(Mark
One)
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o
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REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT
OF 1934
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OR
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x
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the fiscal year ended 31 December 2007
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OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Title
of Each Class
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Name
of Each Exchange
on
Which Registered
|
|
Ordinary
Shares of ABN AMRO Holding
N.V.(1)
|
New
York Stock Exchange
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|
American
Depositary Shares, each representing one Ordinary Share of ABN AMRO
Holding N.V.
|
New
York Stock Exchange
|
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Guarantee
of 5.90% Non-cumulative Guaranteed Trust Preferred Securities
of ABN AMRO Capital Funding Trust V.......
|
New
York Stock Exchange
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Guarantee
of 6.25% Non-cumulative Guaranteed Trust Preferred Securities
of ABN AMRO Capital Funding Trust VI…..
|
New
York Stock Exchange
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Guarantee
of 6.08% Non-cumulative Guaranteed Trust Preferred Securities
of ABN AMRO Capital Funding Trust VII…
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New
York Stock Exchange
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5.90%
Non-cumulative Guaranteed Trust Preferred Securities of ABN AMRO Capital
Funding Trust V.......
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New
York Stock Exchange
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6.25%
Non-cumulative Guaranteed Trust Preferred Securities of ABN AMRO Capital
Funding Trust VI…..
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New
York Stock Exchange
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6.08%
Non-cumulative Guaranteed Trust Preferred Securities of ABN AMRO Capital
Funding Trust VII…
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New
York Stock Exchange
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(1)
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Not
for trading, but only in connection with the registration of American
Depositary Shares representing such Ordinary Shares pursuant to the
requirements of the Securities and Exchange
Commission.
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Title
of Class
|
Number
of Shares Outstanding
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Ordinary
Shares (EUR 0.56)
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1,084,634,609
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Convertible
Financing Preference Shares (EUR 0.56)
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767,096,884
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Formerly
Convertible Preference Shares (EUR 2.24)
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44,988
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Non-cumulative
Guaranteed Trust Preferred Securities
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16,697,030
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Indicate
by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
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|||||||
Yes
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x
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No
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o
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||||
If
this report is an annual or transition report, indicate by check mark if
the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
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Yes
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o
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No
|
x
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||||
Note
– Checking the box above will not relieve any registrant required to file
reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 from their obligations under those Sections.
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|||||||
Indicate
by check mark whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days.
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|||||||
Yes
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x
|
No
|
o
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||||
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of
“accelerated filer and large accelerated filer” in Rule 12b-2 of the
Exchange Act.
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|||||||
Large
accelerated filer
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x
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Accelerated
filer
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o
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Non-accelerated
filer
|
o
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||
Indicate
by check mark which financial statement item the registrant has elected to
follow.
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|||||||
Item
17
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o
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Item
18
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x
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If
this is an annual report, indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange
Act).
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|||||||
Yes
|
o
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No
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x
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Section 1
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General
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2
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Chairman’s
review
|
2
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Section
2
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Operating
review
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4
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Introduction
|
5
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Selected
financial data
|
7
|
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Group
organisation structure
|
10
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Operating and
financial review and prospects
|
12
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Results of
operations by BU
|
30
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Risk and
Capital management
|
52
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Section
3
|
Governance
|
77
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Boards and
committees
|
78
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Corporate
governance
|
86
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ABN AMRO’s
employees
|
96
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Section
4
|
Financial
Statements
|
97
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Consolidated
financial statements
|
98
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Company
financial statements
|
225
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SEC Form 20-F
cross reference and other information
|
231
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Section
5
|
Other
Information
|
232
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|
Report of
independent registered public accounting firm
|
233
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Stipulations
of the articles of association with respect to profit appropriation
|
234
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Proposed
profit appropriation
|
235
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||
Stipulations
of the articles of association of Holding and trust office with respect
to shares and voting rights
|
235
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Section
6
|
Additional
Information
|
237
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Exchange
rates
|
238
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Dividends
|
239
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ABN
AMRO key figures
|
240
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Supervisory
Board
|
242
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Managing
Board
|
246
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Selected
statistical information
|
254
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Trend
information
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290
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Off-balance
sheet arrangements
|
291
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ABN
AMRO shares
|
292
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Trust
office
|
297
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Memorandum
and Articles of Association
|
299
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Code
of Ethics
|
304
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Stock
Option Programs
|
305
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Taxation
|
306
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Central
Works Council
|
310
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Abbreviations
|
312
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Documents
on display
|
314
|
·
|
RBS: Business Unit North
America, Business Unit Global Clients (excluding Latin America) and Dutch
wholesale clients and wholesale clients in Latin America (excluding
Brazil), Business Unit Asia (excluding interest in Saudi Hollandi Bank)
and Business Unit Europe (excluding
Antonveneta).
|
·
|
Fortis: Business Unit
Netherlands (excluding former Dutch wholesale clients), Business Unit
Private Clients (excluding Latin America) and Business Unit Asset
Management. The European Commission has cleared the acquisition of certain
businesses of ABN AMRO by Fortis, on the condition that certain specified
businesses were divested. The businesses identified for disposal are the
Hollandsche Bank Unie N.V., 13 advisory branches and two Corporate Client
Departments as well as the sale of the Dutch factoring company IFN Finance
B.V. Fortis can only acquire control over ABN AMRO’s Business Unit
Netherlands and Business Unit Private Clients after divesting these assets
to a suitable purchaser.
|
·
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Santander: Business Unit
Latin America (excluding wholesale clients outside Brazil), Antonveneta,
Asset Management Antonveneta and Private Clients business in Latin
America. On 8 November Santander announced it had reached an agreement
with Banco Monte dei Paschi di Siena with respect to the sale of
Antonveneta.
|
*
|
The
adjusted figures exclude the following items: gains on sale and disposals,
gain on sale of Capitalia which was settled in exchange for shares of
Unicredito, transaction-related expenses including a break fee paid to
Barclays, transition and integration costs, a liability for the proposed
US Department of Justice settlement, a provision for the Futures business
which was sold in 2006, and restructuring expenses in
2006.
|
The
total impact of these adjustments in 2007 is EUR 868 million on operating
income, EUR 1,151 million on operating expenses, negative EUR 275 million
on tax, EUR 7,191 million on discontinued operations, and EUR 7,183
million on net profit attributable to
shareholders.
|
Introduction
|
5 | ||
Certain
definitions
|
5 | ||
Presentation
of information
|
5 | ||
Cautionary
statement on forward-looking statements
|
5 | ||
Selected
financial data
|
7 | ||
Group
organisation structure
|
10 | ||
Organisational
Structure
|
10 | ||
Operating
and financial review and prospects
|
12 | ||
Consolidation
effects of controlled private equity investments
|
12 | ||
Discontinued
operations
|
12 | ||
Constant
foreign exchange rates
|
13 | ||
Group
results
|
14 | ||
Impact of the
current credit environment
|
24 | ||
Group
capital
|
27 | ||
Credit
ratings
|
28 | ||
Capital
ratios
|
29 | ||
Offices and
branches
|
29 | ||
Results
of Operations by BU
|
30 | ||
Changes to
reporting structure and presentation
|
30 | ||
Results of BU
Netherlands
|
30 | ||
Results of BU
Europe
|
33 | ||
Results of BU
North America
|
36 | ||
Results of BU
Latin America
|
38 | ||
Results of BU
Asia
|
41 | ||
Results of BU
Private Clients
|
43 | ||
Results of BU
Asset Management
|
45 | ||
Results of
Group Functions
|
47 | ||
Risk
and Capital Management
|
52 | ||
Supervision
and Regulation
|
52 | ||
Risk
Factors
|
60 | ||
Capital
Adequacy Framework & risk coverage
|
65 |
-
|
general
economic and business conditions in the Netherlands, the European Union,
the United States, Brazil and other countries or territories in which ABN
AMRO operates;
|
-
|
changes in
applicable laws and regulations, including
taxes;
|
-
|
uncertainty on
the capital consequences of the implementation of the Basel II
framework;
|
-
|
regulations
and monetary, interest rate and other policies of central banks,
particularly the Dutch Central Bank, the Bank of Italy, the European
Central Bank, the US Federal Reserve Board and the Brazilian Central
Bank;
|
-
|
changes or
volatility in interest rates, foreign exchange rates (including the
Euro-US dollar rate), asset prices, equity markets, commodity prices,
inflation or deflation;
|
-
|
volatility in
the financial or credit markets;
|
-
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the effects of
competition and consolidation in the markets in which ABN AMRO operates,
which may be influenced by regulation, deregulation or enforcement
policies;
|
-
|
changes in
consumer spending and savings habits, including changes in government
policies which may influence investment
decisions;
|
-
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ABN AMRO’s
ability to hedge certain risks
economically;
|
-
|
ABN AMRO’s
success in managing the risks, which depends, among other things, on the
ability to anticipate events that cannot be captured by the statistical
models ABN AMRO uses;
|
-
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risks related
to ABN AMRO’s transition and separation process following its acquisition
by the consortium banks; and
|
-
|
force majeure
and other events beyond ABN AMRO’s
control.
|
As
at 31 December
|
||||||||||||||||
2007
(1)
|
2007
|
2006
|
2005
|
|||||||||||||
(in
millions of USD)
|
(in
millions of euros)
|
|||||||||||||||
Net interest
income
|
11,446 | 8,352 | 7,268 | 6,763 | ||||||||||||
Net fee and
commission income
|
5,859 | 4,275 | 4,049 | 3,432 | ||||||||||||
Net trading
income
|
1,749 | 1,276 | 2,849 | 2,514 | ||||||||||||
Results from
financial transactions
|
2,121 | 1,548 | 794 | 1,183 | ||||||||||||
Share of
result in equity accounted investments
|
371 | 271 | 241 | 245 | ||||||||||||
Other
operating income
|
1,886 | 1,376 | 914 | 808 | ||||||||||||
Income of
consolidated private equity holdings
|
5,257 | 3,836 | 5,313 | 3,637 | ||||||||||||
Operating
income
|
28,689 | 20,934 | 21,428 | 18,582 | ||||||||||||
Operating
expenses
|
23,956 | 17,480 | 16,945 | 13,913 | ||||||||||||
Loan
impairment and other credit risk provisions
|
2,335 | 1,704 | 1,411 | 614 | ||||||||||||
Total
expenses
|
26,291 | 19,184 | 18,356 | 14,527 | ||||||||||||
Operating
profit before tax
|
2,398 | 1,750 | 3,072 | 4,055 | ||||||||||||
Income tax
expense
|
(66 | ) | (48 | ) | 366 | 735 | ||||||||||
Profit
from continuing operations
|
2,464 | 1,798 | 2,706 | 3,320 | ||||||||||||
Profit from
discontinued operations net of tax
|
11,206 | 8,177 | 2,074 | 1,123 | ||||||||||||
Profit
for the year
|
13,670 | 9,975 | 4,780 | 4,443 | ||||||||||||
Attributable
to shareholders of the parent company
|
13,496 | 9,848 | 4,715 | 4,382 | ||||||||||||
Dividends on
ordinary shares
|
1,468 | 1,071 | 2,153 | 2,050 | ||||||||||||
Per
share financial data
|
||||||||||||||||
Average number
of ordinary shares outstanding (in millions)
|
–
|
1,851.3 | 1,882.5 | 1,804.1 | ||||||||||||
Net profit per
ordinary share (in EUR)
|
– | 5.32 | 2.50 | 2.43 | ||||||||||||
Fully diluted
net profit per ordinary share (in EUR)
|
–
|
5.32 | 2.49 | 2.42 | ||||||||||||
Net profit per
ordinary share from continuing operations
(in
EUR)
|
– | 0.92 | 1.43 | 1.83 | ||||||||||||
Fully diluted
net profit per ordinary share from continuing
operations (in
EUR)
|
– | 0.92 | 1.42 | 1.83 | ||||||||||||
Dividend per
ordinary share (in EUR)
|
– | 0.58 | 1.15 | 1.10 | ||||||||||||
Net profit per
American Depositary Share (in USD) (2) (3)
|
– | 7.29 | 3.16 | 3.01 | ||||||||||||
Dividend per
American Depositary Share (in USD) (2)
|
– | 0.70 | 1.50 | 1.34 |
(1)
|
Solely
for your convenience, euro amounts have been translated into US dollars at
an exchange rate of 1 USD = EUR 0.7297, which is the rate equal to
the average of the month-end rates for
2007.
|
(2)
|
Adjusted
for increases in share capital, as applicable. See Note 12 to ABN AMRO’s
consolidated financial statements for a description of the computation of
earnings per ordinary share.
|
(3)
|
This
item has been translated into US dollars at the rate equal to the average
of the month-end rates for the applicable
year.
|
As
at 31 December
|
||||||||||||||||
2007
(1)
|
2007
|
2006
|
2005
|
|||||||||||||
(in
millions of USD)
|
(in
millions of euros)
|
|||||||||||||||
Assets
|
||||||||||||||||
Financial
assets held for trading
|
356,511 | 242,277 | 205,736 | 202,055 | ||||||||||||
Financial
investments
|
141,904 | 96,435 | 125,381 | 123,774 | ||||||||||||
Loans and
receivables – banks
|
258,537 | 175,696 | 134,819 | 108,635 | ||||||||||||
Loans and
receivables – customers
|
583,835 | 396,762 | 443,255 | 380,248 | ||||||||||||
Total
assets
|
1,508,601 | 1,025,213 | 987,064 | 880,804 | ||||||||||||
Liabilities
|
||||||||||||||||
Financial
liabilities held for trading
|
228,783 | 155,476 | 145,364 | 148,588 | ||||||||||||
Due to
banks
|
352,180 | 239,334 | 187,989 | 167,821 | ||||||||||||
Due to
customers
|
486,113 | 330,352 | 362,383 | 317,083 | ||||||||||||
Issued debt
securities
|
257,505 | 174,995 | 202,046 | 170,619 | ||||||||||||
Capitalisation
|
||||||||||||||||
Equity
attributable to shareholders of the parent company
|
43,520 | 29,575 | 23,597 | 22,221 | ||||||||||||
Equity
attributable to minority interests
|
1,669 | 1,134 | 2,298 | 1,931 | ||||||||||||
Subordinated
liabilities
|
22,979 | 15,616 | 19,213 | 19,072 | ||||||||||||
Group
capital
|
68,168 | 46,325 | 45,108 | 43,224 | ||||||||||||
Per
share financial data
|
||||||||||||||||
Ordinary
shares outstanding (in millions)
|
– | 1,844.1 | 1,853.8 | 1,877.9 | ||||||||||||
Equity
attributable to shareholders of the parent company per ordinary share (in
EUR)
|
– | 16.04 | 12.73 | 11.83 | ||||||||||||
Equity
attributable to shareholders of the parent company per American Depositary
Share (in USD) (2)
|
– | 23.60 | 16.78 | 14.00 |
(1)
|
Solely
for your convenience, euro amounts have been translated into US dollars at
an exchange rate of 1 USD = EUR 0.6796, which is the year-end rate
for 2007.
|
(2)
|
This
item has been translated into US dollars at the applicable year-end
rate.
|
At
or for the year ended 31 December
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(in
percentages)
|
||||||||||||
Profitability
ratios
|
||||||||||||
Net interest
margin (2)
|
0.9 | 0.9 | 0.9 | |||||||||
Non-interest
income to total operating income
|
60.1 | 66.1 | 63.6 | |||||||||
Efficiency
ratio (3)
|
83.5 | 79.1 | 74.9 | |||||||||
Return on
average total assets (4)
|
1.04 | 0.58 | 0.61 | |||||||||
Return on
average ordinary shareholders equity (5)
|
38.4 | 20.7 | 23.5 | |||||||||
Capital
ratios
|
||||||||||||
Average
ordinary shareholders equity on average total assets
|
2.68 | 2.75 | 2.47 | |||||||||
Dividend
payout ratio (6)
|
10.9 | 46.0 | 45.3 | |||||||||
Tier 1 Capital
ratio (7)
|
12.42 | 8.45 | 10.62 | |||||||||
Total Capital
ratio (7)
|
14.61 | 11.14 | 13.14 | |||||||||
Credit
quality ratios
|
||||||||||||
Provision for
loan losses to private sector loans (8)
|
0.64 | 0.45 | 0.22 | |||||||||
Provision for
loan losses to private and public sector loans (8)
|
0.63 | 0.43 | 0.22 | |||||||||
Non-performing
loans to private sector loans (gross) (8) (9)
|
1.44 | 2.31 | 1.72 | |||||||||
Non-performing
loans to private and public sector loans (gross) (8) (9)
|
1.41 | 2.23 | 1.68 | |||||||||
Allowance for
loan loss to private sector loans (8)
|
1.13 | 1.15 | 1.09 | |||||||||
Allowance for
loan loss to private and public sector loans (8)
|
1.10 | 1.11 | 1.06 | |||||||||
Allowance for
loan losses to non-performing loans (gross) (9)
|
78.16 | 50.03 | 63.07 | |||||||||
Write-offs to
private sector loans (gross) (8)
|
0.52 | 0.36 | 0.39 | |||||||||
Write-offs to
private and public sector loans (gross) (8)
|
0.51 | 0.35 | 0.38 | |||||||||
Consolidated
ratio of earnings to fixed charges
|
||||||||||||
Excluding
interest on deposits (10)
|
1.23 | 1.44 | 1.85 | |||||||||
Including
interest on deposits (10)
|
1.08 | 1.17 | 1.27 |
(1)
|
According
to IFRS the income statement figures of 2006 and 2005 are restated for the
qualifying discontinued operations. The 2007 balance
sheet figures of 2006 and 2005 are not restated. As a result
the applicable ratios throughout the years are therefore not
comparable.
|
(2)
|
Net
interest income as a percentage of average total
assets.
|
(3)
|
Operating
expenses as a percentage of total operating
income.
|
(4)
|
Profit
for the year as a percentage of average total
assets.
|
(5)
|
Net
profit attributable to Ordinary shares as a percentage of average ordinary
shareholders’ equity excluding the reserves with respect to cash flow
hedges and available for sale
securities.
|
(6)
|
Dividend
per Ordinary share as a percentage of net profit per Ordinary
share.
|
(7)
|
Tier
1 capital and total capital as a percentage of risk-weighted assets under
Bank for International Settlements guidelines. For more information on ABN
AMRO’s capital ratios, see page 29.
|
(8)
|
Excludes
professional transactions (2007: EUR 98 billion; 2006: EUR 94
billion; 2005: EUR 75 billion) because these primarily consist of
reverse repurchase agreements with limited credit risk and balances held
by multi seller conduits (2007: EUR 29 billion; 2006: EUR 26
billion; 2005: EUR 26 billion).
|
(9)
|
Non-performing
loans are doubtful loans for which there is objective evidence that not
all contractually agreed amounts will be collected and for which an
allowance for loan losses has been established. For more information on
non-performing loans see pages 274 and
further.
|
(10)
|
Deposits
include banks and total customer
accounts.
|
-
|
seven client
BUs
|
-
|
three global
product BUs
|
-
|
two
cross-BU segments
|
-
|
Group
Functions
|
-
|
Services
|
(in
millions of euros)
|
IFRS
|
Consolidation
effect (1)
|
Excluding
consolidation effect
|
|||||||||||||||||||||||||||||||||
(non-GAAP
measure)
|
||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||
Net interest
income
|
8,352 | 7,268 | 6,763 | (220 | ) | (342 | ) | (280 | ) | 8,572 | 7,610 | 7,043 | ||||||||||||||||||||||||
Net fee and
commission income
|
4,275 | 4,049 | 3,432 | – | – | – | 4,275 | 4,049 | 3,432 | |||||||||||||||||||||||||||
Net trading
income
|
1,276 | 2,849 | 2,514 | 3 | (3 | ) | 2 | 1,273 | 2,852 | 2,512 | ||||||||||||||||||||||||||
Results from
financial transactions
|
1,548 | 794 | 1,183 | 46 | 15 | 35 | 1,502 | 779 | 1,148 | |||||||||||||||||||||||||||
Share of
results in equity accounted investments
|
271 | 241 | 245 | 1 | – | – | 270 | 241 | 245 | |||||||||||||||||||||||||||
Other
operating income
|
1,376 | 914 | 808 | – | – | (6 | ) | 1,376 | 914 | 814 | ||||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
3,836 | 5,313 | 3,637 | 3,836 | 5,313 | 3,637 | – | – | – | |||||||||||||||||||||||||||
Operating
income
|
20,934 | 21,428 | 18,582 | 3,666 | 4,983 | 3,388 | 17,268 | 16,445 | 15,194 | |||||||||||||||||||||||||||
Operating
expenses
|
17,480 | 16,945 | 13,913 | 3,634 | 4,939 | 3,366 | 13,846 | 12,006 | 10,547 | |||||||||||||||||||||||||||
Operating
result
|
3,454 | 4,483 | 4,669 | 32 | 44 | 22 | 3,422 | 4,439 | 4,647 | |||||||||||||||||||||||||||
Loan
impairment and other credit risk provisions
|
1,704 | 1,411 | 614 | – | – | – | 1,704 | 1,411 | 614 | |||||||||||||||||||||||||||
Operating
profit before tax
|
1,750 | 3,072 | 4,055 | 32 | 44 | 22 | 1,718 | 3,028 | 4,033 | |||||||||||||||||||||||||||
Income tax
expense
|
(48 | ) | 366 | 735 | 32 | 44 | 22 | (80 | ) | 322 | 713 | |||||||||||||||||||||||||
Net
operating profit
|
1,798 | 2,706 | 3,320 | – | – | – | 1,798 | 2,706 | 3,320 | |||||||||||||||||||||||||||
Profit from
discontinued operations net of tax
|
8,177 | 2,074 | 1,123 | – | – | – | 8,177 | 2,074 | 1,123 | |||||||||||||||||||||||||||
Profit
for the year
|
9,975 | 4,780 | 4,443 | – | – | – | 9,975 | 4,780 | 4,443 | |||||||||||||||||||||||||||
Total
assets
|
1,025,213 | 987,064 | 880,804 | 1,698 | 4,537 | 3,477 | 1,023,515 | 982,527 | 877,327 | |||||||||||||||||||||||||||
Risk-weighted
assets
|
232,312 | 280,704 | 257,854 | – | – | – | 232,312 | 280,704 | 257,854 | |||||||||||||||||||||||||||
Full-time
equivalent staff (4)
|
114,423 | 124,437 | 106,689 | 13,168 | 30,881 | 27,775 | 101,255 | 93,556 | 78,914 | |||||||||||||||||||||||||||
Number of
branches and offices (2)(4)
|
4,296 | 4,634 | 3,681 | – | – | – | 4,296 | 4,634 | 3,681 | |||||||||||||||||||||||||||
Efficiency
ratio (3)
|
83.5% | 79.1% | 74.9% | 99.1% | 99.1% | 99.4% | 80.2% | 73.0% | 69.4% |
(1)
|
This is the impact per line
item of the private equity investments which are required to be
consolidated under IFRS. See ‘financial statements 2007, Accounting
policies’.
|
(2)
|
This
number includes double counting of branches and offices that serve more
than one BU. Adjusted for this double counting, the actual number of
branches and offices amounts to 4,254 (2006: 4,532; 2005:
3,557).
|
(3)
|
Efficiency
ratio (in %) is the operating expenses divided by the operating
income.
|
(4)
|
Including
numbers from discontinued
operations
|
-
|
The increase
in BU Latin America was driven by continued strong growth in the Brazil
loan portfolio and gains in the ALM portfolio, as well as gains on the
sale of stakes in Brazilian credit analysis provider Serasa, Brazilian
stock exchange Bovespa, and Brazilian futures exchange Bolsa de Mercados
& Futuros (in total EUR 382
million).
|
-
|
Operating
income in BU Asia increased due to further growth in the consumer clients
business as the Preferred Banking activities and credit card business
continued to expand, especially in India, China, Hong Kong and Taiwan. In
addition, commercial client revenues increased as a result of higher
Merger & Acquisition advisory fees, a rise in client transactions
executed and higher Global Markets
revenues.
|
-
|
Operating
income in BU Netherlands increased due to tax-exempt gains on the sale of
Interbank/DMC (EUR 56 million) and ABN AMRO Mellon
(EUR 139 million), an increase in net interest income due to
volume and margin growth in savings products and higher
Global Markets revenues, especially in the areas
Financial Markets and
Structured Finance.
|
-
|
Operating
income in BU Europe decreased due to negative fair value adjustments
(EUR 1,561 million) on portfolios related to the credit crisis
that developed from the conditions of the sub-prime mortgage market in the
United States. BU Europe includes the global hub for Global Markets and
therefore the impact of value adjustments is concentrated in BU Europe.
The fair
value adjustments were partly offset by EUR 435 million of fair value
adjustments from changes in own credit risk of which EUR 267 million is
recorded in trading income and EUR 168 millions in results from financial
transactions.
|
-
|
Net interest
income in BU Latin America increased mainly due to continued growth in the
Brazil credit portfolio, the appreciation of the Brazilian real against
the Euro, and higher interest-related treasury
revenues.
|
-
|
The increase
in BU Netherlands reflects the growth in volumes and margins of commercial
and consumer savings products.
|
-
|
The increase
in BU Asia resulted from continued growth in the consumer lending business
and credit card business, higher ALM income and the consolidation of Prime
Bank and Taitung Business Bank.
|
-
|
Net interest
income in Group Functions decreased due to higher funding costs and lower
investment income following sales of AFS
bonds.
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Fee
and commission income
|
||||||||||||
Securities
brokerage fees
|
1,445 | 1,692 | 1,529 | |||||||||
Payment and
transaction services fees
|
1,602 | 1,376 | 1,237 | |||||||||
Asset
management and trust fees
|
485 | 414 | 243 | |||||||||
Fees generated
on financing arrangements
|
279 | 162 | 170 | |||||||||
Advisory
fees
|
594 | 484 | 333 | |||||||||
Insurance-related
commissions
|
133 | 130 | 136 | |||||||||
Guarantee
fees
|
192 | 159 | 164 | |||||||||
Other fees and
commissions
|
492 | 454 | 369 | |||||||||
Subtotal
|
5,222 | 4,871 | 4,181 | |||||||||
Fee
and commission expense
|
||||||||||||
Securities
brokerage expense
|
86 | 322 | 321 | |||||||||
Payment and
transaction services expense
|
267 | 200 | 165 | |||||||||
Other fee and
commission expense
|
594 | 300 | 263 | |||||||||
Subtotal
|
947 | 822 | 749 | |||||||||
Total
|
4,275 | 4,049 | 3,432 |
-
|
The increase
in BU Asia reflected the higher Merger & Acquisition advisory fees
following the successful closing of client transactions, higher
transaction banking revenues, and further growth in the sale of investment
products to the Van Gogh Preferred Banking client
base.
|
-
|
The decrease
in BU Netherlands is due to a decline in securities commissions and
commissions related to large corporate clients, partly offset by higher
payment and asset management commissions (decrease EUR 121
million).
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Interest
instruments trading
|
(1,222 | ) | 1,103 | 1,360 | ||||||||
Foreign
exchange trading
|
976 | 706 | 393 | |||||||||
Equity and
commodity trading
|
1,462 | 1,054 | 612 | |||||||||
Other
|
60 | (14 | ) | 149 | ||||||||
Total
|
1,276 | 2,849 | 2,514 |
-
|
The decrease
in BU Europe was due to negative fair value adjustments
(EUR 1,561 million) relating to the credit crisis that developed
from the conditions of the sub-prime mortgage market in the United States
(partially offset by EUR 267 million of income recorded related to changes
in own credit risk.) BU Europe includes the global hub for Global Markets
and therefore the impact of adjustments was concentrated in BU Europe
offsets agains own credit risk of EUR 267 million.
.
|
-
|
The decrease
of net trading income in Group Functions is mainly due to lower
proprietary trading income in the Global Market
business.
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net gain from
the disposal of available-for-sale debt securities
|
278 | 485 | 431 | |||||||||
Net gain from
the sale of available-for-sale equity investments
|
321 | 70 | 49 | |||||||||
Net gain on
fair value changes in own credit risk
|
168 | – | – | |||||||||
Dividend on
available-for-sale equity investments
|
16 | 32 | 19 | |||||||||
Net gain on
other equity investments
|
669 | 435 | 468 | |||||||||
Hedging
ineffectiveness
|
(4 | ) | 65 | 30 | ||||||||
Fair value
change of credit default swaps
|
116 | (280 | ) | (51 | ) | |||||||
Other
|
(16 | ) | (13 | ) | 237 | |||||||
Total
|
1,548 | 794 | 1,183 |
|
-
|
BU Latin
America benefited from gains in the ALM portfolio and gains on sale of
stakes in Serasa, a credit analysis provider, the Brazilian stock exchange
Bovespa, and the Brazilian futures exchange Bolsa de Mercadorias &
Futuros in total a EUR 382 million
increase.
|
|
-
|
The results
from financial transactions of Group Functions increased in total EUR 262
million due to market-to-market gains on capital and risk hedging (credit
default swap portfolio) that benefited from the general widening of the
credit spreads that occurred throughout the year and gains from
changes in fair value related to own credit risk of EUR 115 million,
partly offset by decreased gains on sales of AFS
bonds.
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Insurance
activities
|
95 | 90 | 153 | |||||||||
Leasing
activities
|
82 | 61 | 60 | |||||||||
Disposal of
operating activities and equity accounted investments
|
951 | 453 | 348 | |||||||||
Other
|
248 | 310 | 247 | |||||||||
Total
|
1,376 | 914 | 808 |
-
|
The increase
in Group Functions was mainly due to the sale of Capitalia whose shares
were settled in exchange for shares in Unicredit, resulting in a gain of
EUR 624 million.
|
-
|
The increase
in BU Netherlands was due to the gains on sale of Interbank/DMC (EUR 56
million) and ABN AMRO Mellon (EUR 139 million) realised in
2007.
|
-
|
The increase
in Private Clients was due to the gain on sale of the Latin American
Private Banking operations in Miami and Uruguay, including the Latin
American portfolios in Switzerland and Luxembourg (EUR 77
million).
|
-
|
The decrease
in Group Functions was caused by a decline in the operating expenses of
consolidated private equity investments due to the change in control. On a
non-GAAP basis the increase (EUR 935 million) was due to the break-up fee
paid to Barclays (EUR 200 million), transaction-related advisory
fees (EUR 211 million), transition and integration costs due to
the takeover by the Consortium (EUR 95 million), the provision
for the US Department of Justice investigation (EUR 365 million), and the
costs of accelerated vesting of share-based payments (EUR 117 million)
recorded in Group
Functions.
|
-
|
Operating
expenses in BU Latin America were impacted by a new collective labour
agreement that came into effect in September 2007, higher bonus accruals,
strong growth in business activities, and investments in the expansion of
the distribution infrastructure in
Brazil.
|
-
|
The expenses
in BU Asia increased due to the acquisition of Prime Bank and Taitung
Business Bank, continued investments in new branches and higher staff
levels.
|
-
|
Continued
strong loan growth in BU Latin America resulted in higher loan impairment
and other credit risk provisions (increase
EUR 244 million).
|
-
|
Loan
impairment and other credit risk provisions increased in BU North America
(EUR 66 million) and BU Europe (EUR 64 million)
following the lower level of releases than in the prior year and a change
in the credit cycle.
|
-
|
Provisions in
BU Netherlands increased (EUR 54 million) as a result of
impairment of facilities to a selected number of corporate
clients.
|
-
|
Provisions in
Group Functions decreased (EUR 144 million) as 2006 included an
impairment for the Futures business which was sold to
UBS.
|
-
|
The sale of
ABN AMRO Mortgage Group, Inc., the US-based residential mortgage broker
origination platform and residential mortgage servicing business,
recording a result of EUR 110 million (net of tax results for
the first two months and a gain on sale) in BU North America. This sale
was announced by the Group on 22 January 2007. The settlement took place
on 28 February 2007.
|
-
|
The sale of
ABN AMRO North America Holding Company, which principally consists of the
retail and commercial activities of LaSalle Bank Cooperation (LaSalle) in
BU North America. The net of tax results for the first nine months were
EUR 777 million, and the gain on sale amounted to
EUR 7,163 million, of which EUR 7,196 million was
booked in the results of the BU North America and minus
EUR 33 million in Group Functions. This sale was announced by
the Group on 22 April 2007. The settlement took place on 1 October
2007.
|
-
|
The
classification as discontinued operations of Antonveneta (EUR
111 million losses).
|
-
|
The
classification as discontinued operations of BU Asset Management
(EUR 186 million profit).
|
-
|
The release of
part of a provision recorded in connection with the sale of Bouwfonds in
2006 (EUR 52 million).
|
-
|
The increase
in Group Functions was caused by higher operating income from consolidated
private equity investments.
|
-
|
Excluding the
consolidation effect (non-GAAP measure), operating income in BU Europe
increased primarily on the back of higher Global Markets income, as client
income grew strongly.
|
-
|
The increase
in BU Latin America was mainly due to the continued growth in the retail
and consumer finance loan portfolio, partly offset by the inclusion in
2005 of the book profit on the sale of Real Seguros (EUR 229
million).
|
-
|
BU Asia grew
its revenue as its Preferred Banking activities and credit card business
continued to expand, especially in India, China, Hong Kong and
Taiwan.
|
-
|
Net interest
income in BU Latin America increased mainly due to the continued growth of
the Brazil credit portfolio.
|
-
|
The decrease
in BU Netherlands reflected the fact that mortgage prepayment penalty
income was affected by higher offsetting transactions in
2006.
|
-
|
Net interest
income in Group Functions decreased due to higher interest expenses from
consolidated private equity investments. Excluding the consolidation
effect (non-GAAP measure), net interest income decreased by EUR 67
million.
|
-
|
The increase
in BU Asia reflected the higher asset under administration levels, the
higher fee levels on existing products and a further shift in the asset
mix towards more profitable products.
|
-
|
Net fees and
commission income in BU Netherlands increased by EUR 97 million, resulting
from higher commission on banking transactions, securities and asset
management.
|
-
|
The increase
of net trading income in BU Latin America (EUR 163 million) was mainly due
to the growth of commercial banking in Brazil of client-related trading
income.
|
-
|
Net trading
income increased in BU Asia resulting from higher equity finance income in
Hong Kong and Taiwan.
|
-
|
The increase
in BU Netherlands was mainly due to higher results on the sale of
derivatives.
|
-
|
The decrease
in BU North America (EUR 90 million) was mainly due to lower trading
results Global Markets.
|
-
|
Decrease in
Group Functions is mainly due to lower results on the sale of bonds and
losses on credit default swaps due to tightening spreads, while 2005
included results on option position on
Antonveneta.
|
-
|
Results from
financial transactions in BU Asia decreased mainly because of lower Global
Client results from financial
transactions.
|
-
|
The increase
in Group Functions was due to the gain on sale of Kereskedelmi és
Hitelbank Rt. (EUR 208 million) and the gain on sale of the Futures
business
(EUR 229 million).
|
-
|
The decrease
in BU Latin America was mainly due to the inclusion of the gain (EUR 229
million) on the sale of Real Seguros in
2005.
|
-
|
The increase
in Group Functions was caused by higher operating expenses of consolidated
private equity investments and due to the inclusion of a release of
post-retirement healthcare benefit provision (EUR 392 million) in
2005.
|
-
|
Excluding the
consolidation effect (non-GAAP measure) operating expenses in BU Europe
increased mainly due to restructuring charges of EUR 68 million
restructuring from Global Markets and Services, an increase in expenses
linked to the growth in operating income, higher bonus expenses and higher
costs for compliance related to Sarbanes-Oxley Act and other
regulations.
|
-
|
Operating
expenses increased in growth markets in BU Latin America and BU Asia
including branch openings and marketing campaigns. Operating expenses in
BU Latin America were also impacted by a stronger
|
|
Brazilian real
and the collective labour agreements that came into effect in September
2005 and September 2006.
|
-
|
BU Netherlands
continued to benefit from strict cost control measures, resulting in lower
staff costs.
|
-
|
Higher loan
impairment and other credit risk provisions in BU Latin America were due
to the increase in absolute consumer loan volumes and higher
delinquencies.
|
-
|
The increase
in BU Asia mainly reflects higher provisioning for credit card receivables
in Taiwan, where the banking industry was significantly impacted by an
increase in credit card defaults.
|
-
|
On 1 December
2006, the Group disposed of the property development and management
activities of Bouwfonds, resulting in profits of EUR 505 million in BU
Netherlands, EUR 338 million of which related to the net gain on the sale
and EUR 167 million of which related results of
operations.
|
-
|
On 22 January
2007, the Group announced the sale of ABN AMRO Mortgage Group, Inc., ABN
AMRO’s US-based residential mortgage broker origination platform and
residential mortgage servicing business recording a result of EUR 104
million in BU North America. The settlement took place on 28 February
2007.
|
-
|
On 22 April
2007, the Group announced the sale of ABN AMRO North America Holding
Company which principally consists of the retail and commercial activities
of LaSalle Bank Cooperation (LaSalle) which recorded (EUR 1,104 million)
in results of operations in BU North America and minus EUR 85 million in
Group Functions. The settlement took place on 1 October
2007.
|
-
|
The
classification as discontinued operations of Antonveneta (EUR 192
million).
|
-
|
The
classification as discontinued operations of BU Asset Management (EUR 254
million).
|
(in millions of
euros)
|
Exposure
|
Fair
Value
adjustment
through
income
|
Net
exposure
|
|||||||||
Retained
Asset-Backed Securities CDOs:
|
||||||||||||
Super Senior
Tranches
|
2,487 | 499 | 1,988 | |||||||||
Equity /
Mezzanine Tranches
|
290 | 290 | - | |||||||||
Asset-Backed
Securities Trading Inventory:
|
||||||||||||
Prime
RMBS
|
280 | 56 | 224 | |||||||||
Sub-Prime
RMBS
|
98 | 48 | 50 | |||||||||
ABS
CDOs
|
68 | 62 | 6 | |||||||||
Total
|
3,223 | 955 | 2,268 |
Exposure (in
millions of euros)
|
2,487 | |||
Weighted
average attachment point
|
28 | % | ||
% underlying
RMBS sub-prime assets
|
77 | % | ||
Collateral by
rating:
|
||||
- investment
grade
|
99 | % | ||
-
non-investment grade
|
1 | % | ||
Net exposure
(in millions of euros)
|
1,988 | |||
Effective
weighted average attachment point post fair value movement
|
42 | % |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Ordinary share
capital
|
1,085 | 1,085 | 1,069 | |||||||||
Ordinary share
premium reserves
|
5,332 | 5,245 | 5,269 | |||||||||
Treasury
shares
|
(2,640 | ) | (1,829 | ) | (600 | ) | ||||||
Retained
earnings
|
25,650 | 18,599 | 15,237 | |||||||||
Net
gains/(losses) not recognised in the income statement
|
148 | 497 | 1,246 | |||||||||
Equity
attributable to shareholders of the parent company
|
29,575 | 23,597 | 22,221 | |||||||||
Minority
interests
|
1,134 | 2,298 | 1,931 | |||||||||
Equity
|
30,709 | 25,895 | 24,152 | |||||||||
Subordinated
liabilities
|
15,616 | 19,213 | 19,072 | |||||||||
Group
capital
|
46,325 | 45,108 | 43,224 |
2007
|
2006
|
|||
Long
term
|
Short
term
|
Long
term
|
Short
term
|
|
Standard &
Poor’s
|
AA-
|
A-1+
|
AA–
|
A–1+
|
Moody’s
|
AA2
|
P-1
|
Aa3
|
P–1
|
Fitch
|
AA-
|
F1+
|
AA–
|
F1+
|
DBRS
|
AA
|
R-1
|
AA
|
R–1
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Tier 1
capital
|
28,850 | 23,720 | 27,382 | |||||||||
Tier 2
capital
|
9,383 | 9,372 | 9,851 | |||||||||
Tier 3
capital
|
272 | 272 | 272 | |||||||||
Supervisory
deductions
|
(4,567 | ) | (2,089 | ) | (3,631 | ) | ||||||
Total
capital base
|
33,938 | 31,275 | 33,874 | |||||||||
Risk-weighted
assets on balance
|
172,059 | 208,948 | 192,735 | |||||||||
Off-balance
|
53,611 | 67,675 | 59,107 | |||||||||
Market
risks
|
6,642 | 4,081 | 6,012 | |||||||||
Total
risk-weighted assets
|
232,312 | 280,704 | 257,854 | |||||||||
Tier 1 capital
ratio
|
12.42% | 8.45% | 10.62% | |||||||||
Total capital
ratio
|
14.61% | 11.14% | 13.14% |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net interest
income
|
3,399 | 3,121 | 3,564 | |||||||||
Net fee and
commission income
|
885 | 1,006 | 909 | |||||||||
Net trading
income
|
704 | 539 | 451 | |||||||||
Results from
financial transactions
|
33 | 167 | 0 | |||||||||
Share of
result in equity accounted investments
|
60 | 51 | 13 | |||||||||
Other
operating income
|
399 | 246 | 187 | |||||||||
Operating
income
|
5,480 | 5,130 | 5,124 | |||||||||
Operating
expenses
|
3,525 | 3,540 | 3,632 | |||||||||
Operating
result
|
1,955 | 1,590 | 1,492 | |||||||||
Loan
impairment and other credit risk provisions
|
406 | 352 | 268 | |||||||||
Operating
profit before tax
|
1,549 | 1,238 | 1,224 | |||||||||
Income tax
expense
|
249 | 281 | 349 | |||||||||
Net
operating profit
|
1,300 | 957 | 875 | |||||||||
Profit from
discontinued operations net of tax
|
52 | 505 | 136 | |||||||||
Profit
for the year
|
1,352 | 1,462 | 1,011 | |||||||||
Total
assets
|
223,067 | 206,295 | 201,641 | |||||||||
Risk-weighted
assets
|
95,990 | 81,227 | 83,675 | |||||||||
Full-time
equivalent staff
|
21,932 | 22,213 | 22,769 | |||||||||
Number of
branches and offices
|
643 | 643 | 683 | |||||||||
Efficiency
ratio (in %)
|
64.3% | 69.0% | 70.9% |
-
|
Net interest
income increased by EUR 278 million, or 8.9%, driven by healthy
loan growth, increases in savings volumes, and improved margins on savings
products, partly offset by pressure on loan margins in an increasingly
competitive market. Lower prepayment penalties were offset by lower losses
on unwinding transactions.
|
-
|
Net fee and
commission income decreased by EUR 121 million, or 12.0%, due to
a decline in securities commissions and commissions related to large
corporate clients, partly offset by higher payment and asset management
commissions. Net trading income and results from financial transactions
increased by EUR 31 million, or 4.4%, reflecting favourable
market circumstances.
|
-
|
Other
operating income increased by EUR 153 million, or 62.2%, mainly
due to the tax-exempt gains on the sales of Interbank N.V.,
DMC Groep N.V. (total EUR 56 million) and ABN AMRO’s 50%
share in ABN AMRO Mellon Global Securities Services B.V. (EUR
139 million).
|
-
|
Net interest
income decreased by EUR 443 million, or 12.4%, which was affected by lower
Global Client results and EUR 215 million of mortgage prepayment
penalties in 2005, compared with only EUR 14 million in 2006 after
neutralisation transactions. This negatively affected the year-on-year
growth in net interest income by EUR 201
million.
|
-
|
Net fee and
commission income increased by EUR 97 million, or 10.7%, as a result of
higher commission on banking transactions, securities and asset
management.
|
-
|
Net trading
income increased by EUR 88 million, or 19.5%, mainly due to higher income
on the sale of derivatives.
|
-
|
Other
operating income increased by EUR 59 million, or 31.6%, mainly due to
gains on the disposal of real
estate.
|
(in
millions of euros)
|
BU
Europe
|
Consolidation
effect
|
BU
Europe
(excluding
consolidation effect)
|
|||||||||||||||||||||||||||||||||
(non-GAAP
measure)
|
||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||
Net interest
income/(expense)
|
608 | 375 | (105 | ) | – | – | (72 | ) | 608 | 375 | (33 | ) | ||||||||||||||||||||||||
Net fee and
commission income
|
577 | 698 | 701 | – | – | – | 577 | 698 | 701 | |||||||||||||||||||||||||||
Net trading
income/(loss)
|
(160 | ) | 1,405 | 1,451 | – | – | – | (160 | ) | 1,405 | 1,451 | |||||||||||||||||||||||||
Results from
financial transactions
|
159 | 13 | 62 | – | – | 46 | 159 | 13 | 16 | |||||||||||||||||||||||||||
Share of
results in equity accounted investments
|
4 | – | 3 | – | – | – | 4 | – | 3 | |||||||||||||||||||||||||||
Other
operating income/(loss)
|
(23 | ) | 14 | 73 | – | – | – | (23 | ) | 14 | 73 | |||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
– | – | 128 | – | – | 128 | – | – | – | |||||||||||||||||||||||||||
Operating
income
|
1,165 | 2,505 | 2,313 | – | – | 102 | 1,165 | 2,505 | 2,211 | |||||||||||||||||||||||||||
Operating
expenses
|
2,512 | 2,479 | 2,216 | – | – | 104 | 2,512 | 2,479 | 2,112 | |||||||||||||||||||||||||||
Operating
result
|
(1,347 | ) | 26 | 97 | – | – | (2 | ) | (1,347 | ) | 26 | 99 | ||||||||||||||||||||||||
Loan
impairment and other credit risk provisions
|
75 | 11 | (35 | ) | – | – | – | 75 | 11 | (35 | ) | |||||||||||||||||||||||||
Operating
profit/(loss) before tax
|
(1,422 | ) | 15 | 132 | – | – | (2 | ) | (1,422 | ) | 15 | 134 | ||||||||||||||||||||||||
Income tax
expense
|
(364 | ) | 65 | 31 | – | – | (2 | ) | (364 | ) | 65 | 33 | ||||||||||||||||||||||||
Net
operating profit/ (loss)
|
(1,058 | ) | (50 | ) | 101 | – | – | – | (1,058 | ) | (50 | ) | 101 | |||||||||||||||||||||||
Profit from
discontinued operations net of tax
|
(111 | ) | 192 | – | – | – | (111 | ) | 192 | - | ||||||||||||||||||||||||||
Profit/(loss)
for the year
|
(1,169 | ) | 142 | 101 | – | – | – | (1,169 | ) | 142 | 101 | |||||||||||||||||||||||||
Total
assets
|
500,391 | 407,174 | 320,244 | – | – | – | 500,391 | 407,174 | 320,244 | |||||||||||||||||||||||||||
Risk-weighted
assets
|
75,026 | 73,792 | 34,610 | – | – | – | 75,026 | 73,792 | 34,610 | |||||||||||||||||||||||||||
Full-time
equivalent staff
|
18,862 | 18,067 | 6,650 | – | – | – | 18,862 | 18,067 | 6,650 | |||||||||||||||||||||||||||
Number of
branches and offices
|
1,083 | 1,090 | 63 | – | – | – | 1,083 | 1,090 | 63 | |||||||||||||||||||||||||||
Efficiency
ratio (in %)
|
215.6% | 99.0% | 95.8% | – | – | – | 215.6% | 99.0% | 95.5% |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net interest
income
|
117 | 143 | 179 | |||||||||
Net fee and
commission income
|
263 | 291 | 220 | |||||||||
Net trading
income
|
206 | 150 | 240 | |||||||||
Results from
financial transactions
|
5 | (36 | ) | 35 | ||||||||
Other
operating income
|
43 | 21 | 18 | |||||||||
Operating
income
|
634 | 569 | 692 | |||||||||
Operating
expenses
|
776 | 801 | 663 | |||||||||
Operating
result
|
(142 | ) | (232 | ) | 29 | |||||||
Loan
impairment and other credit risk provisions
|
33 | (33 | ) | (148 | ) | |||||||
Operating
profit/(loss) before tax
|
(175 | ) | (199 | ) | 177 | |||||||
Income tax
benfit
|
(85 | ) | (199 | ) | (113 | ) | ||||||
Net
operating profit/(loss)
|
(90 | ) | 0 | 290 | ||||||||
Profit from
discontinued operations net of tax
|
8,077 | 1,208 | 862 | |||||||||
Profit
for the year
|
7,987 | 1,208 | 1,152 | |||||||||
Total
assets
|
79,241 | 166,590 | 151,532 | |||||||||
Risk-weighted
assets
|
4,905 | 74,066 | 80,531 | |||||||||
Full-time
equivalent staff
|
1,594 | 1,585 | 1,561 | |||||||||
Number of
branches and offices
|
7 | 441 | 442 | |||||||||
Efficiency
ratio (in %)
|
122.4% | 140.8% | 95.8% |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net interest
income
|
3,756 | 3,006 | 2,282 | |||||||||
Net fee and
commission income
|
560 | 538 | 419 | |||||||||
Net trading
income
|
157 | 231 | 68 | |||||||||
Results from
financial transactions
|
415 | 33 | 24 | |||||||||
Share of
result in equity accounted investments
|
48 | 55 | 37 | |||||||||
Other
operating income
|
90 | 49 | 369 | |||||||||
Operating
income
|
5,026 | 3,912 | 3,199 | |||||||||
Operating
expenses
|
2,829 | 2,333 | 1,937 | |||||||||
Operating
result
|
2,197 | 1,579 | 1,262 | |||||||||
Loan
impairment and other credit risk provisions
|
964 | 720 | 348 | |||||||||
Operating
profit before tax
|
1,233 | 859 | 914 | |||||||||
Income tax
expense
|
425 | 158 | 278 | |||||||||
Net
operating profit
|
808 | 701 | 636 | |||||||||
Profit from
discontinued operations net of tax
|
– | – | – | |||||||||
Profit
for the year
|
808 | 701 | 636 | |||||||||
Total
assets
|
52,659 | 39,404 | 31,951 | |||||||||
Risk-weighted
assets
|
34,635 | 24,242 | 22,689 | |||||||||
Full-time
equivalent staff
|
31,015 | 28,205 | 26,501 | |||||||||
Number of
branches and offices
|
2,209 | 2,151 | 2,153 | |||||||||
Efficiency
ratio (in %)
|
56.3% | 59.6% | 60.6% |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net interest
income
|
831 | 612 | 647 | |||||||||
Net fee and
commission income
|
1,083 | 797 | 530 | |||||||||
Net trading
income
|
389 | 358 | 214 | |||||||||
Results from
financial transactions
|
48 | (7 | ) | 78 | ||||||||
Share of
result in equity accounted investments
|
66 | 62 | 73 | |||||||||
Other
operating income
|
11 | 47 | 44 | |||||||||
Operating
income
|
2,428 | 1,869 | 1,586 | |||||||||
Operating
expenses
|
1,803 | 1,419 | 1,129 | |||||||||
Operating
result
|
625 | 450 | 457 | |||||||||
Loan
impairment and other credit risk provisions
|
228 | 213 | 35 | |||||||||
Operating
profit before tax
|
397 | 237 | 422 | |||||||||
Income tax
expense
|
121 | 107 | 102 | |||||||||
Net
operating profit
|
276 | 130 | 320 | |||||||||
Profit from
discontinued operations net of tax
|
– | – | – | |||||||||
Profit
for the year
|
276 | 130 | 320 | |||||||||
Total
assets
|
76,278 | 69,800 | 64,482 | |||||||||
Risk-weighted
assets
|
17,556 | 16,552 | 16,358 | |||||||||
Full-time
equivalent staff
|
19,834 | 14,141 | 11,827 | |||||||||
Number of
branches and offices
|
213 | 114 | 144 | |||||||||
Efficiency
ratio (in %)
|
74.3% | 75.9% | 71.2% | |||||||||
-
|
Net fee and
commission income increased by EUR 286 million, mainly due to growth in
Mergers & Acquisition advisory fees, execution of Equity Capital
Markets transactions, and higher transaction banking
revenues.
|
-
|
Net trading
income increased by EUR 31 million to EUR 389 million, mainly as a result
of Global Markets activities.
|
-
|
Net fee and
commission income increased by EUR 267 million, or 50.4%, mainly due to
payment services following the growth in the credit card business, as a
result of large infrastructure and capital deals in Australia and due to
higher Global Client results.
|
-
|
Net trading
income increased by EUR 144 million to EUR 358 million, mainly as a result
of higher equity finance income in Hong Kong and
Taiwan.
|
-
|
Results from
financial transactions decreased by EUR 85 million, or 109.0%, mainly due
to lower Global Client results.
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Net interest
income
|
461 | 495 | 480 | |||||||||
Net fee and
commission income
|
677 | 610 | 527 | |||||||||
Net trading
income
|
75 | 57 | 38 | |||||||||
Results from
financial transactions
|
6 | 4 | 11 | |||||||||
Share of
result in equity accounted investments
|
– | 2 | 1 | |||||||||
Other
operating income
|
168 | 75 | 100 | |||||||||
Operating
income
|
1,387 | 1,243 | 1,157 | |||||||||
Operating
expenses
|
915 | 883 | 850 | |||||||||
Operating
result
|
472 | 360 | 307 | |||||||||
Loan
impairment and other credit risk provisions
|
– | 6 | 6 | |||||||||
Operating
profit before tax
|
472 | 354 | 301 | |||||||||
Income tax
expense
|
116 | 103 | 66 | |||||||||
Profit
for the year
|
356 | 251 | 235 | |||||||||
Total
assets
|
19,623 | 18,550 | 16,593 | |||||||||
Risk-weighted
assets
|
8,075 | 7,671 | 7,339 | |||||||||
Assets under
Administration (in billions of EUR)
|
140 | 142 | 131 | |||||||||
Full-time
equivalent staff
|
3,064 | 3,212 | 3,942 | |||||||||
Number of
branches and offices
|
95 | 96 | 85 | |||||||||
Efficiency
ratio (in %)
|
66.0% | 71.0% | 73.5% |
-
|
Net interest
income decreased by EUR 34 million, or 6.9%, mainly due to strong pressure
on margins resulting from the flat yield curve over 2007. This
specifically impacted margins on savings
accounts.
|
-
|
Non-interest
income increased by 14.3% or EUR 178 million mainly driven by higher net
fee and commission income, reflecting higher volumes in non-interest
related products such as stocks, investment funds and structured products.
Assets under Administration decreased by EUR 5.7 billion to EUR 140.4
billion, reflecting the sale of the Miami, Uruguay, Vermogensgroep and UK
Private Banking operations. Financial market conditions, especially in the
fourth quarter of 2007, resulted in portfolio value reduction which was
offset by a net inflow of new money in
2007.
|
-
|
Other
operating income in 2007 included the gain on the sale of the Latin
American Private Banking operations in Miami and Uruguay, including the
Latin American portfolios in Switzerland and Luxembourg (EUR 77
million).
|
-
|
Net interest
income grew by EUR 15 million, or 3.1%, on the back of higher volumes of
client deposits.
|
-
|
The increase
in non-interest income was driven by net fee and commission income, which
grew by EUR 83 million, or 15.7%, reflecting the client appetite
for equity products and Private Investor Products. Assets under
Administration increased by EUR 11 billion to EUR 142 billion, reflect an
increase in net new assets and higher net asset values due to an improved
performance by the financial markets and the inclusion of Vermogensgroep
in 2006. The asset mix remained relatively stable with 69% in securities
and 31% in cash.
|
-
|
Other
operating income in 2005 included the gain on the sale of Nachenius,
Tjeenk & Co during 2005
(EUR 38 million).
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Profit from
discontinued operations net of tax
|
186 | 254 | 189 | |||||||||
Profit
for the year
|
186 | 254 | 189 | |||||||||
Total
assets
|
1,419 | 1,402 | 1,199 | |||||||||
Risk-weighted
assets
|
876 | 870 | 823 | |||||||||
Assets under
Management (in billions of EUR)
|
199 | 193 | 176 | |||||||||
Full-time
equivalent staff
|
1,874 | 1,630 | 1,722 | |||||||||
Number of
branches and offices
|
24 | 22 | 33 |
(in
millions of euros)
|
IFRS
|
Consolidation
effect (1)
|
Excluding
consolidation effect
|
|||||||||||||||||||||||||||||||||
(non-GAAP
measure)
|
||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||
Net interest
income/(expense)
|
(820 | ) | (484 | ) | (283 | ) | (220 | ) | (342 | ) | (208 | ) | (600 | ) | (142 | ) | (75 | ) | ||||||||||||||||||
Net fee and
commission income
|
230 | 109 | 126 | – | – | – | 230 | 109 | 126 | |||||||||||||||||||||||||||
Net trading
income/(loss)
|
(95 | ) | 109 | 52 | 3 | (3 | ) | 2 | (98 | ) | 112 | 50 | ||||||||||||||||||||||||
Results from
financial transactions
|
882 | 620 | 973 | 46 | 15 | (11 | ) | 836 | 605 | 984 | ||||||||||||||||||||||||||
Share of
results in equity accounted investments
|
93 | 71 | 118 | 1 | – | – | 92 | 71 | 118 | |||||||||||||||||||||||||||
Other
operating income
|
688 | 462 | 17 | – | – | (6 | ) | 688 | 462 | 23 | ||||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
3,836 | 5,313 | 3,509 | 3,836 | 5,313 | 3,509 | – | – | – | |||||||||||||||||||||||||||
Operating
income
|
4,814 | 6,200 | 4,512 | 3,666 | 4,983 | 3,286 | 1,148 | 1,217 | 1,226 | |||||||||||||||||||||||||||
Operating
expenses
|
5,120 | 5,490 | 3,486 | 3,634 | 4,939 | 3,262 | 1,486 | 551 | 224 | |||||||||||||||||||||||||||
Operating
result
|
(306 | ) | 710 | 1,026 | 32 | 44 | 24 | (338 | ) | 666 | 1,002 | |||||||||||||||||||||||||
Loan
impairment and other credit risk provisions
|
(2 | ) | 142 | 140 | – | – | – | (2 | ) | 142 | 140 | |||||||||||||||||||||||||
Operating
profit/(loss) before tax
|
(304 | ) | 568 | 886 | 32 | 44 | 24 | (336 | ) | 524 | 862 | |||||||||||||||||||||||||
Income tax
expense/(benefit)
|
(510 | ) | (149 | ) | 22 | 32 | 44 | 24 | (542 | ) | (193 | ) | (2 | ) | ||||||||||||||||||||||
Net
operating profit
|
206 | 717 | 864 | – | – | – | 206 | 717 | 864 | |||||||||||||||||||||||||||
Profit from
discontinued operations net of tax
|
(27 | ) | (85 | ) | (64 | ) | – | – | – | (27 | ) | (85 | ) | (64 | ) | |||||||||||||||||||||
Profit
for the year
|
179 | 632 | 800 | – | – | – | 179 | 632 | 800 | |||||||||||||||||||||||||||
Total
assets
|
72,535 | 77,849 | 93,162 | 1,698 | 4,537 | 3,477 | 70,837 | 73,312 | 89,685 | |||||||||||||||||||||||||||
Risk-weighted
assets
|
(4,751 | ) | 2,284 | 11,829 | – | – | – | (4,751 | ) | 2,284 | 11,829 | |||||||||||||||||||||||||
Full-time
equivalent staff
|
16,248 | 35,384 | 31,717 | 13,168 | 30,881 | 27,775 | 3,080 | 4,503 | 3,942 | |||||||||||||||||||||||||||
Number of
branches and offices
|
4 | 7 | 9 | – | – | – | 4 | 7 | 9 | |||||||||||||||||||||||||||
Efficiency
ratio (in %)
|
106.4% | 88.5% | 77.3% | 99.1% | 99.1% | 99.3% | 129.4% | 45.3% | 18.3% |
(1)
|
This
is the impact per line item of the private equity investments which are
required to be consolidated under IFRS. See the accounting policies
section of the financial
statements.
|
-
|
Net interest
income decreased by EUR 336 million (non-GAAP: minus EUR 458
million), mainly due to higher funding costs as a result of higher
interest rates and credit spreads.
|
-
|
Net trading
income decreased by EUR 204 million (non-GAAP: minus EUR 210 million) to a
negative EUR 95 million (non-GAAP: minus EUR 98 million), mainly due to
lower proprietary trading results.
|
-
|
Other
operating income increased by EUR 226 million to EUR 688 million due to a
revaluation gain on ABN AMRO’s stake in Capitalia (EUR 624 million) and
due to the inclusion in 2006 of the gain on sale of the Futures business
(EUR 229 million) and the gain on sale of Kereskedelmi és Hitelbank Rt.
(EUR 208 million).
|
-
|
Net interest
income decreased by EUR 201 million, due to higher interest expenses from
consolidated private equity investments. Excluding the consolidation
effect (non-GAAP measure), net interest income decreased by EUR 67 million
and includes the funding costs from preferred
shares.
|
-
|
Results from
financial transactions decreased by EUR 353 million to EUR 620 million.
Excluding the consolidation effect (non-GAAP measure), results from
financial transactions decreased by EUR 379 million, mainly due to lower
results on sale of bonds and credit default
swaps.
|
-
|
Share of
result in equity accounted investments decreased by EUR 47 million, due to
the absence of the contribution of ABN AMRO’s stake in Antonveneta, which
was consolidated as from 2006, and Kereskedelmi és Hitelbank Rt., which
was sold in 2006, partly offset by a higher contribution from ABN AMRO’s
stake in Capitalia.
|
-
|
Other
operating income increased by EUR 445 million to EUR 462 million.
Excluding the consolidation effect (non-GAAP measure), other operating
income increased by EUR 439 million, mainly due to the inclusion of the
gain on sale of Kereskedelmi és Hitelbank Rt.
(EUR 208 million) and the gain on sale of the Futures
business (EUR 229 million).
|
(i)
|
to reduce its
own funds by repayment of capital or distribution of
reserves;
|
(ii)
|
to acquire or
increase a qualifying holding in a financial undertaking if the total
assets of the financial undertaking would exceed 1% of its consolidated
balance sheet total;
|
(iii)
|
to acquire
or increase a qualifying holding in a non-financial
institution, if the consideration for the qualifying holdings
exceeds 1% of its consolidated
equity;
|
(iv)
|
to acquire
assets and assets from a third party, if the total amount of these assets
or liabilities exceeds 1% of its consolidated balance sheet
total;
|
(v)
|
to merge with
another company or institution, if the total capital of this company or
institution would exceed 1% of its consolidated balance sheet total,
or
|
(vi)
|
to execute a
financial or corporate
reorganisation.
|
-
|
maintain a
capital structure consistent with its ratings
targets;
|
-
|
meet all
regulatory requirements as well as the bank’s stated capital ratio
targets;
|
-
|
meet the
desired return targets; and
|
-
|
maintain
market confidence in ABN AMRO Risk Management capabilities.
|
Drivers of
Capital Demand
|
Tools to
Manage the Capital Supply
|
Regulatory
Requirements
Risk
Appetite
Rating
Objectives
Capital
Distribution
Business
Growth
|
Share
Issuance
Retained
Earnings
Hybrid / Tier
2 Issuance
Securitisations
/ Credit Derivatives
Hedging of FX
Capital Components
|
·
|
Available
Capital: the amount of capital used for the determination of capital
adequacy from an economic
standpoint.
|
·
|
Regulatory
Capital (RC): the minimum regulatory capital is 8% of RWA (Risk Weighted
Assets)
|
·
|
Economic
Capital (EC): EC is a measure of risk that indicates how much capital the
bank should possess to sustain unexpected losses with a high degree of
certainty, given the exposures of the bank. ABN AMRO uses a confidence
level of 99.95% in these
calculations.
|
·
|
Assigned Risk
Capital (ARC): ARC is the amount of capital that is allocated to the
business units of the bank, based on their respective risk exposures. It
is comprised of ‘Core EC’ (equivalent to approximated 80% of total EC in
2007) and ‘EC for additional risks’. The target Return on Equity is
translated into a Return on Assigned Risk Capital (RoARC)
target.
|
·
|
Core EC covers
the following 5 risk types: Credit and Country Risk, Operational Risk,
Market Risk of trading book positions, Interest Rate Risk in the banking
book and Business Risk. In addition, the Bank holds EC for additional
risks, such as pension liability risk and model and parameter
risk.
|
·
|
ABN AMRO is
active in many locations in the world and is involved in many different
business activities. Therefore regional and industry diversification, as
well as the diversification between different risk types, is taken into
account in calculating Economic
Capital.
|
·
|
ABN AMRO
calculates Economic Capital using its own internally developed
methodology. The Economic Capital models of the bank have been designed in
such a way that Economic Capital expresses the capital that is required
for the target credit rating.
|
·
|
Actual results
and capital developments are measured against the actual and forecasted
capital position on an ongoing
basis.
|
·
|
Average Loss
under Stress (ALS) as a function of Operating Result: Average Loss under
Stress is defined as the average loss of the 10% worst loss scenarios that
may occur during the next year. As the bank’s EC models aim to provide a
through-the-cycle estimate of potential losses during the next year,
Average Loss under Stress can be interpreted as an estimate of the loss
that the bank can expect to incur if next year is the worst year in a
typical 10-year economic cycle. Average Loss under Stress is monitored
relative to operating profit. Economic
Capital and Average Loss under Stress complement each other as they
reflect different time horizons. The shorter time-horizon of Average Loss
under Stress makes it easier to interpret and use as management tool.
Average Loss under Stress represents a form of stress test (bottom of
business cycle): a recession scenario with a probability of occurring once
every 10 years.
|
·
|
Return on
Assigned Risk Capital (RoARC): The RoARC calculations are based on net
profit and ARC consumption.
|
·
|
Loss at
Default (LAD): LAD is a measure of single obligor risk and is an estimate
of the amount of expected loss in the event of
default.
|
·
|
Value at Risk:
Value at Risk is a statistically based estimate of
the potential loss arising from the change in fair value of a portfolio
due to adverse market movements. It
expresses the maximum amount an entity expects
to lose over a certain holding period and to a
certain confidence level. Value at Risk does not provide an absolute
maximum loss.
|
·
|
Maintain a
capital structure consistent with ABN AMRO’s rating
targets.
|
·
|
Ensure that
the demand for capital is justified by sufficient returns to achieve the
Group’s Return on Equity target and that there is sufficient capital
available to meet the capital
demands.
|
·
|
Comply with
regulatory requirements i.e. minimum 10.5% Total Capital ratio and the
Group’s announced Capital Ratio targets (currently 6% Core Tier 1 and 8%
Tier 1).
|
·
|
Improve the
liquidity of Risk Weighted Assets to ensure the balance sheet remains
flexible.
|
·
|
Increase
strategic and tactical flexibility in deployment of
capital.
|
·
|
Meet the
strategic funding needs of ABN
AMRO.
|
·
|
Improve Group
and BUs RoARC (i.e. through risk transfer
transactions).
|
·
|
Risk Awareness; Risks
are identified, understood, and measured at all levels in the
organisation.
|
·
|
Defined Risk Appetite;
Risk accepted by the institution is within the tolerance level set by the
Managing Board in accordance with the Group Strategy, existing capital
constraints, sustainable earnings and maintenance of desired credit
ratings for the Bank.
|
·
|
Clarity and Transparency;
Risk decisions are clear, explicit, and consistent with strategic
business objectives.
|
·
|
Risk-Reward Alignment;
One of the bank’s core competencies is to take and manage risks.
The bank’s risk decisions should be based upon the appropriate risk-reward
balance.
|
·
|
Compliance; Decisions
that may legally and morally commit the bank must be in compliance with
internal approval procedures, the relevant regulations, and be conform the
ethical values as reflected in ABN AMRO’s sustainable business
policies.
|
·
|
Going Concern
Liquidity Management: The management of the day-to-day liquidity position
within specified parameters to ensure all liabilities can be met on a
timely basis.
|
·
|
Event Risk
Liquidity Management: Ensuring that in the event of either a firm-specific
or general market event, the bank is able to generate sufficient liquidity
to withstand a short term liquidity
crisis.
|
·
|
Stress test: a
quantitative analysis of the liquidity impact of several (market and
firm-specific) liquidity crises.
|
·
|
Liquidity
Buffer: Mitigation of this event risk is achieved through the provision of
standby liquidity in the form of unencumbered, central bank eligible,
collateral.
|
·
|
Contingency
Funding Plans (CFPs): Describes the steps and procedures taken in the
event of a crisis. CFPs are in place at Group, BU and country level. The
effectiveness of the CFPs are tested with periodic
dry-runs.
|
·
|
Balance sheet
Ratio Analysis: The relationship between the sub-components of the balance
sheet at a given point in time indicating the underlying balance sheet
liquidity.
|
·
|
Measurement of
Cash Flow Gap: The gap between expected cash inflows and outflows
determined within a series of time
brackets.
|
·
|
Diversification
of Funding Schedule: An analysis of funding sources broken down by
customer, instrument and product.
|
(i)
|
pertain to the
maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of ABN AMRO and
its consolidated entities;
|
(ii)
|
provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of ABN AMRO are
being made only in accordance with authorisations of management and
directors of ABN AMRO; and
|
(iii)
|
provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of ABN AMRO’s assets that
could have a material effect on the financial
statements.
|
Boards
and committees
|
78 | |
Supervisory
Board
|
78 | |
Managing
Board
|
78 | |
Full Board activities | 79 | |
Senior
Executive Vice Presidents
|
81 | |
Audit
committee activities
|
81 | |
Nomination
& Compensation Committee activities
|
82 | |
Managing Board
Compensation
|
83 | |
Compliance
Oversight Committee activities
|
85 | |
Contacts with
Dutch Central Works Council
|
85 | |
Corporate
governance
|
86 | |
Supervisory
Board
|
86 | |
Audit
Committee
|
87 | |
Nomination
& Compensation Committee
|
88 | |
Compliance
Oversight Committee
|
88 | |
Managing
Board
|
88 | |
Corporate
governance in the Netherlands
|
89 | |
Dutch
Corporate Governance Code
|
89 | |
Internal risk
management and control systems
|
92 | |
Corporate
governance in the United States
|
92 | |
Management's
report on internal control over financial reporting
|
93 | |
Report of
independent Registered Public Accounting Firm
|
94 | |
ABN AMRO’s employees | 96 |
·
|
Mark
Fisher
|
|
Chairman of
the Managing Board, Group Audit, Group Compliance &
Legal
|
·
|
Wilco
Jiskoot
|
|
Vice-Chairman,
Private Equity, Customer Relations
|
·
|
Karel De
Boeck
|
|
Vice-Chairman,
Group Human Resources, Group Communications, Group Public
Affairs,
|
|
Transition
|
·
|
Ron
Teerlink
Services,
Market Structures
|
·
|
Marta Elorza
Trueba
|
|
Antonveneta,
BU Latin America
|
·
|
Brian
Crowe
|
|
BU Global
Clients, BU Global Markets, BU Transaction
Banking
|
·
|
Paul
Dor
|
|
BU Asset
Management, BU Private Clients
|
·
|
John
Hourican
|
|
CFO, Group Finance, Group Risk
Management
|
·
|
Javier
Maldonado
|
·
|
Jan-Peter
Schmittmann
BU
Netherlands
|
·
|
Michiel de
Jong (nominated)
|
|
BU Asia, BU
Europe
|
·
|
Brad Kopp
(nominated)
|
|
BU North
America
|
Rating
1
|
– substantially
below target
|
– 0%
|
Rating
2
|
– close to
target
|
– 0 -
150%
|
Rating
3
|
– on
target
|
– 150%
|
Rating
4
|
– well above
target
|
– 150 -
200%
|
·
|
There is
reasonable assurance that ABN AMRO’s financial reporting does not
contain any errors of material
importance.
|
·
|
ABN AMRO’s
risk management and control systems have worked properly in
2007.
|
·
|
There are no
indications that ABN AMRO’s risk management and control systems will not
work properly in 2008.
|
·
|
Like many
public Dutch companies, ABN AMRO has a two-tier governance structure. As
described here in more detail, ABN AMRO’s Managing Board is composed
of ABN AMRO’s principal officers and is responsible for the day-to-day
management of ABN AMRO’s affairs. The Managing Board functions under the
supervision of ABN AMRO’s Supervisory Board, which must approve specified
decisions of the Managing Board. Members of the Managing Board and other
officers and employees are excluded from membership of the Supervisory
Board. Members of the Managing Board and Supervisory Board are appointed
by the General Meeting of Shareholders upon a nomination by the
Supervisory Board.
|
·
|
Both sets of
practices require that a majority of the members of the board of
directors must be independent, but the relevant definitions of
independence differ. In some cases ABN AMRO’s definition is stricter;
for example, ABN AMRO has a longer ‘look-back’ period for former
executive directors. In other cases, the definition applied by the New
York Stock Exchange
is stricter.
|
·
|
Unlike the New
York Stock Exchange rules, ABN AMRO’s corporate governance practices
permit the Supervisory Board’s sub-committees to have a member who is
not independent. At this moment, however, all members of the
sub-committees of ABN AMRO’s Supervisory Board are, in fact,
independent.
|
Date
|
25
March 2008
|
||||||
By:
|
/s/
Mark
Fisher
|
By:
|
/s/
John
Hourican
|
||||
Name:
|
Mark
Fisher
|
Name:
|
John
Hourican
|
||||
Title:
|
Chairman
of the Managing Board
|
Title:
|
Chief
Financial Officer
|
Accounting
policies
|
98
|
Consolidated
income statement for the year ended 31 December
|
116
|
Consolidated
balance sheet at 31 December
|
117
|
Consolidated
statement of changes in equity for the year ended 31
December
|
118
|
Consolidated
cash flow statement for the year ended 31 December
|
119
|
Notes to the
consolidated financial statements
|
120
|
Company
financial statements
|
225
|
Accounting
policies
|
225
|
Company income
statement for the year ended 31 December
|
226
|
Company
balance sheet at 31 December
|
226
|
Company
statement of changes in equity for the year ended 31
December
|
227
|
Notes to the
company financial statements
|
228
|
-
|
fair value is
used for: derivative financial instruments, financial assets and
liabilities held for trading or designated as measured at fair value
through income, and available-for-sale financial
assets,
|
-
|
other
financial assets (including ‘Loans and Receivables’) and liabilities are
valued at amortised cost,
|
-
|
the carrying
value of assets and liabilities measured at amortised cost included in a
fair value hedge relationship is adjusted with respect to fair value
changes resulting from the hedged
risk,
|
-
|
non-financial
assets and liabilities are generally stated at historical
cost.
|
-
|
Fees and
commissions generated as an integral part of negotiating and arranging a
funding transaction with customers, such as the issuance of loans are
included in the calculation of the effective interest rate and are
included in interest income and
expense.
|
-
|
Fees and
commissions generated for transactions or discrete acts are recognised
when the transaction or act is
completed.
|
-
|
Fees and
commissions dependent on the outcome of a particular event or contingent
upon performance are recognised when the relevant criteria have been
met.
|
-
|
Service fees
are typically recognised on a straight-line basis over the service
contract period; portfolio and other management advisory and service fees
are recognised based on the applicable service
contracts.
|
-
|
Asset
management fees related to investment funds are also recognised over the
period the service is provided. This principle is also applied to the
recognition of income from wealth management, financial planning and
custody services that are provided over an extended
period.
|
-
|
The instrument
includes an embedded derivative that would otherwise require separation.
This applies to certain structured notes issued with hybrid features. Fair
value measurement also helps to achieve offset against changes in the
value of derivatives and other fair value positions used to economically
hedge these notes.
|
-
|
The
designation eliminates or significantly reduces a measurement
inconsistency that would otherwise arise. In this regard unit-linked
investments held for the account and risk of policyholders and the related
obligation to policyholders are designated at fair value with changes
through income.
|
-
|
It relates to
a portfolio of financial assets and/or liabilities that are managed and
evaluated on a fair value basis in accordance with a documented risk
management or investment strategy. This is applied to equity investments
of a private equity nature.
|
· Land
|
Not
depreciated
|
· Buildings
|
25 to 50
years
|
· Equipment
|
5 to 12
years
|
· Computer
installations
|
2 to 5
years.
|
-
|
How entities
should determine the limit placed by IAS19 Employee Benefits on the amount
of a surplus in a pension fund they can recognise as an
asset,
|
-
|
How a minimum
funding requirement affects that limit,
and
|
-
|
When a minimum
funding requirement creates an onerous obligation that should be
recognised as a liability in addition to that otherwise recognised under
IAS 19.
|
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Interest
income
|
29,829 | 25,417 | 21,793 | |||||||||
Interest
expense
|
21,477 | 18,149 | 15,030 | |||||||||
Net
interest income 3
|
8,352 | 7,268 | 6,763 | |||||||||
Fee and
commission income
|
5,222 | 4,871 | 4,181 | |||||||||
Fee and
commission expense
|
947 | 822 | 749 | |||||||||
Net
fee and commission income 4
|
4,275 | 4,049 | 3,432 | |||||||||
Net trading
income 5
|
1,276 | 2,849 | 2,514 | |||||||||
Results from
financial transactions 6
|
1,548 | 794 | 1,183 | |||||||||
Share of
result in equity accounted investments 19
|
271 | 241 | 245 | |||||||||
Other
operating income 7
|
1,376 | 914 | 808 | |||||||||
Income from
consolidated private equity holdings 41
|
3,836 | 5,313 | 3,637 | |||||||||
Operating
income
|
20,934 | 21,428 | 18,582 | |||||||||
Personnel
expenses 8
|
7,581 | 6,608 | 5,884 | |||||||||
General and
administrative expenses 9
|
6,168 | 5,713 | 4,679 | |||||||||
Depreciation
and amortisation 10
|
987 | 940 | 831 | |||||||||
Goods and
materials of consolidated private equity holdings 41
|
2,744 | 3,684 | 2,519 | |||||||||
Operating
expenses
|
17,480 | 16,945 | 13,913 | |||||||||
Loan
impairment and other credit risk provisions 18
|
1,704 | 1,411 | 614 | |||||||||
Total
expenses
|
19,184 | 18,356 | 14,527 | |||||||||
Operating
profit before tax
|
1,750 | 3,072 | 4,055 | |||||||||
Income tax
(benefit)/expense 11
|
(48 | ) | 366 | 735 | ||||||||
Profit
from continuing operations
|
1,798 | 2,706 | 3,320 | |||||||||
Profit from
discontinued operations net of tax 45
|
8,177 | 2,074 | 1,123 | |||||||||
Profit
for the year
|
9,975 | 4,780 | 4,443 | |||||||||
Attributable
to:
|
||||||||||||
Shareholders
of the company
|
9,848 | 4,715 | 4,382 | |||||||||
Minority
interest
|
127 | 65 | 61 | |||||||||
Earnings
per share attributable to the shareholders of the parent company (in
euros) 12
|
||||||||||||
From
continuing operations
|
||||||||||||
Basic
|
0.92 | 1.43 | 1.83 | |||||||||
Diluted
|
0.92 | 1.42 | 1.83 | |||||||||
From
continuing and discontinued operations
|
||||||||||||
Basic
|
5.32 | 2.50 | 2.43 | |||||||||
Diluted
|
5.32 | 2.49 | 2.42 |
(in
millions of euros)
|
2007
|
2006
|
||||||
Assets
|
||||||||
Cash and
balances at central banks 13
|
16,750 | 12,317 | ||||||
Financial
assets held for trading 14
|
242,277 | 205,736 | ||||||
Financial
investments 15
|
96,435 | 125,381 | ||||||
Loans and
receivables- banks 16
|
175,696 | 134,819 | ||||||
Loans and
receivables- customers 17
|
396,762 | 443,255 | ||||||
Equity
accounted investments 19
|
871 | 1,527 | ||||||
Property and
equipment 20
|
2,747 | 6,270 | ||||||
Goodwill and
other intangibles 21
|
1,424 | 9,407 | ||||||
Assets of
businesses held for sale 45
|
60,458 | 11,850 | ||||||
Accrued income
and prepaid expenses
|
12,580 | 9,290 | ||||||
Other assets
22
|
19,213 | 27,212 | ||||||
Total
assets
|
1,025,213 | 987,064 | ||||||
Liabilities
|
||||||||
Financial
liabilities held for trading 14
|
155,476 | 145,364 | ||||||
Due to banks
23
|
239,334 | 187,989 | ||||||
Due to
customers 24
|
330,352 | 362,383 | ||||||
Issued debt
securities 25
|
174,995 | 202,046 | ||||||
Provisions
26
|
6,544 | 7,850 | ||||||
Liabilities of
businesses held for sale 45
|
39,780 | 3,707 | ||||||
Accrued
expenses and deferred income
|
12,244 | 10,640 | ||||||
Other
liabilities 28
|
20,163 | 21,977 | ||||||
Liabilities
(excluding subordinated liabilities)
|
978,888 | 941,956 | ||||||
Subordinated
liabilities 30
|
15,616 | 19,213 | ||||||
Total
Liabilities
|
994,504 | 961,169 | ||||||
Equity
|
||||||||
Share capital
31
|
1,085 | 1,085 | ||||||
Share
premium
|
5,332 | 5,245 | ||||||
Treasury
shares 31
|
(2,640 | ) | (1,829 | ) | ||||
Retained
earnings
|
25,650 | 18,599 | ||||||
Net
gains/(losses) not recognised in the income statement
|
148 | 497 | ||||||
Equity
attributable to shareholders of the parent company
|
29,575 | 23,597 | ||||||
Equity
attributable to minority interests
|
1,134 | 2,298 | ||||||
Total
equity
|
30,709 | 25,895 | ||||||
Total
equity and liabilities
|
1,025,213 | 987,064 | ||||||
Guarantees and
other commitments 34
|
55,140 | 51,279 | ||||||
Committed
credit facilities 34
|
104,137 | 145,418 |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Share
capital
|
||||||||||||
Balance at 1
January
|
1,085 | 1,069 | 954 | |||||||||
Issuance of
shares
|
– | – | 82 | |||||||||
Exercised
options and warrants
|
– | 16 | – | |||||||||
Dividend paid
in shares
|
– | – | 33 | |||||||||
Balance
at 31 December
|
1,085 | 1,085 | 1,069 | |||||||||
Share
premium
|
||||||||||||
Balance at 1
January
|
5,245 | 5,269 | 2,604 | |||||||||
Issuance of
shares
|
– | – | 2,611 | |||||||||
Share-based
payments
|
145 | 111 | 87 | |||||||||
Dividends paid
in shares
|
(58 | ) | (135 | ) | (33 | ) | ||||||
Balance
at 31 December
|
5,332 | 5,245 | 5,269 | |||||||||
Treasury
shares
|
||||||||||||
Balance at 1
January
|
(1,829 | ) | (600 | ) | (632 | ) | ||||||
Share buy
back
|
(1,847 | ) | (2,204 | ) | 32 | |||||||
Utilised for
dividends paid in shares
|
412 | 832 | – | |||||||||
Utilised for
exercise of options and performance share plans
|
624 | 143 | – | |||||||||
Balance
at 31 December
|
(2,640 | ) | (1,829 | ) | (600 | ) | ||||||
Other
reserves including retained earnings
|
||||||||||||
Balance at 1
January
|
18,599 | 15,237 | 11,580 | |||||||||
Profit
attributable to shareholders of the parent company
|
9,848 | 4,715 | 4,382 | |||||||||
Cash dividends
paid to shareholders of the parent company
|
(1,540 | ) | (807 | ) | (659 | ) | ||||||
Dividend paid
in shares to shareholders of the parent company
|
(586 | ) | (656 | ) | – | |||||||
Settlement of
share option and awards in cash 44
|
(743 | ) | – | – | ||||||||
Other
|
72 | 110 | (66 | ) | ||||||||
Balance
at 31 December
|
25,650 | 18,599 | 15,237 | |||||||||
Net
gains/(losses) not recognised in the income statement
|
||||||||||||
Currency
translation account
|
||||||||||||
Balance at 1
January
|
408 | 842 | (238 | ) | ||||||||
Transfer to
income statement relating to disposals
|
293 | (7 | ) | (20 | ) | |||||||
Currency
translation differences
|
(104 | ) | (427 | ) | 1,100 | |||||||
Subtotal
– Balance at 31 December
|
597 | 408 | 842 | |||||||||
Net
unrealised gains/(losses) on available-for-sale assets
|
||||||||||||
Balance at 1
January
|
364 | 1,199 | 830 | |||||||||
Net unrealised
gains/(losses) on available-for-sale assets
|
(392 | ) | (233 | ) | 717 | |||||||
Realised
losses (gains) reclassified to the income statement
|
(515 | ) | (602 | ) | (348 | ) | ||||||
Subtotal
Balance at 31 December
|
(543 | ) | 364 | 1,199 | ||||||||
Cash
flow hedging reserve
|
||||||||||||
Balance at 1
January
|
(275 | ) | (795 | ) | (283 | ) | ||||||
Net unrealized
gains/(losses) on cash flow hedges
|
315 | 735 | (386 | ) | ||||||||
Net
losses/(gains) reclassified to the income statement
|
54 | (215 | ) | (126 | ) | |||||||
Subtotal
Balance at 31 December
|
94 | (275 | ) | (795 | ) | |||||||
Net
gains /(losses) not recognised in the income statement at 31
December
|
148 | 497 | 1,246 | |||||||||
Equity
attributable to shareholders of the parent company at 31
December
|
29,575 | 23,597 | 22,221 | |||||||||
Minority
interest
|
||||||||||||
Balance at 1
January
|
2,298 | 1,931 | 1,737 | |||||||||
Additions/reductions
|
(853 | ) | 145 | 136 | ||||||||
Acquisitions/disposals
|
(300 | ) | 203 | (136 | ) | |||||||
Profit
attributable to minority interests
|
127 | 65 | 61 | |||||||||
Currency
translation differences
|
(138 | ) | (46 | ) | 133 | |||||||
Equity
attributable to minority interests at 31 December
|
1,134 | 2,298 | 1,931 | |||||||||
Total
equity at 31 December
|
30,709 | 25,895 | 24,152 |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Operating
activities
|
||||||||||||
Profit for the
year
|
9,975 | 4,780 | 4,443 | |||||||||
Less: Profit
from discontinued operations
|
8,177 | 2,074 | 1,123 | |||||||||
Profit from
continuing operations
|
1,798 | 2,706 | 3,320 | |||||||||
Adjustments
for significant non-cash items included in income
|
||||||||||||
Depreciation,
amortization and impairment
|
987 | 940 | 831 | |||||||||
Loan
impairment losses
|
2,253 | 1,638 | 850 | |||||||||
Share of
result in equity accounted investments
|
(271 | ) | (241 | ) | (245 | ) | ||||||
Movements
in operating assets and liabilities
|
||||||||||||
Movements in
operating assets 35
|
(176,827 | ) | (85,072 | ) | (85,755 | ) | ||||||
Movements in
operating liabilities 35
|
176,433 | 66,328 | 62,785 | |||||||||
Other adjustments | ||||||||||||
Dividends
received from equity accounted investments
|
81 | 72 | 61 | |||||||||
Net
cash flows from operating activities from continuing operations and
businesses held for sale
|
4,454 | (13,629 | ) | (18,153 | ) | |||||||
Net
cash flows from operating activities from discontinued
operations
|
(9,275 | ) | 9,298 | (317 | ) | |||||||
Investing
activities
|
||||||||||||
Acquisition of
investments
|
(182,950 | ) | (152,608 | ) | (114,289 | ) | ||||||
Sales and
redemption of investments
|
180,506 | 147,728 | 100,285 | |||||||||
Acquisition of
property and equipment
|
(753 | ) | (970 | ) | (1,847 | ) | ||||||
Sales of
property and equipment
|
606 | 247 | 1,037 | |||||||||
Acquisition of
intangibles (excluding goodwill)
|
(490 | ) | (737 | ) | (374 | ) | ||||||
Disposal of
intangibles (excluding goodwill)
|
14 | 11 | 7 | |||||||||
Acquisition of
subsidiaries and equity accounted investments
|
(501 | ) | (240 | ) | (1,693 | ) | ||||||
Disposal of
subsidiaries and equity accounted investments
|
1,152 | 258 | 480 | |||||||||
Net
cash flows from investing activities from continuing operations and
businesses held for sale
|
(2,416 | ) | (6,311 | ) | (16,394 | ) | ||||||
Net
cash flows from investing activities from discontinued
operations
|
12,954 | (8,751 | ) | 1,209 | ||||||||
Financing
activities
|
||||||||||||
Issuance of
subordinated liabilities
|
1,523 | 1,979 | 2,975 | |||||||||
Repayment of
subordinated liabilities
|
(1,381 | ) | (3,319 | ) | (1,615 | ) | ||||||
Issuance of
other long-term funding
|
39,412 | 34,570 | 35,316 | |||||||||
Repayment of
other long-term funding
|
(30,804 | ) | (11,338 | ) | (6,331 | ) | ||||||
Proceeds from
the issue of shares
|
– | – | 2,491 | |||||||||
Net
(decrease)/increase in treasury shares
|
(1,223 | ) | (2,061 | ) | 32 | |||||||
Other
|
(1,723 | ) | 174 | 75 | ||||||||
Dividends
paid
|
(1,540 | ) | (807 | ) | (659 | ) | ||||||
Net
cash flows from financing activities from continuing operations and
businesses held for sale
|
4,264 | 19,198 | 32,284 | |||||||||
Net
cash flows from financing activities from discontinued
operations
|
(2,101 | ) | (976 | ) | (1,189 | ) | ||||||
Movement
in cash and cash equivalents continuing operations
|
6,462 | (742 | ) | (2,363 | ) | |||||||
Cash and cash
equivalents at 1 January
|
5,123 | 5,865 | 8,228 | |||||||||
Cash
and cash equivalents at 31 December 35
|
11,585 | 5,123 | 5,865 | |||||||||
Movement
in cash and cash equivalents from businesses held for sale
|
(160 | ) | - | 100 | ||||||||
Cash and cash
equivalent at 1 January
|
203 | 203 | 103 | |||||||||
Cash
and cash equivalents at 31 December 35
|
43 | 203 | 203 | |||||||||
Movement
in cash and cash equivalents from discontinued operations
|
1,578 | (429 | ) | (297 | ) | |||||||
Cash and cash
equivalents at 1 January
|
(454 | ) | (25 | ) | 272 | |||||||
Cash
and cash equivalents at 31 December 35
|
1,124 | (454 | ) | (25 | ) |
Netherlands
|
Europe
|
North
America
|
Latin
America
|
Asia
|
Private
clients
|
Asset
manage-
ment
|
Group
functions
|
Total
|
||||||||||||||||||||||||||||
Net interest
income – external
|
1,732 | 4,209 | 67 | 4,102 | 542 | (1,106 | ) | – | (1,194 | ) | 8,352 | |||||||||||||||||||||||||
Net interest
income-other segments
|
1,667 | (3,601 | ) | 50 | (346 | ) | 289 | 1,567 | – | 374 | – | |||||||||||||||||||||||||
Net fee and
commission income - external
|
968 | 1,141 | 289 | 511 | 802 | 553 | – | 11 | 4,275 | |||||||||||||||||||||||||||
Net fee and
commission income-other segments
|
(83 | ) | (564 | ) | (26 | ) | 49 | 281 | 124 | – | 219 | – | ||||||||||||||||||||||||
Net trading
income
|
704 | (160 | ) | 206 | 157 | 389 | 75 | – | (95 | ) | 1,276 | |||||||||||||||||||||||||
Result from
financial transactions
|
33 | 159 | 5 | 415 | 48 | 6 | – | 882 | 1,548 | |||||||||||||||||||||||||||
Share of
result in equity accounted investments
|
60 | 4 | – | 48 | 66 | – | – | 93 | 271 | |||||||||||||||||||||||||||
Other
operating income
|
399 | (23 | ) | 43 | 90 | 11 | 168 | – | 688 | 1,376 | ||||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
– | – | – | – | – | – | – | 3,836 | 3,836 | |||||||||||||||||||||||||||
Total
operating income
|
5,480 | 1,165 | 634 | 5,026 | 2,428 | 1,387 | – | 4,814 | 20,934 | |||||||||||||||||||||||||||
Total
operating expenses
|
3,525 | 2,512 | 776 | 2,829 | 1,803 | 915 | – | 5,120 | 17,480 | |||||||||||||||||||||||||||
Loan
impairment and credit risk provisions
|
406 | 75 | 33 | 964 | 228 | – | – | (2 | ) | 1,704 | ||||||||||||||||||||||||||
Total
expenses
|
3,931 | 2,587 | 809 | 3,793 | 2,031 | 915 | – | 5,118 | 19,184 | |||||||||||||||||||||||||||
Operating
profit/(loss) before taxes
|
1,549 | (1,422 | ) | (175 | ) | 1,233 | 397 | 472 | – | (304 | ) | 1,750 | ||||||||||||||||||||||||
Income tax
expenses
|
249 | (364 | ) | (85 | ) | 425 | 121 | 116 | – | (510 | ) | (48 | ) | |||||||||||||||||||||||
Profit/(loss)
from continuing operations
|
1,300 | (1,058 | ) | (90 | ) | 808 | 276 | 356 | – | 206 | 1,798 | |||||||||||||||||||||||||
Profit/(loss)
from discontinued operations net of tax
|
52 | (111 | ) | 8,077 | – | – | – | 186 | (27 | ) | 8,177 | |||||||||||||||||||||||||
Profit/(loss)
for the year
|
1,352 | (1,169 | ) | 7,987 | 808 | 276 | 356 | 186 | 179 | 9,975 | ||||||||||||||||||||||||||
Other
information at 31 December 2007
|
||||||||||||||||||||||||||||||||||||
Total
assets
|
223,067 | 500,391 | 79,241 | 52,659 | 76,278 | 19,623 | 1,419 | 72,535 | 1,025,213 | |||||||||||||||||||||||||||
Of which
equity accounted investments
|
327 | 21 | – | 52 | 465 | 6 | – | – | 871 | |||||||||||||||||||||||||||
Total
liabilities
|
216,559 | 495,479 | 78,610 | 47,035 | 73,404 | 17,966 | 825 | 64,626 | 994,504 | |||||||||||||||||||||||||||
Capital
expenditure
|
353 | 129 | 58 | 238 | 87 | 20 | – | 216 | 1,101 |
Netherlands
|
Europe
|
North
America
|
Latin
America
|
Asia
|
Private
clients
|
Asset
manage-ment
|
Group
functions
|
Total
|
||||||||||||||||||||||||||||
Net interest
income –external
|
3,038 | 2,647 | 180 | 3,108 | 348 | (1,008 | ) | – | (1,045 | ) | 7,268 | |||||||||||||||||||||||||
Net interest
income-other segments
|
83 | (2,272 | ) | (37 | ) | (102 | ) | 264 | 1,503 | – | 561 | – | ||||||||||||||||||||||||
Net fee and
commission income – external
|
972 | 989 | 228 | 499 | 664 | 581 | – | 116 | 4,049 | |||||||||||||||||||||||||||
Net fee and
commission income-other segments
|
34 | (291 | ) | 63 | 39 | 133 | 29 | – | (7 | ) | – | |||||||||||||||||||||||||
Net trading
income
|
539 | 1,405 | 150 | 231 | 358 | 57 | – | 109 | 2,849 | |||||||||||||||||||||||||||
Result from
financial transactions
|
167 | 13 | (36 | ) | 33 | (7 | ) | 4 | – | 620 | 794 | |||||||||||||||||||||||||
Share of
result in equity accounted investments
|
51 | – | – | 55 | 62 | 2 | – | 71 | 241 | |||||||||||||||||||||||||||
Other
operating income
|
246 | 14 | 21 | 49 | 47 | 75 | – | 462 | 914 | |||||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
– | – | – | – | – | – | – | 5,313 | 5,313 | |||||||||||||||||||||||||||
Total
operating income
|
5,130 | 2,505 | 569 | 3,912 | 1,869 | 1,243 | – | 6,200 | 21,428 | |||||||||||||||||||||||||||
Total
operating expenses
|
3,540 | 2,479 | 801 | 2,333 | 1,419 | 883 | – | 5,490 | 16,945 | |||||||||||||||||||||||||||
Loan
impairment and credit risk provisions
|
352 | 11 | (33 | ) | 720 | 213 | 6 | – | 142 | 1,411 | ||||||||||||||||||||||||||
Total
expenses
|
3,892 | 2,490 | 768 | 3,053 | 1,632 | 889 | – | 5,632 | 18,356 | |||||||||||||||||||||||||||
Operating
profit/(loss) before taxes
|
1,238 | 15 | (199 | ) | 859 | 237 | 354 | – | 568 | 3,072 | ||||||||||||||||||||||||||
Income tax
expenses
|
281 | 65 | (199 | ) | 158 | 107 | 103 | – | (149 | ) | 366 | |||||||||||||||||||||||||
Profit/(loss)
from continuing operations
|
957 | (50 | ) | – | 701 | 130 | 251 | – | 717 | 2,706 | ||||||||||||||||||||||||||
Profit/(loss)
from discontinued operations net of tax
|
505 | 192 | 1,208 | – | – | – | 254 | (85 | ) | 2,074 | ||||||||||||||||||||||||||
Profit/(loss)
for the year
|
1,462 | 142 | 1,208 | 701 | 130 | 251 | 254 | 632 | 4,780 | |||||||||||||||||||||||||||
Other
information at 31 December 2006
|
||||||||||||||||||||||||||||||||||||
Total
assets
|
206,295 | 407,174 | 166,590 | 39,404 | 69,800 | 18,550 | 1,402 | 77,849 | 987,064 | |||||||||||||||||||||||||||
Of which
equity accounted investments
|
189 | 14 | – | 39 | 369 | 6 | 10 | 900 | 1,527 | |||||||||||||||||||||||||||
Total
liabilities
|
197,978 | 401,153 | 159,353 | 34,618 | 67,805 | 19,012 | 1,044 | 80,206 | 961,169 | |||||||||||||||||||||||||||
Capital
expenditure
|
373 | 130 | 181 | 142 | 86 | 39 | 17 | 655 | 1,623 |
Netherlands
|
Europe
|
North
America
|
Latin
America
|
Asia
|
Private
clients
|
Asset
manage-ment
|
Group
functions
|
Total
|
||||||||||||||||||||||||||||
Net interest
income – external
|
1,459 | 2,534 | 420 | 2,324 | 427 | (739 | ) | – | 338 | 6,763 | ||||||||||||||||||||||||||
Net interest
income-other segments
|
2,105 | (2,639 | ) | (241 | ) | (43 | ) | 220 | 1,219 | – | (621 | ) | – | |||||||||||||||||||||||
Net fee and
commission income – external
|
803 | 850 | 216 | 417 | 487 | 498 | – | 161 | 3,432 | |||||||||||||||||||||||||||
Net fee and
commission income-other segments
|
106 | (149 | ) | 4 | 2 | 43 | 29 | – | (35 | ) | – | |||||||||||||||||||||||||
Net trading
income
|
451 | 1,451 | 240 | 68 | 214 | 38 | – | 52 | 2,514 | |||||||||||||||||||||||||||
Result from
financial transactions
|
– | 62 | 35 | 24 | 78 | 11 | – | 973 | 1,183 | |||||||||||||||||||||||||||
Share of
result in equity accounted investments
|
13 | 3 | – | 37 | 73 | 1 | – | 118 | 245 | |||||||||||||||||||||||||||
Other
operating income
|
187 | 73 | 18 | 369 | 44 | 100 | – | 17 | 808 | |||||||||||||||||||||||||||
Income of
consolidated private equity holdings
|
– | 128 | – | – | – | – | – | 3,509 | 3,637 | |||||||||||||||||||||||||||
Total
operating income
|
5,124 | 2,313 | 692 | 3,198 | 1,586 | 1,157 | – | 4,512 | 18,582 | |||||||||||||||||||||||||||
Total
operating expenses
|
3,632 | 2,216 | 663 | 1,937 | 1,129 | 850 | – | 3,486 | 13,913 | |||||||||||||||||||||||||||
Loan
impairment and credit risk provisions
|
268 | (35 | ) | (148 | ) | 348 | 35 | 6 | – | 140 | 614 | |||||||||||||||||||||||||
Total
expenses
|
3,900 | 2,181 | 515 | 2,285 | 1,164 | 856 | – | 3,626 | 14,527 | |||||||||||||||||||||||||||
Operating
profit/(loss) before taxes
|
1,224 | 132 | 177 | 913 | 422 | 301 | – | 886 | 4,055 | |||||||||||||||||||||||||||
Income tax
expenses
|
349 | 31 | (113 | ) | 278 | 102 | 66 | – | 22 | 735 | ||||||||||||||||||||||||||
Profit/(loss)
from continuing operations
|
875 | 101 | 290 | 635 | 320 | 235 | – | 864 | 3,320 | |||||||||||||||||||||||||||
Profit/(loss)
from discontinued operations net of tax
|
136 | – | 862 | – | – | – | 189 | (64 | ) | 1,123 | ||||||||||||||||||||||||||
Profit/(loss)
for the year
|
1,011 | 101 | 1,152 | 635 | 320 | 235 | 189 | 800 | 4,443 | |||||||||||||||||||||||||||
Other
information at 31 December 2005
|
||||||||||||||||||||||||||||||||||||
Total
assets
|
201,641 | 320,244 | 151,532 | 31,951 | 64,482 | 16,593 | 1,199 | 93,162 | 880,804 | |||||||||||||||||||||||||||
Of which
equity accounted investments
|
163 | 27 | – | 40 | 371 | 5 | 13 | 2,374 | 2,993 | |||||||||||||||||||||||||||
Total
liabilities
|
201,239 | 314,405 | 145,252 | 26,595 | 63,997 | 17,642 | 1,051 | 86,471 | 856,652 | |||||||||||||||||||||||||||
Capital
expenditure
|
287 | 99 | 313 | 145 | 74 | 26 | 41 | 281 | 1,266 |
The
Netherlands
|
Europe
|
North
America
|
Latin
America
|
Asia
pacific
|
Total
|
|||||||||||||||||||
2007
|
||||||||||||||||||||||||
Net interest
income
|
2,777 | 858 | 134 | 3,698 | 885 | 8,352 | ||||||||||||||||||
Net commission
income
|
950 | 976 | 448 | 610 | 1,291 | 4,275 | ||||||||||||||||||
Other
income
|
5,663 | 919 | 336 | 837 | 552 | 8,307 | ||||||||||||||||||
Operating
income
|
9,390 | 2,753 | 918 | 5,145 | 2,728 | 20,934 | ||||||||||||||||||
Total
assets
|
309,659 | 510,540 | 80,526 | 46,581 | 77,907 | 1,025,213 | ||||||||||||||||||
Capital
expenditure
|
464 | 180 | 130 | 239 | 88 | 1,101 | ||||||||||||||||||
2006
|
||||||||||||||||||||||||
Net interest
income
|
2,781 | 695 | 193 | 2,949 | 650 | 7,268 | ||||||||||||||||||
Net commission
income
|
1,122 | 1,157 | 342 | 541 | 887 | 4,049 | ||||||||||||||||||
Other
income
|
7,347 | 1,663 | 156 | 436 | 509 | 10,111 | ||||||||||||||||||
Operating
income
|
11,250 | 3,515 | 691 | 3,926 | 2,046 | 21,428 | ||||||||||||||||||
Total
assets
|
289,984 | 419,691 | 168,533 | 36,976 | 71,880 | 987,064 | ||||||||||||||||||
Capital
expenditure
|
899 | 179 | 315 | 141 | 89 | 1,623 | ||||||||||||||||||
2005
|
||||||||||||||||||||||||
Net interest
income
|
3,361 | 201 | 237 | 2,272 | 692 | 6,763 | ||||||||||||||||||
Net commission
income
|
1,027 | 1,109 | 279 | 420 | 597 | 3,432 | ||||||||||||||||||
Other
income
|
5,400 | 1,840 | 269 | 509 | 369 | 8,387 | ||||||||||||||||||
Operating
income
|
9,788 | 3,150 | 785 | 3,201 | 1,658 | 18,582 | ||||||||||||||||||
Total
assets
|
285,073 | 332,922 | 167,128 | 28,420 | 67,261 | 880,804 | ||||||||||||||||||
Capital
expenditure
|
577 | 153 | 314 | 145 | 77 | 1,266 |
%
acquired
|
Consideration
|
Total
assets
|
Acquisition
date
|
||||||||||
Acquired
companies
|
|||||||||||||
2007
|
|||||||||||||
Prime Bank
Ltd
|
96.2 | 176 | 511 |
5
March
|
|||||||||
Taitung
Business Bank
|
100 | (147 | ) | 404 |
22
September
|
||||||||
Private equity
acquisitions
|
51-100 | 34 | 92 |
various
|
|||||||||
2006
|
|||||||||||||
Antonveneta
|
100 | 7,499 | 49,367 |
various
|
|||||||||
Private equity
acquisitions
|
51-100 | 105 | 1,295 |
various
|
|||||||||
2005
|
|||||||||||||
Bank
Corluy
|
100 | 50 | 121 |
April
2005
|
|||||||||
Private equity
acquisitions
|
51-100 | 43 | 2,174 |
various
|
·
|
OyezStraker
(UK, stationary and office suppliers)1
|
·
|
Dunlop
Aircraft Tyres (UK, aircraft tyre manufacturer)1
|
·
|
Sdu
(Netherlands, publishing)1
|
·
|
Baarsma Wine
Group (Netherlands, wine distribution)1
|
·
|
Vetus den
Ouden (Netherlands, nautical equipment)1
|
·
|
T.G.I.
Friday’s Ltd. (UK, restaurants)1
|
·
|
Attema
(Netherlands, Manufacturing)1
|
·
|
Eekels
(Netherlands, Industrial Equipment)1
|
·
|
BMA
(Netherlands, Office Equipment)1
|
·
|
Incotec Group
(Netherlands, Agriculture)1
|
·
|
Fabory
(Netherlands, Industrial supplies)
|
·
|
Alvero
(Netherlands, Office supplies)
|
·
|
Global Garden
Products (Italy, Garden products)
|
·
|
Livit Holding
(Netherlands, Health related)1
|
·
|
Italla Invest
Oy (Finland, Household goods & textiles)1
|
·
|
Holiday Park
Ltd. / Beach Equity Ltd. (UK, leisure).1
|
·
|
U-pol (United
Kingdom, automotive manufacturing)
|
·
|
OFIC (France,
isolation materials)
|
·
|
Lucas Bols
(Netherlands, branded liqueurs and
spirits)
|
·
|
Nextira One
(France, integrated enterprise network
solutions)
|
·
|
Volution
(United Kingdom, construction)
|
·
|
Douglas Hanson
(United States, manufacturing, add-on to Loparex,
Sweden)
|
·
|
Amitco (United
Kingdom, manufacturing)
|
·
|
Saunatec
(Finland, manufacturing).
|
·
|
Holland
Railconsult (Netherlands, railway
engineering)
|
·
|
Kreatel
Communications (Sweden,
telecommunications)
|
·
|
Sogetrel
(France, telecommunications)
|
·
|
Radio Holland
Group (Netherlands, maritime navigation and communication
systems)
|
·
|
RTD
(Netherlands, industrial non-destructive testing
services)
|
·
|
Jessops
(United Kingdom, retail)
|
·
|
Dennis Eagle
(United Kingdom, industrial).
|
·
|
FlexLink
(Sweden, engineering)
|
·
|
Strix (UK,
engineering)
|
·
|
Fortex
(Netherlands, support services)
|
·
|
Loparex
(Finland, industrial products)
|
·
|
Everod
(Australia, medical services)
|
·
|
Bel’m (France,
consumer products)
|
·
|
IMCD
(Netherlands, chemicals), Nueva Terrain (Spain,
construction)
|
·
|
Roompot
(Netherlands, leisure)
|
·
|
Scotts and
McColls (Australia, transportation)
|
·
|
Bonna Sabla
(France, industrial products &
services)
|
·
|
Bianchi
Vending (Italy, business products &
supplies).
|
·
|
Handicare
(Norway, medical equipment)
|
·
|
MobilTel
(Bulgaria, communications)
|
·
|
AUSDOC
(Australia, support services)
|
·
|
Puzzler Media
(UK, media).
|
2007
|
2006
|
2005
|
||||||||||
Interest
income from:
|
||||||||||||
Cash and
balances at central banks
|
514 | 459 | 348 | |||||||||
Financial
investments available-for-sale
|
4,513 | 4,043 | 3,751 | |||||||||
Financial
investments held-to-maturity
|
127 | 201 | 273 | |||||||||
Loans and
receivables-banks
|
1,793 | 1,517 | 1,408 | |||||||||
Loans and
receivables-customers
|
22,882 | 19,197 | 16,013 | |||||||||
Subtotal
|
29,829 | 25,417 | 21,793 | |||||||||
Interest
expense from:
|
||||||||||||
Due to
banks
|
5,033 | 3,986 | 3,475 | |||||||||
Due to
customers
|
12,007 | 9,723 | 8,599 | |||||||||
Issued debt
securities
|
6,677 | 6,065 | 3,852 | |||||||||
Subordinated
liabilities
|
813 | 868 | 894 | |||||||||
Internal
funding of the trading business
|
(3,053 | ) | (2,493 | ) | (1,790 | ) | ||||||
Subtotal
|
21,477 | 18,149 | 15,030 | |||||||||
Total
|
8,352 | 7,268 | 6,763 |
2007
|
2006
|
2005
|
||||||||||
Fee
and commission income
|
||||||||||||
Securities
brokerage fees
|
1,445 | 1,692 | 1,529 | |||||||||
Payment and
transaction service fees
|
1,602 | 1,376 | 1,237 | |||||||||
Asset
Management and trust fees
|
485 | 414 | 243 | |||||||||
Fees generated
on financing arrangements
|
279 | 162 | 170 | |||||||||
Advisory
fees
|
594 | 484 | 333 | |||||||||
Insurance
related commissions
|
133 | 130 | 136 | |||||||||
Guarantee
fees
|
192 | 159 | 164 | |||||||||
Other fees and
commissions
|
492 | 454 | 369 | |||||||||
Subtotal
|
5,222 | 4,871 | 4,181 | |||||||||
Fee
and commission expense
|
||||||||||||
Securities
brokerage expense
|
86 | 322 | 321 | |||||||||
Payment and
transaction services expense
|
267 | 200 | 165 | |||||||||
Other fee and
commission expense
|
594 | 300 | 263 | |||||||||
Subtotal
|
947 | 822 | 749 | |||||||||
Total
|
4,275 | 4,049 | 3,432 |
2007
|
2006
|
2005
|
||||||||||
Interest
instruments trading
|
(1,222 | ) | 1,103 | 1,360 | ||||||||
Foreign
exchange trading
|
976 | 706 | 393 | |||||||||
Equity and
commodity trading
|
1,462 | 1,054 | 612 | |||||||||
Other
|
60 | (14 | ) | 149 | ||||||||
Total
|
1,276 | 2,849 | 2,514 |
2007
|
2006
|
2005
|
||||||||||
Net gain from
the disposal of available for sale debt securities
|
278 | 485 | 431 | |||||||||
Net gain from
the sale of available-for-sale equity investments
|
321 | 70 | 49 | |||||||||
Net gain on
fair value changes in own credit risk
|
168 | - | - | |||||||||
Dividends on
available-for-sale equity investments
|
16 | 32 | 19 | |||||||||
Net gain on
other equity investments
|
669 | 435 | 468 | |||||||||
Hedging
ineffectiveness (see note 37)
|
(4 | ) | 65 | 30 | ||||||||
Fair value
change of credit default swaps
|
116 | (280 | ) | (51 | ) | |||||||
Other
|
(16 | ) | (13 | ) | 237 | |||||||
Total
|
1,548 | 794 | 1,183 |
2007
|
2006
|
2005
|
||||||||||
Insurance
activities
|
95 | 90 | 153 | |||||||||
Leasing
activities
|
82 | 61 | 60 | |||||||||
Disposal of
operating activities and equity accounted investments
|
951 | 453 | 348 | |||||||||
Other
|
248 | 310 | 247 | |||||||||
Total
|
1,376 | 914 | 808 |
2007
|
2006
|
2005
|
||||||||||
Premium
income
|
1,093 | 1,259 | 1,183 | |||||||||
Investment
income
|
269 | 308 | 406 | |||||||||
Provision for
insured risk
|
(1,267 | ) | (1,477 | ) | (1,436 | ) | ||||||
Total
|
95 | 90 | 153 |
2007
|
2006
|
2005
|
||||||||||
Salaries
(including bonuses and allowances)
|
5,385 | 4,878 | 4,583 | |||||||||
Social
security expenses
|
735 | 627 | 586 | |||||||||
Pension and
post-retirement healthcare costs
|
393 | 313 | 11 | |||||||||
Share-based
payment expenses
|
309 | 74 | 61 | |||||||||
Temporary
staff costs
|
264 | 297 | 220 | |||||||||
Termination
payments
|
220 | 123 | 146 | |||||||||
Restructuring
related costs
|
(77 | ) | 117 | 42 | ||||||||
Other employee
costs
|
352 | 179 | 235 | |||||||||
Total
|
7,581 | 6,608 | 5,884 | |||||||||
Average
number of employees (fte):
|
||||||||||||
From
continuing activities
|
||||||||||||
Banking
activities Netherlands
|
26,041 | 25,838 | 25,266 | |||||||||
Banking
activities foreign countries
|
60,987 | 54,686 | 51,705 | |||||||||
Consolidated
private equity holdings
|
19,621 | 29,945 | 22,201 | |||||||||
Subtotal
|
106,649 | 110,469 | 99,172 | |||||||||
From
discontinued activities
|
||||||||||||
Banking
activities Netherlands
|
430 | 422 | 843 | |||||||||
Banking
activities foreign countries
|
10,814 | 10,912 | 1,346 | |||||||||
Subtotal
|
11,244 | 11,334 | 2,189 | |||||||||
Total
|
117,893 | 121,803 | 101,361 |
2007
|
2006
|
2005
|
||||||||||
Professional
fees
|
1,215 | 1,067 | 884 | |||||||||
Information
technology expenses
|
990 | 1,051 | 775 | |||||||||
Property
costs
|
697 | 654 | 588 | |||||||||
Staff related
expenses (including training)
|
174 | 177 | 154 | |||||||||
Travel and
transport
|
301 | 302 | 266 | |||||||||
Stationary and
printing expense
|
88 | 85 | 90 | |||||||||
Communication
and information
|
495 | 504 | 380 | |||||||||
Commercial
expenses
|
520 | 505 | 387 | |||||||||
Expenses of
consolidated private equity holdings
|
332 | 466 | 352 | |||||||||
Restructuring
related costs
|
(29 | ) | (25 | ) | (15 | ) | ||||||
Sundry
expenses
|
1,385 | 927 | 818 | |||||||||
Total
|
6,168 | 5,713 | 4,679 |
2007
|
2006
|
2005
|
||||||||||
Audit
fees
|
45.2 | 44.8 | 30.9 | |||||||||
Audit-related
fees
|
13.2 | 6.0 | 3.1 | |||||||||
Tax
fees
|
2.5 | 3.7 | 1.9 | |||||||||
All other
fees
|
0.6 | 0.3 | 0.4 | |||||||||
Total
fees
|
61.5 | 54.8 | 36.3 |
2007
|
2006
|
2005
|
||||||||||
Property
depreciation
|
157 | 165 | 122 | |||||||||
Equipment
depreciation
|
387 | 436 | 423 | |||||||||
Software
amortisation
|
358 | 317 | 241 | |||||||||
Amortisation
of other intangible assets
|
23 | 4 | 15 | |||||||||
Impairment
losses on goodwill of private equity investments
|
11 | 1 | 19 | |||||||||
Impairment
losses on property and equipment
|
38 | 1 | 6 | |||||||||
Impairment of
property and equipment from restructuring
|
(1 | ) | 16 | 4 | ||||||||
Impairment of
software
|
14 | 0 | 1 | |||||||||
Total
|
987 | 940 | 831 |
2007
|
2006
|
2005
|
||||||||||
Current
tax expense
|
||||||||||||
Current
year
|
1,306 | 1,453 | 1,106 | |||||||||
Under/(over)
provided in prior years
|
97 | (96 | ) | (87 | ) | |||||||
Subtotal
|
1,403 | 1,357 | 1,019 | |||||||||
Deferred tax
(benefit)/expense
|
||||||||||||
Origination
and reversal of timing differences
|
(930 | ) | (331 | ) | 257 | |||||||
Reduction in
tax rate
|
55 | 3 | (35 | ) | ||||||||
Subtotal
|
(875 | ) | (328 | ) | 222 | |||||||
Total
|
528 | 1,029 | 1,241 | |||||||||
Continuing
operations
|
(48 | ) | 366 | 735 | ||||||||
Discontinued
operations
|
574 | 674 | 506 | |||||||||
Taxation on
disposal
|
2 | (11 | ) | – | ||||||||
Total
|
528 | 1,029 | 1,241 |
2007
|
2006
|
2005
|
||||||||||
Dutch tax
rate
|
25.5 | % | 29.6 | % | 31.5 | % | ||||||
Current tax
charge at current rate on ordinary activities
|
446 | 909 | 1,277 | |||||||||
Tax exempt
income relating to private equity
|
(87 | ) | 10 | – | ||||||||
Tax exempt
profit on sales
|
(58 | ) | (46 | ) | – | |||||||
Other tax
exempt income
|
(182 | ) | (72 | ) | (68 | ) | ||||||
Total tax
exempt income effect
|
(327 | ) | (108 | ) | (68 | ) | ||||||
Tax related to
adjustments to prior years’ tax calculations
|
97 | (96 | ) | (23 | ) | |||||||
Effect of
adjustment to valuation allowance
|
46 | 10 | 39 | |||||||||
Effect of
changes in tax legislation
|
26 | (97 | ) | 5 | ||||||||
Effect of
changes in tax rates
|
55 | 3 | (2 | ) | ||||||||
Amount of
benefit from a previously unrecognized tax loss, tax credit or temporary
difference of a prior period used to reduce current tax
expense
|
(66 | ) | – | – | ||||||||
Amount of
benefit from a previously unrecognised tax loss, tax credit or temporary
difference of a prior period used to reduce deferred tax
expense
|
(95 | ) | (1 | ) | – | |||||||
Other
movements
|
(230 | ) | (254 | ) | (493 | ) | ||||||
Total
|
(48 | ) | 366 | 735 |
2007
|
2006
|
2005
|
||||||||||
Dutch tax
rate
|
25.5 | 29.6 | 31.5 | |||||||||
Current tax
charge at current rate on ordinary activities
|
2,232 | 810 | 504 | |||||||||
Total tax
exempt income effect
|
(1,865 | ) | (97 | ) | – | |||||||
Other
movements
|
207 | (39 | ) | 2 | ||||||||
Total
|
574 | 674 | 506 |
(Benefits)/charges
|
2007
|
2006
|
2005
|
|||||||||
Relating to
currency translation
|
(81 | ) | 114 | (198 | ) | |||||||
Relating to
cash flow hedges
|
(158 | ) | (223 | ) | (235 | ) | ||||||
Relating to
available-for-sale assets
|
389 | 190 | 169 | |||||||||
Total
|
150 | 81 | (264 | ) |
2007
|
2006
|
2005
|
||||||||||
Profit for the
year attributable to shareholders of the parent company
|
9,848 | 4,715 | 4,382 | |||||||||
Profit from
continuing operations attributable to shareholders of the parent
company
|
1,706 | 2,699 | 3,303 | |||||||||
Profit from
discontinued operations attributable of shareholders of the parent
company
|
8,142 | 2,016 | 1,079 | |||||||||
Weighted
average number of ordinary shares outstanding (in
millions)
|
1,851.3 | 1,882.5 | 1,804.1 | |||||||||
Dilutive
effect of staff options (in millions)
|
– | 7.5 | 4.3 | |||||||||
Conditional
share awards (in millions)
|
– | 5.5 | 1.3 | |||||||||
Diluted number
of ordinary shares (in millions)
|
1,851.3 | 1,895.5 | 1,809.7 | |||||||||
Earnings
per share from continuing operations
|
||||||||||||
Basic earnings
per ordinary share (in euros)
|
0.92 | 1.43 | 1.83 | |||||||||
Fully diluted
earnings per ordinary share (in euros)
|
0.92 | 1.42 | 1.83 | |||||||||
Earnings
per share from continuing and discontinued operations
|
||||||||||||
Basis earnings
per ordinary share (in euros)
|
5.32 | 2.50 | 2.43 | |||||||||
Fully diluted
earnings per ordinary share (in euros)
|
5.32 | 2.49 | 2.42 | |||||||||
Number of
ordinary shares outstanding as at 31 December (in euros)
|
1,844.1 | 1,853.8 | 1,877.9 | |||||||||
Net asset
value per ordinary share (in euros)
|
16.04 | 12.73 | 11.83 | |||||||||
Number of
preference shares outstanding as at 31 December
|
1,356.5 | 1,369.8 | 1,369.8 | |||||||||
Return on
average shareholders’ equity (in %)
|
38.4 | 20.7 | 23.5 |
2007
|
2006
|
|||||||
Cash on
hand
|
1,470 | 1,887 | ||||||
Balances at
central bank
|
15,280 | 10,430 | ||||||
Total
|
16,750 | 12,317 |
2007
|
2006
|
|||||||
Financial
assets held for trading
|
||||||||
Dutch
Government
|
1,434 | 976 | ||||||
US treasury
and US government agencies
|
2,383 | 1,115 | ||||||
Other OECD
governments
|
24,411 | 29,529 | ||||||
Non-OECD
governments
|
4,196 | 3,783 | ||||||
Mortgage-backed
securities
|
11,994 | 1,443 | ||||||
Financial
institutions
|
13,428 | 12,259 | ||||||
Non financial
institutions
|
11,823 | 10,946 | ||||||
Other
|
3,196 | 239 | ||||||
Interest
earning financial assets
|
72,865 | 60,290 | ||||||
Equity
instruments
|
45,947 | 40,112 | ||||||
Derivative
financial instruments
|
123,465 | 105,334 | ||||||
Total
assets held for trading
|
242,277 | 205,736 | ||||||
Financial
liabilities held for trading
|
||||||||
Short
positions in financial assets
|
35,988 | 45,861 | ||||||
Derivative
financial instruments
|
119,488 | 99,503 | ||||||
Total
liabilities held for trading
|
155,476 | 145,364 |
2007
Fair
values
|
2006
Fair
values
|
||||||||||||||||||||||||
Notional
amounts
|
Assets
|
Liabilities
|
Notional
amounts
|
Assets
|
Liabilities
|
||||||||||||||||||||
Interest
rate derivatives
|
|||||||||||||||||||||||||
OTC
|
Swaps
|
6,143,903 | 61,053 | 59,725 | 5,788,088 | 57,947 | 55,768 | ||||||||||||||||||
Forwards
|
315,236 | 94 | 108 | 342,962 | 73 | 69 | |||||||||||||||||||
Options
(purchased)
|
288,756 | 4,922 | – | 280,482 | 4,679 | – | |||||||||||||||||||
Options
(sold)
|
313,688 | – | 5,906 | 334,774 | – | 4,685 | |||||||||||||||||||
Exchange
|
Futures
|
208,083 | 54 | 51 | 277,120 | 64 | 41 | ||||||||||||||||||
Options
(purchased)
|
398 | – | – | 19 | – | – | |||||||||||||||||||
Options
(sold)
|
337 | – | – | – | – | – | |||||||||||||||||||
Subtotal
|
7,270,401 | 66,123 | 65,790 | 7,023,445 | 62,763 | 60,563 | |||||||||||||||||||
Currency
derivatives
|
|||||||||||||||||||||||||
OTC
|
Swaps
|
680,512 | 18,325 | 16,271 | 648,243 | 14,694 | 11,582 | ||||||||||||||||||
Forwards
|
731,609 | 9,341 | 8,652 | 637,773 | 7,460 | 6,723 | |||||||||||||||||||
Options
(purchased)
|
61,117 | 2,773 | – | 62,697 | 2,183 | – | |||||||||||||||||||
Options
(sold)
|
73,134 | – | 3,648 | 62,168 | – | 2,291 | |||||||||||||||||||
Exchange
|
Futures
|
6,512 | 233 | 29 | 8,462 | 18 | 12 | ||||||||||||||||||
Options
|
2,131 | 15 | 8 | 2,752 | 15 | 9 | |||||||||||||||||||
Subtotal
|
1,555,015 | 30,687 | 28,608 | 1,422,095 | 24,370 | 20,617 | |||||||||||||||||||
Credit
derivatives
|
|||||||||||||||||||||||||
OTC
|
Swaps
|
1,604,766 | 17,216 | 15,542 | 1,463,317 | 10,707 | 9,823 | ||||||||||||||||||
Other
|
|||||||||||||||||||||||||
OTC
|
Equity,
commodity and other
|
115,340 | 1,862 | 1,530 | 77,017 | 564 | 517 | ||||||||||||||||||
Equity options
(purchased)
|
30,958 | 5,568 | – | 29,467 | 4,579 | – | |||||||||||||||||||
Equity options
(sold)
|
27,699 | – | 989 | 27,630 | – | 5,495 | |||||||||||||||||||
Exchange
|
Equity,
commodity and other
|
14,617 | 151 | 48 | 12,439 | 338 | 27 | ||||||||||||||||||
Equity options
(purchased)
|
19,670 | 1,858 | 2,982 | 20,571 | 2,013 | – | |||||||||||||||||||
Equity options
(sold)
|
26,407 | – | 3,999 | 22,916 | – | 2,461 | |||||||||||||||||||
Subtotal
|
234,691 | 9,439 | 9,548 | 190,040 | 7,494 | 8,500 | |||||||||||||||||||
Total
|
10,664,873 | 123,465 | 119,488 | 10,098,897 | 105,334 | 99,503 |
2007
|
2006
|
|||||||
Interest-earning
securities: available-for-sale
|
||||||||
Dutch
Government
|
1,844 | 2,537 | ||||||
US Treasury
and US Government
|
2,202 | 4,800 | ||||||
Other OECD
governments
|
31,502 | 38,437 | ||||||
Non-OECD
governments
|
8,316 | 9,247 | ||||||
Mortgage-backed
securities1
|
27,063 | 32,868 | ||||||
Financial
institutions1
|
16.007 | 13,432 | ||||||
Non financial
institutions
|
1,073 | 13,485 | ||||||
Other
interest-earning securities
|
2,442 | 2,752 | ||||||
Subtotal
|
90,449 | 117,558 | ||||||
Interest-earning
securities: held-to-maturity
|
||||||||
Dutch
Government
|
1,275 | 1,285 | ||||||
US Treasury
and US Government
|
– | 14 | ||||||
Other OECD
governments
|
1,128 | 2,001 | ||||||
Mortgage-backed
securities
|
– | 26 | ||||||
Other
interest-earning securities
|
231 | 403 | ||||||
Subtotal
|
2,634 | 3,729 | ||||||
Total
|
93,083 | 121,287 | ||||||
Equity
instruments
|
||||||||
Available-for-sale
|
1,013 | 1,866 | ||||||
Designated at
fair value through income
|
2,339 | 2,228 | ||||||
Subtotal
|
3,352 | 4,094 | ||||||
Total
|
96,435 | 125,381 |
2007
|
2006
|
|||||||
Current
accounts
|
9,295 | 9,473 | ||||||
Time deposits
placed
|
9,286 | 15,396 | ||||||
Professional
securities transactions
|
150,338 | 105,969 | ||||||
Loans
|
6,779 | 3,986 | ||||||
Subtotal
|
175,698 | 134,824 | ||||||
Allowances for
impairment
|
(2 | ) | (5 | ) | ||||
Total
|
175,696 | 134,819 |
2007
|
2006
|
|||||||
Public
sector
|
5,739 | 11,567 | ||||||
Commercial
|
144,534 | 180,262 | ||||||
Consumer
|
121,763 | 135,484 | ||||||
Professional
securities transactions
|
98,270 | 93,716 | ||||||
Multi-seller
conduits
|
29,457 | 25,872 | ||||||
Subtotal
|
399,763 | 446,901 | ||||||
Allowances for
impairment
|
(3,001 | ) | (3,646 | ) | ||||
Total
|
396,762 | 443,255 |
2007
|
Banks
|
Commercial
|
Consumer
|
Total
|
||||||||||||
Balance
at 1 January
|
5 | 2,344 | 1,302 | 3,651 | ||||||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
– | (547 | ) | (172 | ) | (719 | ) | |||||||||
5 | 1,797 | 1,130 | 2,932 | |||||||||||||
New impairment
allowances
|
– | 1,029 | 1,738 | 2,767 | ||||||||||||
Reversal of
impairment allowances no longer required
|
– | (284 | ) | (229 | ) | (513 | ) | |||||||||
Recoveries of
amounts previously written off
|
– | (381 | ) | (169 | ) | (550 | ) | |||||||||
Total
loan impairment and other credit risk provisions
|
– | 364 | 1,340 | 1,704 | ||||||||||||
Amount
recorded in interest income from unwinding of discounting
|
– | (11 | ) | – | (11 | ) | ||||||||||
Currency
translation differences
|
– | (16 | ) | 30 | 14 | |||||||||||
Amounts
written off (net)
|
(3 | ) | (144 | ) | (1,251 | ) | (1,398 | ) | ||||||||
Disposals of
businesses
|
– | (281 | ) | (4 | ) | (285 | ) | |||||||||
Reserve for
unearned interest accrued on impaired loans
|
– | 65 | (18 | ) | 47 | |||||||||||
Balance
at 31 December
|
2 | 1,774 | 1,227 | 3,003 |
2006
|
Banks
|
Commercial
|
Consumer
|
Total
|
||||||||||||
Balance
at 1 January
|
17 | 2,146 | 841 | 3,004 | ||||||||||||
New impairment
allowances
|
– | 1,171 | 1,308 | 2,479 | ||||||||||||
Reversal of
impairment allowances no longer required
|
(4 | ) | (98 | ) | (327 | ) | (429 | ) | ||||||||
Recoveries of
amounts previously written off
|
– | (512 | ) | (127 | ) | (639 | ) | |||||||||
Total
loan impairment and other credit risk provisions
|
13 | 561 | 854 | 1,411 | ||||||||||||
Amount
recorded in interest income from unwinding of discounting
|
– | (14 | ) | (48 | ) | (62 | ) | |||||||||
Currency
translation differences
|
– | (44 | ) | (12 | ) | (56 | ) | |||||||||
Amounts
written off (net)
|
(8 | ) | (633 | ) | (495 | ) | (1,136 | ) | ||||||||
Disposals of
businesses and discontinued operations
|
– | 227 | 147 | 374 | ||||||||||||
Reserve for
unearned interest accrued on impaired loans
|
– | 101 | 15 | 116 | ||||||||||||
Balance
at 31 December
|
5 | 2,344 | 1,302 | 3,651 |
2007
|
Banks
|
Commercial
|
Consumer
|
Total
|
||||||||||||||||||||||||
Mortgages
|
Personal
loans
|
Credit
cards
|
Other
consumer
|
|||||||||||||||||||||||||
Individual
impairment
|
2 | 1,188 | 32 | 6 | 4 | 40 | 1,272 | |||||||||||||||||||||
Collective
impairment
|
– | 586 | 68 | 772 | 54 | 251 | 1,731 | |||||||||||||||||||||
Total
loan impairment and other credit risk provisions
|
2 | 1,774 | 100 | 778 | 58 | 291 | 3,003 | |||||||||||||||||||||
Carrying
amount of loans, individually determined to be impaired, before deducting
any individually assessed impairment allowance
|
2 | 2,448 | 136 | 7 | 5 | 100 | 2,698 |
2006
|
Banks
|
Commercial
|
Consumer
|
Total
|
||||||||||||||||||||||||
Mortgages
|
Personal
loans
|
Credit
cards
|
Other
consumer
|
|||||||||||||||||||||||||
Individual
impairment
|
5 | 1,714 | 34 | 8 | 23 | 2 | 1,786 | |||||||||||||||||||||
Collective
impairment
|
– | 630 | 28 | 359 | 104 | 744 | 1,865 | |||||||||||||||||||||
Total
loan impairment and other credit risk provisions
|
5 | 2,344 | 62 | 367 | 127 | 746 | 3,651 | |||||||||||||||||||||
Carrying
amount of loans, individually determined to be impaired, before deducting
any individually assessed impairment allowance
|
5 | 3,531 | 97 | 9 | 34 | 2 | 3,678 |
2007
|
2006
|
|||||||
Banking
institutions
|
604 | 1,436 | ||||||
Other
investments
|
267 | 91 | ||||||
Total
|
871 | 1,527 | ||||||
Balance at 1
January
|
1,527 | 2,993 | ||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(40 | ) | – | |||||
1,487 | 2,993 | |||||||
Movements:
|
||||||||
Purchases
|
196 | 194 | ||||||
Sales/reclassifications
|
(929 | ) | (1,833 | ) | ||||
Share
of results in equity accounted investments
|
271 | 241 | ||||||
Share
of results in discontinued operations
|
– | 2 | ||||||
Dividends
received from equity accounted investments
|
(81 | ) | (72 | ) | ||||
Currency
translation differences
|
(37 | ) | (43 | ) | ||||
Other
|
(36 | ) | 45 | |||||
Balance
at 31 December
|
871 | 1,527 |
2007
|
2006
|
|||||||
Loans and
receivables-banks
|
149 | 11 | ||||||
Loans and
receivables-customers
|
12 | 212 | ||||||
Due to
banks
|
492 | 61 | ||||||
Due to
customers
|
284 | 258 |
2007
|
2006
|
|||||||
Total
assets
|
17,410 | 155,000 | ||||||
Total
liabilities
|
13,758 | 134,741 | ||||||
Total
operating income
|
2,564 | 7,432 | ||||||
Profit before
tax
|
563 | 2,355 |
Property
|
Used
in
operations
|
Other
|
Equipment
|
Total
|
|||||||||||||
Balance
at 1 January 2007
|
4,263 | 247 | 1,760 | 6,270 | ||||||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(2,421 | ) | (195 | ) | (862 | ) | (3,478 | ) | ||||||||
1,842 | 52 | 898 | 2,792 | |||||||||||||
Movements:
|
||||||||||||||||
Acquired in
business combinations
|
25 | 4 | 7 | 36 | ||||||||||||
Additions
|
162 | 71 | 458 | 691 | ||||||||||||
Disposals
|
(87 | ) | (52 | ) | (43 | ) | (182 | ) | ||||||||
Impairment
losses
|
(2 | ) | – | (36 | ) | (38 | ) | |||||||||
Depreciation
|
(154 | ) | (3 | ) | (388 | ) | (545 | ) | ||||||||
Currency
translation differences
|
14 | 3 | – | 17 | ||||||||||||
Other
|
2 | (7 | ) | (19 | ) | (24 | ) | |||||||||
Balance
at 31 December 2007
|
1,802 | 68 | 877 | 2,747 | ||||||||||||
Representing:
|
||||||||||||||||
Cost
|
3,007 | 83 | 2,520 | 5,610 | ||||||||||||
Cumulative
impairment
|
(20 | ) | (12 | ) | (3 | ) | (35 | ) | ||||||||
Cumulative
depreciation
|
(1,185 | ) | (3 | ) | (1,640 | ) | (2,828 | ) |
Property
|
Used
in
operations
|
Other
|
Equipment
|
Total
|
|||||||||||||
Balance
at 1 January 2006
|
3,340 | 2,979 | 1,791 | 8,110 | ||||||||||||
Movements:
|
||||||||||||||||
Acquired in
business combinations
|
1,010 | 98 | 215 | 1,323 | ||||||||||||
Divestment of
business
|
(269 | ) | (2,846 | ) | (171 | ) | (3,286 | ) | ||||||||
Additions
|
450 | 783 | 688 | 1,921 | ||||||||||||
Disposals
|
(108 | ) | (767 | ) | (148 | ) | (1,023 | ) | ||||||||
Impairment
losses
|
(17 | ) | – | – | (17 | ) | ||||||||||
Depreciation
|
(161 | ) | (4 | ) | (436 | ) | (601 | ) | ||||||||
Depreciation
discontinued operations
|
(42 | ) | – | (115 | ) | (157 | ) | |||||||||
Currency
translation differences
|
(93 | ) | (7 | ) | (43 | ) | (143 | ) | ||||||||
Other
|
153 | 11 | (21 | ) | 143 | |||||||||||
Balance
at 31 December 2006
|
4,263 | 247 | 1,760 | 6,270 | ||||||||||||
Representing:
|
||||||||||||||||
Cost
|
5,881 | 276 | 4,448 | 10,605 | ||||||||||||
Cumulative
impairment
|
(44 | ) | (17 | ) | (4 | ) | (65 | ) | ||||||||
Cumulative
depreciation
|
(1,574 | ) | (12 | ) | (2,684 | ) | (4,270 | ) |
2007
|
2006
|
|||||||
Less than one
year
|
48 | 56 | ||||||
Between one
and five years
|
175 | 140 | ||||||
More than five
years
|
95 | 49 | ||||||
Total
|
318 | 245 |
2007
|
2006
|
|||||||
Goodwill
|
474 | 4,714 | ||||||
Private equity
goodwill
|
– | 2,436 | ||||||
Software
|
904 | 959 | ||||||
Other
intangibles
|
46 | 1,298 | ||||||
Total
|
1,424 | 9,407 |
Goodwill
|
Private
equity
goodwill
|
Software
|
Other
intangibles
|
Total
|
||||||||||||||||
Balance
at 1 January 2007
|
4,714 | 2,436 | 959 | 1,298 | 9,407 | |||||||||||||||
Reclassification
related to businesses to held for sale/discontinued
operations
|
(4,594 | ) | (2,436 | ) | (156 | ) | (1,262 | ) | (8.448 | ) | ||||||||||
120 | – | 803 | 36 | 959 | ||||||||||||||||
Movements:
|
||||||||||||||||||||
Acquired in
business combinations
|
361 | – | 3 | 33 | 397 | |||||||||||||||
Additions
|
– | – | 481 | – | 481 | |||||||||||||||
Impairment
losses
|
– | (11 | ) | (14 | ) | – | (25 | ) | ||||||||||||
Amortisation
|
– | – | (358 | ) | (23 | ) | (381 | ) | ||||||||||||
Currency
translation differences
|
(7 | ) | – | (5 | ) | (1 | ) | (13 | ) | |||||||||||
Other
|
– | 11 | (6 | ) | 1 | 6 | ||||||||||||||
Balance
at 31 December 2007
|
474 | – | 904 | 46 | 1,424 | |||||||||||||||
Representing:
|
||||||||||||||||||||
Cost
|
476 | – | 2,055 | 50 | 2,581 | |||||||||||||||
Cumulative
impairment
|
(2 | ) | – | (3 | ) | – | (5 | ) | ||||||||||||
Cumulative
amortisation
|
– | – | (1,148 | ) | (4 | ) | (1,152 | ) |
Goodwill
|
Private
equity
goodwill
|
Software
|
Other
intangibles
|
Total
|
||||||||||||||||
Balance
at 1 January 2006
|
198 | 2,128 | 758 | 99 | 3,183 | |||||||||||||||
Movements:
|
||||||||||||||||||||
Acquired in
business combinations
|
4,399 | 270 | 133 | 1,095 | 5,897 | |||||||||||||||
Divestment of
business
|
– | (171 | ) | (1 | ) | (35 | ) | (207 | ) | |||||||||||
Additions
|
115 | 297 | 485 | 315 | 1,212 | |||||||||||||||
Disposals
|
– | (87 | ) | (6 | ) | (6 | ) | (99 | ) | |||||||||||
Impairment
losses
|
– | (1 | ) | – | – | (1 | ) | |||||||||||||
Amortisation
|
– | – | (317 | ) | (4 | ) | (321 | ) | ||||||||||||
Amortisation
of discontinued operations
|
– | – | (68 | ) | (166 | ) | (234 | ) | ||||||||||||
Currency
translation differences
|
2 | – | (36 | ) | (1 | ) | (35 | ) | ||||||||||||
Other
|
– | – | 11 | 1 | 12 | |||||||||||||||
Balance
at 31 December 2006
|
4,714 | 2,436 | 959 | 1,298 | 9,407 | |||||||||||||||
Representing:
|
||||||||||||||||||||
Cost
|
4,716 | 2,580 | 2,133 | 1,486 | 10,915 | |||||||||||||||
Cumulative
impairment
|
(2 | ) | (144 | ) | (3 | ) | – | (149 | ) | |||||||||||
Cumulative
amortisation
|
– | – | (1,171 | ) | (188 | ) | (1,359 | ) |
Recognised
on
acquisition
by
the group
|
Carrying
value
|
|||||||
Property and
equipment
|
15 | 13 | ||||||
Financial
assets
|
474 | 472 | ||||||
Deferred tax
assets
|
6 | 6 | ||||||
All other
assets
|
16 | 52 | ||||||
Total
identifiable assets
|
511 | 543 | ||||||
All other
liabilities
|
497 | 496 | ||||||
Total
identifiable liabilities
|
497 | 496 | ||||||
Total
net assets
|
14 | 47 | ||||||
Purchase
price (100%)
|
184 | |||||||
Net
assets
|
14 | |||||||
Goodwill
arising on acquisition of 100% outstanding shares
|
170 | |||||||
ABN AMRO share
(96.2%)
|
163 |
Recognised
on
acquisition
by
the group
|
Carrying
value
|
|||||||
Intangible
assets
|
12 | – | ||||||
Property and
equipment
|
21 | 20 | ||||||
Financial
assets
|
369 | 535 | ||||||
All other
assets
|
2 | 2 | ||||||
Total
identifiable assets
|
404 | 557 | ||||||
All other
liabilities
|
711 | 706 | ||||||
Total
identifiable liabilities
|
711 | 706 | ||||||
Total
net assets
|
(307 | ) | (149 | ) | ||||
Purchase
price (100%)
|
(147 | ) | ||||||
Net
assets
|
(307 | ) | ||||||
Goodwill
arising on acquisition of 100% outstanding shares
|
160 |
2007
|
2006
|
|||||||
Deferred tax assets
|
3,396 | 3,479 | ||||||
Current tax
assets
|
1,479 | 1,189 | ||||||
Derivative
assets used for hedging
|
2,464 | 3,214 | ||||||
Mortgages
designated at fair value
|
1,569 | 331 | ||||||
Unit-linked
investments held for policyholder accounts
|
4,609 | 5,462 | ||||||
Pension
assets
|
15 | 145 | ||||||
Other assets
of consolidated private equity holdings, including
inventories
|
– | 1,733 | ||||||
Sundry assets
and other receivables
|
5,681 | 11,659 | ||||||
Total
|
19,213 | 27,212 |
2007
|
2006
|
|||||||
Professional
securities transactions
|
123,537 | 87,762 | ||||||
Current
accounts
|
19,058 | 20,273 | ||||||
Time
deposits
|
94,075 | 70,127 | ||||||
Advance from
Federal Home Loan banks
|
– | 7,293 | ||||||
Other
|
2,664 | 2,534 | ||||||
Total
|
239,334 | 187,989 |
2007
|
2006
|
|||||||
Consumer
current accounts
|
20,343 | 35,358 | ||||||
Commercial
current accounts
|
62,284 | 75,689 | ||||||
Consumer
savings accounts
|
75,311 | 89,893 | ||||||
Commercial
deposit accounts
|
93,384 | 96,577 | ||||||
Professional
securities transactions
|
74,556 | 57,828 | ||||||
Other
|
4,474 | 7,038 | ||||||
Total
|
330,352 | 362,383 |
2007
|
2006
|
|||||||||||||||
Effective rate
%
|
Effective rate
%
|
|||||||||||||||
Bonds and
notes issued
|
4.3 | 102,708 | 4.1 | 117,122 | ||||||||||||
Certificates
of deposit and commercial paper
|
5.6 | 43,396 | 4.8 | 56,375 | ||||||||||||
Cash notes,
savings certificates and bank certificates
|
5.0 | 1,533 | 5.6 | 2,269 | ||||||||||||
Subtotal
|
147,637 | 175,766 | ||||||||||||||
Commercial
paper issued by multi-seller conduits
|
5.5 | 27,358 | 5.0 | 26,280 | ||||||||||||
Total
|
174,995 | 202,046 |
2007
|
2006
|
|||||||
EUR
|
81,147 | 95,452 | ||||||
USD
|
70,715 | 84,308 | ||||||
Other
|
23,133 | 22,286 | ||||||
Total
|
174,995 | 202,046 |
Structured
notes
|
||||||||
2007
|
2006
|
|||||||
Cumulative
change in fair value of the structured notes attributable to changes in
credit risk
|
87 | – | ||||||
Change during
the year in fair value of the structured notes attributable to changes in
credit risk
|
70 | 27 | ||||||
Difference
between the contractual amount at maturity and the carrying
amount
|
561 | 470 |
2007
|
2006
|
|||||||
Within one
year
|
91,685 | 103,531 | ||||||
After one and
within two years
|
13,822 | 18,231 | ||||||
After two and
within three years
|
14,904 | 19,380 | ||||||
After three
and within four years
|
8,852 | 13,402 | ||||||
After four and
within five years
|
22,399 | 7,903 | ||||||
After five
years
|
23,333 | 39,599 | ||||||
Total
|
174,995 | 202,046 |
2007
|
2006
|
|||||||
Insurance fund
liabilities
|
3,652 | 4,080 | ||||||
Provisions for
contributions to post-retirement healthcare 27
|
74 | 111 | ||||||
Provision for
pension commitments 27
|
321 | 649 | ||||||
Other staff
provision
|
109 | 672 | ||||||
Restructuring
provision
|
124 | 415 | ||||||
Other
provisions
|
2,264 | 1,923 | ||||||
Total
|
6,544 | 7,850 |
Other
staff provisions
|
Restructuring
|
Other
provisions
|
||||||||||
Balance
at 1 January 2007
|
672 | 415 | 1,923 | |||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(425 | ) | (60 | ) | (243 | ) | ||||||
247 | 355 | 1,680 | ||||||||||
Movements:
|
||||||||||||
Additions
|
34 | 33 | 1,321 | |||||||||
Expense
charged to provisions
|
(73 | ) | (139 | ) | (886 | ) | ||||||
Acquisitions/disposals
|
(25 | ) | 5 | (87 | ) | |||||||
Currency
translation differences
|
(1 | ) | (5 | ) | 22 | |||||||
Reversed
amounts
|
(5 | ) | (115 | ) | (199 | ) | ||||||
Other
|
(68 | ) | (10 | ) | 413 | |||||||
Balance
at 31 December 2007
|
109 | 124 | 2,264 | |||||||||
Balance
at 1 January 2006
|
459 | 501 | 1,239 | |||||||||
Movements:
|
||||||||||||
Additions
|
74 | 126 | 430 | |||||||||
Expense
charged to provisions
|
(203 | ) | (178 | ) | (512 | ) | ||||||
Acquisitions/disposals
|
89 | (40 | ) | 416 | ||||||||
Currency
translation differences
|
(15 | ) | (8 | ) | (26 | ) | ||||||
Other
|
268 | 14 | 376 | |||||||||
Balance
at 31 December 2006
|
672 | 415 | 1,923 |
2007
|
2006
|
|||||||
Balance
at 1 January
|
4,080 | 3,169 | ||||||
Premium
carried from income statement
|
408 | 370 | ||||||
Claims
paid
|
(203 | ) | (210 | ) | ||||
Interest
|
86 | 21 | ||||||
Acquisitions/disposals
|
(761 | ) | 825 | |||||
Changes in
estimates and other movements
|
(19 | ) | (78 | ) | ||||
Currency
translation differences
|
61 | (17 | ) | |||||
Balance
at 31 December
|
3,652 | 4,080 |
Pension
|
Healthcare
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Service
cost
|
280 | 374 | 3 | 5 | ||||||||||||
Interest
cost
|
535 | 529 | 11 | 10 | ||||||||||||
Expected
return on plan assets
|
(621 | ) | (632 | ) | (3 | ) | (5 | ) | ||||||||
Net
amortization of net actuarial (gains)/losses
|
(6 | ) | 27 | – | (1 | ) | ||||||||||
Net
amortization of prior-service cost
|
– | (72 | ) | – | – | |||||||||||
(Gain)/loss on
curtailment or settlements
|
(28 | ) | 1 | (4 | ) | |||||||||||
Pensions costs
and post-retirement healthcare cost related to
discontinued
operations
|
– | (62 | ) | – | (3 | ) | ||||||||||
Defined
benefit plans
|
160 | 165 | 7 | 6 | ||||||||||||
Defined
contribution plans
|
222 | 168 | 4 | – | ||||||||||||
Total
costs
|
382 | 333 | 11 | 6 |
Pension
|
Healthcare
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Present value
of funded obligations
|
9,651 | 12,167 | 7 | 81 | ||||||||||||
Present value
of unfunded obligations
|
91 | 134 | 69 | 58 | ||||||||||||
Less: Fair value of
plan assets
|
9,969 | 11,149 | – | 60 | ||||||||||||
Present value
of net obligations
|
(227 | ) | 1,152 | 76 | 79 | |||||||||||
Unrecognised
prior year service cost
|
(6 | ) | (7 | ) | – | – | ||||||||||
Unrecognised
actuarial (losses)/gains
|
542 | (683 | ) | (2 | ) | 32 | ||||||||||
Unrecognised
assets
|
– | 42 | – | – | ||||||||||||
Net
recognized liability for defined benefit obligations
|
309 | 504 | 74 | 111 |
Pension
|
Healthcare
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Balance
at 1 January
|
504 | 823 | 111 | 101 | ||||||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(5 | ) | – | (35 | ) | – | ||||||||||
499 | 823 | 76 | 101 | |||||||||||||
Acquisition/(disposals)
|
– | 30 | – | – | ||||||||||||
Contributions
paid
|
(410 | ) | (582 | ) | (7 | ) | (6 | ) | ||||||||
Expense
recognised in the income statement
|
160 | 227 | 7 | 9 | ||||||||||||
Currency
translation differences
|
(8 | ) | 6 | (2 | ) | 7 | ||||||||||
Recognised
curtailment/settlement
|
1 | – | – | – | ||||||||||||
Other
|
67 | – | – | – | ||||||||||||
Net
liability at 31 December
|
309 | 504 | 74 | 111 |
Pension
|
Healthcare
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Balance
at 1 January
|
12,301 | 12,403 | 139 | 139 | ||||||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(1,232 | ) | – | (74 | ) | – | ||||||||||
11,069 | 12,403 | 65 | 139 | |||||||||||||
Service
cost
|
280 | 374 | 3 | 5 | ||||||||||||
Interest
cost
|
535 | 529 | 11 | 10 | ||||||||||||
Employee
contributions
|
3 | 5 | – | – | ||||||||||||
Actuarial
gains/(losses)
|
(1,501 | ) | (518 | ) | 12 | (3 | ) | |||||||||
Benefits
paid
|
(343 | ) | (333 | ) | (7 | ) | (9 | ) | ||||||||
Acquisitions/(disposals)
|
– | 30 | – | – | ||||||||||||
Plan
amendments
|
– | (87 | ) | – | – | |||||||||||
Settlement/curtailment
|
(34 | ) | (2 | ) | – | – | ||||||||||
Currency
translation differences
|
(181 | ) | (100 | ) | (4 | ) | (10 | ) | ||||||||
Other
|
(86 | ) | – | (4 | ) | 7 | ||||||||||
Balance
at 31 December
|
9,742 | 12,301 | 76 | 139 |
Pension
|
Healthcare
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Balance
at 1 January
|
11,149 | 10,212 | 60 | 63 | ||||||||||||
Reclassification
related to businesses held for sale/discontinued
operations
|
(1,266 | ) | – | (58 | ) | – | ||||||||||
9,883 | 10,212 | 2 | 63 | |||||||||||||
Expect return
on plan assets
|
620 | 632 | 3 | 5 | ||||||||||||
Actuarial
gains (losses)
|
(288 | ) | 150 | 1 | 2 | |||||||||||
Employee
contributions/refunds
|
3 | 5 | – | – | ||||||||||||
Employers
contribution
|
394 | 571 | – | – | ||||||||||||
Benefits
paid
|
(327 | ) | (322 | ) | - | (3 | ) | |||||||||
Currency
translation differences
|
(180 | ) | (100 | ) | (6 | ) | (7 | ) | ||||||||
Recognised
settlement/curtailment
|
1 | – | – | – | ||||||||||||
Other
|
(137 | ) | 1 | – | – | |||||||||||
Balance
at 31 December
|
9,969 | 11,149 | – | 60 |
2007
|
2006
|
|||||||
Pensions
|
||||||||
Discount
rate
|
5.5 | % | 4.6 | % | ||||
Expected
increment in salaries
|
2.7 | % | 2.8 | % | ||||
Expected
return on investments
|
6.1 | % | 6.0 | % | ||||
Healthcare
|
||||||||
Discount
rate
|
10.8 | % | 8.2 | % | ||||
Average rise
in the costs of healthcare
|
8.6 | % | 9.0 | % |
2007
|
2006
|
|||||||||||||||||||||||
Value
in millions Euro
|
%
of total fair value of scheme assets
|
Expected
rate of
return
%
|
Value
in millions Euro
|
%
of total fair value of scheme assets
|
Expected
rate of
return
%
|
|||||||||||||||||||
Plan
asset category
|
||||||||||||||||||||||||
Equity
securities
|
4,774 | 47.9 | % | 7.9 | % | 5,936 | 53.2 | % | 7.3 | % | ||||||||||||||
Issued debt
securities
|
4,918 | 49.3 | % | 4.7 | % | 5,139 | 45.6 | % | 4.2 | % | ||||||||||||||
Real
estate
|
38 | 0.4 | % | 6.0 | % | 33 | 0.2 | % | 5.2 | % | ||||||||||||||
Other
|
239 | 2.4 | % | 4.8 | % | 41 | 1.0 | % | 4.0 | % | ||||||||||||||
Total
|
9,969 | 11,149 |
2008
|
307 | |||
2009
|
316 | |||
2010
|
326 | |||
2011
|
336 | |||
2012
|
348 | |||
Years after
2012
|
1,868 |
1%
Increase
|
1%
Decrease
|
|||||||
2007
|
||||||||
Effect on the
aggregate current service cost and interest cost
|
4 | (1 | ) | |||||
Effect on the
defined benefit obligation
|
10 | (7 | ) | |||||
2006
|
||||||||
Effect on the
aggregate current service cost and interest cost
|
2 | (1 | ) | |||||
Effect on the
defined benefit obligation
|
9 | (7 | ) |
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Pension
|
||||||||||||||||
Defined
benefit obligation
|
(9,742 | ) | (12,301 | ) | (12,403 | ) | (10,715 | ) | ||||||||
Plan
assets
|
9,969 | 11,149 | 10,212 | 8,754 | ||||||||||||
(Deficit)/Surplus
|
227 | (1,152 | ) | (2,191 | ) | (1,961 | ) | |||||||||
Experience
adjustments on plan liabilities
|
1,501 | 518 | (925 | ) | (962 | ) | ||||||||||
Experience
adjustments on plan assets
|
(288 | ) | 150 | 399 | 63 | |||||||||||
Healthcare
|
||||||||||||||||
Defined
benefit obligation
|
(76 | ) | (139 | ) | (139 | ) | (760 | ) | ||||||||
Plan
assets
|
– | 60 | 63 | 46 | ||||||||||||
(Deficit)/Surplus
|
(76 | ) | (79 | ) | (76 | ) | (714 | ) | ||||||||
Experience
adjustments on plan liabilities
|
(12 | ) | 3 | (45 | ) | (192 | ) | |||||||||
Experience
adjustments on plan assets
|
1 | 2 | (3 | ) | 2 |
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Present
value of obligations
|
(9,742 | ) | (12,301 | ) | (12,403 | ) | (10,715 | ) | ||||||||
Fair value of
plan assets
|
9,969 | 11,149 | 10,212 | 8,754 | ||||||||||||
Net
surplus/deficit in the plans
|
227 | (1,152 | ) | (2,191 | ) | (1,961 | ) | |||||||||
Actuarial
(losses)/gains
|
||||||||||||||||
- arising on
benefit obligation
|
1,501 | 518 | (925 | ) | (962 | ) | ||||||||||
- arising on
benefit obligation (% of plan liabilities)
|
15.4% | 4.2% | (7.5% | ) | (9.0% | ) | ||||||||||
Actuarial
gains
|
||||||||||||||||
- arising on
plan assets
|
(288 | ) | 150 | 399 | 63 | |||||||||||
- arising on
plan assets (% of plan assets)
|
(2.9% | ) | 1.3% | 3.9% | 7.2% |
2007
|
2006
|
|||||||
Deferred tax
liabilities
|
1,122 | 2,463 | ||||||
Current tax
liabilities
|
969 | 2,026 | ||||||
Derivative
liabilities used for hedging
|
1,971 | 3,965 | ||||||
Liability to
unit-linked policyholders
|
4,609 | 5,462 | ||||||
Other
liabilities of consolidated private equity holdings
|
– | 1,053 | ||||||
Sundry
liabilities and other payables
|
11,492 | 7,008 | ||||||
Total
|
20,163 | 21,977 |
2007
|
2006
|
|||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
Current
tax
|
1,479 | 969 | 1,189 | 2,026 | ||||||||||||
Deferred
tax
|
3,396 | 1,122 | 3,479 | 2,463 |
Assets
|
Liabilities
|
Recognised
in income
|
Recognised
in equity
|
|||||||||||||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||||||||
Property and
equipment
|
43 | 9 | 122 | 160 | 187 | (15 | ) | – | 2 | |||||||||||||||||||||||
Intangible
assets including goodwill
|
236 | 613 | – | 457 | (23 | ) | 61 | – | 5 | |||||||||||||||||||||||
Derivatives
|
29 | 68 | 73 | 128 | (8 | ) | 232 | 33 | (243 | ) | ||||||||||||||||||||||
Investment
securities
|
190 | 170 | 58 | 170 | 87 | 9 | 66 | 300 | ||||||||||||||||||||||||
Employee
benefits
|
316 | 288 | 104 | – | 5 | 38 | – | (2 | ) | |||||||||||||||||||||||
Servicing
rights
|
1 | 1 | – | 521 | – | 29 | – | – | ||||||||||||||||||||||||
Allowances for
loan losses
|
831 | 978 | 39 | - | 103 | 372 | 6 | 105 | ||||||||||||||||||||||||
Leasing
|
2 | – | 212 | 399 | (42 | ) | (10 | ) | (1 | ) | 4 | |||||||||||||||||||||
Tax
credits
|
18 | 13 | – | – | 3 | 29 | – | |||||||||||||||||||||||||
Other
|
721 | 389 | 62 | 61 | 258 | (408 | ) | 45 | (509 | ) | ||||||||||||||||||||||
Tax value of
carry-forward losses recognised
|
1,009 | 950 | 452 | 567 | 304 | (9 | ) | 1 | 233 | |||||||||||||||||||||||
Total
|
3,396 | 3,479 | 1,122 | 2,463 | 874 | 328 | 150 | (105 | ) |
2008
|
63 | |||
2009
|
26 | |||
2010
|
36 | |||
2011
|
57 | |||
2012
|
198 | |||
Years after
2012
|
2,230 | |||
No
expiration
|
3,095 | |||
Total
|
5,705 |
Subordinated
liabilities
|
||||||||
2007
|
2006
|
|||||||
Cumulative
change in fair value of the subordinated liabilities attributable to
changes in own credit risk
|
98 | – | ||||||
Change during
the year in fair value of the subordinated liabilities attributable to
changes in credit risk
|
98 | – | ||||||
Difference
between the contractual amount at maturity and the carrying
amount
|
7 | – |
2007
|
2006
|
|||||||
Within one
year
|
700 | 1,384 | ||||||
After one and
within two years
|
2,161 | 726 | ||||||
After two and
within three years
|
810 | 2,165 | ||||||
After three
and within four years
|
19 | 811 | ||||||
After four and
within five years
|
118 | 21 | ||||||
After five
years
|
11,808 | 14,106 | ||||||
Total
|
15,616 | 19,213 |
2007
|
2006
|
|||||||
ABN AMRO
Holding N.V. preference financing shares
|
768 | 768 | ||||||
ABN AMRO Bank
N.V.
|
12,616 | 13,101 | ||||||
Other Group
companies
|
2,232 | 5,344 | ||||||
Total
|
15,616 | 19,213 |
Ordinary
shares
|
Number
|
Millions
of euros
|
||||||
Issued
and fully paid
|
||||||||
At 1 January
2007
|
1,936,847,516 | 1,085 | ||||||
Exercised
options and warrants
|
– | – | ||||||
Balance
at 31 December 2007
|
1,936,847,516 | 1,085 | ||||||
Issued
and fully paid
|
||||||||
At 1 January
2006
|
1,909,738,427 | 1,069 | ||||||
Exercised
options and warrants
|
27,109,089 | 16 | ||||||
Balance
at 31 December 2006
|
1,936,847,516 | 1,085 | ||||||
Issued and fully paid | ||||||||
At 1 January
2005
|
1,702,888,861 | 954 | ||||||
New
issue
|
145,278,482 | 82 | ||||||
Dividends paid
in shares
|
61,571,084 | 33 | ||||||
Balance
at 31 December 2005
|
1,909,738,427 | 1,069 |
Treasury
shares
|
Number
|
Millions
of euros
|
||||||
Issued
and fully paid
|
||||||||
At 1 January
2007
|
83,060,725 | 1,829 | ||||||
Used for
options exercised and performance share plans
|
(27,649,180 | ) | (624 | ) | ||||
Share buy
back
|
55,512,333 | 1,847 | ||||||
Dividends paid
in shares
|
(18,204,058 | ) | (412 | ) | ||||
Balance
at 31 December 2007
|
92,719,820 | 2,640 | ||||||
Issued
and fully paid
|
||||||||
At 1 January
2006
|
31,818,402 | 600 | ||||||
Used for
options exercised and performance share plans
|
(8,454,965 | ) | (143 | ) | ||||
Share buy
back
|
95,899,360 | 2,204 | ||||||
Dividends paid
in shares
|
(36,202,072 | ) | (832 | ) | ||||
Balance
at 31 December 2006
|
83,060,725 | 1,829 | ||||||
Issued
and fully paid
|
||||||||
At 1 January
2005
|
33,686,644 | 632 | ||||||
Used for
options exercised
|
(1,868,242 | ) | (32 | ) | ||||
Balance
at 31 December 2005
|
31,818,402 | 600 |
2007
|
2006
|
|||||||||||||||
Banks
|
Customers
|
Banks
|
Customers
|
|||||||||||||
Assets
|
||||||||||||||||
Cash advanced
under securities borrowing
|
5,058 | 46,540 | 1,268 | 47,422 | ||||||||||||
Reverse
repurchase agreements
|
142,368 | 39,313 | 101,593 | 35,365 | ||||||||||||
Unsettled
securities transactions
|
2,912 | 12,417 | 3,108 | 10,929 | ||||||||||||
Total
|
150,338 | 98,270 | 105,969 | 93,716 | ||||||||||||
Liabilities
|
||||||||||||||||
Cash received
under securities lending
|
356 | 3,132 | 1,289 | 7,203 | ||||||||||||
Repurchase
agreements
|
119,253 | 60,749 | 83,687 | 42,848 | ||||||||||||
Unsettled
securities transactions
|
3,928 | 10,675 | 2,786 | 7,777 | ||||||||||||
Total
|
123,537 | 74,556 | 87,762 | 57,828 |
2007
|
2006
|
|||||||
Securities
received under reverse repurchase and/or securities borrowing arrangements
which can be repledged or resold
|
291,126 | 174,329 | ||||||
Of the above
amount, the amount that has either been repledged or otherwise transferred
to others in connection with the Group’s financing activities or to
satisfy its commitments under short sale transactions
|
284,908 | 169,880 |
2007
|
2006
|
|||||||
Cash and
balances at central banks
|
34 | 10,430 | ||||||
Financial
assets held for trading
|
106 | – | ||||||
Financial
investments
|
– | 2,780 | ||||||
Interest
earnings securities available-for-sale
|
28,306 | – | ||||||
Equity
investments available-for-sale
|
2,296 | – | ||||||
Loans and
receivables - banks
|
785 | – | ||||||
Loans and
receivables - customers
|
5,576 | 7,302 | ||||||
Total
|
37,103 | 20,512 |
2007
|
2006
|
|||||||
Due to
banks
|
20,804 | 9,355 | ||||||
Due to
customers
|
– | 741 | ||||||
Issued debt
securities at amortised cost
|
14,699 | 3 | ||||||
Total
|
35,503 | 10,099 |
Payments
due by period
|
||||||||||||||||||||
Total
|
Less
than
1
year
|
1-3
years
|
3-5
years
|
After
5
years
|
||||||||||||||||
2007
|
||||||||||||||||||||
Committed
facilities
|
104,137 | 42,916 | 16,672 | 28,527 | 16,022 | |||||||||||||||
Guarantees
and other commitments:
|
||||||||||||||||||||
Guarantees
granted
|
49,337 | 31,381 | 5,030 | 1,841 | 11,085 | |||||||||||||||
Irrevocable
letters of credit
|
5,797 | 5,412 | 172 | 48 | 165 | |||||||||||||||
Recourse risks
arising from discounted bills
|
6 | 6 | – | – | – | |||||||||||||||
2006
|
||||||||||||||||||||
Committed
facilities
|
145,418 | 93,365 | 19,129 | 21,458 | 11,466 | |||||||||||||||
Guarantees
and other commitments:
|
||||||||||||||||||||
Guarantees
granted
|
46,026 | 27,506 | 8,432 | 3,448 | 6,640 | |||||||||||||||
Irrevocable
letters of credit
|
5,241 | 4,823 | 301 | 78 | 39 | |||||||||||||||
Recourse risks
arising from discounted bills
|
12 | 12 | – | – | – |
Property
|
||||||||
2007
|
2006
|
|||||||
Not more than
one year
|
363 | 367 | ||||||
Over one year
but not more than five years
|
606 | 693 | ||||||
More than five
years
|
442 | 632 | ||||||
Total
|
1,411 | 1,692 |
Payments
due by period
|
||||||||||||||||||||
Total
|
Less
than
1
year
|
1-3
years
|
3-5
years
|
After
5
years
|
||||||||||||||||
2007
|
||||||||||||||||||||
Issued debt
securities
|
174,995 | 91,685 | 28,726 | 31,251 | 23,333 | |||||||||||||||
Subordinated
liabilities
|
15,616 | 628 | 2,375 | 21 | 12,592 | |||||||||||||||
Purchase
obligations
|
127 | 116 | 11 | – | – | |||||||||||||||
Other
obligations
|
725,162 | 695,006 | 11,639 | 4,865 | 13,652 | |||||||||||||||
2006
|
||||||||||||||||||||
Issued debt
securities
|
202,046 | 103,531 | 37,611 | 21,305 | 39,599 | |||||||||||||||
Subordinated
liabilities
|
19,213 | 1,384 | 2,891 | 832 | 14,106 | |||||||||||||||
Purchase
obligations
|
254 | 254 | – | – | – | |||||||||||||||
Other
obligations
|
695,736 | 647,484 | 15,239 | 8,051 | 24,962 |
2007
|
2006
|
2005
|
||||||||||
Cash and
balances at central banks
|
16,750 | 10,515 | 15,195 | |||||||||
Loans and
receivables-banks
|
9,213 | 7,336 | 4,241 | |||||||||
Due to
banks
|
(14,378 | ) | (12,728 | ) | (13,571 | ) | ||||||
Cash
and cash equivalents from continued operations
|
11,585 | 5,123 | 5,865 | |||||||||
Loans and
receivables-banks
|
43 | 203 | 203 | |||||||||
Cash
and cash equivalents from businesses held for sale
|
43 | 203 | 203 | |||||||||
Cash and
balances at central banks
|
426 | 1,802 | 1,462 | |||||||||
Loans and
receivables-banks
|
740 | 1,925 | 1,011 | |||||||||
Due to
banks
|
(42 | ) | (4,181 | ) | (2,498 | ) | ||||||
Cash
and cash equivalents from discontinued operations
|
1,124 | (454 | ) | (25 | ) | |||||||
Total
|
12,752 | 4,872 | 6,043 |
2007
|
2006
|
2005
|
||||||||||
Cash and cash
equivalents in acquired/disposed of subsidiaries
|
(464 | ) | (209 | ) | 309 | |||||||
Net amounts
paid/received in cash and cash equivalents on acquisitions/disposals of
subsidiaries
|
14,975 | (6,827 | ) | 57 | ||||||||
14,511 | (7,036 | ) | 366 | |||||||||
Net
movement in assets and liabilities
|
||||||||||||
Financial
assets held for trading
|
(253 | ) | 378 | (131 | ) | |||||||
Financial
investments
|
(21,703 | ) | 1 | (112 | ) | |||||||
Loans and
receivables-banks
|
(1,585 | ) | 491 | (866 | ) | |||||||
Loans and
receivables-customers
|
(46,581 | ) | 16,672 | 186 | ||||||||
Property and
equipment
|
(1,794 | ) | (2,174 | ) | 396 | |||||||
Other
assets
|
(5,274 | ) | 6,523 | 1,109 | ||||||||
Total
assets
|
(77,190 | ) | 21,891 | 582 | ||||||||
Due to
banks
|
(17,199 | ) | (6,632 | ) | 1,514 | |||||||
Due to
customers
|
(41,875 | ) | 9,659 | (812 | ) | |||||||
Issued debt
securities
|
(15,205 | ) | 8,655 | – | ||||||||
Accruals and
deferred income
|
(970 | ) | (621 | ) | 57 | |||||||
Subordinated
liabilities
|
(1,478 | ) | 1,842 | 45 | ||||||||
Other
liabilities
|
(1,366 | ) | 9,555 | (192 | ) | |||||||
Total
liabilities
|
(78,093 | ) | 22,458 | 612 | ||||||||
2007
|
2006
|
2005
|
||||||||||
Cash flows
from operating activities include:
|
||||||||||||
Interest
received
|
25,487 | 23,895 | 20,723 | |||||||||
Interest
paid
|
18,919 | 17,465 | 15,200 | |||||||||
Dividends
received
|
146 | 133 | 132 | |||||||||
Income taxes
paid
|
771 | 797 | 747 |
2007
|
2006
|
2005
|
||||||||||
Movement
in operating assets:
|
||||||||||||
Financial
assets held for trading
|
(38,653 | ) | (1,638 | ) | (27,969 | ) | ||||||
Loans and
receivables
|
(87,127 | ) | (74,737 | ) | (46,849 | ) | ||||||
Net
increase/(decrease) in accrued income and prepaid expenses
|
(4,215 | ) | (2,132 | ) | (1,347 | ) | ||||||
Net
increase/(decrease) in other assets
|
(46,832 | ) | (6,565 | ) | (9,590 | ) | ||||||
Total
movement in operating assets
|
(176,827 | ) | (85,072 | ) | (85,755 | ) | ||||||
Movement
in operating liabilities:
|
||||||||||||
Financial
liabilities held for trading
|
10,663 | (5,029 | ) | 15,001 | ||||||||
Due to
banks
|
87,887 | 16,321 | 14,824 | |||||||||
Due to
customers
|
32,693 | 43,206 | 12,867 | |||||||||
Issued debt
securities maturing within 1 year
|
(4,299 | ) | 10,609 | 16,021 | ||||||||
Provisions
|
75 | 63 | (291 | ) | ||||||||
Net
increase/(decrease) in accrued expense and deferred income
|
3,050 | 3,084 | (584 | ) | ||||||||
Net
increase/(decrease) in other liabilities
|
46,364 | (1,926 | ) | 4,947 | ||||||||
Total
movement in operating liabilities
|
176,433 | 66,328 | 62,785 | |||||||||
2007
|
2006
|
|||||||
Losses on the
hedged assets attributable to the fair value hedged risk
|
(392 | ) | (1,430 | ) | ||||
Gains on
hedging instruments used for the hedged assets
|
381 | 1,432 | ||||||
Gains on the
hedged liabilities attributable to the fair value hedged
risk
|
491 | 836 | ||||||
Losses on
hedging instruments used for the hedged liabilities
|
(480 | ) | (809 | ) | ||||
Net
effect fair value hedge
|
- | 29 |
(a)
|
Share the
interest rate risk exposure that is being hedged,
and
|
(b)
|
Be sensitive
to interest rate changes proportional to the overall sensitivity to
interest rate changes in the
cluster.
|
<
3 months
|
>
3 months
and
< 1 year
|
>
1 year
and
<
5 years
|
>
5 years
and
<
10 years
|
>
10 years
|
Total
|
|||||||||||||||||||
At
31 December 2007
|
||||||||||||||||||||||||
Cash inflow
from hedged assets
|
163,502 | 367,050 | 1,800 | 919 | 8 | 533,279 | ||||||||||||||||||
Cash outflow
from hedged liabilities
|
(138,706 | ) | (24,227 | ) | (8,823 | ) | (3,013 | ) | (4,654 | ) | (179,423 | ) | ||||||||||||
Net cash
inflow
|
24,796 | 342,823 | (7,023 | ) | (2,094 | ) | (4,646 | ) | 353,856 | |||||||||||||||
At
31 December 2006
|
||||||||||||||||||||||||
Cash inflow
from hedged assets
|
345,919 | 269,748 | 72,713 | 3,114 | 14,443 | 705,937 | ||||||||||||||||||
Cash outflow
from hedged liabilities
|
(294,996 | ) | (46,715 | ) | (3,283 | ) | (798 | ) | (3,220 | ) | (349,012 | ) | ||||||||||||
Net cash
inflow
|
50,923 | 223,033 | 69,430 | 2,316 | 11,223 | 356,925 |
2007
|
2006
|
|||||||
Interest
income
|
2 | 2 | ||||||
Interest
expense
|
(89 | ) | (33 | ) | ||||
Other
operating income
|
33 | (1 | ) | |||||
Taxation
|
16 | 10 | ||||||
Total
|
(38 | ) | (22 | ) |
2007
|
2006
|
|||||||||||||||
Positive
|
Negative
|
Positive
|
Negative
|
|||||||||||||
Qualifying
for hedge accounting
|
||||||||||||||||
Fair
value hedges
|
||||||||||||||||
Interest
|
||||||||||||||||
Swaps
|
1,401 | 671 | 2,315 | 2,280 | ||||||||||||
Options and
futures
|
31 | 259 | 30 | 235 | ||||||||||||
Foreign
currency
|
||||||||||||||||
Swaps
|
85 | 265 | 339 | 399 | ||||||||||||
Forwards
|
– | 203 | 132 | 380 | ||||||||||||
Cash
flow hedges
|
||||||||||||||||
Interest
swaps
|
502 | 323 | 369 | 584 | ||||||||||||
Foreign
currency
|
||||||||||||||||
Swaps
|
206 | 74 | 3 | 7 | ||||||||||||
Forwards
|
– | – | 26 | 80 | ||||||||||||
Total
|
2,225 | 1,795 | 3,214 | 3,965 | ||||||||||||
– | – | |||||||||||||||
Economical
hedges
|
174 | 140 |
Notional
amounts
|
2007
|
2006
|
||||||
Interest rate
risk
|
125,468 | 234,643 | ||||||
Foreign
currency risk
|
12,300 | 21,797 |
a)
|
For
instruments traded in active liquid markets, a quoted market price is
used.
|
b)
|
For
instruments where no active liquid market exists, a recent market
transaction is used.
|
c)
|
For
instruments for which there is neither an active market nor a recent
market transaction, then a valuation technique is
used.
|
2007
|
2006
|
|||||||
Unamortised
balance at 1 January
|
310 | 300 | ||||||
Deferral of
profit on new transactions
|
170 | 314 | ||||||
Recognised in
the income statement during the period:
|
||||||||
- Subsequent to
observability
|
(73 | ) | (80 | ) | ||||
- Amortisation
|
(94 | ) | (97 | ) | ||||
Maturity or
termination
|
(114 | ) | (127 | ) | ||||
Exchange
differences
|
(8 | ) | - | |||||
Unamortised
balance at 31 December
|
191 | 310 |
2007
|
||||||||||||||||
Quoted
market
price
(1)
|
Valuation
techniques
-
observable
market
inputs
(2)
|
Valuation
techniques
-
unobservable
inputs
(3)
|
Total
|
|||||||||||||
Financial
assets
|
||||||||||||||||
Financial
assets held-for-trading
|
74,063 | 165,756 | 2,458 | 242,277 | ||||||||||||
Available-for-sale
interest earning securities
|
40,188 | 49,932 | 229 | 90,349 | ||||||||||||
Available-for-sale
equities
|
286 | 387 | 340 | 1,013 | ||||||||||||
Interest
earning securities designated at fair value through income
|
– | – | 100 | 100 | ||||||||||||
Equities
designated at fair value through income
|
1,347 | 5 | 987 | 2,339 | ||||||||||||
Other
assets-derivatives held for hedging
|
– | 1,068 | 1,396 | 2,464 | ||||||||||||
Other
assets-unit-linked investments
|
– | 4,609 | – | 4,609 | ||||||||||||
Other assets-mortgages designated at fair value | – | 1,569 | – | 1,569 | ||||||||||||
Total
assets at fair value
|
115,884 | 223,326 | 5,510 | 344,720 | ||||||||||||
Financial
liabilities
|
||||||||||||||||
Financial
liabilities held for trading
|
28,995 | 124,943 | 1,538 | 155,476 | ||||||||||||
Due to
customers
|
– | 42 | – | 42 | ||||||||||||
Issued debt
securities
|
– | 39,223 | 5,445 | 44,668 | ||||||||||||
Other
liabilities-derivatives held for hedging
|
– | 673 | 1,298 | 1,971 | ||||||||||||
Other
liabilities- unit-linked liabilities
|
– | 4,609 | – | 4,609 | ||||||||||||
Subordinated Liabilities | – | 726 | – | 726 | ||||||||||||
Total
liabilities at fair value
|
28,995 | 170,216 | 8,281 | 207,492 |
w
|
Financial
assets/liabilities valued using unadjusted quoted prices in active markets
for identical assets/liabilities
|
w
|
Quoted
price for similar assets/liabilities in an active
market
|
w
|
Quoted
price for identical or similar assets/liabilities in inactive
markets
|
w
|
Valuation
model using observable inputs
|
w
|
Valuation
model using inputs derived from or corroborated by observable market
data
|
w
|
Financial
assets/liabilities valued with a valuation model using unobservable
inputs
|
2006
|
||||||||||||||||
Quoted
market
price(1)
|
Valuation
techniques
-
observable
market
inputs
(2)
|
Valuation
techniques
-
unobservable
inputs
(3)
|
Total
|
|||||||||||||
Financial
assets
|
||||||||||||||||
Financial
assets held-for-trading
|
93,813 | 110,440 | 1,483 | 205,736 | ||||||||||||
Available for
sale interest earning securities
|
72,829 | 41,063 | 3,666 | 117,558 | ||||||||||||
Available for
sale equities
|
1,313 | 340 | 213 | 1,866 | ||||||||||||
Equities
designated at fair value through income
|
534 | 951 | 743 | 2,228 | ||||||||||||
Other
assets-derivatives held for trading
|
167 | 3,047 | – | 3,214 | ||||||||||||
Other
assets-unit-linked investments
|
– | 5,462 | – | 5,462 | ||||||||||||
Other
assets-mortgages designated at fair sale
|
– | 331 | – | 331 | ||||||||||||
Total
assets at fair value
|
168,656 | 161,634 | 6,105 | 336,395 | ||||||||||||
Financial
liabilities
|
||||||||||||||||
Financial
liabilities held for trading
|
40,280 | 102,969 | 2,115 | 145,364 | ||||||||||||
Issued debt
securities
|
– | 25,038 | 4,230 | 29,268 | ||||||||||||
Other
liabilities-derivatives held for hedging
|
218 | 3,745 | 2 | 3,965 | ||||||||||||
Other
liabilities-unit-linked liabilities
|
– | 5,462 | – | 5,462 | ||||||||||||
Total
liabilities at fair value
|
40,498 | 137,214 | 6,347 | 184,059 |
w
|
Financial
assets/liabilities valued using unadjusted quoted prices in active markets
for identical assets/liabilities
|
w
|
Quoted
price for similar assets/liabilities in an active
market
|
w
|
Quoted
price for identical or similar assets/liabilities in inactive
markets
|
w
|
Valuation
model using observable inputs
|
w
|
Valuation
model using inputs derived from or corroborated by observable market
data
|
w
|
Financial
assets/liabilities valued with a valuation model using unobservable
inputs
|
(i)
|
The fair value
of variable rate financial instruments and those of a fixed rate nature
maturing within 6 months of the balance sheet date are assumed to
approximate their carrying amounts. In the case of such loans,
the fair value estimate does not reflect changes in credit quality, as the
main impact of credit risk is already recognised separately through the
deduction of the allowances for credit losses from the carrying
amounts.
|
(ii)
|
The fair value
of fixed rate loans and mortgages carried at amortised cost is estimated
by comparing market interest rates when the loans were granted with
current market rates offered on similar loans. Changes in the specific
credit quality of loans within the portfolio are not taken into account in
determining fair values, as the main impact of credit risk is already
recognised separately through the deduction of the allowances for credit
losses from the carrying
amounts.
|
(iii)
|
The fair value
of demand deposits and savings accounts (included in due to customers)
with no specific maturity is assumed to be the amount payable on demand at
the balance sheet date.
|
2007
|
2006
|
|||||||||||||||||||||||
Carrying
amount
|
Fair
value
|
Difference
|
Carrying
amount
|
Fair
value
|
Difference
|
|||||||||||||||||||
Financial
assets
|
||||||||||||||||||||||||
Cash and
balances at central banks
|
16,750 | 16,750 | – | 12,317 | 12,317 | – | ||||||||||||||||||
Interest
earning securities HTM
|
2,634 | 2,599 | (35 | ) | 3,729 | 3,763 | 34 | |||||||||||||||||
Loans and
receivables-banks
|
175,696 | 175,680 | (16 | ) | 134,819 | 134,819 | – | |||||||||||||||||
Loans and
receivables-customers
|
396,762 | 393,574 | (3,188 | ) | 443,255 | 446,589 | 3,334 | |||||||||||||||||
Total
|
591,842 | 588,603 | (3,239 | ) | 594,120 | 597,488 | 3,368 | |||||||||||||||||
Financial
liabilities
|
||||||||||||||||||||||||
Due to
banks
|
239,334 | 239,334 | – | 187,989 | 187,982 | (7 | ) | |||||||||||||||||
Due to
customers
|
330,310 | 330,228 | (82 | ) | 362,383 | 362,303 | (80 | ) | ||||||||||||||||
Issued debt
securities
|
130,327 | 129,636 | (691 | ) | 172,778 | 171,803 | (975 | ) | ||||||||||||||||
Subordinated
liabilities
|
14,890 | 13,695 | (1,195 | ) | 19,213 | 19,364 | 151 | |||||||||||||||||
Total
|
714,861 | 712,893 | (1,968 | ) | 742,363 | 741,452 | (911 | ) |
·
|
Credit risk
and country event risk
|
·
|
Interest rate
risk (banking book positions)
|
·
|
Market risk
(including currency risk, interest rate risk, equity price risk and
commodity risk of the trading book)
|
·
|
Currency risk
(banking book positions)
|
·
|
Liquidity
risk.
|
2007
|
2006
|
|||||||
Derivative
assets held for trading
|
123,466 | 105,335 | ||||||
Interest
earning securities available-for-sale
|
93,083 | 121,287 | ||||||
Loans and
receivables - banks
|
25,358 | 28,850 | ||||||
Loans and
receivables - customers
|
269,035 | 323,667 | ||||||
Professional
securities transactions
|
248,608 | 199,685 | ||||||
Multi-seller
conduits
|
29,457 | 25,872 | ||||||
Committed
credit facilities
|
104,137 | 145,418 | ||||||
Credit related
contingent liabilities
|
55,140 | 51,279 | ||||||
Total
|
948,284 | 1,001,393 |
2007
|
1 |
2006
|
1 | |||||||||||||
Outstanding
|
%
|
Outstanding
|
%
|
|||||||||||||
Netherlands
|
||||||||||||||||
Loans and receivables to
Banks
|
11,309 | 6 | 15,290 | 11 | ||||||||||||
Loans and receivables to Public
sector
|
1,547 | 27 | 3,286 | 28 | ||||||||||||
Loans and receivables to
Commercial
|
60,189 | 42 | 55,951 | 31 | ||||||||||||
Loans and receivables to
Consumer
|
102,378 | 84 | 97,600 | 72 | ||||||||||||
Total
|
175,423 | 172,127 | ||||||||||||||
Europe (excluding Netherlands)
|
||||||||||||||||
Loans and receivables to
Banks
|
147,223 | 84 | 106,332 | 79 | ||||||||||||
Loans and receivables to Public
sector
|
1,003 | 17 | 1,527 | 13 | ||||||||||||
Loans and receivables to
Commercial
|
42,416 | 29 | 57,425 | 32 | ||||||||||||
Loans and receivables to
Consumer
|
2,373 | 2 | 12,529 | 9 | ||||||||||||
Total
|
193,015 | 177,813 | ||||||||||||||
North
America
|
||||||||||||||||
Loans and receivables to
Banks
|
1,326 | 1 | 2,435 | 2 | ||||||||||||
Loans and receivables to Public
sector
|
77 | 1 | 677 | 6 | ||||||||||||
Loans and receivables to
Commercial
|
9,525 | 7 | 42,179 | 23 | ||||||||||||
Loans and receivables to
Consumer
|
– | 13,017 | 10 | |||||||||||||
Total
|
10,928 | 58,308 | ||||||||||||||
Latin
America
|
||||||||||||||||
Loans and receivables to
Banks
|
4,430 | 3 | 3,683 | 3 | ||||||||||||
Loans and receivables to Public
sector
|
350 | 6 | 507 | 4 | ||||||||||||
Loans and receivables to
Commercial
|
14,085 | 10 | 10,095 | 6 | ||||||||||||
Loans and receivables to
Consumer
|
12,601 | 10 | 8,320 | 6 | ||||||||||||
Total
|
31,466 | 22,605 | ||||||||||||||
Asia Pacific
|
||||||||||||||||
Loans and receivables to
Banks
|
11,410 | 6 | 7,084 | 5 | ||||||||||||
Loans and receivables to Public
sector
|
2,762 | 48 | 5,570 | 48 | ||||||||||||
Loans and receivables to
Commercial
|
18,319 | 13 | 14,612 | 8 | ||||||||||||
Loans and receivables to
Consumer
|
4,411 | 4 | 4,018 | 3 | ||||||||||||
Total
|
36,902 | 31,284 | ||||||||||||||
Group
|
||||||||||||||||
Loans and receivables to
Banks
|
175,698 | 134,824 | ||||||||||||||
Loans and receivables to Public
sector
|
5,739 | 11,567 | ||||||||||||||
Loans and receivables to
Commercial
|
144,534 | 180,262 | ||||||||||||||
Loans and receivables to
Consumer
|
121,763 | 135,484 | ||||||||||||||
Total
|
447,734 | 462,137 | ||||||||||||||
Professional securities
transactions
|
98,270 | 93,716 | ||||||||||||||
Multi-seller
conduits
|
29,457 | 25,872 | ||||||||||||||
Total financial
assets
|
575,461 | 581,725 |
2007
|
1 |
2006
|
1 | |||||||||||||
Outstanding
|
%
|
Outstanding
|
%
|
|||||||||||||
Netherlands
|
||||||||||||||||
Guarantees and other
commitment
|
5,331 | 10 | 3,445 | 7 | ||||||||||||
Committed credit
facilities
|
21,729 | 21 | 14,487 | 10 | ||||||||||||
Total
|
27,060 | 17,932 | ||||||||||||||
Europe (excluding Netherlands)
|
||||||||||||||||
Guarantees and other
commitment
|
32,748 | 59 | 24,839 | 48 | ||||||||||||
Committed credit
facilities
|
36,846 | 36 | 38,512 | 26 | ||||||||||||
Total
|
69,594 | 63,351 | ||||||||||||||
North
America
|
||||||||||||||||
Guarantees and other
commitment
|
8,539 | 15 | 15,662 | 31 | ||||||||||||
Committed credit
facilities
|
31,291 | 30 | 72,580 | 50 | ||||||||||||
Total
|
39,830 | 88,242 | ||||||||||||||
Latin
America
|
||||||||||||||||
Guarantees and other
commitment
|
2,630 | 5 | 1,877 | 4 | ||||||||||||
Committed credit
facilities
|
8,673 | 8 | 6,682 | 5 | ||||||||||||
Total
|
11,303 | 8,559 | ||||||||||||||
Asia Pacific
|
||||||||||||||||
Guarantees and other
commitment
|
5,892 | 11 | 5,456 | 10 | ||||||||||||
Committed credit
facilities
|
5,598 | 5 | 13,157 | 9 | ||||||||||||
Total
|
11,490 | 18,613 | ||||||||||||||
Group
|
||||||||||||||||
Guarantees and other
commitment
|
55,140 | 51,279 | ||||||||||||||
Committed credit
facilities
|
104,137 | 145,418 | ||||||||||||||
Total
|
159,277 | 196,697 |
1
|
Calculated
as a percentage of Group totals for credit related contingent liabilities
and committed credit facilities
respectively.
|
2007
|
2006
|
|||||||||||||||
Outstanding
|
%
|
Outstanding
|
%
|
|||||||||||||
Basic
materials
|
10,724 | 8 | 15,126 | 8 | ||||||||||||
Real estate
|
11,197 | 8 | 23,712 | 13 | ||||||||||||
Industrials
|
36,607 | 25 | 39,666 | 22 | ||||||||||||
Energy
|
10,699 | 7 | 5,424 | 3 | ||||||||||||
Financial
services
|
22,562 | 16 | 21,407 | 12 | ||||||||||||
TMT (media and
communication)
|
10,198 | 7 | 10,092 | 6 | ||||||||||||
Consumer
cyclical
|
22,242 | 15 | 43,775 | 24 | ||||||||||||
Consumer
non-cyclical
|
16,975 | 12 | 16,204 | 9 | ||||||||||||
Health
|
3,330 | 2 | 4,856 | 3 | ||||||||||||
Total
|
144,534 | 180,262 |
2007
|
2006
|
|||||||||||||||
Outstanding
|
%
|
Outstanding
|
%
|
|||||||||||||
Mortgages
|
95,490 | 78 | 103,510 | 76 | ||||||||||||
Personal
lending
|
11,670 | 10 | 12,177 | 9 | ||||||||||||
Credit Card
|
2,282 | 2 | 1,637 | 1 | ||||||||||||
Other consumer
loans
|
12,321 | 10 | 18,160 | 14 | ||||||||||||
Total
|
121,763 | 135,484 |
2007
|
2006
|
|||||||
Commercial
customers
|
||||||||
Public
authority guarantees
|
5,335 | 5,417 | ||||||
Mortgages
|
11,059 | 18,490 | ||||||
Securities
|
2,606 | 2,039 | ||||||
Bank
guarantees
|
9,163 | 2,954 | ||||||
Other types of
collateral
|
38,772 | 31,206 | ||||||
Unsecured
|
77,599 | 120,156 | ||||||
Total
|
144,534 | 180,262 | ||||||
Consumer
customers
|
||||||||
Public
authority guarantees
|
141 | 159 | ||||||
Mortgages
|
90,665 | 103,272 | ||||||
Securities
|
1,120 | 872 | ||||||
Bank
guarantees
|
14 | 31 | ||||||
Other types of
collateral
|
10,274 | 12,062 | ||||||
Unsecured
|
19,549 | 19,088 | ||||||
Total
|
121,763 | 135,484 |
UCR
|
1 |
2+
till 2-
|
3+
till 3-
|
4+
till 4-
|
5+
till 5-
|
6 | + | 6-8 | ||||||||||||||||||||
Expected default rates (%)
2007
|
0.03 | 0.04-0.10 | 0.20-0.40 | 0.63-1.82 | 3.37-13.71 | 30.11 | 100 | |||||||||||||||||||||
Expected default rates (%)
2006
|
0.03 | 0.04-0.10 | 0.18-0.34 | 0.55-1.76 | 3.40-13.23 | 23.65 | 100 | |||||||||||||||||||||
Standards & Poor’s /
Fitch
|
AAA/AA-
|
A+/A- |
BBB+/BBB-
|
BB+/BB-
|
B+/B- |
CCC+/C
|
– | |||||||||||||||||||||
Moody’s
|
AAA/Aa3
|
A1/A3 |
Baa1/Baa3
|
Ba1-Ba3
|
B1-B3 |
Caa1/C
|
– |
UCR
|
1 |
2+
till 2-
|
3+
till 3-
|
4+
till 4-
|
5+
till 5-
|
6 | + | |||||||||||||||||
Interest earning securities in
Banking Book
|
61,210 | 9,702 | 6,652 | 661 | 380 | 11,586 | ||||||||||||||||||
Loans and receivables -
Banks
|
114,053 | 43,107 | 10,330 | 5,633 | 218 | 1,799 | ||||||||||||||||||
Loans and receivables - Public
sector
|
3,839 | 402 | 419 | 446 | 232 | 78 | ||||||||||||||||||
Loans and receivables -
Commercial
|
4,621 | 16,942 | 41,494 | 49,380 | 16,910 | 11,031 | ||||||||||||||||||
Derivatives
|
75,852 | 32,088 | 6,757 | 3,412 | 348 | 7,473 | ||||||||||||||||||
Committed credit
facilities
|
16,745 | 29,286 | 24,619 | 12,302 | 2,356 | 18,693 |
UCR
|
1 |
2+
till 2-
|
3+
till 3-
|
4+
till 4-
|
5+
till 5-
|
6 | + | |||||||||||||||||
Interest earning securities in
Banking Book
|
68,943 | 6,654 | 6,136 | 1,713 | 287 | 12,029 | ||||||||||||||||||
Loans and receivables -
Banks
|
58,754 | 39,157 | 10,976 | 8,943 | 291 | 10,178 | ||||||||||||||||||
Loans and receivables - Public
sector
|
5,724 | 745 | 580 | 526 | 234 | 2,851 | ||||||||||||||||||
Loans and receivables –
Commercial
|
7,889 | 16,461 | 38,697 | 40,264 | 7,846 | 2,862 | ||||||||||||||||||
Derivatives
|
60,885 | 23,968 | 6,336 | 10,546 | 67 | 6,247 | ||||||||||||||||||
Committed credit
facilities
|
16,687 | 39,491 | 32,686 | 11,716 | 2,120 | 28,847 |
UCR
|
2007
|
2006
|
||||||
Interest earning securities in
Banking Book
|
11,019 | 11,167 | ||||||
Loans and receivables -
Banks
|
1,731 | 9,717 | ||||||
Loans and receivables - Public
sector
|
59 | 2,735 | ||||||
Loans and receivables –
Commercial
|
8,918 | 1,407 | ||||||
Derivatives
|
7,265 | 6,200 | ||||||
Committed credit
facilities
|
18,103 | 27,558 |
31
December 2007
|
Past
due
<
30 days
|
Past
due
>
30 days - <=
90
days
|
Past
due
>
90 days - <=
180
days
|
Past
due
>
180 days - <=
1
year
|
Past
due >
1
year
|
Total
|
||||||||||||||||||
Loans and
receivables - commercial
|
1,654 | 186 | 15 | 18 | 41 | 1,914 | ||||||||||||||||||
Loans and
receivables - consumer
|
1,795 | 1,863 | 77 | 2 | – | 3,737 |
31
December 2006
|
Past
due
<
30 days
|
Past
due
>
30 days - <=
90
days
|
Past
due
>
90 days - <=
180
days
|
Past
due
>
180 days - <=
1
year
|
Past
due >
1
year
|
Total
|
||||||||||||||||||
Loans and
receivables - commercial
|
901 | 410 | 219 | 257 | 138 | 1,925 | ||||||||||||||||||
Loans and
receivables - consumer
|
3,131 | 1,232 | 31 | 1 | – | 4,395 |
2007
|
2006
|
|||||||
Loans
and advances – customers:
|
||||||||
Commercial
|
603 | 492 | ||||||
Consumer
|
414 | 330 | ||||||
Total
renegotiated financial assets
|
1,017 | 822 |
Earnings
Risk
|
Scenario
2007
|
Scenario
2006
|
Scenario
2006
|
||||||||||||||||||||||
December
2007
|
December
2007
|
December
2006
|
|||||||||||||||||||||||
Horizon
|
EUR
|
BRL
|
EUR
|
BRL
|
EUR
|
BRL
|
|||||||||||||||||||
Rate
rise
|
Six
months
|
(1.3 | %) | (2.0 | %) | (1.3 | %) | (2.2 | %) | (1.7 | %) | (1.2 | %) | ||||||||||||
One
year
|
(3.3 | %) | (3.8 | %) | (3.3 | %) | (4.3 | %) | (2.6 | %) | (2.2 | %) | |||||||||||||
Two
years
|
(3.3 | %) | (2.3 | %) | (3.3 | %) | (2.6 | %) | (1.6 | %) | (1.8 | %) | |||||||||||||
Rate
fall
|
Six
months
|
1.1 | % | 1.2 | % | 0.8 | % | 1.7 | % | 1.2 | % | 1.3 | % | ||||||||||||
One
year
|
2.5 | % | 1.6 | % | 1.9 | % | 3.4 | % | 1.6 | % | 2.3 | % | |||||||||||||
Two
years
|
0.8 | % | 1.6 | % | 0.8 | % | 2.1 | % | (1.5 | %) | (0.7 | %) |
Earnings
Risk
|
Scenario
2007
|
Scenario
2006
|
Scenario
2006
|
||||||||||||||||||||||
(in millions of currency) |
December
2007
|
December
2007
|
December
2006
|
||||||||||||||||||||||
Horizon
|
EUR
|
BRL
|
EUR
|
BRL
|
EUR
|
BRL
|
|||||||||||||||||||
Rate
rise
|
Six
months
|
(24 | ) | (39 | ) | (24 | ) | (43 | ) | (31 | ) | (19 | ) | ||||||||||||
One
year
|
(126 | ) | (157 | ) | (126 | ) | (180 | ) | (97 | ) | (71 | ) | |||||||||||||
Two
years
|
(263 | ) | (206 | ) | (263 | ) | (237 | ) | (123 | ) | 123 | ||||||||||||||
Rate
fall
|
Six
months
|
20 | 24 | 15 | 32 | 23 | 20 | ||||||||||||||||||
One
year
|
94 | 107 | 73 | 142 | 59 | 74 | |||||||||||||||||||
Two
years
|
64 | 143 | 64 | 186 | (115 | ) | (46 | ) |
Market
Value Risk
|
Scenario
2007
|
Scenario
2006
|
Scenario
2006
|
|||||||||||||||||||||
December
2007
|
December
2007
|
December
2006
|
||||||||||||||||||||||
EUR
|
BRL
|
EUR
|
BRL
|
EUR
|
BRL
|
|||||||||||||||||||
Rate
rise
|
(2.3 | %) | (4.5 | %) | (2.3 | %) | (5.2 | %) | (1.8 | %) | (4.9 | %) | ||||||||||||
Rate
fall
|
1.6 | % | 3.0 | % | 1.6 | % | 4.0 | % | 1.4 | % | 3.8 | % |
For
the year ended 31 December 2007
|
For
the year ended 31 December 2006
|
|||||||||||||||||||||||||||||||
(in millions of euros) |
Minimum
|
Maximum
|
Average
|
Year-end
|
Minimum
|
Maximum
|
Average
|
Year-end
|
||||||||||||||||||||||||
Interest rate
risk
|
9.5 | 59.7 | 27.4 | 44.8 | 10.5 | 34.6 | 18.7 | 12.9 | ||||||||||||||||||||||||
Equity price
risk
|
14.8 | 65.2 | 35.3 | 37.0 | 11.4 | 35.3 | 23.3 | 15.2 | ||||||||||||||||||||||||
Foreign
exchange risk
|
2.1 | 13.6 | 4.6 | 4.4 | 1.8 | 10.8 | 4.7 | 3.2 | ||||||||||||||||||||||||
Commodity
price risk
|
0.2 | 6.0 | 1.4 | 1.2 | 1.6 | 13.6 | 3.4 | 1.7 | ||||||||||||||||||||||||
Diversification
effect
|
– | – | – | (35.2 | ) | – | – | – | (13.6 | ) | ||||||||||||||||||||||
Aggregate
Value at Risk (1)
|
18.4 | 68.3 | 40.2 | 52.2 | 19.4 | 49.8 | 31.8 | 19.4 |
(1)
|
The
maximum (and minimum) for each category occurred on different days and
therefore have no direct relation to the maximum (and minimum) of the
aggregate Value at Risk. The aggregate Value at Risk includes the
diversification effect of imperfect or negative correlations between
certain risk types. Therefore the aggregate Value at Risk can be lower
than the sum of the individual risk types on the same day (e.g.
year-end).
|
(in
millions of euros)
|
2007
|
2006
|
||||||
Euro
appreciates 10%
|
(813 | ) | (944 | ) | ||||
Euro
depreciates 10%
|
813 | 944 |
31
December 2007
|
On
demand
|
<
1 year
|
> 1 year-
< 5 years
|
> 5 years
|
Total
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and
balances at central banks
|
16,750 | – | – | – | 16,750 | |||||||||||||||
Financial
assets held for trading
|
9,560 | 33,628 | 95,404 | 103,685 | 242,277 | |||||||||||||||
Financial
investments
|
– | 23,822 | 28,630 | 43,983 | 96,435 | |||||||||||||||
Loans and
receivables – banks
|
9,300 | 125,334 | 26,693 | 14,369 | 175,696 | |||||||||||||||
Loans and
receivables- customers
|
18,038 | 173,809 | 83,912 | 121,003 | 396,762 | |||||||||||||||
Other
assets
|
– | 79,776 | 338 | 17,179 | 97,293 | |||||||||||||||
Total
|
53,648 | 436,369 | 234,977 | 300,219 | 1,025,213 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Financial
liabilities held for trading
|
2,443 | 18,455 | 68,160 | 66,418 | 155,476 | |||||||||||||||
Due to
banks
|
19,058 | 214,886 | 3,590 | 1,800 | 239,334 | |||||||||||||||
Due to
customers
|
– | 305,586 | 12,914 | 11,852 | 330,352 | |||||||||||||||
Issued debt
securities
|
– | 91,685 | 59,977 | 23,333 | 174,995 | |||||||||||||||
Subordinated
liabilities
|
– | 628 | 2,396 | 12,592 | 15,616 | |||||||||||||||
Other
liabilities
|
– | 55,443 | 184 | 23,104 | 78,731 | |||||||||||||||
Total
|
21,501 | 686,683 | 147,221 | 139,099 | 994,504 | |||||||||||||||
Net
liquidity gap
|
32,147 | (250,314 | ) | 87,756 | 161,120 | 30,709 | ||||||||||||||
Derivative
used for hedging
|
||||||||||||||||||||
Assets
|
– | 1,635 | 349 | 494 | 2,478 | |||||||||||||||
Liabilities
|
– | 585 | 751 | 610 | 1,946 | |||||||||||||||
Off-balance
liabilities
|
||||||||||||||||||||
Guarantees
|
49,337 | – | – | – | – | |||||||||||||||
Irrevocable
facilities
|
5,803 | – | – | – | – | |||||||||||||||
Committed
facilities
|
104,137 | – | – | – | – |
31
December 2006
|
On
demand
|
<
1year
|
> 1 year-
< 5 years
|
> 5 years
|
Total
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and
balances at central banks
|
12,317 | – | – | – | 12,317 | |||||||||||||||
Financial
assets held for trading
|
8,118 | 28,556 | 81,015 | 88,047 | 205,736 | |||||||||||||||
Financial
investments
|
– | 29,999 | 33,097 | 62,285 | 125,381 | |||||||||||||||
Loans and
receivables – banks
|
9,473 | 90,637 | 18,595 | 16,114 | 134,819 | |||||||||||||||
Loans and
receivables- customers
|
17,202 | 202,880 | 61,100 | 162,073 | 443,255 | |||||||||||||||
Other
assets
|
3,212 | 26,560 | – | 35,784 | 65,556 | |||||||||||||||
Total
|
50,322 | 378,632 | 193,801 | 364,303 | 987,064 | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Financial
liabilities held for trading
|
2,284 | 17,255 | 63,727 | 62,098 | 145,364 | |||||||||||||||
Due to
banks
|
20,273 | 148,157 | 6,911 | 12,648 | 187,989 | |||||||||||||||
Due to
customers
|
111,250 | 222,440 | 16,379 | 12,314 | 362,383 | |||||||||||||||
Issued debt
securities
|
– | 103,531 | 58,916 | 39,599 | 202,046 | |||||||||||||||
Subordinated
liabilities
|
– | 1,384 | 3,723 | 14,106 | 19,213 | |||||||||||||||
Other
liabilities
|
3,965 | 18,836 | – | 21,373 | 44,174 | |||||||||||||||
Total
|
137,772 | 511,603 | 149,656 | 162,138 | 961,169 | |||||||||||||||
Net
liquidity gap
|
(87,450 | ) | (132,971 | ) | 44,145 | 202,165 | 25,895 | |||||||||||||
Derivative
used for hedging (undiscounted)
|
||||||||||||||||||||
Assets
|
– | 2,133 | 455 | 644 | 3,232 | |||||||||||||||
Liabilities
|
– | 1,196 | 1,555 | 1,237 | 3,988 | |||||||||||||||
Off-balance
liabilities
|
||||||||||||||||||||
Guarantees
|
46,026 | – | – | – | – | |||||||||||||||
Irrevocable
facilities
|
5,253 | – | – | – | – | |||||||||||||||
Committed
facilities
|
145,418 | – | – | – | – |
2007
|
2006
|
|||||||
Stable
funding/non liquid assets:
|
||||||||
Year end
ratio
|
102 | % | 97 | % | ||||
Average
ratio
|
99 | % | 93 | % |
·
|
Interest rate
swap contracts – typically the contractual exchange of fixed and floating
rate interest payments in a single currency, based on a notional amount
and a reference interest rate, most commonly
LIBOR.
|
·
|
Cross currency
swaps – the exchange of interest payments based on two different currency
principal balances and reference interest rates, and usually the exchange
of principal amounts at the start and end of the
contract.
|
·
|
Credit default
swaps (CDSs) – bilateral agreements under which one party (protection
buyer) makes one or more payments to the other party (protection seller)
in exchange for an undertaking by the seller to make a payment to the
buyer following a specified credit event. Credit default swaps may be on a
single name (counterparty) or on a multiple (or basket) of names
(counterparties). Settlement following a credit event may be a net cash
amount, or cash in return for physical delivery of one or more obligations
of the credit entity and is made regardless of whether the protection
buyer has actually suffered a loss.
|
·
|
Total rate of
return swaps give the total return receiver exposure to all of the cash
flows and economic benefits and risks of an underlying asset, without
having to own the asset, in exchange for a series of payments, often based
on a reference interest rate, such as LIBOR. The total return payer has an
equal and opposite position. A specific type of total return swap is an
equity swap.
|
·
|
Market making
involves quoting bid and offer prices to other market participants with
the intention of generating income based on spread and
volume
|
·
|
Positioning
means managing market risk positions with the expectation of profiting
from favourable movements in prices, rates or
indices
|
·
|
Arbitrage
activities involve identifying and profiting from price differentials
between markets and products.
|
Balance
sheet/unweighted amount
|
Risk
weighted amount, including effect of contractual netting
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Balance
sheet assets (net of provisions):
|
||||||||||||||||
Cash and
balances at central banks
|
16,750 | 12,317 | 271 | 296 | ||||||||||||
Financial
assets held for trading
|
242,277 | 205,736 | – | – | ||||||||||||
Financial
investments
|
96,435 | 125,381 | 7,591 | 14,142 | ||||||||||||
Loans and
receivables-banks
|
175,696 | 134,819 | 6,182 | 7,215 | ||||||||||||
Loans and
receivables-customers
|
396,762 | 443,255 | 107,724 | 161,584 | ||||||||||||
Equity
accounted investments
|
871 | 1,527 | 268 | 943 | ||||||||||||
Property and
equipment
|
2,747 | 6,270 | 2,518 | 4,419 | ||||||||||||
Goodwill and
other intangibles
|
1,424 | 9,407 | 871 | 2,801 | ||||||||||||
Assets of
business held for sale
|
60,458 | 11,850 | 39,631 | 6,978 | ||||||||||||
Prepayment and
accrued income
|
12,580 | 9,290 | 4,126 | 3,794 | ||||||||||||
Other
assets
|
19,213 | 27,212 | 2,877 | 6,776 | ||||||||||||
Subtotal
|
1,025,213 | 987,064 | 172,059 | 208,948 | ||||||||||||
Off-balance
sheet positions and derivatives:
|
||||||||||||||||
Credit-related
commitments and contingencies
|
159,277 | 196,697 | 38,607 | 53,336 | ||||||||||||
Credit
equivalents of derivatives
|
14,472 | 13,960 | ||||||||||||||
Insurance
companies and other
|
532 | 379 | ||||||||||||||
Subtotal
|
53,611 | 67,675 | ||||||||||||||
Total credit
risks
|
225,670 | 276,623 | ||||||||||||||
Market risk
requirements
|
6,642 | 4,081 | ||||||||||||||
Total
Risk Weighted Assets
|
232,312 | 280,704 |
2007
|
2006
|
|||||||||||||||
Required
|
Actual
|
Required
|
Actual
|
|||||||||||||
Total
capital
|
18,584 | 33,938 | 22,457 | 31,275 | ||||||||||||
Total capital
ratio
|
8.00% | 14.61% | 8.00% | 11.14% | ||||||||||||
Tier 1
capital
|
9,292 | 28,850 | 11,228 | 23,720 | ||||||||||||
Tier 1 capital
ratio
|
4.00% | 12.42% | 4.00% | 8.45% | ||||||||||||
Core tier
1
|
24,597 | 17,336 | ||||||||||||||
Core tier 1
ratio
|
10.59% | 6.18% |
2007
|
2006
|
|||||||
Interest rate
contracts
|
97.2 | 76.1 | ||||||
Currency
contracts
|
41.6 | 35.0 | ||||||
Other
contracts
|
115.5 | 70.9 | ||||||
254.3 | 182.0 | |||||||
Effect of
contractual netting
|
188.0 | 126.7 | ||||||
Unweighted
credit equivalent
|
66.3 | 55.3 | ||||||
Weighted
credit equivalent
|
14.5 | 13.9 | ||||||
2007
|
2006
|
2005
|
||||||||||
Income of
consolidated private equity holding
|
3,836 | 5,313 | 3,637 | |||||||||
Other income
included in operating income
|
(226 | ) | (340 | ) | (242 | ) | ||||||
Total
operating income of consolidated private equity holdings
|
3,610 | 4,973 | 3,395 | |||||||||
Goods and
material expenses of consolidated private equity holdings
|
2,744 | 3,684 | 2,519 | |||||||||
Included in
personnel expenses
|
390 | 577 | 362 | |||||||||
Included in
administrative costs
|
332 | 466 | 352 | |||||||||
Included in
depreciation and amortization
|
168 | 212 | 133 | |||||||||
Total
operating expenses
|
3,634 | 4,939 | 3,366 | |||||||||
Operating
profit before tax of consolidated private equity holdings
|
(24 | ) | 34 | 29 |
2007
|
2006
|
|||||||
Assets
|
||||||||
Cash and
balances at central banks
|
– | 12 | ||||||
Financial
assets held for trading
|
1,049 | 789 | ||||||
Financial
investments
|
2,193 | 2,161 | ||||||
Loans and
receivables-banks and customers
|
246 | 1,125 | ||||||
Property and
equipment
|
18 | 13 | ||||||
Accrued income
and prepaid expenses
|
55 | 54 | ||||||
Other
assets
|
2,827 | 2,456 | ||||||
Total
|
6,388 | 6,610 | ||||||
Liabilities
|
||||||||
Financial
liabilities held for trading
|
3 | 4 | ||||||
Due to banks
and customers
|
129 | 6 | ||||||
Issued debt
securities
|
27 | 22 | ||||||
Accrued
expenses and deferred income
|
9 | 40 | ||||||
Other
liabilities
|
6,012 | 5,432 | ||||||
Total
|
6,180 | 5,504 | ||||||
Total
operating income
|
185 | 105 | ||||||
Operating
expenses
|
74 | 49 | ||||||
Operating
profit
|
111 | 56 | ||||||
Income tax
expense
|
31 | 18 | ||||||
Net
profit
|
80 | 38 |
Interest
held %
|
Main
activities
|
||||
Altajo
B.V.
|
50.0 |
Cash
transfer
|
|||
Companhia de
Arrendamento Mercantil Renault do Brasil
|
39.8 |
Lease
|
|||
Companhia de
Crédito, Financiamento e Investimento Renault do Brasil
|
39.9 |
Finance
|
|||
Real Tokio
Marine Vida e Previdência S.A.
|
50.0 |
Insurance
|
|||
Neuflize
Vie
|
60.0 |
Insurance
|
·
|
Base
salary
|
·
|
Performance
bonus
|
·
|
Long-term
incentives – Performance Share Plan and Share Investment & Matching
Plan.
|
·
|
In addition
there are a number of other
benefits.
|
·
|
The Managing Board’s compensation
package also includes:
|
·
|
The use of a
company lease car with driver.
|
·
|
Reimbursement
of the cost of adequate security measures for their main private
residence.
|
·
|
A 24-hour
personal accident insurance policy with a fixed covered amount of
EUR 1.8 million for members and EUR 2.5 million for the
Chairman.
|
·
|
Contributions
towards private health insurance, according to the policies applicable to
all other ABN AMRO employees in the
Netherlands.
|
·
|
Preferential
rates on bank products such as mortgages and loans, according to the same
policies that apply to all other ABN AMRO staff in the
Netherlands.
|
Managing
Board
|
Supervisory
Board
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Salaries and
other short-term benefits
|
4,901 | 6,247 | 1,471 | 1,041 | ||||||||||||
Pensions
|
1,423 | 1,683 | – | – | ||||||||||||
Termination
benefits
|
4,881 | 3,000 | – | – | ||||||||||||
Profit-sharing and bonus
payments
|
6,400 | 6,999 | – | – | ||||||||||||
Share-based
payments
|
40,057 | 6,882 | – | – | ||||||||||||
Loans
(outstanding)
|
6,226 | 11,667 | 257 | |||||||||||||
(number of
shares, share awards, options)
|
||||||||||||||||
ABN AMRO share
awards (conditional, granted)
|
– | 610,299 | – | – | ||||||||||||
ABN AMRO staff
options (outstanding)
|
– | 1,955,857 | – | – | ||||||||||||
ABN AMRO share
awards (outstanding)
|
– | 1,161,322 | – | – | ||||||||||||
ABN AMRO
shares/ADR (owned)
|
– | 341,354 | – | 47,559 | ||||||||||||
(in
thousands of euros)
|
2007
|
2006
|
||||||||||||||||||||||||||||
Base
salary
|
Other
payments
1)
|
Bonus
|
Share base
payments
2)
|
Pension
costs
3)
|
Base
salary
|
Other
payments
1)
|
Bonus
|
Share
base
payments
2)
|
Pension
costs
3)
|
|||||||||||||||||||||
R.W.J Groenink
4)
|
778 | 4,881 | 1,400 | 7,701 | 275 | 924 | – | 1,155 | 1,290 | 286 | ||||||||||||||||||||
W.G.
Jiskoot
|
667 | – | 1,000 | 5,501 | 239 | 660 | – | 825 | 922 | 205 | ||||||||||||||||||||
J.Ch.L.
Kuiper
|
667 | – | 1,000 | 5,501 | 336 | 660 | – | 825 | 922 | 284 | ||||||||||||||||||||
H.Y.
Scott-Barrett 5)
|
389 | 288 | – | 5,259 | 118 | 660 | 483 | 825 | 880 | 189 | ||||||||||||||||||||
H.G.
Boumeester
|
667 | – | 1,000 | 4,821 | 203 | 660 | – | 825 | 331 | 203 | ||||||||||||||||||||
P.S.
Overmars
|
667 | – | 1,000 | 4,821 | 115 | 660 | – | 825 | 361 | 128 | ||||||||||||||||||||
R.
Teerlink
|
667 | – | 1,000 | 4,821 | 119 | 660 | – | 825 | 361 | 129 | ||||||||||||||||||||
J.P.
Schmittmann 6)
|
111 | – | – | – | 18 | – | – | – | – | – | ||||||||||||||||||||
T. de Swaan
7)
|
– | – | – | 800 | – | 220 | – | 275 | 87 | 75 | ||||||||||||||||||||
C.H.A. Collee
8)
|
– | – | – | 833 | – | 660 | 3,000 | 619 | 938 | 184 |
1
|
Other payments are comprised
of termination payments and foreigner allowance. Mr. H.Y. Scott-Barrett
received a foreigner allowance of EUR 277 thousand and a tax allowance of
EUR 11 thousand. In 2006 the allowance amounted to EUR 471 thousand. Mr.
R.W.J. Groenink received a termination payment (incl. pension costs) of
EUR 4,881 thousand.
|
2
|
Share-based
payments are calculated in accordance with IFRS 2 by recognizing the fair
value of the originally equity settled shares or options at grant date
over the vesting period, taking into account the accelerated vesting in
2007. For originally cash-settled transactions these costs are measured at
the fair value at settlement date.
|
3
|
Pension
costs exclusively comprise pension service cost for the year computed on
the basis of IAS 19.
|
4
|
R.W.J.
Groenink stepped down on 1 November
2007.
|
5
|
H.Y.
Scott-Barrett stepped down on 1 August
2007.
|
6
|
J.P.
Schmittmann joined the board on 1 November
2007.
|
7
|
T.
de Swaan retired on 1 May 2006.
|
8
|
C.H.A.
Collee stepped down on 31 December 2006 and received EUR 3 million
termination payment.
|
2007
|
2006
|
|||||||||||||||
Options
held
by
Managing
Board
|
Average
exercise
price
(in
euros)
|
Options
held by
Managing
Board
|
Average
exercise
price
(in
euros)
|
|||||||||||||
Balance at 1
January
|
1,955,857 | 19.18 | 2,380,835 | 18.83 | ||||||||||||
Options
exercised/cancelled
|
(296,000 | ) | 21.30 | (252,500 | ) | 14.45 | ||||||||||
Other
|
(320,000 | ) | 18.45 | (172,478 | ) | 21.34 | ||||||||||
Cash
settlement
|
(1,339,857 | ) | 18.88 | – | – | |||||||||||
Balance
at 31 December
|
– | – | 1,955,857 | 19.18 |
Balance
at
1
January 2007
|
Exercise
price
(in
euros)
|
Exercised/
settled
|
Forfeited
|
Balance
at
31
December
2007
|
Weighted
average
share
price
at
settlement
|
|||||||||||||||||||
R.W.J.
Groenink
|
||||||||||||||||||||||||
Executive
2000
|
60,000 | 21.30 | 60,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
55,000 | 23.14 | 55,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
112,000 | 19.53 | 112,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2003
1,3
|
133,000 | 14.45 | 133,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
126,000 | 18.86 | 126,000 | – | – | 37.88 | ||||||||||||||||||
AOR
2001
|
271 | 22.34 | 271 | – | – | 37.88 | ||||||||||||||||||
AOR
2002
|
296 | 20.42 | 296 | – | – | 37.88 | ||||||||||||||||||
486,567 | 486,567 | |||||||||||||||||||||||
W.G.
Jiskoot
|
||||||||||||||||||||||||
Executive
2000
|
60,000 | 21.30 | 60,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
55,000 | 23.14 | 55,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
80,000 | 19.53 | 80,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
90,000 | 18.86 | 90,000 | – | – | 37.88 | ||||||||||||||||||
AOR
2001
|
271 | 22.34 | 271 | – | – | 37.88 | ||||||||||||||||||
AOR
2002
|
296 | 20.42 | 296 | – | – | 37.88 | ||||||||||||||||||
285,567 | 285,567 | |||||||||||||||||||||||
J.Ch.L.
Kuiper
|
||||||||||||||||||||||||
Executive
2000
|
60,000 | 21.30 | 60,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
55,000 | 23.14 | 55,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
80,000 | 19.53 | 80,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
90,000 | 18.86 | 90,000 | – | – | 37.88 | ||||||||||||||||||
AOR
2001
|
271 | 22.34 | 271 | – | – | 37.88 | ||||||||||||||||||
AOR
2002
|
296 | 20.42 | 296 | – | – | 37.88 | ||||||||||||||||||
285,567 | 285,567 | |||||||||||||||||||||||
H.Y.
Scott-Barret
|
||||||||||||||||||||||||
Executive
2000
|
56,000 | 21.30 | 56,000 | – | – | |||||||||||||||||||
Executive
2001
|
55,000 | 23.14 | – | 55,000 | – | – | ||||||||||||||||||
Executive 2002
1,2
|
80,000 | 19.53 | – | 80,000 | – | – | ||||||||||||||||||
Executive 2003
1,3
|
95,000 | 14.45 | – | 95,000 | – | – | ||||||||||||||||||
Executive 2004
1,4
|
90,000 | 18.86 | – | 90,000 | – | - | ||||||||||||||||||
376,000 | 56,000 | 320,000 |
Balance
at
1
January 2007
|
Exercise
price (in
euros)
|
Exercised/
settled
|
Forfeited
|
Balance
at
31
December
2007
|
Weighted
average
share
price
at
settlement
|
|||||||||||||||||||
H.G.
Boumeester
|
||||||||||||||||||||||||
Executive
2000
|
20,000 | 21.30 | 20,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
16,875 | 23.14 | 16,875 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
25,000 | 19.53 | 25,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
52,500 | 18.86 | 52,500 | – | – | 37.88 | ||||||||||||||||||
114,375 | 114,375 | |||||||||||||||||||||||
P.S.
Overmars
|
||||||||||||||||||||||||
Executive
2000
|
25,000 | 21.30 | 25,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
16,875 | 23.14 | 16,875 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
50,000 | 19.53 | 50,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2003
1,3
|
55,000 | 14.45 | 55,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
52,500 | 18.86 | 52,500 | – | – | 37.88 | ||||||||||||||||||
199,375 | 199,375 | |||||||||||||||||||||||
R.
Teerlink
|
||||||||||||||||||||||||
Executive
2000
|
15,000 | 21.30 | 15,000 | – | – | 26.95 | ||||||||||||||||||
Executive
2001
|
16,406 | 23.14 | 16,406 | – | – | 37.88 | ||||||||||||||||||
Executive 2002
1,2
|
50,000 | 19.53 | 50,000 | – | – | 37.88 | ||||||||||||||||||
Executive 2003
1,3
|
74,500 | 14.45 | 74,500 | – | – | 37.88 | ||||||||||||||||||
Executive 2004
1,4
|
52,500 | 18.86 | 52,500 | – | – | 37.88 | ||||||||||||||||||
208,406 | 208,406 |
Type
of
condition
|
Reference
period
|
Balance
at
1
January
|
Granted
|
Forfeited
|
Settlement
|
Balance
at
31
December
|
|||||||||||||||||||
R.W.J.
Groenink
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 70,000 | – | – | 70,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 42,000 | – | – | 42,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 42,000 | – | – | 42,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 42,000 | – | – | 42,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 42,000 | – | – | 42,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 35,000 | – | 35,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 35,000 | – | 35,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 35,000 | – | 35,000 | – | |||||||||||||||||||
W.G.
Jiskoot
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 50,000 | – | – | 50,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
J.Ch.L.
Kuiper
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 50,000 | – | – | 50,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
H.Y.
Scott-Barrett
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 50,000 | – | 50,000 | – | – | |||||||||||||||||||
TRS
|
2005-2008 | 30,000 | – | 30,000 | – | – | |||||||||||||||||||
ROE
|
2005-2008 | 30,000 | – | 30,000 | – | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | 30,000 | – | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | 30,000 | – | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | 25,000 | – | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | 25,000 | – | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | 25,000 | – | – | |||||||||||||||||||
Type
of
condition
|
Reference
period
|
Balance
at 1
January
|
Granted
|
Forfeited
|
Settlement
|
Balance
at 31
December
|
|||||||||||||||||||
H.G.
Boumeester
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 20,000 | – | – | 20,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
P.S.
Overmars
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 20,000 | – | – | 20,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
R.
Teerlink
|
|||||||||||||||||||||||||
TRS
|
2004-2007 | 20,000 | – | – | 20,000 | – | |||||||||||||||||||
TRS
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
ROE
|
2005-2008 | 15,000 | – | – | 15,000 | – | |||||||||||||||||||
TRS
|
2006-2008 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
ROE
|
2006-2009 | 30,000 | – | – | 30,000 | – | |||||||||||||||||||
TRS
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
ROE
|
2007-2010 | – | 25,000 | – | 25,000 | – | |||||||||||||||||||
EPS
|
2007-2010 | – | 25,000 | – | 25,000 | – |
Balance
at
1
January
|
Granted
|
Forfeited
|
Settled
|
Balance
at
31
December
|
||||||||||||||||
R.W.J.
Groenink
|
20,222 | 8,600 | – | 28,822 | – | |||||||||||||||
W.G.
Jiskoot
|
14,444 | 6,143 | – | 20,587 | – | |||||||||||||||
J.Ch.L.
Kuiper
|
14,444 | 6,143 | – | 20,587 | – | |||||||||||||||
H.Y.
Scott-Barrett
|
7,221 | 1,391 | 8,612 | – | – | |||||||||||||||
H.G.
Boumeester
|
8,997 | 6,143 | – | 15,140 | – | |||||||||||||||
P.S.
Overmars
|
8,997 | 6,143 | – | 15,140 | – | |||||||||||||||
R.
Teerlink
|
8,997 | 6,143 | – | 15,140 | – | |||||||||||||||
2007
|
2006
|
|||||||
R.W.J.
Groenink(3)
|
– | 77,012 | ||||||
W.G.
Jiskoot
|
– | 62,377 | ||||||
J.Ch.L.
Kuiper
|
– | 65,315 | ||||||
H.Y.
Scott-Barrett (2)
|
– | 51,577 | ||||||
H.G.
Boumeester
|
– | 47,465 | ||||||
P.S.
Overmars
|
– | 16,842 | ||||||
R.
Teerlink
|
– | 20,766 | ||||||
Total
|
– | 341,354 |
2007
|
2006
|
|||||||||||||||
Outstanding
on
31
December
|
Interest
rate
|
Outstanding
on
31
December
|
Interest
rate
|
|||||||||||||
R.W.J.
Groenink 1)
|
– | – | 4,800 | 3.46 | ||||||||||||
W.G.
Jiskoot
|
1,674 | 3.38 | 1,674 | 3.60 | ||||||||||||
J.Ch.L.
Kuiper
|
655 | 3.87 | 655 | 3.83 | ||||||||||||
H.G.
Boumeester
|
1,633 | 3.26 | 2,649 | 4.64 | ||||||||||||
P.S.
Overmars
|
1,163 | 4.00 | 1,163 | 4.00 | ||||||||||||
R.
Teerlink
|
– | – | 726 | 4.50 | ||||||||||||
J.R.
Schmittmann
|
1,101 | 3.77 |
(in
thousands of euros)
|
2007
|
2006
|
||||||
A.C.
Martinez
|
130 | 113 | ||||||
A.A.
Olijslager
|
85 | 73 | ||||||
D.R.J. Baron
de Rothschild 2
|
60 | 53 | ||||||
Mrs. T.A.
Maas-de Brouwer
|
80 | 75 | ||||||
M.V. Pratini
de Moraes 2
|
75 | 66 | ||||||
P. Scaroni
2
|
60 | 53 | ||||||
Lord Sharman
of Redlynch 2
|
80 | 69 | ||||||
R. F. van den
Bergh
|
70 | 60 | ||||||
A.
Ruys
|
70 | 60 | ||||||
G.J.
Kramer
|
60 | 40 | ||||||
H.G. Randa
2
|
60 | 40 | ||||||
Llopis
Rivas
|
55 | – | ||||||
Mrs. L.S.
Groenman 3
|
33 | 53 | ||||||
A.A. Loudon
4
|
– | 21 | ||||||
A. Burgmans
4
|
– | 22 | ||||||
2007
|
2006
|
|||||||
A.C.
Martinez
|
– | 3,000 | ||||||
A.A.
Olijslager
|
– | 3,221 | ||||||
M.V. Pratini
de Moraes
|
– | 5,384 | ||||||
R.F. van den
Bergh
|
– | 13,112 | ||||||
P.
Scaroni
|
– | 19,992 | ||||||
A.
Ruys
|
– | 2,850 | ||||||
Total
|
– | 47,559 |
·
|
Base salary. The base
salaries are benchmarked against the relevant local markets. The current
median base salary is EUR 408,000 (2006: EUR
402,000).
|
·
|
Performance bonus. The
annual performance bonus is linked to the respective markets within the
various countries where we operate. The median bonus amount paid with
respect to the 2007 performance year was EUR 2 million (2006: EUR 1.3
million). Bonuses for individual SEVPs vary widely, again reflecting
market and location. No absolute maximum level of bonus has been defined
for SEVPs.
|
·
|
Long-term incentives such as
the Performance Share Plan and the Share Investment & Matching
Plan. Long-term incentives are set at a lower level than the
applicable yearly grants to Managing Board members. SEVPs received an
award under the Top Executive Performance Share Plan and are eligible to
participate on a voluntary basis in the Share Investment & Matching
Plan. All SEVPs receive identical
grants.
|
Senior
Executive Vice
Presidents
|
||||||||
2007
|
2006
|
|||||||
Salaries and
other short-term benefits
|
10 | 10 | ||||||
Pension
costs
|
2 | 2 | ||||||
Termination
benefits
|
2 | – | ||||||
Profit-sharing
and bonus payments
|
51 | 27 | ||||||
Share-based
payments
|
54 | 8 | ||||||
Total
|
119 | 47 |
2007
|
2006
|
2005
|
||||||||||||||||||||||
Number
of
options
(in
thousands)
|
Weighted
Average
exercise
price
(in
euros)
|
Number
of
options
(in
thousands)
|
Weighted
Average
exercise
price
(in
euros)
|
Number
of
options
(in
thousands)
|
Weighted
Average
exercise
price
(in
euros)
|
|||||||||||||||||||
Balance
at 1 January
|
53,253 | 19.35 | 62,269 | 19.06 | 63,050 | 18.94 | ||||||||||||||||||
Movements:
|
||||||||||||||||||||||||
Other options
granted
|
– | – | – | – | 7,939 | 21.24 | ||||||||||||||||||
Options
forfeited
|
(1,767 | ) | 20.08 | (1,225 | ) | 19.04 | (2,780 | ) | 18.29 | |||||||||||||||
Options
exercised
|
(27,649 | ) | 19.37 | (7,791 | ) | 17.11 | (1,868 | ) | 18.05 | |||||||||||||||
Options
expired
|
– | – | – | – | (4,072 | ) | 22.43 | |||||||||||||||||
Options cash
settled
|
(23,837 | ) | 19.34 | – | – | – | – | |||||||||||||||||
Balance
at 31 December
|
– | – | 53,253 | 19.35 | 62,269 | 19.06 | ||||||||||||||||||
Of which
exercisable
|
– | – | 32,757 | 19.15 | 26,873 | 20.96 | ||||||||||||||||||
Of which
exercisable and in the money
|
– | – | 32,601 | 19.14 | 17,413 | 20.01 | ||||||||||||||||||
Of which
hedged
|
– | – | 19,177 | 18.59 | 26,968 | 18.14 |
(in
thousands)
|
2007
|
2006
|
2005
|
|||||||||
Balance at 1
January
|
9,179 | 5,637 | 3,688 | |||||||||
Granted
|
4,711 | 6,212 | 2,892 | |||||||||
Forfeited
|
(416 | ) | (1,633 | ) | (283 | ) | ||||||
Vested
|
– | (1,037 | ) | (660 | ) | |||||||
Cash
settled
|
(13,474 | ) | – | – | ||||||||
Balance
at 31 December
|
– | 9,179 | 5,637 | |||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
5,349 | 7,147 | 4,633 | |||||||||
Operating
expenses
|
3,382 | 4,274 | 2,970 | |||||||||
Loan
impairment and other credit risk provisions
|
526 | 463 | 34 | |||||||||
Operating
profit before tax
|
1,441 | 2,410 | 1,629 | |||||||||
Gain on
disposal
|
7,312 | 327 | – | |||||||||
Profit before
tax
|
8,753 | 2,737 | 1,629 | |||||||||
Tax on
operating profit
|
574 | 674 | 506 | |||||||||
Tax arising on
disposal
|
2 | (11 | ) | – | ||||||||
Profit from
discontinued operations net of tax
|
8,177 | 2,074 | 1,123 | |||||||||
Asset
Management
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
987 | 901 | 778 | |||||||||
Operating
expenses
|
697 | 574 | 542 | |||||||||
Profit from
discontinued operations before tax
|
290 | 327 | 236 | |||||||||
Income tax
expense on operating profit
|
104 | 73 | 47 | |||||||||
Profit
from discontinued operations net of Tax
|
186 | 254 | 189 |
Antonveneta
(including Interbanca)
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
1,885 | 2,071 | – | |||||||||
Operating
expenses
|
1,393 | 1,310 | – | |||||||||
Loan
impairment and other credit risk provisions
|
457 | 382 | – | |||||||||
Operating
profit before tax
|
35 | 379 | – | |||||||||
Income tax
expense on operating profit
|
146 | 187 | – | |||||||||
Profit
from discontinued operations net of Tax
|
(111 | ) | 192 | – |
ABN
AMRO North America Holdings
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
2,406 | 3,241 | 2,974 | |||||||||
Operating
expenses
|
1,300 | 1,884 | 1,846 | |||||||||
Loan
impairment and other credit risk provisions
|
69 | 62 | 21 | |||||||||
Profit from
discontinued operations before tax
|
1,037 | 1,295 | 1,107 | |||||||||
Gain
recognized on disposal
|
7,165 | – | – | |||||||||
Profit from
discontinued operations before tax
|
8,202 | 1,295 | 1,107 | |||||||||
Income tax
expense on operating profit
|
260 | 276 | 360 | |||||||||
Income tax
expense on gain on disposal
|
2 | – | – | |||||||||
Profit
from discontinued operations net of Tax
|
7,940 | 1,019 | 747 | |||||||||
Bouwfonds
non-mortgage business
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
– | 534 | 505 | |||||||||
Operating
expenses
|
(52 | ) | 273 | 287 | ||||||||
Loan
impairment and other credit risk provisions
|
– | 19 | 13 | |||||||||
Operating
profit before tax
|
52 | 242 | 205 | |||||||||
Gain
recognized on disposal
|
– | 327 | – | |||||||||
Profit from
discontinued operations before tax
|
52 | 569 | 205 | |||||||||
Income tax
expense on operating profit
|
– | 75 | 69 | |||||||||
Income tax
expense on gain on disposal
|
– | (11 | ) | – | ||||||||
Profit
from discontinued operations net of Tax
|
52 | 505 | 136 | |||||||||
ABN
AMRO Mortgage Group Inc
|
2007
|
2006
|
2005
|
|||||||||
Operating
income
|
71 | 400 | 376 | |||||||||
Operating
expense
|
44 | 233 | 295 | |||||||||
Operating
profit before tax
|
27 | 167 | 81 | |||||||||
Gain on
disposal
|
147 | – | – | |||||||||
Profit from
discontinued operations before tax
|
174 | 167 | 81 | |||||||||
Income tax
expense on operating profit
|
64 | 63 | 30 | |||||||||
Profit
from discontinued operations net of Tax
|
110 | 104 | 51 |
(in
euros)
|
2007
|
2006
|
2005
|
|||||||||
Basic, from
discontinued operations
|
4.40 | 1.07 | 0.60 | |||||||||
Diluted, from
discontinued operations
|
4.40 | 1.07 | 0.59 |
2007
|
2006
|
|||||||
Assets
|
||||||||
Cash and
balances at central banks
|
427 | 14 | ||||||
Financial
assets held for trading
|
1,071 | 104 | ||||||
Financial
investments
|
3,230 | 132 | ||||||
Loans and
receivables-banks
|
6,249 | 53 | ||||||
Loans and
receivables-customers
|
37,336 | 4,532 | ||||||
Equity
accounted investments
|
24 | – | ||||||
Property and
equipment
|
1,054 | 1,012 | ||||||
Goodwill and
other intangible assets
|
6,124 | 2,449 | ||||||
Accrued income
and prepaid expenses
|
386 | 62 | ||||||
Other
assets
|
4,557 | 3,492 | ||||||
Assets
of businesses held for sale
|
60,458 | 11,850 | ||||||
Liabilities
|
||||||||
Financial
assets held for trading
|
379 | – | ||||||
Due to
banks
|
4,280 | 973 | ||||||
Due to
customers
|
19,937 | 2,397 | ||||||
Issued debt
securities
|
8,177 | – | ||||||
Provisions
|
1,429 | 22 | ||||||
Accrued
expenses and deferred income
|
495 | 71 | ||||||
Other
liabilities
|
3,993 | 244 | ||||||
Subordinated
liabilities
|
1,090 | – | ||||||
Liabilities
of businesses held for sale
|
39,780 | 3,707 | ||||||
Net
assets directly associated with disposal business
|
20,678 | 8,143 |
Joint
Ventures
|
Associates
|
|||||||
Receivables
|
222 | 161 | ||||||
Liabilities
|
83 | 776 | ||||||
Guarantees
given
|
– | 448 |
Royal
Bank of
Scotland
|
Fortis
|
Santander
|
||||||||||
Financial
assets held for trading
|
2,821 | 807 | 578 | |||||||||
Loans and
receivables
|
10,103 | 2,633 | 112 | |||||||||
Other
assets
|
488 | 61 | 469 | |||||||||
Financial
liabilities held for trading
|
3,066 | 444 | 362 | |||||||||
Due to
banks
|
5,359 | 1,213 | 211 | |||||||||
Other
liabilities
|
97 | 61 | – | |||||||||
Guarantees
given
|
100 | 49 | 9 | |||||||||
Irrevocable
facilities
|
1,343 | 559 | 1 | |||||||||
Recoverable
facilities
|
– | 884 | – |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Cash and
balances at central banks
|
– | 11,094 | 5,656 | – | 16,750 | |||||||||||||||
Financial
assets held for trading
|
– | 228,929 | 16,450 | (3,102 | ) | 242,277 | ||||||||||||||
Financial
investments
|
– | 95,344 | 25,572 | (24,481 | ) | 96,435 | ||||||||||||||
Loans and
receivables-banks
|
233,217 | 98,185 | (155,706 | ) | 175,696 | |||||||||||||||
Loans and
receivables-customers
|
– | 275,809 | 156,214 | (35,261 | ) | 396,762 | ||||||||||||||
Equity
accounted investments
|
31,301 | 24,116 | 615 | (55,161 | ) | 871 | ||||||||||||||
Property and
equipment
|
– | 1,462 | 1,547 | (262 | ) | 2,747 | ||||||||||||||
Goodwill and
other intangible assets
|
– | 883 | 1,136 | (595 | ) | 1.424 | ||||||||||||||
Assets of
businesses held for sale
|
– | 4,399 | 52,680 | 3,379 | 60,458 | |||||||||||||||
Accrued income
and prepaid expenses
|
– | 8,818 | 3,776 | (14 | ) | 12,580 | ||||||||||||||
Other
assets
|
– | 8,108 | 11,866 | (761 | ) | 19,213 | ||||||||||||||
Total
assets
|
31,301 | 892,179 | 373,697 | (271,964 | ) | 1,025,213 | ||||||||||||||
Financial
liabilities held for trading
|
– | 148,215 | 7,262 | (1 | ) | 155,476 | ||||||||||||||
Due to
banks
|
906 | 260,632 | 122,699 | (144,903 | ) | 239,334 | ||||||||||||||
Due to
customers
|
– | 318,204 | 57,944 | (45,796 | ) | 330,352 | ||||||||||||||
Issued debt
securities
|
– | 104,882 | 97,272 | (27,159 | ) | 174,995 | ||||||||||||||
Provisions
|
– | 685 | 5,984 | (125 | ) | 6,544 | ||||||||||||||
Liabilities of
businesses held for sale
|
– | – | 38,062 | 1,718 | 39,780 | |||||||||||||||
Accrued
expenses and deferred income
|
– | 7,793 | 4,506 | (55 | ) | 12,244 | ||||||||||||||
Other
liabilities
|
52 | 8,640 | 11,955 | (484 | ) | 20,163 | ||||||||||||||
Subordinated
liabilities
|
768 | 11,849 | 2,998 | 1 | 15,616 | |||||||||||||||
Shareholders
equity attributable to the parent company
|
29,575 | 31,301 | 23,859 | (55,160 | ) | 29,575 | ||||||||||||||
Minority
interests
|
– | (22 | ) | 1,156 | – | 1,134 | ||||||||||||||
Total
liabilities and equity
|
31,301 | 892,179 | 373,697 | (271,964 | ) | 1,025,213 |
Holding
company
|
Bank
company
|
LaSalle
Funding
LLC
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
|||||||||||||||||||
Cash and
balances at central banks
|
– | 6,379 | – | 5,938 | – | 12,317 | ||||||||||||||||||
Financial
assets held for trading
|
– | 187,802 | – | 19,159 | (1,225 | ) | 205,736 | |||||||||||||||||
Financial
investments
|
20 | 88,857 | – | 50,863 | (14,359 | ) | 125,381 | |||||||||||||||||
Loans and
receivables-banks
|
2,487 | 185,121 | 489 | 117,500 | (170,778 | ) | 134,819 | |||||||||||||||||
Loans and
receivables-customers
|
– | 258,139 | – | 227,000 | (41,884 | ) | 443,255 | |||||||||||||||||
Equity
accounted investments
|
21,940 | 26,423 | – | 1,338 | (48,174 | ) | 1,527 | |||||||||||||||||
Property and
equipment
|
– | 1,532 | – | 4,738 | – | 6,270 | ||||||||||||||||||
Goodwill and
other intangible assets
|
– | 4,928 | – | 4,479 | – | 9,407 | ||||||||||||||||||
Assets of
businesses held for sale
|
– | – | – | 12,048 | (198 | ) | 11,850 | |||||||||||||||||
Accrued income
and prepaid expenses
|
– | 4,984 | – | 4,306 | – | 9,290 | ||||||||||||||||||
Other
assets
|
3 | 8,647 | – | 18,563 | (1 | ) | 27,212 | |||||||||||||||||
Total
assets
|
24,450 | 772,812 | 489 | 465,932 | (276,619 | ) | 987,064 | |||||||||||||||||
Financial
liabilities held for trading
|
– | 136,571 | – | 8,793 | – | 145,364 | ||||||||||||||||||
Due to
banks
|
– | 195,382 | – | 139,190 | (146,583 | ) | 187,989 | |||||||||||||||||
Due to
customers
|
20 | 303,615 | – | 124,830 | (66,082 | ) | 362,383 | |||||||||||||||||
Issued debt
securities
|
– | 88,358 | 489 | 128,783 | (15,584 | ) | 202,046 | |||||||||||||||||
Provisions
|
– | 1,348 | – | 6,500 | 2 | 7,850 | ||||||||||||||||||
Liabilities of
businesses held for sale
|
– | – | – | 3,905 | (198 | ) | 3,707 | |||||||||||||||||
Accrued
expenses and deferred income
|
– | 6,462 | – | 4,178 | – | 10,640 | ||||||||||||||||||
Other
liabilities
|
65 | 6,139 | – | 15,773 | – | 21,977 | ||||||||||||||||||
Subordinated
liabilities
|
768 | 12,997 | – | 5,448 | – | 19,213 | ||||||||||||||||||
Shareholders
equity attributable to the parent company
|
23,597 | 21,940 | – | 26,234 | (48,174 | ) | 23,597 | |||||||||||||||||
Minority
interests
|
– | – | – | 2,298 | – | 2,298 | ||||||||||||||||||
Total
liabilities and equity
|
24,450 | 772,812 | 489 | 465,932 | (276,619 | ) | 987,064 |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net interest
income
|
26 | 3,638 | 4,688 | – | 8,352 | |||||||||||||||
Results from
consolidated subsidiaries
|
9,839 | 11,219 | – | (21,058 | ) | – | ||||||||||||||
Net
commissions
|
– | 2,485 | 1,790 | – | 4,275 | |||||||||||||||
Trading
income
|
– | 725 | 551 | – | 1,276 | |||||||||||||||
Results from
financial transactions
|
– | 321 | 1,227 | – | 1,548 | |||||||||||||||
Other
operating income
|
– | 294 | 5,189 | – | 5,483 | |||||||||||||||
Total
operating income
|
9,865 | 18,682 | 13,445 | (21,058 | ) | 20,934 | ||||||||||||||
Operating
expenses
|
2 | 8,881 | 8,597 | – | 17,480 | |||||||||||||||
Provision loan
losses
|
– | 630 | 1,074 | – | 1,704 | |||||||||||||||
Operating
profit before tax
|
9,863 | 9,171 | 3,774 | (21,058 | ) | 1,750 | ||||||||||||||
Taxes
|
15 | (668 | ) | 605 | – | (48 | ) | |||||||||||||
Discontinued
operations
|
– | – | 8,177 | – | 8,177 | |||||||||||||||
Profit
for the year
|
9,848 | 9,839 | 11,346 | (21,058 | ) | 9,975 | ||||||||||||||
Minority
interests
|
– | – | 127 | – | 127 | |||||||||||||||
Net
profit attributable to shareholders of the parent company
|
9,848 | 9,839 | 11,219 | (21,058 | ) | 9,848 |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net interest
income
|
66 | 3,566 | 3,636 | – | 7,268 | |||||||||||||||
Results from
consolidated subsidiaries
|
4,681 | 3,803 | – | (8,484 | ) | – | ||||||||||||||
Net
commissions
|
– | 2,302 | 1,747 | – | 4,049 | |||||||||||||||
Trading
income
|
– | 2,344 | 505 | – | 2,849 | |||||||||||||||
Results from
financial transactions
|
– | 193 | 601 | – | 794 | |||||||||||||||
Other
operating income
|
– | 479 | 5,989 | – | 6,468 | |||||||||||||||
Total
operating income
|
4,747 | 12,687 | 12,478 | (8,484 | ) | 21,428 | ||||||||||||||
Operating
expenses
|
2 | 7,360 | 9,583 | – | 16,945 | |||||||||||||||
Provision loan
losses
|
– | 499 | 912 | – | 1,411 | |||||||||||||||
Operating
profit before tax
|
4,745 | 4,828 | 1,983 | (8,484 | ) | 3,072 | ||||||||||||||
Taxes
|
30 | 147 | 189 | – | 366 | |||||||||||||||
Discontinued
operations
|
– | – | 2,074 | – | 2,074 | |||||||||||||||
Profit
for the year
|
4,715 | 4,681 | 3,868 | (8,484 | ) | 4,780 | ||||||||||||||
Minority
interests
|
– | – | 65 | – | 65 | |||||||||||||||
Net
profit attributable to shareholders of the parent company
|
4,715 | 4,681 | 3,803 | (8,484 | ) | 4,715 |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net interest
income
|
17 | 3,732 | 3,014 | – | 6,763 | |||||||||||||||
Results from
consolidated subsidiaries
|
4,398 | 2,646 | – | (7,044 | ) | – | ||||||||||||||
Net
commissions
|
(31 | ) | 2,057 | 1,406 | – | 3,432 | ||||||||||||||
Trading
income
|
– | 2,230 | 284 | – | 2,514 | |||||||||||||||
Results from
financial transactions
|
– | 518 | 665 | – | 1,183 | |||||||||||||||
Other
operating income
|
– | 224 | 4,466 | – | 4,690 | |||||||||||||||
Total
operating income
|
4,384 | 11,407 | 9,835 | (7,044 | ) | 18,582 | ||||||||||||||
Operating
expenses
|
(6 | ) | 6,570 | 7,349 | – | 13,913 | ||||||||||||||
Provision loan
losses
|
– | 149 | 465 | – | 614 | |||||||||||||||
Operating
profit before tax
|
4,390 | 4,688 | 2,021 | (7,044 | ) | 4,055 | ||||||||||||||
Taxes
|
8 | 315 | 412 | – | 735 | |||||||||||||||
Discontinued
operations
|
– | 25 | 1,098 | – | 1,123 | |||||||||||||||
Profit
for the year
|
4,382 | 4,398 | 2,707 | (7,044 | ) | 4,443 | ||||||||||||||
Minority
interests
|
– | – | 61 | – | 61 | |||||||||||||||
Net
profit attributable to shareholders of the parent company
|
4,382 | 4,398 | 2,646 | (7,044 | ) | 4,382 |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net cash flows
from operating activities from continuing operations
|
113 | 9,466 | (4,516 | ) | (609 | ) | 4,454 | |||||||||||||
Net cash flows
from operating activities from discontinued operations
|
– | – | (9,275 | ) | – | (9,275 | ) | |||||||||||||
Total
net cash flows
|
113 | 9,466 | (13,791 | ) | (609 | ) | (4,821 | ) | ||||||||||||
Net outflow of
investment/sale of securities investment portfolios
|
– | 148 | (2,592 | ) | – | (2,444 | ) | |||||||||||||
Net outflow of
investment/sale of participating interests
|
– | (27 | ) | 678 | – | 651 | ||||||||||||||
Net outflow of
investment/sale of property and equipment
|
– | (114 | ) | (33 | ) | – | (147 | ) | ||||||||||||
Net outflow of
investment of intangibles
|
– | (280 | ) | (196 | ) | – | (476 | ) | ||||||||||||
Net
cash flows from investing activities from continued
operations
|
– | (273 | ) | (2,143 | ) | – | (2,416 | ) | ||||||||||||
Net
cash flows from investing activities from discontinued
operations
|
– | – | 12,954 | – | 12,954 | |||||||||||||||
Net increase
(decrease) of subordinated liabilities
|
– | (668 | ) | 810 | – | 142 | ||||||||||||||
Net increase
(decrease) of long-term funding
|
– | (2,988 | ) | 11,596 | – | 8,608 | ||||||||||||||
Net increase
(decrease) of (treasury) shares
|
(1,223 | ) | – | – | – | (1,223 | ) | |||||||||||||
Other changes
in equity
|
(743 | ) | – | (980 | ) | – | (1,723 | ) | ||||||||||||
Cash dividends
paid
|
(1,540 | ) | – | (609 | ) | 609 | (1,540 | ) | ||||||||||||
Net
cash flows from financing activities from continued
operations
|
(3,506 | ) | (3,656 | ) | 10,817 | 609 | 4,264 | |||||||||||||
Net
cash flows from financing activities from discontinued
operations
|
– | – | (2,101 | ) | – | (2,101 | ) | |||||||||||||
Cash
flows
|
(3,393 | ) | 5,537 | 5,736 | – | 7,880 |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net cash flows
from operating activities from continuing operations
|
1,537 | (194 | ) | (11,656 | ) | (3,316 | ) | (13,629 | ) | |||||||||||
Net cash flows
from operating activities from discontinued operations
|
– | – | 9,298 | – | 9,298 | |||||||||||||||
Total
net cash flows
|
1,537 | (194 | ) | (2,358 | ) | (3,316 | ) | (4,331 | ) | |||||||||||
Net outflow of
investment/sale of securities investment portfolios
|
– | (7,006 | ) | 2,126 | – | (4,880 | ) | |||||||||||||
Net outflow of
investment/sale of participating interests
|
– | 19 | (1 | ) | – | 18 | ||||||||||||||
Net outflow of
investment/sale of property and equipment
|
– | (125 | ) | (598 | ) | – | (723 | ) | ||||||||||||
Net outflow of
investment of intangibles
|
– | (261 | ) | (465 | ) | – | (726 | ) | ||||||||||||
Net
cash flows from investing activities from continued
operations
|
– | (7,373 | ) | 1,062 | – | (6,311 | ) | |||||||||||||
Net
cash flows from investing activities from discontinued
operations
|
– | – | (8,751 | ) | – | (8,751 | ) | |||||||||||||
Net increase
(decrease) of subordinated liabilities
|
– | (1,017 | ) | (323 | ) | – | (1,340 | ) | ||||||||||||
Net increase
(decrease) of long-term funding
|
– | 8,943 | 14,289 | – | 23,232 | |||||||||||||||
Net increase
(decrease) of (treasury) shares
|
(2,061 | ) | – | – | (2,061 | ) | ||||||||||||||
Other changes
in equity
|
133 | – | 41 | – | 174 | |||||||||||||||
Cash dividends
paid
|
(807 | ) | (1,521 | ) | (1,795 | ) | 3,316 | (807 | ) | |||||||||||
Net
cash flows from financing activities from continued
operations
|
(2,735 | ) | 6,405 | 12,212 | 3,316 | 19,198 | ||||||||||||||
Net
cash flows from financing activities from discontinued
operations
|
– | – | (976 | ) | – | (976 | ) | |||||||||||||
Cash
flows
|
(1,198 | ) | (1,162 | ) | 1,189 | – | (1,171 | ) |
Holding
company
|
Bank
company
|
Subsidiaries
|
Eliminate
and
reclassify
|
ABN
AMRO
consolidated
|
||||||||||||||||
Net cash flows
from operating activities from continuing operations
|
2,071 | (14,735 | ) | (3,134 | ) | (2,355 | ) | (18,153 | ) | |||||||||||
Net cash flows
from operating activities from discontinued operations
|
– | – | (317 | ) | – | (317 | ) | |||||||||||||
Total
net cash flows
|
2,071 | (14,735 | ) | (3,451 | ) | (2,355 | ) | (18,470 | ) | |||||||||||
Net outflow of
investment/sale of securities investment portfolios
|
(10 | ) | (10,777 | ) | (3,217 | ) | – | (14,004 | ) | |||||||||||
Net outflow of
investment/sale of participating interests
|
– | (1,516 | ) | (925 | ) | 1,228 | (1,213 | ) | ||||||||||||
Net outflow of
investment/sale of property and equipment
|
– | (156 | ) | (654 | ) | – | (810 | ) | ||||||||||||
Net outflow of
investment of intangibles
|
– | (252 | ) | (115 | ) | – | (367 | ) | ||||||||||||
Net
cash flows from investing activities from continued
operations
|
(10 | ) | (12,701 | ) | (4,911 | ) | 1,228 | (16,394 | ) | |||||||||||
Net
cash flows from investing activities from discontinued
operations
|
– | – | 1,209 | – | 1,209 | |||||||||||||||
Net increase
(decrease) of subordinated liabilities
|
– | 1,347 | 13 | – | 1,360 | |||||||||||||||
Net increase
(decrease) of long-term funding
|
– | 20,996 | 7,989 | – | 28,985 | |||||||||||||||
Net increase
(decrease) of (treasury) shares
|
2,523 | – | – | – | 2,523 | |||||||||||||||
Other changes
in equity
|
– | 1,222 | 75 | (1,222 | ) | 75 | ||||||||||||||
Cash dividends
paid
|
(659 | ) | (1,751 | ) | (598 | ) | 2,349 | (659 | ) | |||||||||||
Net
cash flows from financing activities from continued
operations
|
1,864 | 21,814 | 7,479 | 1,127 | 32,284 | |||||||||||||||
Net
cash flows from financing activities from discontinued
operations
|
– | – | (1,189 | ) | – | (1,189 | ) | |||||||||||||
Cash
flows
|
3,925 | (5,622 | ) | (863 | ) | – | (2,560 | ) |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Additional to
reserves
|
8,777 | 2,562 | 2,332 | |||||||||
Dividends on
ordinary shares
|
1,071 | 2,153 | 2,050 | |||||||||
9,848 | 4,715 | 4,382 | ||||||||||
Dividends on
preference shares
|
36 | 36 | 36 |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Profits of
participating interests after taxes
|
9,839 | 4,681 | 4,398 | |||||||||
Other profits
after taxes
|
9 | 34 | (16 | ) | ||||||||
Net
profit
|
9,848 | 4,715 | 4,382 |
(in
millions of euros)
|
2007
|
2006
|
||||||
Assets
|
||||||||
Financial
investments a
|
– | 20 | ||||||
Loans and
receivables-banks
|
– | 2,487 | ||||||
Participating
interests in group companies c
|
31,301 | 21,939 | ||||||
Accrued income
and prepaid expenses d
|
– | 4 | ||||||
Total
assets
|
31,301 | 24,450 | ||||||
Liabilities
|
||||||||
Due to banks
b
|
906 | – | ||||||
Due to
customers
|
– | 20 | ||||||
Other
liabilities e
|
52 | 65 | ||||||
Total
liabilities (excluding subordinated liabilities)
|
958 | 85 | ||||||
Subordinated
liabilities f
|
768 | 768 | ||||||
Total
liabilities
|
1,726 | 853 | ||||||
Equity
|
||||||||
Share
capital
|
1,085 | 1,085 | ||||||
Share
premium
|
5,332 | 5,245 | ||||||
Treasury
shares
|
(2,640 | ) | (1,829 | ) | ||||
Retained
earnings
|
25,650 | 18,599 | ||||||
Net
gains/(losses) not recognized in the income statement
|
148 | 497 | ||||||
Shareholders’ equity
g
|
29,575 | 23,597 | ||||||
Total
equity and liabilities
|
31,301 | 24,450 |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Issued
and paid up share capital
|
||||||||||||
Balance at 1
January
|
1,085 | 1,069 | 954 | |||||||||
Issuance of
shares
|
– | – | 82 | |||||||||
Exercised
options and warrants
|
– | 16 | – | |||||||||
Dividend paid
in shares
|
– | – | 33 | |||||||||
Balance
at 31 December
|
1,085 | 1,085 | 1,069 | |||||||||
Share
premium
|
||||||||||||
Balance at 1
January
|
5,245 | 5,269 | 2,604 | |||||||||
Issuance of
shares
|
– | – | 2,611 | |||||||||
Share-based
payments
|
145 | 111 | 87 | |||||||||
Dividends paid
in shares
|
(58 | ) | (135 | ) | (33 | ) | ||||||
Balance
at 31 December
|
5,332 | 5,245 | 5,269 | |||||||||
Treasury
shares
|
||||||||||||
Balance at 1
January
|
(1,829 | ) | (600 | ) | (632 | ) | ||||||
Share buy
back
|
(1,847 | ) | (2,204 | ) | 32 | |||||||
Utilised for
dividends paid in shares
|
412 | 832 | – | |||||||||
Utilised for
exercise of options and performance share plans
|
624 | 143 | – | |||||||||
Balance
at 31 December
|
(2,640 | ) | (1,829 | ) | (600 | ) | ||||||
Retained
earnings
|
||||||||||||
Balance at 1
January
|
18,599 | 15,237 | 11,580 | |||||||||
Profit
attributable to shareholders of the parent company
|
9,848 | 4,715 | 4,382 | |||||||||
Cash dividends
paid to shareholders of the parent company
|
(1,540 | ) | (807 | ) | (659 | ) | ||||||
Dividend paid
in shares to shareholders of the parent company
|
(586 | ) | (656 | ) | – | |||||||
Settlement of
share options and awards in cash
|
(743 | ) | – | – | ||||||||
Other
|
72 | 110 | (66 | ) | ||||||||
Balance
at 31 December
|
25,650 | 18,599 | 15,237 | |||||||||
Net
gains/(losses) not recognized in the income statement
|
||||||||||||
Currency
translation account
|
||||||||||||
Balance at 1
January
|
408 | 842 | (238 | ) | ||||||||
Transfer to
income statement relating to disposals
|
293 | (7 | ) | (20 | ) | |||||||
Currency
translation differences
|
(104 | ) | (427 | ) | 1,100 | |||||||
Subtotal
– Balance at 31 December
|
597 | 408 | 842 | |||||||||
Net
unrealized gains/(losses) on available-for-sale assets
|
||||||||||||
Balance at 1
January
|
364 | 1,199 | 830 | |||||||||
Net unrealized
gains/(losses) on available-for-sale assets
|
(392 | ) | (233 | ) | 717 | |||||||
Net unrealized
losses/(gains) reclassified to the income statement
|
(515 | ) | (602 | ) | (348 | ) | ||||||
Subtotal
Balance at 31 December
|
(543 | ) | 364 | 1,199 | ||||||||
Cash
flow hedging reserve
|
||||||||||||
Balance at 1
January
|
(275 | ) | (795 | ) | (283 | ) | ||||||
Net unrealized
gains/(losses) on cash flow hedges
|
315 | 735 | (386 | ) | ||||||||
Net
losses/(gains) reclassified to the income statement
|
54 | (215 | ) | (126 | ) | |||||||
Subtotal
Balance at 31 December
|
94 | (275 | ) | (795 | ) | |||||||
Net
gains/(losses) not recognized in the income statement at 31
December
|
148 | 497 | 1,246 | |||||||||
Equity
attributable to shareholders of the parent company at 31
December
|
29,575 | 23,597 | 22,221 | |||||||||
(in
millions of euros)
|
2007
|
2006
|
||||||
Balance
at 1 January
|
20 | 20 | ||||||
Purchases
|
89 | 108 | ||||||
Sales
|
(109 | ) | (108 | ) | ||||
Balance
at 31 December
|
– | 20 |
(in
millions of euros)
|
2007
|
2006
|
||||||
Balance
at 1 January
|
21,939 | 19,332 | ||||||
Net profit for
the year
|
9,839 | 4,681 | ||||||
Dividends
received
|
(58 | ) | (1,520 | ) | ||||
Currency
translation differences
|
189 | (433 | ) | |||||
Other
movements
|
(608 | ) | (121 | ) | ||||
Balance
at 31 December
|
31,301 | 21,939 |
(in
millions of euros)
|
2007
|
2006
|
||||||
Share
capital
|
1,085 | 1,085 | ||||||
Reserves
|
28,490 | 22,512 | ||||||
Total
|
29,575 | 23,597 |
2007
|
2006
|
|||||||
Movements
in number of issued ordinary shares
|
||||||||
Balance
1 January
|
1,936,847,516 | 1,909,738,427 | ||||||
Dividends paid
in shares
|
– | 27,109,089 | ||||||
Balance
at 31 December
|
1,936,847,516 | 1,936,847,516 |
2007
|
2006
|
|||||||
Movements
in number of treasury shares
|
||||||||
At 1
January
|
83,060,725 | 31,818,402 | ||||||
Used for
options exercised and performance share plans
|
(27,649,180 | ) | (8,454,965 | ) | ||||
Share buy
back
|
55,512,333 | 95,899,360 | ||||||
Dividends paid
in shares
|
(18,204,058 | ) | (36,202,072 | ) | ||||
Balance
at 31 December
|
92,719,820 | 83,060,725 |
Reserves
|
||||||||
(in
millions of euros)
|
2007
|
2006
|
||||||
|
||||||||
Share premium
account
|
5,332 | 5,245 | ||||||
Non-distributable
reserve shares
|
10 | 10 | ||||||
Non-distributable
profit participations
|
468 | 491 | ||||||
Currency
translation differences
|
597 | 408 | ||||||
Cash flow
hedge reserve
|
94 | (275 | ) | |||||
Available for
sale assets reserve
|
(543 | ) | 364 | |||||
Unrealised
gains on financial instruments elected to fair value
|
– | 222 | ||||||
Other
reserves
|
22,532 | 16,047 | ||||||
Total
reserves
|
28,490 | 22,512 |
Supervisory
Board
|
Managing
Board
|
|
Arthur
Martinez (Chairman)
|
Mark
Fisher
|
|
Andre
Olijslager (Vice Chairman)
|
Wilco
Jiskoot
|
|
Trude Maas-de
Brouwer
|
Karel De
Boeck
|
|
Rob van den
Bergh
|
Ron
Teerlink
|
|
Anthony
Ruys
|
Brian
Crowe
|
|
Gert-Jan
Kramer
|
Paul
Dor
|
|
Ana Maria
Llopis Rivas
|
Marta Elorza
Trueba
|
|
Sir Fred
Goodwin
Jean-Paul
Votron
|
John
Hourican
Javier
Maldonado
|
|
Juan
Rodriguez-Inciarte
|
Jan-Peter
Schmittmann
|
Form 20-F –
Item number
|
Page
reference
in
this
document
|
Form 20-F –
Item number
|
Page
reference
in this document |
|
1 Identity
of Directors, Senior Management
|
NA
|
11 Quantative
and Qualitive disclosures
|
52
|
|
and
Advisers
|
about
market
risk
|
|||
2 Offer
statistics and expected timetable
|
NA
|
12 Description
of securities other than
|
|
|
3 Key
information
|
equity
securities
|
NA
|
||
Selected financial
data
|
7
|
13 Defaults,
dividend, arrearages and
|
|
|
Capitalisation and
indebtness
|
NA
|
deliquencies
|
NA
|
|
Reason for the offer and use of
proceeds
|
NA
|
14 Material
modifications to the rights of
|
||
Risk
factors
|
60
|
security holders and use
of proceeds
|
NA
|
|
4 Information
on the Company
|
15 Controls
and procedures
|
93
|
||
History and development of the
Company
|
10
|
16A Audit
Committee financial expert
|
81
|
|
Business
Overview
|
30
|
16B Code
of Ethics
|
304
|
|
Organisational
structure
|
10
|
16C Principal
accountant fees and services
|
134
|
|
Property, plants and
equipment
|
29
|
16D Exemptions
from the listing standards
|
|
|
4A Unresolved
staff comments
|
NA
|
for audit
committees
|
NA
|
|
5 Operating
and financial review and
|
16E Purchases
of equity securities by the
|
|||
prospects
|
issuer and affiliated
purchases
|
172
|
||
Operating
results
|
12
|
17 Financial
statements
|
NA
|
|
Liquidity and capital
resources
|
14
|
18
Financial
statements
|
97
|
|
Selected statistical
information
|
254
|
19 Exhibits
|
NA
|
|
Research and Development,
Patent and
|
|
|||
Licences
etc.
|
NA
|
|||
Trend
information
|
290
|
|||
Off-balance sheet
arrangements
|
291
|
|||
Tabular disclosure of
contractual obligations
|
166
|
|||
6 Directors,
senior management and
|
||||
employees
|
||||
Directors and senior
management
|
78
|
|||
Compensation
|
196
|
|||
Board
practices
|
78
|
|||
Employees
|
96
|
|||
Share
ownership
|
196
|
|||
7 Major
shareholders and related party
|
||||
transactions
|
||||
Major
shareholders
|
298
|
|||
Related party
transactions
|
213
|
|||
Interest of experts and
counsel
|
NA
|
|||
8 Financial
information
|
|
|||
Consolidated statements and
other
|
|
|||
Financial
information
|
97
|
|||
Significant
changes
|
214
|
|||
9 The
offer and listing
|
297
|
|||
10 Additional
information
|
||||
Share
capital
|
NA
|
|||
Memorandum and Articles of
Association
|
299
|
|||
Material
contracts
|
NA
|
|||
Exchange
controls
|
303
|
|||
Taxation
|
306
|
|||
Dividend and paying
agents
|
NA
|
|||
Statement by
experts
|
NA
|
|||
Documents on
display
|
314
|
|||
Subsidiary
information
|
NA
|
Report of
independent registered public accounting firm
|
233 |
Stipulations
of the articles of association with respect to profit
appropriation
|
234 |
Proposed
profit appropriation
|
235 |
Stipulations
of the articles of association of Holding and trust office with respect to
shares and voting rights
|
235 |
1.
|
The holders of
preference financing shares convertible into ordinary shares (preference
shares) issued in accordance with the resolution passed by the
extraordinary meeting of shareholders on 25 August 2004 will receive a
dividend of EUR 0.02604 per share, representing 4.65% of the face
value. As from 1 January 2011, and every ten years thereafter, the
dividend percentage on the preference shares will be adjusted in line with
the arithmetical average of the ten-year euro-denominated interest rate
swap as published by Reuters on the relevant dividend calculation dates,
plus an increment to be set by the Managing Board with the approval of the
Supervisory Board. This increment will be of no less than 25 basis points
and no more than one hundred basis points, depending on the market
situation at that time (article 37.2.a.1. and
a.2.).
|
2.
|
From the
profit remaining after these distributions, the Managing Board may decide
to make appropriations to reserves, subject to the approval of the
Supervisory Board (article
37.2.b.).
|
3.
|
The allocation
of the amount remaining after these appropriations shall be determined by
the General Meeting of Shareholders. The Managing Board, subject to the
approval of the Supervisory Board, shall make a proposal to that effect. A
proposal to pay a dividend shall be dealt with as a separate item at the
General Meeting of Shareholders (article
37.2.b.).
|
(in
millions of euros)
|
2007
|
2006
|
||||||
Addition to
reserves
|
8,777 | 2,562 | ||||||
Dividends on
ordinary shares
|
1,071 | 2,153 | ||||||
9,848 | 4,715 | |||||||
Dividends on
preference shares
|
36 | 36 |
Exchange
rates
|
238
|
|
Dividends
|
239
|
|
ABN
AMRO key figures
|
240
|
|
Supervisory
Board
|
242
|
|
Managing
Board
|
246
|
|
Selected
statistical information
|
254
|
|
Trend
information
|
290
|
|
Off-balance
sheet arrangements
|
291
|
|
ABN
AMRO shares
|
292
|
|
Trust
office
|
297
|
|
Memorandum
and Articles of Association
|
299
|
|
|
||
Code
of Ethics
|
304
|
|
Stock
Option Programs
|
305
|
|
Taxation
|
306
|
|
Central
Works Council
|
310
|
|
|
||
Abbreviations
|
312
|
|
Documents
on display
|
314
|
Value
of 1 USD in EUR
|
At period end
(1)
|
Average rate
(2)
|
High
|
Low
|
||||||||||||
|
||||||||||||||||
2001
|
1.12 | 1.12 | 1.19 | 1.05 | ||||||||||||
2002
|
0.95 | 1.06 | 1.16 | 0.95 | ||||||||||||
2003
|
0.79 | 0.89 | 0.97 | 0.79 | ||||||||||||
2004
|
0.74 | 0.81 | 0.85 | 0.73 | ||||||||||||
2005
|
0.84 | 0.80 | 0.74 | 0.86 | ||||||||||||
2006
|
0.76 | 0.76 | 0.76 | 0.75 | ||||||||||||
September
2007
|
0.70 | 0.72 | 0.70 | 0.73 | ||||||||||||
October
2007
|
0.69 | 0.70 | 0.69 | 0.71 | ||||||||||||
November
2007
|
0.68 | 0.68 | 0.67 | 0.69 | ||||||||||||
December
2007
|
0.68 | 0.69 | 0.68 | 0.70 | ||||||||||||
January
2008
|
0.67 | 0.69 | 0.67 | 0.69 | ||||||||||||
February
2008
|
0.66 | 0.69 | 0.66 | 0.69 | ||||||||||||
March
2008
|
0.63 | 0.66 | 0.63 | 0.66 |
(1)
|
The
period-end rate is the Noon Buying Rate announced on the last day of the
period.
|
(2)
|
The
average rate for each yearly period is the average of the Noon Buying
Rates on the last day of each month during the year. The average rate for
each monthly period is the average of the Noon Buying Rates of each day of
the month.
|
2007
(1)
|
2007
|
2006
|
2005
|
2004
|
||||||||||||||||
(in
USD)
|
(in
euros)
|
|||||||||||||||||||
Interim
dividend
|
0.79 | 0.58 | 0.55 | 0.50 | 0,50 | |||||||||||||||
Final
dividend
|
– | – | 0.60 | 0.60 | 0.50 | |||||||||||||||
Total dividend
per Ordinary Share
|
– | 0.58 | 1.15 | 1.10 | 1.00 | |||||||||||||||
Total
dividends per share as a percentage of net profit per Ordinary
Share
|
46.0% | 45.3% | 42.9% |
(1)
|
For
your convenience, this item has been translated into US dollars at the
applicable rate on the date of payment. The
only one that is different is the 2006 final dividend, which has been
translated into US dollars at the exchange rate of 1 USD = EUR 0.7515, the
exchange rate on 16 March
2007.
|
Dividends
|
2003
|
|||
Interim
dividend
|
0.45 | |||
Final
dividend
|
0.50 | |||
Total dividend
per Ordinary Share
|
0.95 | |||
Total
dividends per share as a percentage of net profit per Ordinary
Share
|
49.0% | |||
2007*
|
2006*
|
2005*
|
2004*
|
2004**
|
2003**
|
2002**
|
2001**
|
2000**
|
1999**
|
1998**
|
|
Income
statement (in millions of euros)
|
|||||||||||
Net
interest income
|
8,572
|
7,610
|
7,043
|
8,608
|
9,666
|
9,723
|
9,845
|
10,090
|
9,404
|
8,687
|
7,198
|
Total
non-interest income
|
8,696
|
8,835
|
8,151
|
7,678
|
10,127
|
9,070
|
8,435
|
8,744
|
9,065
|
6,840
|
5,340
|
Total
operating income
|
17,268
|
16,445
|
15,194
|
16,286
|
19,793
|
18,793
|
18,280
|
18,834
|
18,469
|
15,527
|
12,538
|
Operating
expenses
|
13,846
|
12,006
|
10,547
|
12,681
|
13,687
|
12,585
|
13,148
|
13,771
|
13,202
|
10,609
|
8,704
|
Provisioning
|
1,704
|
1,411
|
614
|
607
|
653
|
1,274
|
1,695
|
1,426
|
585
|
633
|
840
|
Operating
profit before taxes
|
1,718
|
3,028
|
4,033
|
2,998
|
5,451
|
4,918
|
3,388
|
3,613
|
4,725
|
4,250
|
2,897
|
Profit
for the year (IFRS)
|
9,975
|
4,780
|
4,443
|
3,940
|
|||||||
Net
profit
|
9,848
|
4,715
|
4,382
|
3,865
|
4,109
|
3,161
|
2,207
|
3,230
|
2,498
|
2,570
|
1,828
|
Net
profit attributable to ordinary shareholders
|
9,848
|
4,715
|
4,382
|
3,865
|
4,066
|
3,116
|
2,161
|
3,184
|
2,419
|
2,490
|
1,747
|
Dividends
|
1,071
|
2,153
|
2,050
|
1,663
|
1,706
|
1,589
|
1,462
|
1,421
|
1,424
|
1,250
|
906
|
Balance
sheet (in billions)
|
|||||||||||
Shareholders’
equity
|
29.6
|
23.6
|
22.2
|
14.8
|
15.0
|
13.0
|
11.1
|
12.1
|
12.9
|
12.4
|
10.9
|
Group
Capital
|
46.3
|
45.1
|
43.2
|
33.2
|
33.0
|
31.8
|
30.4
|
34.3
|
32.9
|
29.3
|
24.5
|
Due
to customers and issued debt securities
|
505.4
|
564.4
|
487.7
|
402.6
|
376.5
|
361.6
|
360.7
|
384.9
|
339.8
|
284.2
|
243.5
|
Loans
and receivables- customers
|
396.8
|
443.3
|
380.2
|
320.0
|
299.0
|
296.8
|
310.9
|
345.3
|
319.3
|
259.7
|
220.5
|
Total
assets
|
1,025.2
|
987.1
|
880.8
|
727.5
|
608.6
|
560.4
|
556.0
|
597.4
|
543.2
|
457.9
|
432.1
|
Credit
related contingent liabilities and committed
facilities
|
159.3
|
196.7
|
187.0
|
191.5
|
191.5
|
162.5
|
180.3
|
193.4
|
187.5
|
159.0
|
124.0
|
Risk-weighted
assets
|
232.3
|
280.7
|
257.9
|
231.6
|
231.4
|
223.8
|
229.6
|
273.4
|
263.9
|
246.4
|
215.8
|
Ordinary
share figures 2
|
|||||||||||
Number
of shares outstanding (in millions)
|
1,844.1
|
1,853.8
|
1,877.9
|
1,669.2
|
1,669.2
|
1,637.9
|
1,585.6
|
1,535.5
|
1,500.4
|
1,465.5
|
1,438.1
|
Average
number of shares outstanding (in millions)
|
1,851.3
|
1,882.5
|
1,877.9
|
1,657.6
|
1,657.6
|
1,610.2
|
1,559.3
|
1,515.2
|
1,482.6
|
1,451.6
|
1,422.1
|
Net
earnings per share (in euros)
|
5.32
|
2.50
|
2.43
|
2.33
|
2.45
|
1.94
|
1.39
|
1.53
|
2.04
|
1.72
|
1.23
|
Fully
diluted net earnings per share (in euros)
|
5.32
|
2.49
|
2.42
|
2.33
|
2.45
|
1.93
|
1.38
|
1.52
|
2.02
|
1.71
|
1.22
|
Dividend
per share (in euros, rounded)
|
0.58
|
1.15
|
1.10
|
1.00
|
1.00
|
0.95
|
0.90
|
0.90
|
0.90
|
0.80
|
0.58
|
Payout
ratio (dividend/net profit)
|
-
|
46.0
|
45.3
|
42.9
|
40.8
|
49.0
|
64.7
|
58.8
|
44.1
|
46.5
|
46.9
|
Net
asset value per share (year-end in euros)
|
16.04
|
12.73
|
11.83
|
8.88
|
8.51
|
7.47
|
6.47
|
7.34
|
8.43
|
7.87
|
6.94
|
Rations
(in %)
|
|||||||||||
Return
on equity
|
38.4
|
20.7
|
23.5
|
29.7
|
30.8
|
27.7
|
20.1
|
27.3
|
20.5
|
23.1
|
16.6
|
BIS
tier 1 ratio
|
12.42
|
8.45
|
10.62
|
8.46
|
8.57
|
8.15
|
7.48
|
7.03
|
7.20
|
7.20
|
6.94
|
BIS
total capital ratio
|
14.61
|
11.14
|
13.14
|
11.06
|
11.26
|
11.73
|
11.54
|
10.91
|
10.39
|
10.86
|
10.48
|
Efficiency
ratio
|
80.2
|
73.0
|
69.4
|
77.9
|
69.2
|
67.0
|
71.9
|
73.1
|
71.5
|
68.3
|
69.4
|
2007*
|
2006*
|
2005*
|
2004*
|
2004**
|
2003**
|
2002**
|
2001**
|
2000**
|
1999**
|
1998**
|
|
Number
of employees (headcount)
|
|||||||||||
Netherlands
|
26,136
|
25,817
|
25,597
|
27,850
|
28,751
|
31,332
|
32,693
|
36,984
|
38,958
|
37,138
|
36,716
|
Other
countries
|
87,946
|
81,718
|
67,937
|
66,721
|
70,520
|
81,331
|
73,745
|
74,726
|
76,140
|
72,800
|
71,014
|
Number
of branches and offices
|
|||||||||||
Netherlands
|
664
|
664
|
665
|
680
|
680
|
711
|
739
|
736
|
905
|
921
|
943
|
Other
countries
|
3,530
|
3,868
|
2,902
|
2,818
|
2,818
|
2,964
|
2,685
|
2,836
|
2,774
|
2,668
|
2,640
|
Number
of countries and territories where present
|
56
|
58
|
58
|
58
|
63
|
66
|
67
|
74
|
76
|
74
|
|
*
|
These figures
have been prepared based on non-GAAP measures. Please refer to the
MD&A section for details.
|
1
|
Discontinued
operations are not separately disclosed
here.
|
2
|
Adjusted
for shares repurchased to cover staff options
granted.
|
3
|
Based
on the average number of ordinary shares
outstanding.
|
4
|
Where
necessary, adjusted for increases in share
capital.
|
5
|
Based
on the directive of the Council for Annual Reporting at 1 January 2003 and
under IFRS excluding cash flow hedges and available for sale
reserves.
|
Term
expires
|
Principal
occupation
|
Other
relevant positions
|
|
Supervisory
Board :
|
|||
Arthur
Martinez; 1, 2, 3
(68, American,
M)
Chairman
|
2002;
4
2010;
5
|
Former
Chairman and Chief Executive Officer of Sears, Roebuck & Co.
Inc.
|
Non-Executive
Director International Flavors and Fragrances, Inc.
Non-Executive
Director Liz Claiborne, Inc.
Non-Executive
Director PepsiCo., Inc.
Non-Executive
Director IAC/Interactive Corp
|
André
Olijslager; 1
(64, Dutch,
M)
Vice
Chairman
|
2004;
4
2008;
5
|
Former
Chairman of the Board of Management of Royal Friesland Foods
N.V.
|
Vice Chairman
of the Supervisory Board of Avebe U.A.
Member of the
Supervisory Board of Center Parcs N.V.
Member of the
Supervisory Board Samas-Groep N.V.
Member of the
Investment Committee of NPM Capital N.V.
Member of the
Management Board of Foundation N.V. Trust Office Unilever
Non-Executive
Director of Tourism Real Estate Property (TREP) Holding SE
Chairman Dutch
Private Equity and Venture Capital Association (NVP)
Chairman of
Stichting Maatschappij en Onderneming (SMO) and member of the Supervisory
Board of SMO B.V.
Member of the
Board of Directors of Nintes (Netherlands Institute for New Technology, Economic and Social Studies)
Chairman of
the Supervisory Board of Friesland College
Member of the
Advisory Council of Eurac B.V. (Erasmus University programme)
Chairman of
the Advisory Board of "Lifelines" (UMC Groningen)
Member of the
Advisory Board of Stichting Nyenrode
Member of the
Advisory Board of the Galan Group
Member of the
Advisory Board of Fries
Museum/Princessehof
|
Trude Maas -
de Brouwer; 2, 3
(61, Dutch,
F)
|
2000;
4
2008;
5
|
Former
President of Hay Vision Society
|
Member of the
Supervisory Board of Schiphol Group
Member of the
Supervisory Board of Royal Philips Electronics Netherlands
(PEN)
Member of the
Supervisory Board of Arbo Unie
Member of the
Supervisory Board of Twijnstra Gudde Management Consultants
B.V.
Chairman of
the Supervisory Board of Nuffic (Netherlands Organisation for
International Cooperation in Higher Education)
Chairman of
Opportunity in Bedrijf (network and knowledge centre for diversity
issues)
Chairman of
the Bernard van Leer Foundation
Member of the
Governing Council of Van Leer Group Foundation
Chairman of
the Board of International
Information
Centre and
Archives for the Women's Movement
Member of the
curatorium of VNO NCW
|
Rob van den
Bergh; 3
(57, Dutch,
M)
|
2005;
4
2009;
5
|
Former
Chairman of the Executive Board and Chief Executive officer of VNU
N.V.
|
Chairman of
the Supervisory Board of N.V. Deli Universal
Member of the
Supervisory Board of Pon Holdings, B.V.
Member of the
Supervisory Board of NPM Capital N.V.
Member of the
Supervisory Board of the Nationale Postcode Loterij
Member of the
Supervisory Board of Tom-Tom
Member of the
Supervisory Board of Corporate Express
Member of the
Supervisory Board of Luzac College
|
Anthony Ruys;
2
(60, Dutch,
M)
|
2005;
4
2009;
5
|
Former
Chairman of the Executive Board of Heineken N.V.
|
Member of the
Supervisory Board of Lottomatica S.p.A.
Non-Executive
Director of British American Tobacco Ltd.
Vice chairman
of the Supervisory Board of Schiphol Group
Chairman of
the Supervisory Board of Foundation the Rijksmuseum
Chairman of
the Supervisory Board of the Stop Aids Now! Foundation
Member of the
Board of the Netherlands Society for International Affairs
Member of the
Supervisory Board of JANIVO
BV
|
Gert-Jan
Kramer
(65, Dutch,
M)
|
2006;
4
2010;
5
|
Former
Chairman of Fugro N.V.
|
Chairman of
the Supervisory Board of Damen Shipyards Group
Member of the
Supervisory Board of Fugro N.V.
Member of the
Supervisory Board of Trajectum B.V. (Mammoet B.V.)
Member of the
Supervisory Board of N.V. Bronwaterleiding Doorn
Member of the
Supervisory Board of Energie Beheer Nederland B.V.
Chairman of
the Supervisory Board of Delft University of Technology
Member of the
Supervisory Board of TNO (Netherlands Organisation for Applied Scientific
Research)
Chairman of
IRO (Association of Dutch Suppliers of the Oil and Gas
Industry)
Member of the
Monitoring Committee Corporate Governance Code
Member of the
Board of Nederland Maritiem Land
Member of the
Board of Stichting Het Concertgebouw Fonds
Member of the
Board of Stichting Pieterskerk,
Leiden
|
Ana Maria
Llopis Rivas
(57, Spanish,
F)
|
2007;
4
2011;
5
|
Founder and
former CEO of Open Bank (the branchless internet bank of the Spanish
Santander Group)
|
Member of the
Advisory Board on e-administration to the Minister of Public
Administration, Spain
Member of the
Working Group for Spanish Good Corporate Governance
Directives
Non-Executive
Director of British American Tobacco
Personal
strategic and business advisor to Peter Wood, Chairman and CEO of esure
(internet insurer)
|
Sir Fred
Goodwin
(49, Britsh,
M)
|
2007;
4
2011;
5
|
Group Chief
Executive of Royal Bank of Scotland
|
Chairman of
the Prince’s Trust
Non Executive
Director of the Bank of China Ltd.
|
Jean-Paul
Votron
(57, Belgian,
M)
|
2007;
4
2011,
5
|
CEO of
Fortis
|
|
Juan-Rodriguez
Inciarte
(55, Spanish,
M)
|
2007,
4
2011,
5
|
Head of
Santander Consumer Finance and Group Executive Vice
President
|
Member of the
US-Spain and Fellow of the Chartered Institute of Bankers in
Scotland
Vice Chairman
of the Board of Abbey National plc, a fully owned unit of
Santander
Director and
Member of the Executive Committee of Sovereign Bancorp in the
U.S.
Member of the
Board of Spanish oil company CEPSA
|
1
Member of the Audit Committee.
2
Member of the Nomination & Compensation Committee.
3.
Member of the Compliance Oversight Committee.
4
Year of appointment
5
Current term expires
|
Term
expires
|
Principal
responsibilities 2008
|
Principal
responsibilities 2007
|
|
Managing Board1
|
|||
Mark
Fisher
(47, British,
M)
|
2007
²
2011 3,4
|
Chairman,
Group
Audit,
Group
Compliance & Legal
|
|
Wilco
Jiskoot
(57, Dutch,
M)
|
1997
²
2013
³
|
Vice
Chairman,
Private
Equity,
Customer
relations
|
BU
Netherlands, BU Global Clients, BU Private Clients, BU Asset
management, Private Equity
|
Karel De
Boeck
(58, Belgian,
M)
|
2007
²
2011 3,4
|
Vice
Chairman,
Transition,
Group Human
Resources,
Group
Communications,
Group Public
Affairs
|
|
Ron
Teerlink
(47, Dutch,
M)
|
2006
²
2010 3,4
|
Services,
Market
Infrastructures
|
BU Latin
America, BU Transaction Banking, Services, European Union Affairs &
Market Infrastructures, Chairman
Consumer Client Segment
|
Brian
Crowe
(50, British,
M)
|
2007
²
2011 3,4
|
BU Global
Clients,
BU Global
Markets,
BU Transaction
Banking
|
|
Paul
Dor
(60, Belgian,
M)
|
2007
²
2011 3,4
|
BU
Asset Management,
BU Private
Clients
|
|
Marta Elorza
Trueba
(49, Spanish,
M)
|
2007
²
2011 3,4
|
Antonveneta
BU Latin
America
|
John
Hourican
(37, Irish,
M)
|
2007
²
2011 3,4
|
Chief
Financial Officer,
Group
Finance
Group
Risk
|
|
Javier
Maldonado
(45, Spanish,
M)
|
2007
²
2011 3,4
|
Non-core
assets
|
|
Jan-Peter
Schmittmann
(51, Dutch,
M)
|
2007
²
2011 3,4
|
BU
Netherlands
|
|
Michiel de
Jong
(46, Dutch,
M)
|
2008
|
BU
Europe
BU
Asia
|
To be
nominated
|
Brad
Kopp
(56, American,
M)
|
2008
|
BU
NA
|
To be
nominated
|
Age,
nationality and gender between brackets
1
Managing Board members are appointed until reaching the contractually
agreed mandatory retirement age of 65, unless otherwise
indicated
2 Year
of appointment
3
Current term expires
4 In
line with the Dutch Corporate Governance Code these members have been
appointed for a maximum period of four years and may be reappointed
for a term of not more than four years at a
time
|
Company
Secretary
|
|||
Gwendolyn van
Tunen
|
|||
Business
Units (BUs), Segments, Group Functions and Services
|
|||
Client
BUs
|
Products
BUs
|
Group
functions
|
|
BU
Netherlands
|
BU
Global Markets
|
Group
Audit
|
Group
Public affairs
|
Jan-Peter
Schmittmann
|
Gary
Page
|
Rob
Sweitser
|
Jeroen
Kremers
|
BU
Europe
|
BU
Transaction Banking
|
Group
Communications
|
Group
Risk Management
|
Michiel de
Jong
|
Ann Cairns
(resigns at 1 April 2008)
|
Robin Boon
(resigns at 1 April 2008)
|
David
Cole
|
Stephan
Salberter (as of 1 April 2008)
|
|||
BU
North America
|
BU
Asset Management
|
Group
Compliance & Legal
|
Market
Infrastructures
|
Brad
Kopp
|
Sarah
Russell
|
Carin
Gorter
|
Gerard
Hartsink
|
BU
Latin America
|
Group
Finance
|
Services
|
|
Fabio
Barbosa
|
Johan
Hourican
|
Lars
Gustavsson
|
|
BU
Asia
|
Client
Segments
|
Group
Human Resources
|
|
Michiel de
Jong
|
Commercial
client segment
|
Pauline van
der Meer Mohr (resigns at 1 April 2008)
|
|
Muhammad
Aurangzeb
|
Hans Vanbets
(as of 1 April 2008)
|
||
BU
Private Clients
|
|||
Rudiger van
Wedel
|
Consumer
client segment
|
||
Ravi
Sankaranarayanan
|
|||
BU
Global Clients
|
|||
Alexandra
Cook-Schaapveld
|
Mr.
FC
|
Barbosa
|
|
Mrs.
A.
|
Cairns
|
Resigns at
1 April 2008
|
Mr.
D.A.
|
Cole
|
|
Mrs.
A.E.J.M
|
Cook-Schaapveld
|
|
Mr.
P
|
Fleuriot
|
|
Mrs.
C.W.
|
Gorter
|
|
Mr.
L.R.
|
Gustavsson
|
|
Mr.
G.B.J.
|
Hartsink
|
|
Mr. M.G.J.
de
|
Jong
|
|
Mrs. P. F.M.
van der
|
Meer-Mohr
|
Resigns at
1 April 2008
|
Mr.
J.W.
|
Meeuwis
|
|
Mr.
P.L.
|
Montani
|
|
Mr.
G.E.
|
Page
|
|
Ms.
S.A.C.
|
Russell
|
|
Mr.
C.F.H.H.
|
Vogelzang
|
Seconded to
Fortis
|
Mr.
S.M.
|
Zavatti
|
(in
millions of euros, except percentages)
|
2007
|
2006
|
2005
|
|||||||||||||||||||||||||||||||||
Average
assets (1)
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
|||||||||||||||||||||||||||
Balances
at central banks
|
||||||||||||||||||||||||||||||||||||
·The
Netherlands
|
5,562 | 221 | 4.0 | 5,487 | 160 | 2.9 | 4,686 | 94 | 2.0 | |||||||||||||||||||||||||||
· North
America
|
53 | 1 | 1.9 | 144 | 3 | 2.1 | 52 | – | – | |||||||||||||||||||||||||||
· Rest of the
world
|
5,740 | 292 | 5.1 | 5,635 | 296 | 5.3 | 9,643 | 254 | 2.6 | |||||||||||||||||||||||||||
Financial
investments
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
69,871 | 3,179 | 4.5 | 72,458 | 2,791 | 3.9 | 64,876 | 2,500 | 3.9 | |||||||||||||||||||||||||||
· North
America
|
2,109 | 105 | 5.0 | 1,343 | 60 | 4.5 | 2,375 | 95 | 4.0 | |||||||||||||||||||||||||||
· Rest of the
world
|
23,913 | 1,356 | 5.7 | 21,893 | 1,393 | 6.4 | 20,871 | 1,429 | 6.8 | |||||||||||||||||||||||||||
Loans
and receivables - banks
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
13,778 | 615 | 4.5 | 11,656 | 480 | 4.1 | 11,312 | 441 | 3.9 | |||||||||||||||||||||||||||
· North
America
|
1,690 | 93 | 5.5 | 4,108 | 226 | 5.5 | 5,334 | 272 | 5.1 | |||||||||||||||||||||||||||
· Rest of the
world
|
19,842 | 1,085 | 5.5 | 16,720 | 811 | 4.9 | 15,134 | 695 | 4.6 | |||||||||||||||||||||||||||
Loans
and receivables – customers (2)
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
170,229 | 9,473 | 5.6 | 160,588 | 8,449 | 5.3 | 145,445 | 7,827 | 5.4 | |||||||||||||||||||||||||||
· North
America
|
71,225 | 3,602 | 5.1 | 60,749 | 3,046 | 5.0 | 57,896 | 2,720 | 4.7 | |||||||||||||||||||||||||||
· Rest of the
world
|
98,525 | 9,807 | 10.0 | 86,208 | 7,702 | 8.9 | 70,233 | 5,466 | 7.8 | |||||||||||||||||||||||||||
Total
interest-earning assets
|
482,537 | 29,829 | 6.2 | 446,989 | 25,417 | 5.7 | 407,857 | 21,793 | 5.3 | |||||||||||||||||||||||||||
Total
interest-earning assets-trading
|
256,064 | 188,253 | 152,178 | |||||||||||||||||||||||||||||||||
Subtotal
|
738,601 | 635,242 | 560,035 | |||||||||||||||||||||||||||||||||
Non-interest-earning
assets
|
217,840 | 195,902 | 173,538 | |||||||||||||||||||||||||||||||||
Total
average assets
|
956,441 | 29,829 | 3.1 | 831,144 | 25,417 | 3.1 | 733,573 | 21,793 | 3.0 |
(1)
|
Assets
temporarily sold (subject to repurchase) are included in the relevant
balance sheet item.
|
(2)
|
For
purpose of presentation in this table, loans include professional
securities transactions and public sector which represents central,
regional and local governments and governmental
authorities.
|
(in
millions of euros, except percentages)
|
2007
|
2006
|
2005
|
|||||||||||||||||||||||||||||||||
Average
liabilities and group equity
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
Average
balance
|
Interest
income
|
Average
rate (%)
|
|||||||||||||||||||||||||||
Due
to banks
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
70,563 | 2,946 | 4.2 | 58,577 | 1,850 | 3.2 | 41,444 | 1,477 | 3.6 | |||||||||||||||||||||||||||
· North
America
|
10,319 | 470 | 4.6 | 10,437 | 464 | 4.4 | 13,814 | 578 | 4.2 | |||||||||||||||||||||||||||
· Rest of the
world
|
41,389 | 1,617 | 3.9 | 39,413 | 1,672 | 4.2 | 36,501 | 1,420 | 3.9 | |||||||||||||||||||||||||||
Due
to customers (1)
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
141,021 | 4,791 | 3.4 | 135,077 | 3,862 | 2.9 | 123,168 | 3,459 | 2.8 | |||||||||||||||||||||||||||
· North
America
|
35,131 | 1,619 | 4.6 | 28,133 | 1,311 | 4.7 | 29,167 | 1,128 | 3.9 | |||||||||||||||||||||||||||
· Rest of the
world
|
104,996 | 5,597 | 5.3 | 93,617 | 4,550 | 4.9 | 84,565 | 4,012 | 4.7 | |||||||||||||||||||||||||||
Issued
debt securities
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
95,801 | 4,651 | 4.9 | 125,348 | 4,628 | 3.7 | 95,519 | 2,820 | 3.0 | |||||||||||||||||||||||||||
· North
America
|
22,678 | 1,247 | 5.5 | 20,398 | 1,004 | 4.9 | 19,892 | 806 | 4.1 | |||||||||||||||||||||||||||
· Rest of the
world
|
15,384 | 779 | 5.1 | 8,134 | 433 | 5.3 | 8,902 | 226 | 2.5 | |||||||||||||||||||||||||||
Subordinated
liabilities
|
||||||||||||||||||||||||||||||||||||
· The
Netherlands
|
12,862 | 564 | 4.4 | 12,074 | 567 | 4.7 | 10,822 | 518 | 4.8 | |||||||||||||||||||||||||||
· North
America
|
3,127 | 197 | 6.3 | 4,307 | 280 | 6.5 | 4,974 | 333 | 6.7 | |||||||||||||||||||||||||||
· Rest of the
world
|
489 | 52 | 10.6 | 411 | 21 | 5.1 | 674 | 43 | 6.4 | |||||||||||||||||||||||||||
Internal
funding of the trading book
|
(76,063 | ) | (3,053 | ) | 4.0 | (63,967 | ) | (2,493 | ) | 3.9 | (46,446 | ) | (1,790 | ) | 3.9 | |||||||||||||||||||||
Total
interest-bearing
|
477,697 | 21,477 | 4.5 | 471,959 | 18,149 | 3.8 | 422,996 | 15,030 | 3.6 | |||||||||||||||||||||||||||
Total
interest-bearing securities -trading
|
247,245 | 183,776 | 145,626 | |||||||||||||||||||||||||||||||||
Subtotal
|
724,942 | 655,735 | 568,622 | |||||||||||||||||||||||||||||||||
Non-interest-bearing
liabilities
|
205,862 | 152,582 | 146,862 | |||||||||||||||||||||||||||||||||
Group
equity
|
25,637 | 22,827 | 18,089 | |||||||||||||||||||||||||||||||||
Total
average liabilities and equity
|
956,441 | 21,477 | 2.2 | 831,144 | 18,149 | 2.2 | 733,573 | 15,030 | 2.0 |
(1)
|
For
presentation in this table, due to customers includes professional
securities transactions and savings
accounts.
|
(2)
|
Equity
includes minority
interests.
|
(in
millions of euros)
|
2007
over 2006
|
Volume/Rate
changes
|
2006
over 2005
|
Volume/Rate
changes
|
||||||||||||||||||||
Change
interest
income
|
Volume
|
Rate
|
Change
interest
income
|
Volume
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Balances at
central banks
|
||||||||||||||||||||||||
· The
Netherlands
|
61 | 2 | 59 | 66 | 18 | 48 | ||||||||||||||||||
· North
America
|
(2 | ) | (2 | ) | – | 3 | – | 3 | ||||||||||||||||
· Rest of the
world
|
(4 | ) | 5 | (9 | ) | 42 | (137 | ) | 179 | |||||||||||||||
Financial
investments
|
||||||||||||||||||||||||
· The
Netherlands
|
388 | (103 | ) | 491 | 291 | 292 | (1 | ) | ||||||||||||||||
· North
America
|
45 | 37 | 8 | (35 | ) | (45 | ) | 10 | ||||||||||||||||
· Rest of the
world
|
(37 | ) | 122 | (159 | ) | (36 | ) | 68 | (104 | ) | ||||||||||||||
Loans and
receivables - banks
|
||||||||||||||||||||||||
· The
Netherlands
|
135 | 92 | 43 | 39 | 14 | 25 | ||||||||||||||||||
· North
America
|
(133 | ) | (133 | ) | – | (46 | ) | (66 | ) | 20 | ||||||||||||||
· Rest of the
world
|
274 | 163 | 111 | 116 | 75 | 41 | ||||||||||||||||||
Loans and
receivables - customers (1)
|
||||||||||||||||||||||||
· The
Netherlands
|
1,024 | 522 | 502 | 622 | 800 | (178 | ) | |||||||||||||||||
· North
America
|
556 | 530 | 26 | 326 | 138 | 188 | ||||||||||||||||||
· Rest of the
world
|
2,105 | 1,170 | 935 | 2,236 | 1,355 | 881 | ||||||||||||||||||
4,412 | 2,405 | 2,007 | 3,624 | 2,512 | 1,112 |
(1)
|
For
purposes of presentation in this table, loans include professional
securities
transactions.
|
(in
millions of euros)
|
2007
over 2006
|
Volume/Rate
changes
|
2006
over 2005
|
Volume/Rate
changes
|
||||||||||||||||||||
Change
interest
expense
|
Volume
|
Rate
|
Change
interest
expense
|
Volume
|
Rate
|
|||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Financial
liabilities held for trading
|
||||||||||||||||||||||||
· The
Netherlands
|
– | – | – | – | – | – | ||||||||||||||||||
· North
America
|
– | – | – | – | – | – | ||||||||||||||||||
· Rest of the
world
|
(560 | ) | (484 | ) | (76 | ) | (703 | ) | (683 | ) | (20 | ) | ||||||||||||
Due to
banks
|
||||||||||||||||||||||||
· The
Netherlands
|
1,096 | 426 | 670 | 373 | 556 | (183 | ) | |||||||||||||||||
· North
America
|
6 | (5 | ) | 11 | (114 | ) | (148 | ) | 34 | |||||||||||||||
· Rest of the
world
|
(55 | ) | 81 | (136 | ) | 252 | 118 | 134 | ||||||||||||||||
Due to
customers (1)
|
||||||||||||||||||||||||
· The
Netherlands
|
929 | 176 | 753 | 403 | 340 | 63 | ||||||||||||||||||
· North
America
|
308 | 323 | (15 | ) | 183 | (41 | ) | 224 | ||||||||||||||||
· Rest of the
world
|
1,047 | 583 | 464 | 538 | 483 | 100 | ||||||||||||||||||
Issued debt
securities
|
612 | (751 | ) | 1,363 | 2,213 | 1,003 | 1,210 | |||||||||||||||||
Subordinated
liabilities
|
||||||||||||||||||||||||
· The
Netherlands
|
(3 | ) | 36 | (39 | ) | 49 | 59 | (10 | ) | |||||||||||||||
· North
America
|
(83 | ) | (75 | ) | (8 | ) | (53 | ) | (44 | ) | (9 | ) | ||||||||||||
· Rest of the
world
|
31 | 5 | 26 | (22 | ) | (15 | ) | (7 | ) | |||||||||||||||
3,328 | 315 | 3,013 | 3,119 | 1,628 | 1,536 |
(1)
|
Due
to customers includes savings
accounts.
|
(in
percentages)
|
2007
|
2006
|
2005
|
|||||||||
Gross yield
(1)
|
||||||||||||
· The
Netherlands
|
5.2 | 4.7 | 4.8 | |||||||||
· North
America
|
5.1 | 5.0 | 4.7 | |||||||||
· Rest of the
world
|
8.5 | 7.8 | 6.8 | |||||||||
· Total
group
|
6.2 | 5.7 | 5.3 | |||||||||
Interest rate
spread (2)
|
||||||||||||
· The
Netherlands
|
1.2 | 1.5 | 1.7 | |||||||||
· North
America
|
0.1 | 0.2 | 0.5 | |||||||||
· Rest of the
world
|
2.7 | 2.4 | 2.1 | |||||||||
· Total
group
|
1.7 | 1.8 | 1.5 | |||||||||
Net interest
margin (3)
|
||||||||||||
· The
Netherlands
|
0.9 | 0.7 | 1.5 | |||||||||
· North
America
|
0.5 | 0.5 | 0.3 | |||||||||
· Rest of the
world
|
1.2 | 1.1 | 0.9 | |||||||||
· Total
group
|
0.9 | 0.9 | 0.9 |
(1)
|
Gross
yield represents the interest rate earned on average interest earning
assets.
|
(2)
|
Interest
rate spread represents the difference between the interest rate earned on
average interest earning assets and the rate paid on average interest
bearing
liabilities.
|
(3)
|
Net
interest income as a percentage of average total
assets.
|
(in
millions of euros)
|
At
31 December
|
|||||||
2007
|
2006
|
|||||||
German central
government
|
16,817 | 2,760 | ||||||
Dutch central
government
|
7,599 | * | ||||||
French central
government
|
5,688 | 3,085 | ||||||
Italian
central government
|
4,696 | 1,844 | ||||||
Brazilian
central government
|
4,539 | 5,647 | ||||||
South Korean
central government
|
3,549 | * | ||||||
Japanese
central government
|
* | 3,085 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
· The
Netherlands
|
11,309 | 15,290 | 11,256 | 10,058 | 7,926 | |||||||||||||||
· North
America
|
1,325 | 2,488 | 4,304 | 5,729 | 6,313 | |||||||||||||||
· Rest of the
world
|
163,062 | 117,041 | 93,075 | 68,071 | 44,561 | |||||||||||||||
Total
loans to banks
|
175,696 | 134,819 | 108,635 | 83,858 | 58,800 | |||||||||||||||
(in
millions of euros)
|
Remaining
life
|
|||||||||||||||
At
31 December 2007
|
||||||||||||||||
Within
1
year
|
After
1 year and within 5 years
|
After
5
years
|
Total
|
|||||||||||||
· The
Netherlands
|
7,672 | 3,408 | 229 | 11,309 | ||||||||||||
· North
America
|
1,323 | 2 | – | 1,325 | ||||||||||||
· Rest of the
world
|
125,636 | 23,286 | 14,140 | 163,062 | ||||||||||||
Total
loans to banks
|
134,631 | 26,696 | 14,369 | 175,696 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Loans
and receivables - customers
|
||||||||||||||||||||
Public
sector
|
5,739 | 11,567 | 7,461 | 6,059 | 5,494 | |||||||||||||||
Commercial
|
144,534 | 180,262 | 152,411 | 127,044 | 130,983 | |||||||||||||||
Consumer
|
121,763 | 135,484 | 122,708 | 107,124 | 107,706 | |||||||||||||||
Professional
securities transactions
|
98,270 | 93,716 | 74,724 | 59,269 | 56,578 | |||||||||||||||
Multi-seller
conduits
|
29,457 | 25,872 | 25,931 | 23,700 | – | |||||||||||||||
Total
loans (gross)
|
399,763 | 446,901 | 383,235 | 323,196 | 300,761 | |||||||||||||||
Allowances for
impairment
|
(3,001 | ) | (3,646 | ) | (2,987 | ) | (3,174 | ) | (3,918 | ) | ||||||||||
Total
loans and receivables - customers
|
396,762 | 443,255 | 380,248 | 320,022 | 296,843 |
(in
millions of euros)
|
Total
loans and receivables customers by BU at 31 December 2007
|
|||||||||||||||||||||||
Commercial
|
Consumer
|
Professional
securities
transactions
|
Public
sector
|
Multi-seller
conduits
|
Total
|
|||||||||||||||||||
The
Netherlands
|
52,856 | 96,661 | 4,589 | 1,397 | 9,485 | 164,988 | ||||||||||||||||||
Europe
|
40,752 | 1,107 | 49,753 | 1,002 | – | 92,614 | ||||||||||||||||||
North
America
|
8,887 | – | 43,402 | 77 | 13,970 | 66,336 | ||||||||||||||||||
Latin
America
|
18,226 | 11,889 | 1 | 350 | – | 30,466 | ||||||||||||||||||
Asia
|
17,413 | 3,539 | 515 | 2,851 | 6,002 | 30,320 | ||||||||||||||||||
Private
clients
|
4,626 | 4,808 | 10 | – | – | 9,444 | ||||||||||||||||||
Group
functions
|
– | 2,532 | – | 62 | – | 2,594 | ||||||||||||||||||
Total
|
142,760 | 120,536 | 98,270 | 5,739 | 29,457 | 396,762 |
(in
millions of euros)
|
Total
loans and receivables customers by BU at 31 December 2006
|
|||||||||||||||||||||||
Commercial
|
Consumer
|
Professional
securities
transactions
|
Public
sector
|
Multi-seller
conduits
|
Total
|
|||||||||||||||||||
The
Netherlands
|
56,014 | 93,873 | 1,663 | 3,240 | 3,930 | 158,720 | ||||||||||||||||||
Europe
|
49,836 | 11,205 | 40,755 | 1,236 | 2,170 | 105,202 | ||||||||||||||||||
North
America
|
39,822 | 13,008 | 43,857 | 707 | 14,396 | 111,790 | ||||||||||||||||||
Latin
America
|
11,937 | 7,842 | 20 | 498 | 431 | 20,728 | ||||||||||||||||||
Asia
|
13,673 | 3,648 | 7,325 | 5,802 | 4,945 | 35,393 | ||||||||||||||||||
Private
clients
|
5,920 | 4,604 | 17 | – | – | 10,541 | ||||||||||||||||||
Asset
management
|
14 | 1 | – | – | – | 15 | ||||||||||||||||||
Group
functions
|
713 | 1 | 80 | 72 | – | 866 | ||||||||||||||||||
Total
|
177,929 | 134,182 | 93,717 | 11,555 | 25,872 | 443,255 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Outstanding
loans
|
||||||||||||||||||||
The
Netherlands
|
||||||||||||||||||||
· Public
sector
|
1,547 | 3,286 | 2,300 | 1,055 | 1,128 | |||||||||||||||
·
Commercial
|
60,189 | 55,951 | 56,182 | 53,788 | 52,990 | |||||||||||||||
·
Consumer
|
102,378 | 97,600 | 94,603 | 88,585 | 84,382 | |||||||||||||||
Total
The Netherlands
|
164,114 | 156,837 | 153,085 | 143,428 | 138,500 | |||||||||||||||
Rest of
Europe
|
||||||||||||||||||||
· Public
sector
|
1,003 | 1,527 | 1,454 | 1,826 | – | |||||||||||||||
·
Commercial
|
42,416 | 57,425 | 30,882 | 23,102 | – | |||||||||||||||
·
Consumer
|
2,373 | 12,529 | 1,539 | 1,365 | – | |||||||||||||||
Total
Rest of Europe
|
45,792 | 71,481 | 33,875 | 26,293 | – | |||||||||||||||
North
America
|
||||||||||||||||||||
· Public
sector
|
77 | 677 | 735 | 792 | 898 | |||||||||||||||
·
Commercial
|
9,525 | 42,179 | 44,693 | 35,460 | 38,185 | |||||||||||||||
·
Consumer
|
– | 13,017 | 15,218 | 9,716 | 14,668 | |||||||||||||||
Total
North America
|
9,602 | 55,873 | 60,646 | 45,968 | 53,751 | |||||||||||||||
Latin
America
|
||||||||||||||||||||
· Public
sector
|
350 | 507 | 596 | 82 | – | |||||||||||||||
·
Commercial
|
14,085 | 10,095 | 8,024 | 4,714 | – | |||||||||||||||
·
Consumer
|
12,601 | 8,320 | 7,270 | 4,246 | – | |||||||||||||||
Total
Latin America
|
27,036 | 18,922 | 15,890 | 9,042 | – | |||||||||||||||
Rest of the
World
|
||||||||||||||||||||
· Public
sector
|
2,762 | 5,570 | 2,376 | 2,304 | 3,468 | |||||||||||||||
·
Commercial
|
18,319 | 14,612 | 12,630 | 9,980 | 39,808 | |||||||||||||||
·
Consumer
|
4,411 | 4,018 | 4,078 | 3,212 | 8,656 | |||||||||||||||
Total
Rest of the World
|
25,492 | 24,200 | 19,084 | 15,496 | 51,932 | |||||||||||||||
Total
loans (gross)
|
272,036 | 327,313 | 282,580 | 240,227 | 244,183 |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December 2007
|
||||||||||||||||
Within
1
year
|
After
1 year
and
within 5
years
|
After
5
years
|
Total
|
|||||||||||||
Loans
maturities
|
||||||||||||||||
The
Netherlands
|
||||||||||||||||
· Public
sector
|
70 | 668 | 809 | 1,547 | ||||||||||||
·
Commercial
|
26,768 | 19,761 | 13,660 | 60,189 | ||||||||||||
·
Consumer
|
7,418 | 30,655 | 64,305 | 102,378 | ||||||||||||
Total
The Netherlands
|
34,256 | 51,084 | 78,774 | 164,114 | ||||||||||||
Rest of
Europe
|
||||||||||||||||
· Public
sector
|
705 | 234 | 64 | 1,003 | ||||||||||||
·
Commercial
|
21,290 | 13,263 | 7,863 | 42,416 | ||||||||||||
·
Consumer
|
1,412 | 590 | 371 | 2,373 | ||||||||||||
Total
Rest of Europe
|
23,407 | 14,087 | 8,298 | 45,792 | ||||||||||||
North
America
|
||||||||||||||||
· Public
sector
|
21 | 34 | 22 | 77 | ||||||||||||
·
Commercial
|
5,220 | 1,606 | 2,699 | 9,525 | ||||||||||||
·
Consumer
|
– | – | – | – | ||||||||||||
Total
North America
|
5,241 | 1,640 | 2,721 | 9,602 | ||||||||||||
Latin
America
|
||||||||||||||||
· Public
sector
|
313 | 28 | 9 | 350 | ||||||||||||
·
Commercial
|
9,690 | 3,771 | 624 | 14,085 | ||||||||||||
·
Consumer
|
6,536 | 5,339 | 726 | 12,601 | ||||||||||||
Total
Latin America
|
16,539 | 9,138 | 1,359 | 27,036 | ||||||||||||
Rest of the
World
|
||||||||||||||||
· Public
sector
|
2,715 | 0 | 47 | 2,762 | ||||||||||||
·
Commercial
|
14,085 | 3,620 | 614 | 18,319 | ||||||||||||
·
Consumer
|
1,657 | 2,065 | 689 | 4,411 | ||||||||||||
Total
Rest of the World
|
18,457 | 5,685 | 1,350 | 25,492 | ||||||||||||
Total
loans (gross)
|
97,900 | 81,634 | 92,502 | 272,036 |
(in millions of
euros)
|
At
variable
rate
(1)
|
At
adjustable
rate
(2)
|
At
fixed
rate (3)
|
Total
|
||||||||||||
Loans
- interest rate sensitivity
|
||||||||||||||||
Due
after 1 and within 5 years
|
||||||||||||||||
The
Netherlands
|
||||||||||||||||
· Public
sector
|
– | 24 | 644 | 668 | ||||||||||||
·
Commercial
|
3 | 5,652 | 14,106 | 19,761 | ||||||||||||
·
Consumer
|
96 | 9,840 | 20,719 | 30,655 | ||||||||||||
Total
The Netherlands
|
99 | 15,516 | 35,469 | 51,084 | ||||||||||||
Rest of
Europe
|
||||||||||||||||
· Public
sector
|
233 | – | 1 | 234 | ||||||||||||
·
Commercial
|
2,229 | 7,942 | 3,092 | 13,263 | ||||||||||||
·
Consumer
|
349 | 121 | 120 | 590 | ||||||||||||
Total
Rest of Europe
|
2,811 | 8,063 | 3,213 | 14,087 | ||||||||||||
North
America
|
||||||||||||||||
· Public
sector
|
– | 32 | 2 | 34 | ||||||||||||
·
Commercial
|
288 | 1,119 | 199 | 1,606 | ||||||||||||
·
Consumer
|
– | – | – | – | ||||||||||||
Total
North America
|
288 | 1,151 | 201 | 1,640 | ||||||||||||
Latin
America
|
||||||||||||||||
· Public
sector
|
28 | – | – | 28 | ||||||||||||
·
Commercial
|
1,694 | 439 | 1,638 | 3,771 | ||||||||||||
·
Consumer
|
14 | 138 | 5,187 | 5,339 | ||||||||||||
Total
Latin America
|
1,736 | 577 | 6,825 | 9,138 | ||||||||||||
Rest of the
World
|
||||||||||||||||
· Public
sector
|
– | – | – | – | ||||||||||||
·
Commercial
|
2,060 | 35 | 1,525 | 3,620 | ||||||||||||
·
Consumer
|
454 | 298 | 1,313 | 2,065 | ||||||||||||
Total
Rest of the World
|
2,514 | 333 | 2,838 | 5,685 | ||||||||||||
Total
(gross)
|
7,448 | 25,640 | 48,546 | 81,634 |
(1)
|
Variable
rate loans are EURIBOR, London interbank offered rate (LIBOR) and prime
rate-based loans as well as adjustable rate loans with fixed interest
periods of up to one year.
|
(2)
|
Adjustable
rate loans are loans with fixed interest rates for a period that is
shorter than the entire term of the
loan.
|
(3)
|
Fixed
rate loans are loans for which the interest rate is fixed for the entire
term.
|
(in millions of
euros)
|
At
variable
rate
(1)
|
At
adjustable
rate
(2)
|
At
fixed
rate (3)
|
Total
|
||||||||||||
|
Due
after 5 years
|
||||||||||||||||
The
Netherlands
|
||||||||||||||||
· Public
sector
|
– | 16 | 793 | 809 | ||||||||||||
·
Commercial
|
88 | 6,819 | 6,753 | 13,660 | ||||||||||||
·
Consumer
|
3,284 | 25,194 | 35,827 | 64,305 | ||||||||||||
Total
The Netherlands
|
3,372 | 32,029 | 43,373 | 78,774 | ||||||||||||
Rest of
Europe
|
||||||||||||||||
· Public
sector
|
58 | – | 6 | 64 | ||||||||||||
·
Commercial
|
2,351 | 4,891 | 621 | 7,863 | ||||||||||||
·
Consumer
|
34 | 280 | 57 | 371 | ||||||||||||
Total
Rest of Europe
|
2,443 | 5,171 | 684 | 8,298 | ||||||||||||
North
America
|
||||||||||||||||
· Public
sector
|
– | 22 | – | 22 | ||||||||||||
·
Commercial
|
54 | 1,927 | 718 | 2,699 | ||||||||||||
·
Consumer
|
– | – | – | – | ||||||||||||
Total
North America
|
54 | 1,949 | 718 | 2,721 | ||||||||||||
Latin
America
|
||||||||||||||||
· Public
sector
|
9 | – | – | 9 | ||||||||||||
·
Commercial
|
148 | 21 | 455 | 624 | ||||||||||||
·
Consumer
|
25 | 2 | 699 | 726 | ||||||||||||
Total
Latin America
|
182 | 23 | 1,154 | 1,359 | ||||||||||||
Rest of the
World
|
||||||||||||||||
· Public
sector
|
– | – | 47 | 47 | ||||||||||||
·
Commercial
|
144 | 34 | 436 | 614 | ||||||||||||
·
Consumer
|
333 | 332 | 24 | 689 | ||||||||||||
Total
Rest of the World
|
477 | 366 | 507 | 1,350 | ||||||||||||
Total
(gross)
|
6,528 | 39,538 | 46,436 | 92,502 |
(1)
|
Variable
rate loans are EURIBOR, London interbank offered rate (LIBOR) and prime
rate-based loans as well as adjustable rate loans with fixed interest
periods of up to one year.
|
(2)
|
Adjustable
rate loans are loans with fixed interest rates for a period that is
shorter than the entire term of the
loan.
|
(3)
|
Fixed
rate loans are loans for which the interest rate is fixed for the entire
term.
|
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Commercial
|
||||||||||||||||||||
Public
authority guarantees
|
5,335 | 5,417 | 4,404 | 8,135 | 11,382 | |||||||||||||||
Mortgages
|
7,742 | 18,490 | 28,441 | 23,956 | 28,074 | |||||||||||||||
Securities
|
2,606 | 2,039 | 3,487 | 764 | 1,006 | |||||||||||||||
Bank
guarantees
|
9,163 | 2,954 | 3,121 | 3,029 | 3,113 | |||||||||||||||
Other types of
collateral
|
38,772 | 52,163 | 50,439 | 31,781 | – | |||||||||||||||
Unsecured
|
80,916 | 99,199 | 62,519 | 59,379 | 87,408 | |||||||||||||||
Total
commercial loans
|
144,534 | 180,262 | 152,411 | 127,044 | 130,983 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Public
authority guarantees
|
141 | 159 | 3 | 151 | 50 | |||||||||||||||
Mortgages
|
93,982 | 103,272 | 93,826 | 79,639 | 80,794 | |||||||||||||||
Securities
|
1,120 | 872 | 2,074 | 2,647 | – | |||||||||||||||
Bank
guarantees
|
14 | 31 | 856 | 2,414 | – | |||||||||||||||
Other types of
collateral
|
10,274 | 12,062 | 7,077 | 7,354 | – | |||||||||||||||
Unsecured
|
16,232 | 19,088 | 18,872 | 14,919 | 26,862 | |||||||||||||||
Total
consumer loans
|
121,763 | 135,484 | 122,708 | 107,124 | 107,706 | |||||||||||||||
Total
private sector loans (gross)
|
266,297 | 315,746 | 275,119 | 234,168 | 238,689 | |||||||||||||||
Total
private sector loans (net) (1)
|
263,296 | 312,112 | 272,132 | 230,994 | 234,778 |
(1)
|
The
difference between total private sector loans (gross) and total private
sector loans (net) represents ABN AMRO’s specific allowance for loan
losses. For a discussion of ABN AMRO’s provisioning policy, see Note 19 to
ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Basic
material
|
10,724 | 15,126 | 8,263 | 7,430 | ||||||||||||
Real
estate
|
11,197 | 23,712 | 26,301 | 21,477 | ||||||||||||
Industrial
|
36,607 | 39,666 | 22,757 | 18,323 | ||||||||||||
Energy
|
10,699 | 5,424 | 7,391 | 5,584 | ||||||||||||
Financial
services
|
22,562 | 21,407 | 22,555 | 20,967 | ||||||||||||
TMT (media and
communications)
|
10,198 | 10,092 | 10,575 | 9,124 | ||||||||||||
Consumer
cyclical
|
22,242 | 43,775 | 36,673 | 29,771 | ||||||||||||
Consumer
non-cyclical
|
16,975 | 16,204 | 12,291 | 10,618 | ||||||||||||
Health
|
3,330 | 4,856 | 5,605 | 3,750 | ||||||||||||
Total
commercial loans (gross)
|
144,534 | 180,262 | 152,411 | 127,044 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Agriculture,
mining and energy
|
11,202 | |||
Manufacturing
|
27,980 | |||
Construction
and real estate
|
19,025 | |||
Wholesale and
retail trade
|
18,329 | |||
Transportation
and communications
|
12,966 | |||
Financial
services
|
22,086 | |||
Business
services
|
10,565 | |||
Education,
healthcare and other services
|
8,830 | |||
Total
commercial loans (gross)
|
130,983 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
The
Netherlands - loans by customer portfolio
|
||||||||||||||||||||
Public
sector
|
||||||||||||||||||||
· The
Netherlands
|
297 | 421 | 480 | 601 | 577 | |||||||||||||||
· Rest of
Europe
|
874 | 1,985 | 1,468 | 35 | 129 | |||||||||||||||
· North
America
|
– | 300 | – | – | – | |||||||||||||||
· Rest of the
World
|
376 | 580 | 352 | 419 | 422 | |||||||||||||||
Total
public sector loans (gross)
|
1,547 | 3,286 | 2,300 | 1,055 | 1,128 | |||||||||||||||
Private
sector
|
||||||||||||||||||||
· The
Netherlands
|
141,087 | 136,362 | 135,842 | 129,379 | 125,922 | |||||||||||||||
· Rest of
Europe
|
10,557 | 7,241 | 5,941 | 7,228 | 6,342 | |||||||||||||||
· North
America
|
973 | 1,929 | 2,244 | 1,341 | 794 | |||||||||||||||
· Rest of the
World
|
9,950 | 8,019 | 6,758 | 4,425 | 4,314 | |||||||||||||||
Total
private sector loans (gross)
|
162,567 | 153,551 | 150,785 | 142,373 | 137,372 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
The
Netherlands - private sector loans by type of collateral
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Public
authority guarantees
|
922 | 2,234 | 971 | 5,270 | 8,083 | |||||||||||||||
Mortgages
|
344 | 3,660 | 11,209 | 10,602 | 12,353 | |||||||||||||||
Securities
|
379 | 707 | 240 | 138 | 146 | |||||||||||||||
Bank
guarantees
|
204 | 428 | 293 | 495 | 710 | |||||||||||||||
Other types of
collateral
|
16,730 | 15,394 | 16,012 | 1,585 | – | |||||||||||||||
Unsecured
|
41,610 | 33,528 | 27,457 | 35,698 | 31,698 | |||||||||||||||
Total
commercial loans (gross)
|
60,189 | 55,951 | 56,182 | 53,788 | 52,990 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Public
authority guarantees
|
141 | 159 | – | – | – | |||||||||||||||
Mortgages
|
92,158 | 83,006 | 77,412 | 69,060 | 65,096 | |||||||||||||||
Securities
|
566 | 548 | 1,526 | 2,041 | 19,287 | |||||||||||||||
Bank
guarantees
|
7 | 9 | 807 | 2,403 | – | |||||||||||||||
Other types of
collateral
|
3,853 | 6,221 | 2,545 | 4,290 | – | |||||||||||||||
Unsecured
|
5,653 | 7,667 | 12,313 | 10,791 | – | |||||||||||||||
Total
consumer loans (gross)
|
102,378 | 97,610 | 94,603 | 88,585 | 84,382 | |||||||||||||||
Total
private sector loans (gross)
|
162,567 | 153,561 | 150,785 | 142,373 | 137,372 |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
The Netherlands - commercial
loans by industry
|
||||||||||||||||
Basic
material
|
3,494 | 6,480 | 3,552 | 2,978 | ||||||||||||
Real
estate
|
3,161 | 4,656 | 10,801 | 7,723 | ||||||||||||
Industrial
|
15,535 | 9,524 | 3,215 | 4,604 | ||||||||||||
Energy
|
2,466 | 666 | 892 | 948 | ||||||||||||
Financial
services
|
11,175 | 7,798 | 4,364 | 13,964 | ||||||||||||
TMT (media and
communications)
|
3,120 | 1,945 | 1,465 | 1,366 | ||||||||||||
Consumer
cyclical
|
11,976 | 17,981 | 22,860 | 15,587 | ||||||||||||
Consumer
non-cyclical
|
8,337 | 5,193 | 6,029 | 5,184 | ||||||||||||
Health
|
925 | 1,708 | 3,004 | 1,434 | ||||||||||||
Total
commercial loans (gross)
|
60,189 | 55,951 | 56,182 | 53,788 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
At
31
December
2003
|
||||
The Netherlands - commercial
loans by industry
|
||||
Agriculture,
mining and energy
|
5,239 | |||
Manufacturing
|
8,932 | |||
Construction
and real estate
|
6,239 | |||
Wholesale and
retail trade
|
6,626 | |||
Transportation
and communications
|
3,527 | |||
Financial
services
|
15,069 | |||
Business
services
|
3,996 | |||
Education,
healthcare and other services
|
3,362 | |||
Total
commercial loans (gross)
|
52,990 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Europe
- private sector loans by type of collateral
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Public
authority guarantees
|
2,503 | 1,863 | 1,799 | 1,463 | 1,778 | |||||||||||||||
Mortgages
|
6,646 | 1,710 | 1,153 | 453 | 1,684 | |||||||||||||||
Securities
|
1,860 | 670 | 2,833 | 363 | 360 | |||||||||||||||
Bank
guarantees
|
5,298 | 1,144 | 1,101 | 913 | 936 | |||||||||||||||
Other types of
collateral
|
10,108 | 6,580 | 8,656 | 9,368 | – | |||||||||||||||
Unsecured
|
16,001 | 45,458 | 15,340 | 10,542 | 22,491 | |||||||||||||||
Total
commercial loans (gross)
|
42,416 | 57,425 | 30,882 | 23,102 | 27,249 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Public
authority guarantees
|
– | – | 3 | 151 | 49 | |||||||||||||||
Mortgages
|
337 | 6,243 | 251 | 183 | 185 | |||||||||||||||
Securities
|
290 | 132 | 336 | 396 | – | |||||||||||||||
Bank
guarantees
|
3 | 5 | 11 | 3 | – | |||||||||||||||
Other types of
collateral
|
313 | 1,736 | 455 | 109 | – | |||||||||||||||
Unsecured
|
1,430 | 4,413 | 483 | 523 | 1,022 | |||||||||||||||
Total
consumer loans (gross)
|
2,373 | 12,529 | 1,539 | 1,365 | 1,256 | |||||||||||||||
Total
private sector loans (gross)
|
44,789 | 69,954 | 32,421 | 24,467 | 28,505 |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Europe - commercial loans by
industry
|
||||||||||||||||
Basic
material
|
2,181 | 3,646 | 2,750 | 2,942 | ||||||||||||
Real
estate
|
6,325 | 5,902 | 1,423 | 411 | ||||||||||||
Industrial
|
11,281 | 13,109 | 2,975 | 2,601 | ||||||||||||
Energy
|
4,931 | 2,995 | 2,847 | 2,813 | ||||||||||||
Financial
services
|
6,075 | 7,577 | 6,587 | 2,921 | ||||||||||||
TMT (media and
communications)
|
4,012 | 3,649 | 8,038 | 5,698 | ||||||||||||
Consumer
cyclical
|
3,095 | 14,156 | 4,269 | 3,637 | ||||||||||||
Consumer
non-cyclical
|
3,251 | 5,438 | 1,292 | 1,590 | ||||||||||||
Health
|
1,265 | 953 | 701 | 489 | ||||||||||||
Total
commercial loans (gross)
|
42,416 | 57,425 | 30,882 | 23,102 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Europe - commercial loans by
industry
|
||||
Agriculture,
mining and energy
|
1,513 | |||
Manufacturing
|
6,115 | |||
Construction
and real estate
|
2,225 | |||
Wholesale and
retail trade
|
3,956 | |||
Transportation
and communications
|
4,680 | |||
Financial
services
|
4,104 | |||
Business
services
|
3,214 | |||
Education,
healthcare and other services
|
1,442 | |||
Total
commercial loans (gross)
|
27,249 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
North
America - private sector loans by type
of
collateral
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Public
authority guarantees
|
1,616 | 765 | 1,227 | 961 | 1,100 | |||||||||||||||
Mortgages
|
22 | 12,688 | 15,724 | 12,565 | 13,658 | |||||||||||||||
Securities
|
– | 77 | 73 | 63 | 264 | |||||||||||||||
Bank
guarantees
|
36 | 13 | 871 | 288 | 466 | |||||||||||||||
Other types of
collateral
|
1,295 | 22,268 | 20,083 | 17,837 | – | |||||||||||||||
Unsecured
|
6,556 | 6,368 | 6,715 | 3,746 | 22,697 | |||||||||||||||
Total
commercial loans (gross)
|
9,525 | 42,179 | 44,693 | 35,460 | 38,185 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Public
authority guarantees
|
||||||||||||||||||||
Mortgages
|
– | 12,694 | 14,750 | 9,311 | 14,128 | |||||||||||||||
Securities
|
– | 32 | 33 | 33 | – | |||||||||||||||
Bank
guarantees
|
– | – | – | 1 | – | |||||||||||||||
Other types of
collateral
|
– | 22 | 378 | 314 | – | |||||||||||||||
Unsecured
|
– | 269 | 57 | 57 | 540 | |||||||||||||||
Total
consumer loans (gross)
|
– | 13,017 | 15,218 | 9,716 | 14,668 | |||||||||||||||
Total
private sector loans (gross)
|
9,525 | 55,196 | 59,911 | 45,176 | 52,853 |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
North America - commercial
loans by industry
|
||||||||||||||||
Basic
material
|
555 | 2,503 | 1,135 | 1,067 | ||||||||||||
Real
estate
|
191 | 11,849 | 10,516 | 10,704 | ||||||||||||
Industrial
|
2,235 | 9,331 | 11,071 | 7,653 | ||||||||||||
Energy
|
1,906 | 1,064 | 3,091 | 1,563 | ||||||||||||
Financial
services
|
2,173 | 3,694 | 7,937 | 2,660 | ||||||||||||
TMT (media and
communications)
|
689 | 1,585 | 1,479 | 1,567 | ||||||||||||
Consumer
cyclical
|
845 | 7,216 | 5,523 | 6,703 | ||||||||||||
Consumer
non-cyclical
|
632 | 3,251 | 2,745 | 2,243 | ||||||||||||
Health
|
299 | 1,686 | 1,196 | 1,300 | ||||||||||||
Total
commercial loans (gross)
|
9,525 | 42,179 | 44,693 | 35,460 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
North America - commercial
loans by industry
|
||||
Agriculture,
mining and energy
|
3,506 | |||
Manufacturing
|
7,816 | |||
Construction
and real estate
|
9,922 | |||
Wholesale and
retail trade
|
5,605 | |||
Transportation
and communications
|
2,940 | |||
Financial
services
|
1,974 | |||
Business
services
|
2,623 | |||
Education,
healthcare and other services
|
3,790 | |||
Total
commercial loans (gross)
|
38,176 |
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Rest
of the World - private sector loans by type of
collateral
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Public
authority guarantees
|
294 | 555 | 407 | 441 | 421 | |||||||||||||||
Mortgages
|
730 | 432 | 355 | 336 | 379 | |||||||||||||||
Securities
|
367 | 585 | 341 | 200 | 236 | |||||||||||||||
Bank
guarantees
|
3,625 | 1,369 | 856 | 1,333 | 1,001 | |||||||||||||||
Other types of
collateral
|
10,639 | 7,921 | 5,688 | 2,991 | – | |||||||||||||||
Unsecured
|
16,749 | 13,845 | 13,007 | 9,393 | 10,522 | |||||||||||||||
Total
commercial loans (gross)
|
32,404 | 24,707 | 20,654 | 14,694 | 12,559 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Public
authority guarantees
|
||||||||||||||||||||
Mortgages
|
1,487 | 1,329 | 1,413 | 1,084 | 2 | |||||||||||||||
Securities
|
264 | 160 | 179 | 177 | 1,386 | |||||||||||||||
Bank
guarantees
|
4 | 17 | 38 | 7 | – | |||||||||||||||
Other types of
collateral
|
6,108 | 4,093 | 3,699 | 2,642 | – | |||||||||||||||
Unsecured
|
9,149 | 6,739 | 6,019 | 3,548 | 6,012 | |||||||||||||||
Total
consumer loans (gross)
|
17,012 | 12,338 | 11,348 | 7,458 | 7,400 | |||||||||||||||
Total
private sector loans (gross)
|
49,416 | 37,045 | 32,002 | 22,152 | 19,959 |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Rest of the World - commercial
loans by industry
|
||||||||||||||||
Basic
material
|
4,494 | 2,497 | 1,653 | 955 | ||||||||||||
Real
estate
|
1,520 | 1,305 | 927 | 679 | ||||||||||||
Industrial
|
7,556 | 7,702 | 3,938 | 3,605 | ||||||||||||
Energy
|
1,396 | 699 | 605 | 714 | ||||||||||||
Financial
services
|
3,139 | 2,338 | 4,163 | 965 | ||||||||||||
TMT (media and
communications)
|
2,377 | 2,913 | 1,975 | 1,851 | ||||||||||||
Consumer
cyclical
|
6,326 | 4,422 | 4,452 | 3,651 | ||||||||||||
Consumer
non-cyclical
|
4,755 | 2,322 | 2,257 | 1,803 | ||||||||||||
Health
|
841 | 509 | 684 | 471 | ||||||||||||
Total
commercial loans (gross)
|
32,404 | 24,707 | 20,654 | 14,694 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Rest of the World - commercial
loans by industry
|
||||
Agriculture,
mining and energy
|
944 | |||
Manufacturing
|
5,117 | |||
Construction
and real estate
|
639 | |||
Wholesale and
retail trade
|
2,142 | |||
Transportation
and communications
|
1,810 | |||
Financial
services
|
939 | |||
Business
services
|
732 | |||
Education,
healthcare and other services
|
236 | |||
Total
commercial loans (gross)
|
12,559 |
IFRS
|
||||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Non-performing
loans
|
||||||||||||||||
Total
non-performing loans (in millions of euros)
|
3,840 | 7,288 | 4,736 | 5,337 | ||||||||||||
Non-performing
loans to private sector loans (gross)
|
1.44% | 2.31% | 1.72% | 2.28% | ||||||||||||
Allowances for
loan losses to private sector loans (gross)
|
1.13% | 1.15% | 1.09% | 1.36% |
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December 2007
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
|
||||||||||||||||
Net
provision
|
1,704 | 1,411 | 614 | 607 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
|
||||
Net provisions
for loan losses (1)
|
1,240 | |||
Net provisions
for sovereign risk
|
34 | |||
Total
provisions
|
1,274 |
(1)
|
Net
of recoveries and releases. See “Movements in allowances for
loan losses” below.
|
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Provisions
for loan losses
|
||||||||||||||||||||
The
Netherlands
|
565 | 334 | 401 | 336 | 311 | |||||||||||||||
North
America
|
32 | (16 | ) | (177 | ) | 116 | 586 | |||||||||||||
Rest of the
World
|
1,107 | 1,093 | 390 | 155 | 343 | |||||||||||||||
Total
provisions
|
1,704 | 1,411 | 614 | 607 | 1,240 | |||||||||||||||
Provisions for
sovereign risk
|
– | – | – | – | 34 | |||||||||||||||
Total
provisions
|
1,704 | 1,411 | 614 | 607 | 1,274 | |||||||||||||||
Provision/private
sector loans
|
0.64% | 0.45% | 0.22% | 0.26% | 0.52% |
(in
millions of euros)
|
Provisioning
by BU
|
|||||||||||||||||||||||||||||||||||
Total
2007
|
BU
NL
|
BU
EU
|
BU
NA
|
BU
LA
|
BU
Asia
|
Other
|
Total
2006
|
Total
2005
|
||||||||||||||||||||||||||||
Provisioning
|
1,704 | 406 | 75 | 33 | 964 | 228 | (2 | ) | 1,411 | 614 | ||||||||||||||||||||||||||
Provisioning
to average RWA (bps)
|
505 | 45 | 10 | 6 | 328 | 117 | (1 | ) | 47 | 24 | ||||||||||||||||||||||||||
Average
RWA
|
288 | 91 | 78 | 56 | 29 | 19 | 15 | 302 | 260 | |||||||||||||||||||||||||||
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Allowances
|
||||||||||||||||||||
The
Netherlands
|
948 | 1,100 | 1,646 | 1,693 | 1,524 | |||||||||||||||
North
America
|
186 | 353 | 180 | 361 | 388 | |||||||||||||||
Rest of the
World
|
1,867 | 2,193 | 1,161 | 1,120 | 2,100 | |||||||||||||||
Total
allowances for loan losses
|
3,001 | 3,646 | 2,987 | 3,174 | 4,012 | |||||||||||||||
Allowances for
sovereign risks (1)
|
– | – | – | – | 215 | |||||||||||||||
Total
allowances
|
3,001 | 3,646 | 2,987 | 3,174 | 4,227 |
(1)
|
Under
IFRS, there are no separate allowances for sovereign risk. See the
accounting policies section in ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Movements
in allowances for loan losses
|
||||||||||||||||||||
Balance at
beginning of year
|
3,646 | 2,987 | 3,174 | 4,304 | 4,129 | |||||||||||||||
Acquisitions,
dispositions, currency translation differences and other
adjustments
|
(998 | ) | 268 | 196 | (579 | ) | (331 | ) | ||||||||||||
Amounts
written-off
|
||||||||||||||||||||
-
Commercial
|
(244 | ) | (344 | ) | (322 | ) | (241 | ) | (241 | ) | ||||||||||
-
Consumer
|
(242 | ) | (202 | ) | (204 | ) | (60 | ) | (114 | ) | ||||||||||
Total
The Netherlands
|
(486 | ) | (546 | ) | (526 | ) | (301 | ) | (355 | ) | ||||||||||
North
America
|
(62 | ) | (95 | ) | (178 | ) | (277 | ) | (528 | ) | ||||||||||
Rest of the
World
|
(1,399 | ) | (748 | ) | (602 | ) | (828 | ) | (460 | ) | ||||||||||
Total
|
(1,947 | ) | (1,389 | ) | (1,306 | ) | (1,406 | ) | (1,343 | ) | ||||||||||
Recoveries
|
||||||||||||||||||||
The
Netherlands
|
||||||||||||||||||||
-
Commercial
|
116 | 9 | 6 | 16 | 11 | |||||||||||||||
-
Consumer
|
– | – | 10 | 7 | 22 | |||||||||||||||
Total
The Netherlands
|
116 | 9 | 16 | 23 | 33 | |||||||||||||||
North
America
|
36 | 26 | 99 | 84 | 79 | |||||||||||||||
Rest of the
World
|
397 | 218 | 121 | 63 | 134 | |||||||||||||||
Total
|
549 | 253 | 236 | 170 | 246 | |||||||||||||||
Net
written-off
|
(1,398 | ) | (1,136 | ) | (1,070 | ) | (1,236 | ) | (1,097 | ) | ||||||||||
Subtotal
|
1,250 | 2,119 | 2,300 | 2,489 | 2,701 | |||||||||||||||
Unrecognised
interest (1)
|
47 | 116 | 73 | 78 | 71 | |||||||||||||||
New and
increased specific provisions
|
||||||||||||||||||||
- The
Netherlands
|
764 | 514 | 470 | 525 | 384 | |||||||||||||||
- North
America
|
104 | 131 | 241 | 295 | 686 | |||||||||||||||
- Rest of the
World
|
1,899 | 1,448 | 683 | 421 | 786 | |||||||||||||||
Total
|
2,767 | 2,093 | 1,394 | 1,241 | 1,856 | |||||||||||||||
Releases of
specific provisions
|
||||||||||||||||||||
- The
Netherlands
|
(83 | ) | (171 | ) | (53 | ) | (166 | ) | (40 | ) | ||||||||||
- North
America
|
(36 | ) | (121 | ) | (319 | ) | (95 | ) | (21 | ) | ||||||||||
- Rest of the
World
|
(395 | ) | (137 | ) | (172 | ) | (203 | ) | (309 | ) | ||||||||||
Total
|
(514 | ) | (429 | ) | (544 | ) | (464 | ) | (370 | ) | ||||||||||
Recoveries
|
||||||||||||||||||||
- The
Netherlands
|
(116 | ) | (9 | ) | (16 | ) | (23 | ) | (33 | ) | ||||||||||
- North
America
|
(36 | ) | (26 | ) | (99 | ) | (84 | ) | (79 | ) | ||||||||||
- Rest of the
World
|
(397 | ) | (218 | ) | (121 | ) | (63 | ) | (134 | ) | ||||||||||
Total
|
(549 | ) | (253 | ) | (236 | ) | (170 | ) | (246 | ) | ||||||||||
New and
increased provisions (net)
|
1,704 | 1,411 | 635 | 607 | 1,240 | |||||||||||||||
Balance
at end of year
|
3,001 | 3,646 | 2,987 | 3,174 | 4,012 |
(1)
|
Unrecognised
interest is either (i) booked into a separate account, or (ii) if for
administrative reasons it cannot be booked as a specific unpaid interest
claim, it is booked directly into the specific allowance for loan losses.
Cash receipts of interest on non-performing loans are only recorded as
interest revenue if the principal has been fully
collected.
|
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Movements
in specific allowance for sovereign risk (1)
|
||||
Balance at
beginning of year
|
181 | |||
Currency
translation differences
|
(7 | ) | ||
Provisions
charges/(released) against profit and loss account
|
34 | |||
Other
movements
|
7 | |||
Balance
at end of year
|
215 |
(1)
|
Under
IFRS, there are no specific allowances for sovereign
risk.
|
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Allowance
for loan impairment by industry
|
||||||||||||||||
Basic
materials
|
109 | 115 | 165 | 212 | ||||||||||||
Real
estate
|
49 | 58 | 109 | 104 | ||||||||||||
Industrials
|
558 | 338 | 173 | 284 | ||||||||||||
Energy
|
72 | 103 | 79 | 231 | ||||||||||||
Financial
services
|
213 | 215 | 299 | 282 | ||||||||||||
TMT (media and
communications)
|
69 | 72 | 81 | 87 | ||||||||||||
Consumer
cyclical
|
463 | 1,054 | 1,010 | 1,153 | ||||||||||||
Consumer
non-cyclical
|
223 | 322 | 207 | 221 | ||||||||||||
Health
|
18 | 67 | 23 | 24 | ||||||||||||
Total
commercial
|
1,774 | 2,344 | 2,146 | 2,598 | ||||||||||||
Consumer
(1)
|
1,227 | 1,302 | 841 | 576 | ||||||||||||
Total allowances
(2)
|
3,001 | 3,646 | 2,987 | 3,174 |
(1)
|
Commercial
loans are evaluated on an individual basis. For more details, see Note 18
to ABN AMRO’s consolidated financial
statements.
|
(2)
|
Consumer
loans are generally evaluated on a portfolio basis. For more details, see
Note 18 to ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Allowance
for loan impairment by industry
|
||||
Agriculture,
mining and energy
|
285 | |||
Manufacturing
|
1,077 | |||
Construction
and real estate
|
116 | |||
Wholesale and
retail trade
|
500 | |||
Transportation
and communications
|
375 | |||
Financial
services
|
521 | |||
Business
services
|
238 | |||
Education,
healthcare and other services
|
334 | |||
Total
commercial (1)
|
3,446 | |||
Consumer
(2)
|
566 | |||
Total
private sector
|
4,012 | |||
(1)
|
Commercial
loans are evaluated on an individual basis. For more details, see Note 18
to ABN AMRO’s consolidated financial
statements.
|
(2)
|
Consumer
loans are generally evaluated on a portfolio basis. For more details, see
Note 18 to ABN AMRO’s consolidated financial
statements.
|
(in
percentages)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Loans
by industry
|
||||||||||||||||
Basic
materials
|
7.4 | 8.3 | 5.4 | 5.9 | ||||||||||||
Real
estate
|
7.8 | 13.2 | 17.3 | 16.9 | ||||||||||||
Industrials
|
25.3 | 22.0 | 14.9 | 14.4 | ||||||||||||
Energy
|
7.4 | 3.0 | 4.9 | 4.4 | ||||||||||||
Financial
services
|
15.6 | 11.9 | 14.8 | 16.5 | ||||||||||||
TMT (media and
communications)
|
7.1 | 5.6 | 6.9 | 7.2 | ||||||||||||
Consumer
cyclical
|
15.4 | 24.3 | 24.0 | 23.4 | ||||||||||||
Consumer
non-cyclical
|
11.7 | 9.0 | 8.1 | 8.3 | ||||||||||||
Health
|
2.3 | 2.7 | 3.7 | 3.0 | ||||||||||||
Total
commercial loans
|
100.0 | 100.0 | 100.0 | 100.0 |
(in
percentages)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Loans
by industry
|
||||
Agriculture,
mining and energy
|
4.7 | |||
Manufacturing
|
11.7 | |||
Construction
and real estate
|
8.0 | |||
Wholesale and
retail trade
|
7.7 | |||
Transportation
and communications
|
5.4 | |||
Financial
services
|
9.3 | |||
Business
services
|
4.4 | |||
Education,
healthcare and other services
|
3.7 | |||
Total
commercial (1)
|
54.9 | |||
Consumer
(2)
|
45.1 | |||
Total
private sector
|
100.0 |
(1)
|
Commercial
loans are evaluated on an individual basis. For more details, see Note 18
to ABN AMRO’s consolidated financial
statements.
|
(2)
|
Consumer
loans are generally evaluated on a portfolio basis. For more details, see
Note 18 to ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
IFRS
|
|||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Loans
by industry
|
||||||||||||||||
Basic
materials
|
26 | 44 | (97 | ) | (2 | ) | ||||||||||
Real
estate
|
18 | 45 | 8 | (13 | ) | |||||||||||
Industrials
|
202 | 83 | (10 | ) | 73 | |||||||||||
Energy
|
(24 | ) | 62 | (50 | ) | 5 | ||||||||||
Financial
services
|
114 | 71 | 98 | 40 | ||||||||||||
TMT (media and
communications)
|
18 | (42 | ) | (28 | ) | (29 | ) | |||||||||
Consumer
cyclical
|
(22 | ) | 350 | 167 | 216 | |||||||||||
Consumer
non-cyclical
|
210 | 94 | 75 | 87 | ||||||||||||
Health
|
(113 | ) | (52 | ) | 59 | 68 | ||||||||||
Total
commercial
|
429 | 662 | 222 | 445 | ||||||||||||
Total
consumer
|
1,322 | 865 | 465 | 240 | ||||||||||||
Total
net provisions
|
1,751 | 1,527 | 687 | 685 | ||||||||||||
Of which
interest in suspense
|
47 | 116 | 73 | 78 | ||||||||||||
Total
specific provisions (net)
|
1,704 | 1,411 | 614 | 607 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
2003
|
||||
Loans
by industry
|
||||
Agriculture,
mining and energy
|
119 | |||
Manufacturing
|
147 | |||
Construction
and real estate
|
20 | |||
Wholesale and
retail trade
|
137 | |||
Transportation
and communications
|
135 | |||
Financial
services
|
57 | |||
Business
services
|
77 | |||
Education,
healthcare and other services
|
192 | |||
Total commercial
(1)
|
884 | |||
Consumer
(2)
|
427 | |||
Total
private sector
|
1,311 | |||
Of which
unrecognised interest
|
71 | |||
Total
provisions (net)
|
1,240 |
(1)
|
Commercial
loans are evaluated on an individual basis. For more details, see Note 18
to ABN AMRO’s consolidated financial
statements.
|
(2)
|
Consumer
loans are generally evaluated on a portfolio basis. For more details, see
Note 18 to ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
IFRS
|
|||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Write-offs
by industry
|
||||||||||||||||
Basic
materials
|
24 | 56 | 21 | 55 | ||||||||||||
Real
estate
|
12 | 26 | 13 | 20 | ||||||||||||
Industrials
|
(44 | ) | 91 | 117 | 209 | |||||||||||
Energy
|
(9 | ) | 21 | 28 | 48 | |||||||||||
Financial
services
|
83 | 68 | 39 | 47 | ||||||||||||
TMT (media and
communications)
|
5 | 39 | 16 | 52 | ||||||||||||
Consumer
cyclical
|
128 | 194 | 150 | 276 | ||||||||||||
Consumer
non-cyclical
|
51 | 103 | 68 | 89 | ||||||||||||
Health
|
(104 | ) | 43 | 36 | 52 | |||||||||||
Other
items
|
2 | – | – | – | ||||||||||||
Total
commercial
|
148 | 641 | 488 | 848 | ||||||||||||
Total
consumer
|
1,250 | 495 | 582 | 388 | ||||||||||||
Total
written-off
|
1,398 | 1,136 | 1,070 | 1,236 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
2003
|
||||
Write-offs
by industry
|
||||
Agriculture,
mining and energy
|
119 | |||
Manufacturing
|
195 | |||
Construction
and real estate
|
41 | |||
Wholesale and
retail trade
|
163 | |||
Transportation
and communications
|
55 | |||
Financial
services
|
179 | |||
Business
services
|
100 | |||
Education,
healthcare and other services
|
61 | |||
Total
commercial
|
913 | |||
Consumer
|
430 | |||
Total
private sector
|
1,343 |
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Sovereign
risk exposure (1)
|
||||
Sovereign
risk/country risk exposure
|
338 | |||
Sovereign
risk/country risk specific allowances
|
(215 | ) | ||
Loss
account
|
34 | |||
Net
exposure
|
157 | |||
Net exposure
as a percentage of group capital
|
0.39% |
(1)
|
Under
IFRS, there are no specific allowances for sovereign risk. See the
accounting policies section in ABN AMRO’s consolidated financial
statements.
|
(in
millions of euros)
|
IFRS
|
|||||||||||||||
At
31 December
|
||||||||||||||||
2007
|
2006
|
2005
|
2004
|
|||||||||||||
Doubtful
loans
|
||||||||||||||||
Non-performing
loans (1)
|
||||||||||||||||
· The
Netherlands
|
1,300 | 1,740 | 2,048 | 2,400 | ||||||||||||
· Rest of
Europe
|
461 | 3,940 | 628 | 864 | ||||||||||||
· North
America
|
777 | 719 | 933 | 1,402 | ||||||||||||
· Latin
America
|
904 | 657 | 834 | 375 | ||||||||||||
· Rest of the
World
|
398 | 232 | 293 | 296 | ||||||||||||
Total
non-performing loans
|
3,840 | 7,288 | 4,736 | 5,337 | ||||||||||||
Other doubtful
loans (2)
|
||||||||||||||||
· The
Netherlands
|
601 | 852 | 626 | 989 | ||||||||||||
· Rest of
Europe
|
26 | 13 | 14 | 24 | ||||||||||||
· North
America
|
37 | 6 | 153 | 152 | ||||||||||||
· Latin
America
|
274 | 256 | 68 | 27 | ||||||||||||
· Rest of the
World
|
4 | 5 | 2 | 5 | ||||||||||||
Total
other doubtful loans
|
942 | 1,132 | 863 | 1,197 | ||||||||||||
Total
doubtful loans
|
4,782 | 8,420 | 5,599 | 6,534 |
(1)
|
Under
IFRS, “Non-performing loans” are doubtful loans for which there is
objective evidence that not all contractually agreed amounts will be
collected and for which an allowance for loan losses is
established.
|
(2)
|
“Other
doubtful loans” are potential problem loans on which ABN AMRO
charges interest also on non-performing that is included in
interest revenue.
|
(in
millions of euros)
|
Dutch
GAAP
|
|||
at
31
December
2003
|
||||
Doubtful
loans
|
||||
Non-accrual
loans and non-performing loans (1)
|
||||
· The
Netherlands
|
1,041 | |||
· Rest of
Europe
|
1,255 | |||
· North
America
|
1,092 | |||
· Latin
America
|
490 | |||
· Rest of the
World
|
1,077 | |||
Total
other doubtful loans
|
4,955 | |||
Doubtful,
still accruing loans (2)
|
||||
· The
Netherlands
|
1,718 | |||
· Rest of
Europe
|
68 | |||
· North
America
|
442 | |||
· Latin
America
|
143 | |||
· Rest of the
World
|
82 | |||
Total
accruing loans
|
2,453 | |||
Total
doubtful loans
|
7,408 |
(1)
|
Under
Dutch GAAP, “Non-performing loans” are doubtful loans that are placed on a
non-accrual basis, which means that the contractual interest is no longer
recognised in ABN AMRO’s income statement. Such unrecognised interest is
then either (i) booked into a separate account, or (ii) if for
administrative reasons it cannot be booked as a specific unpaid interest
claim, it is booked directly into the specific allowance for loan losses.
Cash receipts of interest on non-performing loans are only recorded as
interest revenue if the principal has been fully
collected.
|
(2)
|
“Accruing
loans” are potential problem loans on which ABN AMRO continues to charge
interest that is included in interest
revenue
|
(in
millions of euros)
|
IFRS
|
Dutch
GAAP
|
||||||||||||||||||
At
31 December
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Restructured
loans
|
||||||||||||||||||||
The
Netherlands
|
407 | 315 | 18 | – | – | |||||||||||||||
Rest of the
World
|
610 | 507 | 303 | 149 | 214 | |||||||||||||||
Total
|
1,017 | 822 | 321 | 149 | 214 |
(in
millions of euros, except percentages)
|
IFRS
|
|||||||||||||||||||
Percentage
of
total assets
|
Total
amount
|
Banks
|
Government
|
Private
sector
|
||||||||||||||||
Cross-border
outstandings
|
||||||||||||||||||||
At
31 December 2007
|
||||||||||||||||||||
United
Kingdom
|
10.16 | 104,248 | 37,807 | 58 | 66,383 | |||||||||||||||
France
|
6.11 | 62,638 | 42,815 | 7,464 | 12,359 | |||||||||||||||
Germany
|
3.37 | 34,585 | 6,249 | 17,699 | 10,637 | |||||||||||||||
United
States
|
2.56 | 26,212 | 10,184 | 3,731 | 12,297 | |||||||||||||||
Spain
|
2.19 | 22,419 | 12,748 | 1,228 | 8,443 | |||||||||||||||
Italy
|
1.65 | 16,958 | 6,317 | 6,288 | 4,353 | |||||||||||||||
Japan
|
1.14 | 11,642 | 559 | 6,486 | 4,597 | |||||||||||||||
Ireland
|
1.07 | 11,022 | 2,835 | 211 | 7,976 | |||||||||||||||
Belgium
|
0.86 | 8,806 | 2,505 | 2,718 | 3,583 | |||||||||||||||
At
31 December 2006
|
||||||||||||||||||||
United
Kingdom
|
6.14 | 60,590 | 33,250 | 637 | 26,703 | |||||||||||||||
France
|
5.35 | 52,817 | 31,904 | 7,177 | 13,736 | |||||||||||||||
Germany
|
4.19 | 41,313 | 12,348 | 23,463 | 5,502 | |||||||||||||||
United
States
|
2.63 | 25,997 | 8,226 | 1,547 | 16,224 | |||||||||||||||
Italy
|
2.62 | 25,886 | 4,533 | 9,732 | 11,621 | |||||||||||||||
Spain
|
1.73 | 17,110 | 13,015 | 1,229 | 2,866 | |||||||||||||||
Japan
|
1.14 | 11,271 | 651 | 7,872 | 2,748 | |||||||||||||||
Ireland
|
0.95 | 9,372 | 1,882 | 268 | 7,222 | |||||||||||||||
Belgium
|
0.81 | 8,043 | 2,075 | 2,513 | 3,455 |
(in
millions of euros, except percentages)
|
IFRS
|
|||||||||||||||||||
Percentage
of
total assets
|
Total
amount
|
Banks
|
Government
|
Private
sector
|
||||||||||||||||
Cross-border
outstandings
|
||||||||||||||||||||
At
31 December 2005
|
||||||||||||||||||||
United
Kingdom
|
5.29 | 46,570 | 21,200 | 210 | 25,160 | |||||||||||||||
France
|
2.37 | 20,852 | 13,109 | 3,250 | 4,493 | |||||||||||||||
Germany
|
4.87 | 42,938 | 10,317 | 26,424 | 6,197 | |||||||||||||||
United
States
|
2.59 | 22,771 | 3,915 | 3,361 | 15,495 | |||||||||||||||
Italy
|
2.49 | 21,920 | 6,240 | 11,532 | 4,148 | |||||||||||||||
Spain
|
1.99 | 17,546 | 11,949 | 2,516 | 3,081 | |||||||||||||||
Japan
|
2.38 | 20,982 | 305 | 17,935 | 2,742 | |||||||||||||||
Sweden
|
0.85 | 7,509 | 2,355 | 3,005 | 2,149 | |||||||||||||||
Ireland
|
0.80 | 7,017 | 3,574 | 557 | 2,886 | |||||||||||||||
Belgium
|
1.03 | 9,050 | 2,331 | 2,777 | 3,942 | |||||||||||||||
At
31 December 2004
|
||||||||||||||||||||
United
Kingdom
|
5.08 | 30,920 | 13,505 | 1 | 17,414 | |||||||||||||||
France
|
2.21 | 13,453 | 5,312 | 4,945 | 3,196 | |||||||||||||||
Germany
|
5.91 | 35,955 | 9,450 | 22,702 | 3,803 | |||||||||||||||
United
States
|
2.21 | 13,424 | 3,746 | 3,004 | 6,674 | |||||||||||||||
Italy
|
2.09 | 12,716 | 3,678 | 5,295 | 3,743 | |||||||||||||||
Spain
|
1.14 | 6,690 | 2,457 | 2,474 | 2,029 | |||||||||||||||
Belgium
|
1.54 | 9,376 | 1,820 | 3,653 | 3,903 | |||||||||||||||
Sweden
|
1.39 | 8,478 | 1,699 | 4,183 | 2,596 |
(in
millions of euros)
|
2007
|
2006
|
2005
|
|||||||||||||||||||||
Average
amount
|
Average
rate
|
Average
amount
|
Average
rate
|
Average
amount
|
Average
rate
|
|||||||||||||||||||
Banks
|
||||||||||||||||||||||||
The
Netherlands
|
||||||||||||||||||||||||
Time deposits
(1)
|
61,740 | 4.2 | % | 51,287 | 3.2 | % | 37,325 | 3.6 | % | |||||||||||||||
Demand
deposits/Current account
|
8,823 | 3.9 | % | 7,290 | 3.0 | % | 4,119 | 3.4 | % | |||||||||||||||
Foreign
|
||||||||||||||||||||||||
Time deposits
(1)
|
40,473 | 4.4 | % | 38,005 | 4.2 | % | 38,716 | 4.0 | % | |||||||||||||||
Demand
deposits/Current account
|
11,235 | 2.7 | % | 11,845 | 2.8 | % | 11,599 | 2.9 | % | |||||||||||||||
Total
customer accounts
|
||||||||||||||||||||||||
The
Netherlands
|
||||||||||||||||||||||||
Saving
accounts
|
50,602 | 3.1 | % | 48,372 | 2.6 | % | 46.259 | 2.8 | % | |||||||||||||||
Time
deposits
|
39,410 | 4.1 | % | 32,475 | 3.9 | % | 28,501 | 3.8 | % | |||||||||||||||
Demand
deposits/Current account
|
44,519 | 2.9 | % | 43,186 | 2.2 | % | 40,241 | 2.1 | % | |||||||||||||||
Others
|
6,490 | 5.3 | % | 11,044 | 3.4 | % | 8,167 | 3.4 | % | |||||||||||||||
Foreign
|
||||||||||||||||||||||||
Saving
accounts
|
21,681 | 6.0 | % | 19,513 | 5.7 | % | 15,894 | 4.6 | % | |||||||||||||||
Time deposits
(1)
|
75,982 | 5.9 | % | 53,878 | 5.6 | % | 53,144 | 5.3 | % | |||||||||||||||
Demand
deposits/Current account
|
34,533 | 2.9 | % | 33,652 | 3.5 | % | 31,486 | 2.9 | % | |||||||||||||||
Others
|
7,931 | 5.0 | % | 14,707 | 3.6 | % | 13,208 | 5.2 | % |
(1)
|
Includes
ABN AMRO’s Eurodollar deposit activities and professional securities
transactions. Time deposits are funds for which the original term, the
period of notice and interest payable have been agreed with the
counterparty.
|
(in
millions of euros)
|
At
31
December
2007
|
At
31
December
2006
|
||||||
Deposits
of $ 100,000 or more
|
||||||||
3 months or
less
|
2,294 | 10,350 | ||||||
More than 3
months but less than 6 months
|
52 | 3,607 | ||||||
More than 6
months but less than 12 months
|
56 | 2,946 | ||||||
Over 12
months
|
1,071 | 6,321 | ||||||
Total
|
3,473 | 23,224 |
(in
millions of euros, except percentages)
|
IFRS
|
|||||||||||
2007
|
2006
|
2005
|
||||||||||
Year-end
balance
|
52,149 | 56,375 | 51,873 | |||||||||
Average
balance
|
52,966 | 55,494 | 44,878 | |||||||||
Maximum
month-end balance
|
59,185 | 58,771 | 55,905 | |||||||||
Average
interest rate during the year
|
4.8% | 4.2% | 2.6% | |||||||||
Average
interest rate at year-end
|
5.6% | 4.8% | 2.9% |
(in
euros)
|
|||||||||
4,000,000,400 |
Ordinary
shares
|
of |
EUR
0.56
|
2,240,000,224 | |||||
4,000,000,000 |
Convertible
financing preference shares
|
of |
EUR
0.56
|
2,240,000,000 | |||||
100,000,000 |
Convertible
preference shares
|
of |
EUR
2.24
|
224,000,000 | |||||
4,704,000,224 |
(in
euros)
|
|||||||||
1,936,847,516 |
Ordinary
shares
|
of |
EUR
0.56
|
1,084,634,609 | |||||
1,369,815,864 |
Convertible
financing preference shares
|
of |
EUR
0.56
|
767,096,884 | |||||
44,988 |
(Formerly
convertible) preference shares
|
of |
EUR
2.24
|
100,773 |
(in
euros)
|
2007
|
2006
|
||||||
Closing
prices
|
||||||||
· high
|
37.98 | 25.92 | ||||||
· low
|
24.20 | 20.46 | ||||||
· year-end
|
37.05 | 24.35 | ||||||
Earnings per
share (1)
|
5.32 | 2.50 | ||||||
Fully diluted
earnings per share
|
5.32 | 2.49 | ||||||
Payout ration
in % (2)
|
– | 46.0 | ||||||
Dividend per
share
|
0.58 | 1.15 | ||||||
Dividend yield
in % (year-end)
|
– | 4.7 | ||||||
Net asset
value per share (year-end)
|
16.04 | 12.73 | ||||||
Price/earnings
ratio (year-end)
|
7.0 | 9.7 | ||||||
Price/net
asset value in % (year-end)
|
231.0 | 191.3 | ||||||
1
|
Based
on the average number of ordinary outstanding and adjusted for increases
in share capital
|
2
|
Ratio
of dividend to net earnings per
share
|
Entirely
in cash (in EUR)
|
Or shares as
% of face value |
New
shares
(x
1,000)
|
Payout
ratio
|
||||||||||
Dividends
on ordinary shares
|
|||||||||||||
Interim
dividend 1996
|
0.20
|
1.9% ordinary
shares
|
8,968 | ||||||||||
Final dividend
1996
|
0.27 |
1.6% ordinary
shares
|
14,697 | 45.4 | |||||||||
Interim
dividend 1997
|
0.24 |
1.4% ordinary
shares
|
11,882 | ||||||||||
Final dividend
1997
|
0.30 |
1.3% ordinary
shares
|
13,058 | 45.5 | |||||||||
Interim
dividend 1998
|
0.27 |
1.4% ordinary
shares
|
13,451 | ||||||||||
Final dividend
1998
|
0.30 |
1.4% ordinary
shares
|
14,046 | 46.9 | |||||||||
Interim
dividend 1999
|
0.30 |
1.2% ordinary
shares
|
8,339 | ||||||||||
Final dividend
1999
|
0.50 |
2.2% ordinary
shares
|
13,990 | 46.5 | |||||||||
Interim
dividend 2000
|
0.40 |
1.4% ordinary
shares
|
14,293 | ||||||||||
Final dividend
2000
|
0.50 |
2.2% ordinary
shares
|
19,508 | 55.2 | |||||||||
Interim
dividend 2001
|
0.45 |
2.3% ordinary
shares
|
19,554 | ||||||||||
Final dividend
2001
|
0.45 |
2.2% ordinary
shares
|
19,298 | 58.8 | |||||||||
Interim
dividend 2002
|
0.45 |
2.8% ordinary
shares
|
25,068 | ||||||||||
Final dividend
2002
|
0.45 |
3.0% ordinary
shares
|
23,599 | 59.2 | |||||||||
Interim
dividend 2003
|
0.45 |
2.8% ordinary
shares
|
26,412 | ||||||||||
Final dividend
2003
|
0.50 |
3.0% ordinary
shares
|
28,151 | 49.0 | |||||||||
Interim
dividend 2004
|
0.50 |
2.9% ordinary
shares
|
28,855 | ||||||||||
Final dividend
2004
|
0.50 |
2.7% ordinary
shares
|
32,334 | 40.8 | |||||||||
Interim
dividend 2005
|
0.50 |
2.6% ordinary
shares
|
29,237 | ||||||||||
Final dividend
2005
|
0.60 |
2.8% ordinary
shares
|
32,822 | 45.3 | |||||||||
Interim
dividend 2006
|
0.55 |
2.6% ordinary
shares
|
30,488 | ||||||||||
Final dividend
2006
|
0.60 |
1.7% ordinary
shares
|
18.204 | 46.0 | |||||||||
Interim
dividend 2007
|
0.58 |
–
|
– | ||||||||||
Total
numbers of shares purchased
(1)
|
Average
price paid per shares
|
Total
numbers of shares purchased as part of publicly announced plans or
programs
|
Maximum
number of shares that may yet be purchased under the plans or
programs
|
|||||||||||||
1 January 2007
to 31 January 2007
|
–
|
–
|
–
|
50,310,684 | ||||||||||||
1 February
2007 to 28 February 2007
|
4,915,000 | 26.11 | 4,915,000 | 45,395,684 | ||||||||||||
1 March 2007
to 31 March 2007
|
10,977,113 | 28.62 | 10,977,113 | 34,418,571 | ||||||||||||
1 April 2007
to 30 April 2007
|
2,042,427 | 32.11 | 2,042,427 | 32,761,144 | ||||||||||||
1 May 2007 to
31 May 2007
|
15,040,776 | 35.54 | 15,040,776 | 17,335,368 | ||||||||||||
1 June 2007 to
30 June 2007
|
5,618,199 | 35.36 | 5,618,199 | 11,717,169 | ||||||||||||
1 July 2007 to
31 July 2007
|
11,717,169 | 35.35 | 11,717,169 | – | ||||||||||||
1 August 2007
to 31 August 2007
|
– | – | – | – | ||||||||||||
1 September
2007 to 30 September 2007
|
– | – | – | – | ||||||||||||
1 October 2007
to 31 October 2007
|
– | – | – | – | ||||||||||||
1 November
2007 to 30 November 2007
|
2,278,765 | 36.88 | – | – | ||||||||||||
1 December
2007 to 31 December 2007
|
2,922,884 | 36.88 | – | – | ||||||||||||
Total
|
55,512,333 | 33.28 | 50,310,684 | – |
Total
numbers of shares purchased
(1)
|
Average
price paid per shares
|
Total
numbers of shares purchased as part of publicly announced plans or
programs
|
Maximum
number of shares that may yet be purchased under the plans or
programs
|
|||||||||||||
1 January 2006
to 31 January 2006
|
– | – | – | 55,855,781 | ||||||||||||
1 February
2006 to 28 February 2006
|
530,000 | 24.57 | 530,000 | 62,601,847 | ||||||||||||
1 March 2006
to 31 March 2006
|
2,795,907 | 24.06 | 2,795,907 | 59,805,940 | ||||||||||||
1 April 2006
to 30 April 2006
|
14,076,165 | 24.26 | 14,076,165 | 45,729,775 | ||||||||||||
1 May 2006 to
31 May 2006
|
7,965,000 | 22.41 | 7,965,000 | 37,764,775 | ||||||||||||
1 June 2006 to
30 June 2006
|
– | – | – | 37,764,775 | ||||||||||||
1 July 2006 to
31 July 2006
|
– | – | – | 37,764,775 | ||||||||||||
1 August 2006
to 31 August 2006
|
10,835,000 | 21.36 | 10,835,000 | 59,697,288 | ||||||||||||
1 September
2006 to 30 September 2006
|
8,770,000 | 21.96 | 8,770,000 | 50,927,288 | ||||||||||||
1 October 2006
to 31 October 2006
|
14,431,794 | 23.18 | 14,431,794 | 36,495,494 | ||||||||||||
1 November to
30 November 2006
|
22,941,131 | 22.94 | 22,941,131 | 13,554,363 | ||||||||||||
1 December
2006 to 31 December 2006
|
13,554,363 | 23.53 | 13,554,363 | – | ||||||||||||
Total
|
95,899,360 | 22.98 | 95,899,360 | – |
(1)
|
Most
purchases were spread over all working days of the
months.
|
·
|
Shares of a
total amount of EUR 600 million to be bought back by 30 June 2006 were
announced on 14 December 2005.
|
·
|
Shares, issued
in conjunction with the interim dividend 2006, to be repurchased by 31
December 2006, in order to neutralise the dilutive effect of the stock
dividend. This was announced on 14 December
2005.
|
·
|
Shares issued
as a result of the exercise of staff options in 2006 to be repurchased by
31 December 2006. This was announced on 9 February
2006.
|
·
|
Shares of a
total amount of EUR 750 million to be repurchased by 31 December 2006.
This was announced on 15 August
2006.
|
(year-end,
in millions of euros)
|
2007
|
2006
|
2005
|
|||||||||
Ordinary
shares (outstanding)
|
68,325 | 45,140 | 41,483 | |||||||||
Convertible
financing preference shares
|
760 | 767 | 767 | |||||||||
(Formerly
convertible) preference shares
|
1 | 1 | 1 | |||||||||
69,086 | 45,908 | 42,251 | ||||||||||
Market
capitalisation as % of capitalised value of all listed Dutch ordinary
shares
|
10.56 | % | 8.00 | % | 7.90 | % | ||||||
(in
thousands)
|
Euronext
Amsterdam
|
NYSE
(ADRs)
|
||||||
High
|
130,411 | 9,490 | ||||||
Low
|
16 | 1 | ||||||
Average
|
18,616 | 833 | ||||||
Ordinary
shares
|
American
Depositary shares
|
|
||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
(in
euro)
|
(in
USD)
|
|||||||||||||||
Year:
|
||||||||||||||||
2007
|
37.98 | 24.20 | 54.51 | 30.63 | ||||||||||||
2006
|
25.92 | 20.46 | 32.60 | 25.57 | ||||||||||||
2005
|
22.34 | 18.27 | 27.86 | 22.95 | ||||||||||||
2004
|
19.79 | 16.47 | 26.65 | 19.67 | ||||||||||||
2003
|
18.88 | 11.93 | 23.48 | 13.39 | ||||||||||||
2002
|
22.78 | 10.45 | 20.32 | 10.54 | ||||||||||||
Period:
|
||||||||||||||||
Feb
2008
|
38.44 | 37.10 | 57.99 | 54.65 | ||||||||||||
Jan
2008
|
37.81 | 36.15 | 57.17 | 52.72 | ||||||||||||
Dec
2007
|
37.10 | 35.90 | 54.51 | 51.69 | ||||||||||||
Nov
2007
|
36.86 | 36.00 | 54.46 | 51.91 | ||||||||||||
Oct
2007
|
37.98 | 37.31 | 54.24 | 52.98 | ||||||||||||
Sept
2007
|
36.95 | 33.09 | 52.50 | 45.82 | ||||||||||||
2007
First quarter
|
32.75 | 24.20 | 42.77 | 30.63 | ||||||||||||
Second
quarter
|
36.75 | 32.10 | 49.21 | 41.78 | ||||||||||||
Third quarter
|
37.15 | 31.85 | 52.50 | 43.00 | ||||||||||||
Fourth quarter
|
37.98 | 35.90 | 54.51 | 51.69 | ||||||||||||
2006
First quarter
|
25.92 | 21.62 | 31.34 | 26.17 | ||||||||||||
Second quarter
|
24.98 | 20.56 | 30.93 | 25.57 | ||||||||||||
Third quarter
|
23.00 | 20.46 | 29.22 | 25.75 | ||||||||||||
Fourth quarter
|
24.72 | 22.53 | 32.60 | 28.93 |
Name
|
Occupation
|
J.H. Ubas
(Chairman)
|
Former
Investment Manager of ING Groep N.V.
|
J.M.
Overmeer
|
Member of the
Managing Board of Aegon Nederland N.V.
|
C.W.H.
Bruggeman
|
Former
Managing Director Corporate Finance of ABN AMRO Bank
N.V,
|
·
|
such holder is
not a resident or a deemed resident of the Netherlands;
or
|
·
|
such holder
does not have an enterprise or an interest in an enterprise, which carries
on a business in the Netherlands through a permanent establishment or a
permanent representative to which or to whom the Ordinary Shares or
American Depositary Shares are
attributable.
|
·
|
certain
financial institutions;
|
·
|
insurance
companies;
|
·
|
dealers and
certain traders in securities or foreign
currencies;
|
·
|
persons
holding Ordinary Shares or American Depositary Shares as part of a hedge,
straddle, conversion or other integrated
transaction;
|
·
|
persons whose
functional currency for US federal income tax purposes is not the US
dollar;
|
·
|
partnerships
or other entities classified as partnerships for US federal income tax
purposes;
|
·
|
persons liable
for the alternative minimum tax;
|
·
|
tax-exempt
organisations;
|
·
|
persons
holding Ordinary Shares or American Depositary Shares that own or are
deemed to own ten percent or more of Holding’s voting stock;
or
|
·
|
persons who
acquired Ordinary Shares or American Depositary Shares pursuant to the
exercise of any employee stock option or otherwise as
compensation.
|
·
|
Stand-alone
scenario
|
·
|
Vision &
strategy
|
·
|
Employment
|
·
|
Culture
|
·
|
Risks in
execution
|
·
|
Conclusions
& recommendations
|
·
|
Changes in the
Managing Board;
|
·
|
Structuring of
the Transition Steering Groups for the preparation of the
transition/separation of
ABN AMRO.
|
·
|
Future
Perspective
|
·
|
Fairness/Equality
|
·
|
Freedom of
Choice
|
·
|
Compliance
|
ADR
|
American
Depositary Receipt
|
AFM
|
Autoriteit
Financiële Markten (Netherlands Authority for the Financial
Markets)
|
AFS
|
Available-for-sale
|
ATM
|
Automated
teller machine
|
BIS
|
Bank for
International Settlements
|
bp
|
Basis
point
|
BRL
|
Brazilian
real
|
BU(s)
|
Business
Unit(s)
|
CAAML
|
Client
Acceptance & Anti-Money Laundering
|
CAP
|
(the EU’s)
Capital Adequacy Directive
|
CDS
|
Credit default
swap
|
COSO
|
Committee of
Sponsoring Organizations of the Treadway Committee
|
CRD
|
(the EU’s)
Capital Requirements Directive
|
CWC
|
(Dutch)
Central Works Council
|
DNB
|
De
Nederlandsche Bank N.V. (Dutch Central Bank)
|
EBITDA
|
Earnings
before interest, taxes, depreciation and amortisation
|
ECM
|
Equity Capital
Markets
|
ESC
|
European Staff
Council
|
EU
|
European
Union
|
EUR
|
Euro
|
EVP
|
Executive Vice
President
|
FTE
|
Full-time
equivalent (a measurement of number of staff)
|
FX
|
Foreign
exchange
|
GAAP
|
General
Accepted Accounting Principles
|
GBP
|
Great Britain
pound
|
HR
|
Human
Resources
|
HTM
|
Held-to-maturity
|
IAS
|
International
Accounting Standards
|
IBNI
|
Incurred-but-not-identified
|
ID&JG
|
International
Diamond & Jewelry Group
|
IFRIC
|
IASB
International Financial Reporting Interpretations
Committee
|
IFRS
|
International
Financial Reporting Standards
|
IP
|
Internet
Protocol
|
IT
|
Information
Technology
|
LIBOR
|
London
Interbank Offered Rate
|
M&A
|
Mergers &
Acquisitions
|
MD
|
Managing
director
|
MD&A
|
Management’s
discussion and analysis
|
MiFID
|
(the EU’s)
Markets in Financial Instruments Directive
|
MSR
|
Mortgage
Servicing Right
|
NYSE
|
New York Stock
Exchange
|
OECD
|
Organisation
for Economic Cooperation and Development
|
OFAC
|
(US) Office of
Foreign Assets Control
|
OTC
|
Over-the-counter
|
P2P
|
Purchase-to-Pay
|
PKR
|
Pakistan
rupee
|
PIPE
|
Private
Investments in Public Equity
|
ROE
|
Return on
equity
|
RWA
|
Risk-weighted
assets
|
SEC
|
(US)
Securities and Exchange Commission
|
SEPA
|
Single Euro
Payments Area
|
SEVP
|
Senior
Executive Vice President
|
SMEs
|
Small to
medium-sized enterprises
|
SRI
|
Socially
Responsible Investment
|
SPE
|
Special
purpose entity
|
THB
|
Thai
baht
|
TMT
|
Telecommunications,
media and technology
|
TRS
|
Total return
to shareholders
|
USD
|
US
dollar
|
100 F Street,
N.E.
|
500 West
Madison Street
|
Washington,
D.C. 20549
|
Suite
1400
|
Chicago,
Illinois 60661
|
|
|
·
|
on the
internet at www.abnamro.com
|
|
·
|
by phone: +31
20 6833635
|
|
·
|
by e-mail:
public.information@nl.abnamro.com
|
|
|
Exhibit
number
|
Description
of Exhibit
|
1.11
|
English
translation of the Articles of Association of ABN AMRO Holding
N.V.
|
1.22
|
English
translation of the Articles of Association of ABN AMRO Bank
N.V.
|
1.32
|
English
translation of the Constitutional Documents of Stichting
Administratiekantoor ABN AMRO Holding
|
2.12
|
Amended and
Restated Deposit Agreement dated as of 20 May 1997 between ABN AMRO
Holding N.V. and Morgan Guarantee Trust Company of New York (succeeded
through merger by JPMorgan Chase Bank), as Depositary
|
2.22
|
Form of
American Depositary Receipt
|
2.33
|
Amended and
Restated Trust Agreement of ABN AMRO Capital Funding Trust V, dated 3 July
2003, among the Regular Trustees named therein, The Bank of New York
(Delaware), as Delaware trustee, BNY Midwest Trust Company, as property
trustee, LaSalle Funding LLC, as sponsor, and ABN AMRO Holding N.V., as
guarantor
|
2.44
|
Amended and
Restated Trust Agreement of ABN AMRO Capital Funding Trust VI, dated 30
September 2003, among the Regular Trustees named therein, The Bank of New
York (Delaware), as Delaware trustee, BNY Midwest Trust Company, as
property trustee, LaSalle Funding LLC, as sponsor, and ABN AMRO Holding
N.V., as guarantor
|
2.55
|
Amended and
Restated Trust Agreement of ABN AMRO Capital Funding Trust VII, dated 18
February 2004, among the Regular Trustees named therein, The Bank of New
York (Delaware), as Delaware trustee, BNY Midwest Trust Company, as
property trustee, LaSalle Funding LLC, as sponsor, and ABN AMRO Holding
N.V., as guarantor
|
4.21
|
Summary in
English of the Share Purchase Agreement entered into on 26 September 2005
with Banca Popolare Italiana, Fingruppo Holding S.p.A., G.P. Finanziaria
S.p.A., Tiberio Lonati, Fausto Lonati, Ettore Lonati and Magiste
International S.A.
|
7.1
|
Statement
regarding computation of ratio of earnings to fixed
charges
|
8.16
|
List of
Subsidiaries
|
12.1
|
Certification
by the Chairman of the Managing Board pursuant to Section 302 of the
Sarbanes-Oxley Act
|
12.2
|
Certification
by the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act
|
13.1
|
Certification
of periodic financial report pursuant to 18 USC. Section 1350, as mandated
by Section 906 of the Sarbanes-Oxley Act
|
14.1
|
Consent of
Ernst & Young Accountants, independent registered public accounting
firm
|
1
|
Previously
filed as an exhibit to our annual report on Form 20-F for the year ended
31 December 2005 filed on 3 April
2006.
|
2
|
Previously
filed as an exhibit to, or incorporated by reference as indicated in, our
annual report on Form 20-F for the year ended 31 December 2002 filed on 28
March 2003.
|
3
|
Previously
filed as an exhibit to our annual report on Form 20-F for the year ended
31 December 2003 filed on 31 March
2004.
|
4
|
Previously
filed under cover of Form 6-K on 2 October
2003.
|
5
|
Previously
filed under cover of Form 6-K on 19 February
2004.
|
6
|
Incorporated
herein by reference to Note 49 to our consolidated financial statements
included herein.
|
ABN
AMRO HOLDING N.V.
(Registrant)
|
||||||
Date:
|
25 March
2008
|
By:
|
/s/ Mark
Fisher
|
|||
Name:
|
Mark Fisher | |||||
Title:
|
Chairman of
the Managing Board
|
|||||
By:
|
/s/ John
Hourican
|
|||||
Name:
|
John Hourican | |||||
Title:
|
Chief
Financial Officer
|
|||||