Total assets amounted to EUR 871 billion in 2007, an increase of 12% compared to 2006.

Robust business growth was evidenced by a steady increase in both underlying loan volumes and deposits. Underlying loan volumes (excluding securities lending and reverse repurchase agreements) rose by 16%, with commercial loans advancing 25% and residential mortgages 7%. Total customer deposits were up 5% on the 2006 year-end level. Retail customers continued to shift funds away from saving deposits to time deposits, affecting the net margin.

Credit risk-weighted commitments amounted to EUR 249 billion, up 12% in 2007. This increase was driven by strong volume growth, particularly at Merchant & Private Banking. At EUR 21 billion, market risk-weighted commitments were up 13%. Total risk-weighted commitments amounted to EUR 270 billion, up 13% in 2007. Credit risk-weighted commitments were strictly managed during the second half of the year, which resulted in a 3% decrease compared with the level at the end of the first half, despite much more vigorous commercial activity. We took proactive measures to this effect, reducing undrawn credit commitments. In addition, Merchant & Private Banking benefited from EUR 7 billion in relief provided by the conversion of its credit hedge portfolio into single-name credit default swap protections. Further impairments on CDOs also accounted for the reduction of credit risk-weighted commitments in the fourth quarter.