The components of Due to customers are as follows:
 Download XLS |
|
|
|
|
General (incl. |
|
|
|
Banking |
Insurance |
eliminations) |
Total |
|
31 December 2007 |
|
|
|
|
|
Demand deposits |
87,191 |
|
(3,344) |
83,847 |
|
Saving deposits |
50,795 |
|
|
50,795 |
|
Time deposits |
79,245 |
|
(1,677) |
77,568 |
|
Other deposits |
301 |
11 |
|
312 |
|
Total deposits |
217,532 |
11 |
(5,021) |
212,522 |
|
|
|
|
|
|
|
Repurchase agreements |
41,857 |
|
|
41,857 |
|
5,425 |
|
|
5,425 | |
|
Other borrowings |
2,320 |
5 |
(40) |
2,285 |
|
Funds held under reinsurance agreements |
|
154 |
|
154 |
|
Held at fair value through profit or loss |
30 |
|
|
30 |
|
Fair value hedge adjustments from hedge accounting |
|
|
25 |
25 |
|
Total due to customers |
267,164 |
170 |
(5,036) |
262,298 |
|
|
|
|
|
|
|
31 December 2006 |
|
|
|
|
|
Demand deposits |
76,127 |
|
(3,155) |
72,972 |
|
Saving deposits |
55,720 |
1 |
|
55,721 |
|
Time deposits |
74,770 |
49 |
(2,826) |
71,993 |
|
Other deposits |
229 |
7 |
|
236 |
|
Total deposits |
206,846 |
57 |
(5,981) |
200,922 |
|
|
|
|
|
|
|
Repurchase agreements |
48,391 |
|
|
48,391 |
|
Securities lending transactions |
4,271 |
|
|
4,271 |
|
Other borrowings |
504 |
4 |
(42) |
466 |
|
Funds held under reinsurance agreements |
|
133 |
|
133 |
|
Held at fair value through profit or loss |
44 |
|
(2) |
42 |
|
Fair value hedge adjustments from hedge accounting |
|
|
|
|
|
Total due to customers |
260,056 |
194 |
(6,025) |
254,225 |
|
|
|
|
|
|
|
31 December 2005 |
|
|
|
|
|
Demand deposits |
73,477 |
|
(7,965) |
65,512 |
|
Saving deposits |
58,051 |
1 |
|
58,052 |
|
Time deposits |
60,209 |
6 |
(2,919) |
57,296 |
|
Other deposits |
648 |
9 |
|
657 |
|
Total deposits |
192,385 |
16 |
(10,884) |
181,517 |
|
|
|
|
|
|
|
Repurchase agreements |
67,364 |
|
|
67,364 |
|
Securities lending transactions |
2,271 |
|
|
2,271 |
|
Other borrowings |
494 |
3 |
(44) |
453 |
|
Funds held under reinsurance agreements |
|
213 |
|
213 |
|
Held at fair value through profit or loss |
771 |
|
14 |
785 |
|
Fair value hedge adjustments from hedge accounting |
|
|
|
|
|
Total due to customers |
263,285 |
232 |
(10,914) |
252,603 |
The average balance of Due to customers amounted to EUR 264,199 million in 2007 (2006: EUR 266,338 million; 2005: EUR 234,210 million). The average yield was 4.0% in 2007 (2006: 3.4%; 2005: 3.0%).
Fortis has pledged certain assets (i.e. investments and trading assets) for EUR 63,835 million (2006: EUR 46,361 million) against Due to customers outstandings.
Fortis has designated financial liabilities classified in Due to customers held at fair value through profit or loss. In accordance with the defined investment strategies, financial assets and financial liabilities, including derivatives, are aggregated in specific portfolios. These portfolios are managed and their performance is measured and reported on a fair value basis.
Fortis has a fair value hedge in place designated to mitigate the interest rate risk related to a fixed-rate loan.
The hedging instrument is an interest rate swap. The change in fair value of the loan related to hedged interest rate risk is accounted for in the line Other realised and unrealised gains and losses. The difference between the fair value and the carrying value of the hedged loan at inception is amortised on a straight line basis over the maturity of the loan.
Customer deposits
The average rates of interest paid on deposits during the year ended 31 December are shown below.
| Download XLS |
|
|
2007 |
2006 |
2005 |
|
|
|
|
|
|
Interest bearing demand deposits |
1.6% |
1.3% |
1.1% |
|
Saving deposits |
2.2% |
2.3% |
2.2% |
|
Time deposits |
3.4% |
3.1% |
2.6% |
The average amount of customers deposits during the year was EUR 201,442 million (2006: EUR 195,195 million; 2005: EUR 174,139 million).
Maturity dates of customer deposits
The maturity dates of customer deposits as at 31 December are shown below.
| Download XLS |
|
|
2007 |
2006 |
2005 |
|
|
|
|
|
|
2006 |
|
|
169,014 |
|
2007 |
|
187,465 |
2,523 |
|
2008 |
197,600 |
1,343 |
922 |
|
2009 |
1,816 |
2,479 |
1,372 |
|
2010 |
1,386 |
955 |
1,195 |
|
2011 |
909 |
550 |
|
|
2012 |
1,307 |
|
|
|
Later |
9,504 |
8,130 |
6,491 |
|
Total customer deposits |
212,522 |
200,922 |
181,517 |
