NBG » Topics » Reclassifications

This excerpt taken from the NBG 6-K filed Aug 31, 2009.
Reclassifications

 

Reclassifications of financial assets

Group

In 2009 the Group, in accordance with its accounting policy (see note 2.2), transferred certain debt securities from the loans and receivables to the available-for-sale category.  At the time of the transfer the amortised cost and the fair value of these debt securities was €1.721,2 million and  €1.487,5 million respectively.

 

In 2008 the Group reclassified certain available-for-sale and trading securities as loans and receivables, and certain trading securities to the available- for-sale and held to maturity categories.

 

Excluding the securities reclassified back to available-for-sale, the carrying amount and the fair value of the reclassified securities on 30 June 2009, is €3.085,3 million and €3.049,8 million respectively.  During the six-month period ended 30 June 2009 €65,6 million interest income, €0,9 million dividend income and €11,4 million impairment was recognized.

 

Had these securities not been reclassified (excluding the securities reclassified back to available-for-sale), net trading income for the six-month period ended 30 June 2009 would have been higher by €103,3 million (€78,5 million net of tax), and the movement in the available-for-sale securities reserve, net of tax, would have been lower by €61,6 million.

 

Bank

In 2009 the Bank, in accordance with its accounting policy (see note 2.2), transferred certain debt securities from the loans and receivables to the available-for-sale category.  At the time of the transfer the amortised cost and the fair value of these debt securities was €958,7 million and €826,6 million respectively.

 

In 2008, the Bank reclassified certain trading securities into loans and receivables or available-for-sale.  Excluding the securities reclassified back to available-for-sale, the carrying amount and the fair value of the reclassified securities on 30 June 2009 is €2.839,5 million and €2.809.3 million respectively.

 

During the six-month period ended 30 June 2009 €60,7 million interest income, €0,3 million dividend income and €11,4 million impairment was recognized.

 

Had these securities not been reclassified (excluding the securities reclassified back to available-for-sale), net trading income for the six-month period ended 30 June 2009 would have been higher by €99,2 million (€74,4 net of tax), and the movement in the available-for-sale securities reserve, net of tax, would have been lower by €65,5 million.

 

Other reclassifications

Certain amounts in prior periods have been reclassified to conform to the current presentation, as follows:

 

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Table of Contents

 

Notes to the Financial Statements

Group and Bank

 

This excerpt taken from the NBG 6-K filed May 29, 2009.

NOTE 19:                 Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current presentation

 

This excerpt taken from the NBG 6-K filed Mar 31, 2009.
NOTE 49: Reclassifications

 

Reclassifications of financial assets

 

Group

 

In accordance with the IAS 39 amendment of 13 October 2008, NBG Group reclassified €86,9 million available for sale securities and €2.184 million trading securities as loans and receivables.  The reclassified securities are not quoted in an active market and the Group has the intention and ability to hold them for the foreseeable future or until maturity.

 

Furthermore, due to the current crisis in the financial markets, the Group reclassified trading securities amounting to €2.370,6 million to available for sale and €29,8 million to held to maturity.

 

The carrying amount and the fair value of the reclassified securities on 31 December 2008 is €4.553 million and €4.379,6 million respectively.

 

With respect to the reclassified securities, during the year ended 31 December 2008 and prior to the reclassification, fair value loss of €9,8 million (2007: €15,8 million) was recognized in the profit or loss and €1,8 million (2007: €7,5 million) was recognized in equity. Fair value loss of €167,1 million before tax was recognized in equity after the reclassification until 31 December 2008.

 

With respect to reclassified debt securities, €238,8 million interest income was recognized during the year ended 31 December 2008.  With respect to the reclassified equity securities, €1,6 million dividend income and €1 million impairment loss were recognized during the year ended 31 December 2008.

 

Had these securities not been reclassified, net trading income for year ended 31 December 2008 would have been lower by €343,7 million (€278,8 million net of tax), and the available for sale securities reserve, net of tax, would have been higher by €122,1 million.

 

The weighted average effective interest rate of the reclassified debt securities at the date of reclassification was 4,89%.

 

The cash flows expected to be recovered from the reclassified debt securities at the date of reclassification amount to €6.708,8 million.

 

Bank

 

The Bank reclassified €1.359,8 million trading securities into loans and receivables and €2.250,1 million trading securities into available for sale.  The carrying amount and the fair value of the reclassified securities on 31 December 2008 is €3.505,4 million and €3.404,9 million respectively.

 

With respect to the reclassified securities, during the year ended 31 December 2008 and prior to the reclassification, fair value gain of €15,5 million (2007: €12,4 million) was recognized in the profit or loss prior to the reclassification, and fair value loss of €147,1 million before tax was recognized in equity after the reclassification until 31 December 2008.

 

With respect to reclassified debt securities, €187,3 million interest income was recognized during the year ended 31 December 2008.  With respect to the reclassified equity securities, €0,7 million dividend income and €1 million impairment loss were recognized during the year ended 31 December 2008.

 

Had these securities not been reclassified, net trading income for the year ended 31 December 2008 would have been lower by €259,6 million (€194,7 net of tax), and the available for sale securities reserve, net of tax, would have been higher by €110,3 million.

 

The weighted average effective interest rate of the reclassified debt securities at the date of reclassification was 4,82%.

 

The cash flows expected to be recovered from the reclassified debt securities at the date of reclassification amount to €5.321,8 million.

 

Other reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current presentation, as follows:

 

This excerpt taken from the NBG 6-K filed Mar 19, 2008.

NOTE 50: Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current presentation

 

This excerpt taken from the NBG 6-K filed Nov 29, 2007.
NOTE 40: Reclassifications

 

Certain amounts in prior periods have been reclassified to conform to the current presentation

 

This excerpt taken from the NBG 6-K filed Aug 30, 2007.

NOTE 41: Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current presentation

This excerpt taken from the NBG 6-K filed May 30, 2007.

NOTE 37: Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current presentation

This excerpt taken from the NBG 6-K filed Mar 22, 2007.

NOTE 41: Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current presentation.

This excerpt taken from the NBG 6-K filed Mar 1, 2006.
NOTE 41: Reclassifications

 

Certain amounts in prior periods have been reclassified in order to conform with current presentation.

 

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