andorrà SA also introduced the loan VaR as a management and control tool. This is calculated by applying the so-called "CreditManager", programme developed by J.P. Morgan. Crèdit Andorrà SA follows the loan VaR with a timescale of one year and a confidence level of 99%.
At year-end, the loan VaR for the securities portfolio and interbank deposits was 13,239.1 thousand euros out of a total risk exposure of 1,592,304.2 thousand euros. This loan VaR is below the risk limit of 22,000 thousand euros set by the Assets, Liabilities and Risks Committee. In other words, this loan VaR level would be equivalent to having a portfolio with an average rating of AA.
Under credit risk, special attention is given to balancing-entry risk and country risk. These risks are regularly monitored, always keeping within established limits.
Management of interest rate and foreign currency risk
Crèdit Andorrà SA has traditionally paid particular attention to maintaining a very strict relation between investment and how it is financed. For this reason, the Assets, Liabilities and Risks Committee has not set any ordinary limit for the establishment of open positions and therefore any gap not in keeping with the normal development of daily operations must have prior authorisation.
Exposure to interest rate risk as a consequence of gaps between investment and financing is very limited. In fact, at the end of 2009, a displacement parallel to the interest rate curve of all currencies of 1% would have had an impact of less than 0.5% of shareholder equity.
Liquidity risk, understood as that risk arising from any difficulty the entity may have in meeting its payments or in obtaining funds for that purpose is handled through specific management tools. The daily monitoring of this has been one of the entity's priorities.
Foreign currency risk is also subject to daily monitoring, both with regard to at-sight transactions and those at term. At year-end, the open position in foreign currency risk, consolidated in euros, amounted to 1,083.6 thousand euros, as against the established limit of 5 million euros.
Management of operational risk
The Basle Committee defined operational risk as the risk of direct and indirect loss caused by errors or omissions in processes, by persons and internal systems or by outside events.
Crèdit Andorrà SA continues to develop the organizational structure and to establish the capacities needed to ensure adaptation to the Basle Capital Accord insofar as it refers to the measurement and management of operational risk.
Compliance with regulations
Act governing the solvency and liquidity criteria of financial entibies
At its session held on February 29, 1996, the General Council of the Principality of Andorra passed the Act governing the solvency and liquidity criteria of financial entities (hereinafter "the Act").
In accordance with this Act, the Group must maintain an ordered financial structure to ensure its capacity to meet its obligations. This capacity can be observed essentially from a dual perspective: on the one hand, by quantifying the sufficiency of its equity (solvency ratio); on the other, by means of a suitable period of time between the maturities of obligations and the availability of investments (liquidity ratio). The Crèdit Andorrà Group must maintain specific ratios with regard to quantitative measurement of the amounts of assets, liabilities and certain off-balance-sheet records calculated under accounting criteria, as well as qualitative options on the various components, valuation of risk and other factors.
This Act makes it obligatory to maintain a solvency ratio, made up according to the recommendations of the "Basel Committee on Banking Supervision", with a minimum of 10% of the weighted risk of assets. It also obliges financial entities to maintain a minimum liquidity ratio of 40%.
The requirements regarding minimum equity are calculated according to the Group's exposure to credit risk (depending on the assets, commitments and other off-balance-sheet records with this risk, in terms of their amounts, characteristics, counterparts, guarantees, etc.), to counterpart risk and the position and liquidation of the trading portfolio, to exchange risk and the position in gold (according to the overall net position in currency and net position in gold) and to commodity risk.
Below are details of the adjusted consolidated equity as at December 31, 2009 and 2008 and the corresponding solvency and liquidity ratios in comparison with the aforementioned legal requirements:
|
|
|
31.12.2009 |
|
31.12.2008 |
|
|
|
|
|
|
|
Capital and reserves |
|
434,348 |
|
534,834 |
|
Preferred shares |
|
150,000 |
|
150,000 |
|
Provision for general banking risks |
|
40,855 |
|
33,844 |
|
Intangible assets |
|
- 21,582 |
|
- 133,680 |
|
|
|
|
|
|
|
Tier1 |
|
603,621 |
|
584,998 |
|
|
|
|
|
|
|
Revaluation reserve |
|
115,562 |
|
115,562 |
|
General provision loan investment banks |
2,519 |
|
7,754 |
|
|
|
|
|
|
|
|
Tier2 |
|
118,081 |
|
123,316 |
|
|
|
|
|
|
|
Total adjusted equity |
|
721,702 |
|
708,314 |
|
|
|
|
|
|
|
Risk-adjusted assets |
|
3,077,755 |
|
3,477,461 |
|
|
|
|
|
|
|
Tier 1 (%) |
|
19,61% |
|
16,82% |
|
Tier 2 (%) |
|
3,84% |
|
3,55% |
|
Solvency ratio (%) |
|
23,45% |
|
20,37% |
|
|
|
Bank's current ratio |
|
Legal minimum ratio |
|
|
2009 |
|
2008 |
|
|
Solvency ratio |
23,45% |
|
20,37% |
10% |
|
Liquidity ratio |
71,06% |
|
70,08% |
40% |
It should be noted that the calculation of the solvency ratio is carried out according to ANIF Memorandum no. 159/04 on Equity Requirements. This memorandum, which is technically binding, complements the Act governing the solvency and liquidity criteria of financial entities of February 29, 1996, and is designed to foster greater security and stability in the Andorran financial system by incorporating the hedging of market risks.
The Act also limits the concentration of risks in favour of any one beneficiary to 20% of the Bank's equity. It also establishes that the concentration of risks that individual exceeds 5% of equity cannot go beyond the limit of 400% of this equity. Similarly, the balances or transactions maintained with members of the Board of Directors cannot be above 15% of equity.
In 2009, the Bank met the requirements set out in this Act. The highest concentration of risk in favour of any single beneficiary was 16.7% of the Bank's equity. Total loans, discounts and other transactions creating individual credit risk in excess of 5% of the Bank's equity did not go above 56.20%.
Act on international cooperation on crime and the fight against money or security
laundering arising from international crime
On July 24, 2001, the current Act on international cooperation on crime and the fight against money and security laundering arising from international crime came into force, replacing the previous Act protecting bank secrecy and preventing money or security laundering resulting from international crime, of 1995.
In compliance with this Act, the Bank has established a number of internal control and reporting procederes aimed at protecting bank secrecy and at foreseeing and preventing money laundering operations and the financing of terrorism. Specific training programmes have been carried out in this area.
At its session on December 11, 2008, the General Council of the Principality of Andorra passed the Act amending the Act on international cooperation on crime and the fight against money and security laundering arising from international crime. This amendment of Andorran legislation against laundering and against the financing of terrorism updates the previous Act, adapting it to international standards in this area and harmonizing it with the equivalent laws in Europe.
Act to Apply the Agreement between the Principality of Andorra and the European Union
on taxation of returns on savings in the form of interest payments
At its session held on February 21, 2005, the General Council of the Principality of Andorra ratified the Agreement between the Principality of Andorra and the European Union on the establishment of measures equivalent to those provided for in Directive 2003/48/EC of the European Council on taxation of savings income in the form of interest payments. Also, at its session on June 13, 2005, it passed the Act to apply the abovementioned Agreement.
During last year, Crèdit Andorrà SA, in its role as payment agent, fulfilled all the obligations set out in
the Agreement and the Act dealing with its application and duly paid the amount withheld as established in the abovementioned legislation.
Act 10/2008, of June 12, governing mutual funds under Andorran law
On June 12, 2008, the General Council of the Principality of Andorra passed the Act governing mutual funds under Andorran law in order to establish criteria of transparency to ensure investors have enough information, as well as to establish the liabilities and obligations of entities involved in their management, deposit, administration and distribution and in all complementary services.
All mutual funds and entities to which the aforementioned Act applies had a period of one year from this Act coming into force, on July 16, 2008, to carry out the necessary adaptations and to apply for the corresponding ANIF registration of mutual funds under Andorran law or foreign mutual funds when managed or distributed in Andorra within the corresponding category and to enclose the documents required by this Act.
All collective investment undertakings managed by the Group and to which this Act applies were adapted within the time and in the manner established. For its part, the Bank has started the necessary processes to ensure compliance with the obligations established by this Act for depositories.
Significant events following year-end
On January 22, 2010, Spain's National Securities Commission passed the modification to the programme of activities of Valira Capital Asset Management, SGIIC SA.
Other matters of interest
Crèdit Andorrà SA established the Fundació Crèdit Andorrà SA, registered in the Principality of Andorra on December 15, 1987, for an indefinite period of time. The Foundation has its own legal identity, is of Andorran nationality and of a private nature.
With the coming into force of the new Act 11/2008, of June 12, on foundations, its articles of association have been adapted, as well as reordering its equity and registering with the Foundation Register.
This Foundation, which is a non-profit organization, aims to contribute to improving the quality of economic, cultural and social life in Andorra by taking on, programming, funding and carrying out specific goals. Among these goals, of particular note is the granting of study scholarships to those who deserve them in order to help them get the best possible education in whatever areas that may have an influence on the bettering of the economic, scientific, educational, cultural and services structure of the country.
In 2009, and always with the aim of adapting its work to the needs of the country, the activities carried out by the Fundació Crèdit Andorrà focused on three major areas. These included its social programmes, particularly those aimed at the elderly and organisations dealing with the disabled. Another key area was education, particularly granting scholarships, as well as cultural activities, dealing with pedagogical aspects and all those areas directly related to the country, its history and its natural environment.
As a result of the international financial and economic crisis starting in 2008, and with the clear desire to progress in terms of transparency related to financial activity, on September 7, 2009 the General Council of the Principality of Andorra passed Act 3/2009 on the exchange of information on fiscal matters with prior request, which contains the principles of the OECD Model Agreement on Exchange of Information in Tax Matters.
In February 2010, Andorra signed bilateral agreements with Austria, Liechtenstein, Monaco, San Marino, France, Belgium, Argentina, the Netherlands, Portugal, Spain, Denmark, Finland, Norway, Sweden, Iceland, Pharaoh Islands and Greenland (17 in total).
With these agreements signed, the Andorran state achieves the minimum 12 required to comply with the rules established by the OECD and joins the list of states cooperating in exchanging information on tax matters.
Management
Board of Directors
|
Chairman |
Antoni Pintat Santolària |
|
Vice-chairman |
Jaume Casal Mor |
|
Chief Executive Officer/Secretary |
Josep Peralba Duró |
|
Board member |
Rosa Pintat Santolària |
|
Board member |
Maria Reig Moles |
|
Board member |
Josep Vidal Martí |
|
|
|
Executive committee members at dec.31.2009
|
Mr. Josep PERALBA DURÓ |
Chief Executive Officer and General Manager |
|
Mr. Xavier CORNELLA GRAU |
Corporate Deputy General Manager |
|
Mr. Xavier CORNELLA CASTEL |
Business Deputy General Manager |
|
Mr. David BETBESÉ ALEIX |
Private Banking Division Director |
|
Mr. Josep BRUNET NIU |
Insurance Group Director |
|
Mr. Jordi CINCA MATEOS |
Commercial Banking Division Director |
|
Mr. José Luís DORADO OCAÑA |
Financial Division Director |
|
Mr. Agustí GARCIA PUIG |
General Secretary to the C.E.O. |
|
Mr. Frederic GINÉ DIUMENGE |
Loans Division Director |
|
Mr. Ramon LLADÓS BERNAUS |
Resources Division Director |
|
Mr. Josep Lluis GRASA JORDANA |
Accounting,Reporting and Corporate Risk Control Director |
Share capital
Share capital is represented by 790,000 "A" series shares and 210,000 "E" series shares, each of 70 euros, fully subscribed and paid up. Both series have the same economic and policy-making rights, the latter being syndicated.
Legal reserve
In compliance with the Act governing companies passed by the General Council on October 18, 2007, a legal reserve must be established of a minimum of 10% of the profit until 20% of the share capital has been reached. At 31 December, 2009, the Bank had this reserve totally set up.
Guarantee reserve
In accordance with Andorran legislation passed in 1995, Crèdit Andorrà SA has established a guarantee reserve for deposits and other operational obligations of 33,063 thousand euros (2008: 33,063 thousand euros). This reserve cannot be distributed.
Revaluation reserve
This reserve corresponds to two revaluations:
The first, totalling 13,934 thousand euros, corresponds to revaluations of buildings for own use of property acquired or built before December 31, 1989.
The second, totalling 101,628 thousand euros, corresponds to the revaluation authorised by the ANIF on June 12, 2008 of the land, building work and installations of working and non-working fixed assets.
Consolidation reserves
The consolidation reserves correspond to accrued profits in previous years by Group companies forming part of the consolidation perimeter from the date of their acquisition or constitution up to December 31, 2009 that have not been distributed as dividends.
Subordinated liabilities
On October 26, 2005, the ANIF Board of Governors agreed to authorise the issue of preference shares by Crèdit Andorrà SA Preference Ltd., to be accounted for as Tier 1 type regulatory capital of the Crèdit Andorrà SA Group.
In accordance with this ANIF authorization, on December 22, 2005 Crèdit Andorrà Preference Ltd. carried out an issue of 100 million euros in preference shares, without voting rights and with a specified annual dividend of 5% in the first three years following issue and then variable annually with reference to the CMS 10-year rate plus 30 basis points, with a maximum of 8%, adjusted for the number of days during the year when the CMS 10-year rate is equal to or higher than the CMS 2-year rate.
On January 25, 2006, the ANIF Board of Governors agreed to authorize an increase in the preference share issue by Crèdit Andorrà Preference Ltd. amounting to an additional 50 million euros, given that the other components of the equity of Crèdit Andorrà SA continued to account for around 70% of the Group's total shareholder equity. These preference shares are identical in nature to those of the first issue.
Crèdit Andorrà Preference Ltd. is a wholly-owned subsidiary of Crèdit Andorrà SA and the issue mentioned has the joint and several and irrevocable guarantee of Crèdit Andorrà SA, as indicated in the corresponding information folder for the issue.
This issue of a perpetual nature was fully taken up by third parties outside the Group and may be fully written off should the issuing company so decide, and with authorisation from the ANIF, after a period of six years following its being paid up.
The variable coupon paid in the period from December 22, 2008 to December 22, 2009 was 4.08%.
This year, Fitch Ratings has renewed the A- rating for this preference share issue.
Provision for general banking risks
The Group makes provision for general banking risks corresponding to funds allocated by the Bank for reasons of prudence, given the risks inherent in its banking activity.
English translation
These consolidated financial statements are a free translation of the consolidated financial statements originally issued in Catalan. In the event of a discrepancy, the Catalan language version prevails. These consolidated financial statements are presented in conformity with the accounting principles and valuation criteria established by the Accounting Plan of the Andorran Financial System. Certain accounting practices applied by the Group that conform with the Accounting Plan of the Andorran Financial System may not conform with generally accepted accounting principles in other countries.
Consolidated balance sheets at 31 December 2009 and 2008
|
Crèdit Andorrà Group |
|
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Euros (thousands) |
|
|
ASSETS |
|
|
|
2009 |
|
2008 (*) |
|
|
|
|
|
|
|
|
|
Cash and deposits with OECD central banks |
|
29,925 |
|
31,496 |
||
|
|
|
|
|
|
|
|
|
Deposits with Andorran National Institute of Finance (ANIF) |
46,245 |
|
46,245 |
|||
|
|
|
|
|
|
|
|
|
Financial intermediaries |
|
|
589,974 |
|
1,677,766 |
|
|
Financial intermediaries at sight |
|
|
88,669 |
|
134,706 |
|
|
Due from banks on time deposit |
|
|
503,824 |
|
1,550,814 |
|
|
Provision for insolvencies |
|
|
-2,519 |
|
-7,754 |
|
|
|
|
|
|
|
|
|
|
Loan investments |
|
|
3,002,649 |
|
2,882,289 |
|
|
Customer loans and credits |
|
|
2,856,473 |
|
2,694,799 |
|
|
Overdrafts on customer accounts |
|
147,31 |
|
178,391 |
||
|
Bills discounted |
|
|
|
26,380 |
|
29,598 |
|
Provision for insolvencies |
|
|
-27,514 |
|
-20,499 |
|
|
|
|
|
|
|
|
|
|
Securities portfolio |
|
|
1,330,832 |
|
888,364 |
|
|
Bonds and other fixed-income securities |
|
1,259,159 |
|
816,360 |
||
|
Provision for insolvencies |
|
|
-1,302 |
|
-2,654 |
|
|
Provision for market fluctuations |
|
|
-5 |
|
- |
|
|
|
|
|
|
|
|
|
|
Investments in Group companies |
|
27,308 |
|
22,118 |
||
|
Other investments |
|
|
23,247 |
|
24,827 |
|
|
Provision for market fluctuations |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Shares and other equity securities |
|
14,844 |
|
14,844 |
||
|
Provision for market fluctuations |
|
|
-2,109 |
|
-2,143 |
|
|
|
|
|
|
|
|
|
|
Investment funds |
|
|
|
9,690 |
|
15,012 |
|
|
|
|
|
|
|
|
|
Intangible assets and expenses to be amortized |
21,582 |
|
133,679 |
|||
|
Goodwill |
|
|
|
- |
|
195,668 |
|
Intangible assets and expenses to be written off |
62,417 |
|
52,225 |
|||
|
Accumulated depreciation |
|
|
-40,835 |
|
-114,214 |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
278,773 |
|
247,229 |
|
Fixed assets |
|
|
|
401,057 |
|
360,154 |
|
Accumulated depreciation |
|
|
-121,999 |
|
-112,925 |
|
|
Provision for depreciation |
|
|
-285 |
|
- |
|
|
|
|
|
|
|
|
|
|
Accrued income and prepaid expenses |
|
29,487 |
|
69,389 |
||
|
Accrued income |
|
|
|
28,749 |
|
62,129 |
|
Prepaid expenses |
|
|
738 |
|
7,260 |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
33,613 |
|
41,523 |
|
Operations in course |
|
|
30,056 |
|
37,430 |
|
|
Stock |
|
|
|
344 |
|
583 |
|
Options purchased |
|
|
3,213 |
|
3,510 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
5,363,080 |
|
6,017,980 |
|
(*) Shown solely for purposes of comparison. |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euros (thousands) |
|
|
LIABILITIES |
|
|
|
2009 |
|
2008 (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Andorran National Institute of Finance (ANIF) |
|
58,614 |
|
61,020 |
||
|
|
|
|
|
|
|
|
|
Creditors |
|
|
|
4,411,907 |
|
4,885,100 |
|
Banks and lending institutions |
|
|
38,158 |
|
5,633 |
|
|
Customer deposits |
|
|
4,373,749 |
|
4,879,467 |
|
|
|
|
|
|
|
|
|
|
Bonds issued |
|
|
|
72,206 |
|
83,504 |
|
|
|
|
|
|
|
|
|
Provision for risks and contingencies |
|
2,707 |
|
2,742 |
||
|
Provision for pensions and similar obligations |
|
- |
|
- |
||
|
Provision for contingent liabilities |
|
308 |
|
392 |
||
|
Other provisions |
|
|
|
2,399 |
|
2,350 |
|
|
|
|
|
|
|
|
|
Provision for general banking risks |
|
40,855 |
|
53,281 |
||
|
|
|
|
|
|
|
|
|
Subordinated liabilities |
|
|
150,000 |
|
150,000 |
|
|
|
|
|
|
|
|
|
|
Accrual accounts |
|
|
15,582 |
|
52,268 |
|
|
Accrued expenses |
|
|
13,375 |
|
51,165 |
|
|
Deferred income |
|
|
|
2,207 |
|
1,103 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
|
25,594 |
|
43,869 |
|
Operations in course |
|
|
11,235 |
|
26,549 |
|
|
Options issued |
|
|
|
2,124 |
|
2,498 |
|
Suppliers and other creditors |
|
|
12,235 |
|
14,822 |
|
|
|
|
|
|
|
|
|
|
Minority interest |
|
|
|
705 |
|
801 |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
70,000 |
|
70,000 |
|
|
|
|
|
|
|
|
|
Reserves |
|
|
|
473,255 |
|
565,390 |
|
Legal reserve |
|
|
|
14,000 |
|
7,000 |
|
Guarantee reserve |
|
|
33,063 |
|
33,063 |
|
|
Voluntary reserve |
|
|
|
273,164 |
|
377,850 |
|
Revaluation reserve |
|
|
115,562 |
|
115,562 |
|
|
Consolidation reserve |
|
|
37,466 |
|
31,915 |
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
41,655 |
|
50,005 |
|
Income for year |
|
|
|
76,655 |
|
85,005 |
|
Income from previous years awaiting allocation |
- |
|
- |
|||
|
Dividends paid out in advance |
|
|
-35,000 |
|
-35,000 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
5,363,080 |
|
6,017,980 |
|
(*) Shown solely for purposes of comparison. |
|
|
|
|
||
Related Shares:
Credit And. A