ANNUAL REPORT
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- Bernadette Fisher
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1
2 ANNUAL REPORT
3 50 ANNUAL REPORT 2010 INFORME ANUAL
4 Auditor s Report page Board of Directors and Management Team 86 Addresses of BancSabadell d Andorra 87 51
5 Auditor s report 52
6 Auditor s report AUDITOR S REPORT 53
7 Translation of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalálanguage version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Consolidated statements of changes in financial position for the years ended 31 december 2010 and 2009* (Notes 1, 2 and 3) () ASSETS * Cash on hand and deposits with OECD central banks Deposits with INAF (note 5) Demand deposits held with financial intermediaries (note 6) Loans and receivables (note 7) Banks and credit institutions Loans and advances to customers Customer overdrafts Customer bill portfolio Less - Allowance for credit losses (2.745) (2.115) Investment securities (note 8) Bonds and other fi xed-income securities Less - Allowance for credit losses (653) (521) Investments in Group companies Other investments Shares and other equity securities Investment schemes Intangible assets and deferred charges (note 9) Intangible assets and deferred charges Less - Accumulated depreciation (7.346) (6.195) Tangible fixed assets (note 10) Tangible fi xed assets Less - Accumulated depreciation (9.202) (8.054) Prepayments and accrued income (note 19) Uncollected accrued interest Prepaid expenses Other assets (note 19) Current transactions Purchased options - - Other TOTAL ASSETS * Presented exclusively for comparison purposes. The accompanying notes 1 to 29 are an integral part of the consolidated statement of changes in fi nancial position for 2010
8 Translation of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalálanguage version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Consolidated balance sheets as of 31 december 2010 and 2009* (notes 1, 2 and 3) () LIABILITIES AND EQUITY * Deposits with INAF (note 5) Deposits Deposits from banks and credit institutions (note 11) Customer deposits (note 12) Debt securities in issue (note 13) Allowance for liabilities and charges (note 14) Retirement benefi t obligations Allowance for general banking risks (note 15) Accruals and deferred expenses (note 19) Unpaid accrued expenses Unearned revenue Other liabilities (note 19) Current transactions Payable to suppliers and other creditors Share capital (note 16) Issued share capital Reserves (note 16) Voluntary reserves Consolidation reserves Revaluation reserves Guarantee reserves Legal reserves Profit (loss) (note 16) Consolidated profi t (loss) TOTAL LIABILITIES AND EQUITY * Presented exclusively for comparison purposes. The accompanying notes 1 to 29 are an integral part of the consolidated balance sheet as of 31 December 2010.
9 Translation of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalálanguage version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Consolidated memorandum accounts as of 31 december 2010 and 2009* (notes 1, 2 and 3) () MEMORANDUM ACCOUNTS * Contingent liabilities Guarantees, bonds and sureties given Documentary credits issued or received and confi rmed to customers Contingent exposures and commitments Operational exposures and commitments Futures (note 20) Open forward currency contracts Financial futures transactions Own securities and other assets held in custody Securities and other assets held in custody (note 22) Own securities and other assets held in custody Other memorandum accounts held solely for administrative control purposes (note 23) Guarantees and commitments received Other memorandum accounts TOTAL MEMORANDUM ACCOUNTS * Presented exclusively for comparison purposes. The accompanying notes 1 to 29 are an integral part of the consolidated memorandum accounts as of 31 December 2010.
10 Translation of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalálanguage version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Consolidated income statements for the years ended 31 december 2010 and 2009* (notes 1, 2 and 3) () INCOME STATEMENTS * Interest receivable and similar income On demand deposits held with INAF and fi nancial intermediaries On loans and receivables On bonds and other fi xed-income securities Interest payable and similar charges (4.771) (10.522) On borrowings from INAF and fi nancial intermediaries (232) (392) On customer deposits (4.208) (8.416) On debt securities in issue (331) (1.714) NET INTEREST INCOME Net fee and commission income Fees and commissions for services provided Fees and commissions for services received (1.107) (766) Gains (losses) on financial assets and liabilities Exchange gains (losses) Gains (losses) on securities Share of profi t (loss) of companies accounted for by the equity method Other operating income GROSS OPERATING INCOME Staff costs (5.909) (5.762) Employees, directors and indemnities (4.337) (4.390) Social Security costs (700) (628) Other staff costs (872) (744) General expenses (5.308) (5.292) Materials (110) (131) Outside services (3.246) (3.267) Taxes other than income tax (1.859) (1.818) Other general expenses (93) (76) Allowance for depreciation and amortisation, net of recoveries (2.341) (2.289) Addition to the allowance for depreciation and amortisation (notes 9 and 10) (2.341) (2.289) Allowance for impairment losses, net of recoveries - - NET OPERATING INCOME Allowance for credit losses, net of recoveries (notes 7 and 8) (803) (396) Additions to the allowance for credit losses (2.047) (1.070) Recoveries from the allowance for credit losses Allowance for liabilities and charges, net of recoveries - - Additions to the allowance for general banking risks (200) (300) INCOME FROM ORDINARY ACTIVITIES Extraordinary income (loss) CONSOLIDATED PROFIT (LOSS) FOR THE YEAR * Presented exclusively for comparison purposes. The accompanying notes 1 to 29 are an integral part of the consolidated income statement for 2010.
11 Translation of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalálanguage version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Consolidated statements of changes in financial position for the years ended 31 december 2010 and 2009* (notes 1, 2 and 3) () SOURCE OF FUNDS * Cash flows from operating activities Profi t (loss) for the year Net additions to the allowance for credit losses Net additions to other allowances (pension allowance) Depreciation and amortisation Profi t (loss) from companies accounted for by the equity method (444) (227) 58 Increase in net debt INAF and fi nancial intermediaries (liabilities - assets) Banks and credit institutions (liabilities - assets) Other items (liabilities - assets) Net increase in liabilities Subordinated liabilities and debt securities Net decrease in assets Cash on hand Cash flows from financing activities Dividends received from long-term investments TOTAL SOURCES OF FUNDS APPLICATIONS OF FUNDS * Increase in net assets Other items (assets - liabilities) Net decrease in liabilities Deposits: customers Net increase in assets Cash on hand Loans and advances to customers Investment securities less equity investments New long-term investments Purchases of fi xed assets Cash used in financing activities Other TOTAL APPLICATIONS OF FUNDS * Presented exclusively for comparison purposes. The accompanying notes 1 to 29 are an integral part the consolidated statement of changes in financial position for 2010
12 Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of consolidated fi nancial statements originally issued in Spanish and prepared in accordance with the regulatory fi nancial reporting framework applicable to the Group (see Notes 2 and 29). In the event of a discrepancy, the Catalá-language version prevails. BANCSABADELL D ANDORRA, S.A. AND COMPANIES COMPRISING THE BANCSABADELL D ANDORRA GROUP Notes to the for the year ended 31 December Group description BancSabadell d Andorra, SA (hereinafter, BancSabadell d Andorra or the Bank ) is an Andorran company which was incorporated on 10 April 2000 and started operating on 3 June On 30 October 1998, the sponsor, called Entitat Promotora de la Constitució de l Entitat Bancària BancSabadell d Andorra, SA (the Sponsor ), informed the Andorran government (Govern) that it wished to establish a new bank. This request was answered in Resolution 01/C/99 of 31 August 1999, which gave authorisation to create the new bank on the terms stipulated by the law of 30 June 1998 on the creation of new banks in Andorra (and other relevant regulations). Through Resolution 7064/1999, dated 24 December 1999, the Andorran government authorised the creation of BancSabadell d Andorra. On 9 November 2000, as a result of the creation of BancSabadell d Andorra, the Sponsor was wound up and its assets and liabilities were transferred at their book value to the fi nancial statements of the Bank. The Bank s corporate purpose is the purpose attributed to banks in article 2 of the law regulating the operations of companies operating in the Andorran fi nancial system. The Bank is also authorised to carry out ancillary activities that are complementary to and support the accomplishment of said purpose. The Bank is the parent of the BancSabadell d Andorra group (the Group ). The companies included in the consolidated group as of 31 December 2010 are: 59 Company Country Activity Sabadell d Andorra Inversions, Andorra Management of investment schemes, SGOIC, SAU management mandates and portfolios Serveis d Assessorament BSA, SAU Andorra Provision of services Assegurances Segur Vida, SAU Andorra Insurance Sabadell d Andorra Inversions, SGOIC, SAU (formerly Sabadell d Andorra Inversions, Societat Gestora, SAU) is an Andorran company which was incorporated on 23 November 2000 in conformity with the law regulating the Andorran fi nancial system, passed by the Andorran parliament on 19 December Its purpose is to carry out investment banking activities, specifi cally the management of investment schemes. In addition, since 23 November 2010 it has been authorised to also carry out the activities of discretionary and customised portfolio management and investment advice, as well as all the transactions and activities of the investment companies it manages. Serveis d Assessorament BSA, SAU (formerly Sabadell d Andorra Borsa, SAU) is an Andorran company, incorporated on 23 November Since 13 May 2010, its principal activity has been the provision of other business services that are not part of the fi nancial system, aimed at supporting the activities of the Group made up of BancSabadell d Andorra and its subsidiaries, including the management and operation of real estate assets belonging to the Group that are
13 not used in the banking and fi nancial activity, and IT, security, cleaning and postal services, also for the Group, and any other non-banking, non-fi nancial services that may be provided within the Group. Assegurances Segur Vida, SAU is an Andorran company which was incorporated on 8 March 2004 in conformity with the law regulating the Andorran fi nancial system, passed by the Andorran parliament on 19 December Its corporate purpose is to carry out life insurance activities. The company started operating in May Basis of presentation and consolidation principles 60 a) True and fair view The accompanying consolidated fi nancial statements, which were approved by the Board of Directors of the Bank and the sole administrators of the other companies comprising the BancSabadell d Andorra Group (hereinafter the Group ), have been obtained from the accounting records of the Group and are presented in accordance with the standards, principles, criteria and rules established in the Chart of Accounts (Pla Comptable) of the Andorran fi nancial system, approved by the Andorran government on 19 January 2000, so as to give a true and fair view of the state of affairs of the Group and of its profi t or loss and cash fl ows for the fi nancial year. These consolidated fi nancial statements will be submitted to the shareholders in General Meeting for approval and it is expected that they will be accepted without changes. The consolidated fi nancial statements for 2009 were approved by the General Meeting of Shareholders of the Bank on 14 May b) Accounting principles The accompanying consolidated fi nancial statements have been prepared in accordance with the generally accepted accounting principles of the Andorran accounting system (see note 3). All the accounting principles that have a signifi cant impact on the preparation of these consolidated fi nancial statements have been applied. c) Comparative principles The information relating to fi nancial year 2009 contained in these consolidated fi nancial statements for 2010 is presented solely and exclusively for comparison purposes and so does not constitute the consolidated fi nancial statements of the Bank for At the request of the Institut Nacional Andorrà de Finances (the INAF ), in 2010 the Bank classifi ed the margin obtained on the sale to customers of the structured products in the trading portfolio under Net fee and commission income - Fees and commissions for services provided in the consolidated income statement. In the consolidated fi nancial statements for 2009, this margin, totalling 1,595 thousand, was recorded under Gains (losses) on fi nancial assets and liabilities in the consolidated income statement. d) Consolidation principles Companies in which the parent holds more than a 50% equity interest and whose principal activity is similar to that of the Bank, with which they form a single decision-making unit, are fully consolidated. Companies in which the Bank has a direct or indirect equity interest of between 20% and 50% are consolidated by the equity method. The equity method may also be used if the Bank s interest in a company is in excess of 50% but the company s activity is different from that of the Bank. In the case of fully consolidated subsidiaries, the book value of the investment and its associated cash fl ows is replaced by the assets, liabilities, equity, income and expenses of
14 the subsidiary. In other words, the fi nancial statements of the parent and its fully consolidated subsidiaries are combined on a line-by-line basis by adding together like items of assets, liabilities, equity, income and expenses. Before the assets, liabilities, equity, income and expenses of the subsidiary are included in the parent s fi nancial statements, timing and valuation differences and intragroup balances are eliminated. The equity method consists of replacing the book value of an investment by the Group s share of the net assets of the investee. The profi t of equity accounted undertakings is integrated in the consolidated income statement. All material intercompany balances and transactions are eliminated on consolidation. Details of the consolidated companies at 31 December 2010 and 2009, in thousands of euros, are given below: Company Registered Activity % ownership Consolidation Capital Reserves Profi t Interim Total address direct method for dividend equity Sabadell d Andorra Ctra. de l Obac 12 Management of 100% Fully (300) 868 Inversions, SGOIC, Ed. El Forestal B investment schemes consolidated SAU (a) Ofi cina 4 and of management Andorra la Vella mandates Serveis Av. del Fener, 7 Provision of 100% Fully d Assessorament Andorra la Vella services consolidated BSA, SAU (b) Assegurances Ctra. de l Obac 12 Insurance 100% Equity (400) 812 Segur Vida, SAU (a) Ed. El Forestal B company method Andorra la Vella (a) Audited company. (b) Dormant in Company Registered Activity Percentage of Consolidation Capital Reserves Profi t Interim Total address ownership (*) method for dividend equity Sabadell d Andorra Ctra. de l Obac 12 Management of 100% Fully (325) 609 Inversions, SGOIC, Ed. El Forestal B investment schemes consolidated SAU (a) Ofi cina 4 and of management Andorra la Vella mandates Serveis Av. del Fener, 7 Provision of 100% Fully d Assessorament Andorra la Vella services consolidated BSA, SAU (b) Assegurances Ctra. de l Obac 12 Insurance 100% Equity (175) 768 Segur Vida, SAU (a) Ed. El Forestal B company method Andorra la Vella (a) In 2009, this company was called Sabadell d Andorra Inversions, Societat Gestora, SAU Audited company. (b) In 2009, this company was called Sabadell d Andorra Borsa, SAU Dormant in (c) Audited company. 3. Accounting policies and valuation standards The following accounting principles and valuation rules were applied in the preparation of the accompanying consolidated fi nancial statements: a) Accrual basis Revenues and expenses are recorded on an accrual basis and the interest method is used for transactions which take more than twelve months to complete. Nevertheless, in accordance with the principle of prudence and applicable law, interest earned on loans classifi ed as past due, non-performing or very non-performing is recognised as income upon collection. Following the accruals principle, the accrual accounts show income earned but not yet received, expenses incurred but not yet paid, income received in advance, and expenses paid in advance.
15 b) Recording basis All the rights and obligations of the Group, including future or contingent rights and obligations, are recorded as they arise, either on the face of the balance sheet or in memorandum accounts, as applicable. In accordance with banking practice, transactions are recorded on the date they take place, which may differ from their value date, which is used for calculating interest income and expense. c) Foreign currencies Assets, liabilities and memorandum accounts denominated in foreign currencies are translated to euros at the last mid-market exchange rates prevailing before the balance sheet date. The main euro exchange rates prevailing on the last business day of fi nancial year 2010 are shown below: Exchange rate 62 U.S. dollars 1,3272 Pound sterling 0,8615 Japanese yen 108,5600 Swiss francs 1,2466 In the case of balance sheet positions hedged with derivatives, throughout the life of these contracts any latent exchange gains or losses arising from the balance sheet positions and any gains or losses on the hedging instruments are recognised under Gains (losses) on financial assets and liabilities - Exchange gains (losses) in the accompanying consolidated income statement. d) Non-performing assets Loans and advances to customers, bonds and other fi xed-income securities and other receivables are classifi ed as non-performing when the likelihood of repayment is reduced due to a debtor s perceived inability to meet contractual obligations. Assets (bills payable; loan, credit or lease payments receivable; matured and payable coupons, fi xed-income securities and other debts) are classifi ed as non-performing when principal or interest payments are overdue. In the case of non-performing loans with periodic payments, subsequent payments are classifi ed as non-performing on the date they fall due. When non-performing assets are considered irrecoverable or of negligible or improbable recovery value, they are derecognised and transferred to the memorandum accounts under the heading Other memorandum accounts held solely for administrative control purposes Other memorandum accounts (see Note 23). e) Allowance for credit losses The allowance for credit losses is intended to cover losses on loans and receivables and other exposures. This allowance is increased by provisions charged to income and decreased by charge-offs of loans considered uncollectible and recoveries of amounts previously provided. The allowance for credit losses comprises a specifi c allowance and a general allowance. Under the Andorran accounting system, the allowance for credit losses is calculated as follows: The specific allowance, which relates to all classes of assets and memorandum accounts, is determined based on individual studies of specifi c exposures to the main debtors and borrowers, based mainly on the collateral available and the length of time past due, using prudent and conservative criteria. The general allowance establishes a provision of 0.5% of net loans and advances to banks and fi xed-income bank deposits and 1% of the rest of net loans and advances to customers and fi xed-income customer securities, except for the part covered by pledged monetary guarantees and exposures secured by pledged listed securities (up to the limit of the market value of said securities), mortgage loans or securities issued by OECD central governments or expressly guaranteed by such governments.
16 During 2010, there has been issued the INAF Technical Communiqué 198/10 that establishes the requirements to be met in relation to the valuations of mortgage securities used by Andorran banks. Under this statement, the Bank has undertaken the renovation of the valuations of mortgage securities from loans and receivables portfolio, recalculating the necessary additional provisions for loan losses based on the results of the valuations. f) Unused credit facilities Credit facilities granted to customers are recorded in the balance sheet at the amount used and the undrawn amounts are recorded in the memorandum accounts under Contingent exposures and commitments -- Operational exposures and commitments. g) Investment securities Fixed-income and equity securities are classifi ed, according to their purpose, as either fi nancial assets held for trading, held-to-maturity investments or available-for-sale investments. a) Financial assets held for trading include listed securities and investment scheme units held in order to benefi t from short-term price fl uctuations. They are recorded at their market value. Any gains or losses arising from changes in the value of these securities are recorded net under Gains (losses) on fi nancial assets and liabilities -- Gains (losses) on securities in the accompanying income statements. Coupons that mature after fi xedincome securities have been purchased are recorded under Interest receivable and similar income Bonds and other fixed-income securities. b) Held-to-maturity investments include fi xed-income securities which the Bank has decided to hold to maturity. These securities are stated at amortised cost (the cost is adjusted monthly by spreading the difference between cost and redemption value over the remaining life of the security). The result is recorded, together with matured coupons, under Interest receivable and similar income in the accompanying consolidated income statement. Any losses on disposal are taken to Extraordinary income (loss) in the accompanying consolidated income statement, while any gains are released on a straight-line basis over the residual life of the security sold, with a corresponding entry in Gains (losses) on fi nancial assets and liabilities in the accompanying consolidated income statement. For this type of portfolio there is no need to provide an allowance for impairment of investment securities due to differences between market value and adjusted acquisition price. c) Available-for-sale investments comprise all other securities, including investment scheme units, and are measured at amortised cost. For fi xed-income securities, the difference between market value and amortised cost is calculated and the allowance for impairment of investment securities is increased through a provision charged to the income statement in an amount equal to the sum of the negative differences less the sum of the positive differences. Equity securities included in available-for-sale investments are recorded in the balance sheet at the lower of cost and market value. To recognise any losses on equity securities, an allowance for impairment of investment securities has been created which is deducted from assets in the accompanying consolidated balance sheet. d) Long-term investments include equity securities which are valued at the lower of acquisition price and market value. If the market value is lower than the cost, a provision is made to the allowance for impairment of investment securities to refl ect the depreciation. Transfers of securities from the trading portfolio to any other portfolio are done at market prices, less accrued interest where applicable. Transfers of securities from the available-forsale investments portfolio to the held-to-maturity portfolio are done at the lower of market price and amortised cost, while any impairment losses are recognised in the income statement. Transfers of securities from long-term investments to other portfolios are done at net book value. 63
17 h) Tangible fixed assets Tangible fi xed assets are stated at cost, net of accumulated depreciation, except for assets that have been revalued with prior authorisation from INAF (see Note 16). The costs of any expansion, modernisation or improvement that increases the productivity, capacity or effi ciency or lengthens the useful life of tangible fi xed assets are capitalised. The Group depreciates its tangible fi xed assets on a straight-line basis over the assets estimated useful life, as follows: Estimated useful life (years) Buildings 50 Furniture and fixtures 10 Computer equipment 5 Non-operating fi xed assets include land and buildings that are not directly used for banking activities. Such assets are stated at cost and are depreciated over their useful lives on the same basis as operating fi xed assets. 64 i) Intangible assets and deferred charges Intangible assets consist mainly of amounts paid to external suppliers for computer software and start-up costs. The cost of computer software is amortised on a straight-line basis over fi ve years. j) Pensions and similar obligations On 1 November 2006 the Group established a retirement plan to provide benefi ts complementary to and independent of those provided by the Andorran state pension system. The plan is open to employees who wish to become participant and meet the conditions to become benefi ciaries stipulated in the plan regulations (more than 14 months service on the contribution date, which is in February each year). Each year, the sponsor contributes 1% of each member s prior-year total gross earnings. The sponsor also contributes an additional 1% if the employee makes voluntary contributions to a group insurance plan, which is provided by an insurer unrelated to the Group. The sponsor s contributions are used to acquire units in the collective investment scheme BSA Inversió, FI Compartiment Prudent, managed by Sabadell d Andorra Inversions, SGOIC, SAU (related party). In addition, during 2006 the sponsor made a special contribution for members who joined the Group before 1 January This special contribution consisted of a lump sum based on the year the employee joined the Group. The amount of the abovementioned annual contributions is recognised in the balance sheets under Allowance for liabilities and charges Provisions for pension and similar obligations (see note 14). The market value of the units in the collective investment scheme BSA Inversió, FI Compartiment Prudent are recorded under Investment securities Investment schemes in the accompanying consolidated balance sheets (see note 8). The cost for the year is recorded under Staff costs Other staff costs in the accompanying consolidated income statements (see note 14). The plan covers retirement, permanent and total disability, and death. If any of these events should occur, the benefi ciary will receive the corresponding benefi t, which will consist of the value of the investments in the abovementioned collective investment scheme. k) Futures The Group uses futures contracts mainly to hedge its exposures to customers. Futures contracts are recognised in the memorandum accounts at their face value (see Note 20). Transactions whose purpose and effect is to eliminate or substantially reduce the currency, interest rate or market risk associated with asset positions or other transactions are classifi ed
18 as hedges. Gains or losses on hedging transactions are recognised in the income statement at the time the revenues or expenses relating to the hedged item are recognised. During the year, the Group did not carry out any non-hedging transactions (also known as trading transactions). l) Allowance for general risks The allowance for general risks includes the amounts that the Bank deems appropriate to cover general banking risks and is used to cover risks inherent in banking and fi nancial activity. As of 31 December 2010, the allowance for general banking risks on the accompanying balance sheet totalled 500 thousand, of which 200 thousand was added in 2010 (see note 15). m) Interest accrual The Group uses the effective interest method (i.e., the internal rate of return) to allocate interest income and expense over the term of fi nancial assets and liabilities with maturities of more than twelve months. For fi nancial assets and liabilities maturing within twelve months, the Group may opt for either the effective interest method or the straight-line method. n) Indirect service tax The Law on the indirect taxation of banking services and fi nancial services, passed by the Andorran parliament on 14 May 2002, imposes a tax on banking and fi nancial services provided by banks and other fi nancial institutions. The tax liability is calculated using an estimate of the value of the services provided, based on economic and fi nancial indicators. Under Law 3/2005 of 21 February amending the rate of the indirect tax on banking and fi nancial services, the applicable tax rate was 12%. The accrued expense for the indirect service tax was 1,802 in 2010 and 1,578 thousand in This tax is paid during the first quarter of Required reserves a) Required reserve ratio On 30 June 1994 the Andorran parliament passed a law regulating required reserves. On 9 December 2009 an amendment to the law regulating required reserves was approved. Under this law all deposit-taking institutions that use customers funds to make loans and other investments must invest a proportion of their funds in Andorran government debt securities. On 3 March 2010, in the Framework Law regulating obligatory investment ratios, the Council of Ministers passed the decree of national and social interest of a privileged program fi nancing companies and new business creation, innovation, restructuring and entrepreneurial projects for an amount of 12,500 thousand. It is a plan of fi nancial support to the creation of new businesses and new entrepreneurs, which is based on the award of loans arranged by banks and backed by the Andorran government. Government debt To meet this requirement, at 31 December 2010 the Bank held 11,570 thousand in Andorran government debt securities issued on 23 December 2009 ( 11,570 thousand at 31 December 2009). These debt securities mature on 31 December 2013 and earn interest at the one-year EURIBOR rate on the fi rst business day of the year. The amount paid by the Bank for these securities is recorded under Investment securities Bonds and other fi xed-income securities in the accompanying consolidated balance sheets (see note 8). The debt securities are classifi ed in the held-to-maturity portfolio.
19 66 b) Guarantee reserves On 11 May 1995 the Andorran parliament passed a law on the reserves to be held against deposits and other operating liabilities by banks operating in the Andorran financial system. Under this law banks operating in the Andorran financial system are required to maintain an amount equal to 4% of their total investments, not taking account of investments made with own funds or banking revenues, as a minimum reserve against their banking liabilities. On 26 March 2003 the Andorran government issued a decree which changed the percentage used to calculate the guarantee reserves from 2.25% to 1.25% of total investments, not taking account of those made with own funds or banking revenues. This decree also changed the bases for the calculation, which will be derived from banks balance sheets at 31 December 2002, and established the quantities to be held in reserve by fi nancial institutions with a value date of 31 December The amount of the guarantee reserves must be held in a deposit with the Andorran central bank, INAF. The reserves and deposits (see note 5) held by the Group as guarantee reserves at 31 December 2010 and 2009 amounted to 6,220 thousand, which is the minimum amount per bank established in the abovementioned law, regardless of the scale of its investments. These deposits earn interest at a market rate. The deposits with INAF are recorded under Deposits with INAF on the asset side of the accompanying consolidated balance sheets. 5. INAF Details of the balances with the Andorran central bank, INAF, and fi nancial intermediaries recorded in the accompanying consolidated balance sheets at 31 December 2010 and 2009 are as follows: Assets Time deposits 6,220 6,220 6,220 6,220 Liabilities and equity Demand deposits 1,116 21,627 Time deposits 30,356 1,754 31,472 23,381 A breakdown of assets and liabilities by reference currency at 31 December 2010 and 2009 is given below: Assets Liabilities Assets Liabilities By currency In Euros In foreign currency At 31 December 2010, term asset positions matured within one month. The maturity of term liability positions ranged between one and six months.
20 6. Demand deposits at banks Details of the demand deposits at banks recorded in the accompanying consolidated balance sheets at 31 December 2010 and 2009, by reference currency and type of account, are given below: By currency: In euros In foreign currency By type: Demand deposits- Correspondent bank accounts Demand deposits are any deposits that may be withdrawn at any time without notice or with notice of 24 hours or one business day. 7. Loans and receivables A breakdown of loans and receivables at 31 December 2010 and 2009 by currency and sector, not taking account of the allowance for credit losses, is given below: By currency: In euros In foreign currency By sector: Bank s Andorran public sector Central government Local government Private sector A breakdown of loans and receivables by residual maturity at the balance sheet date, not taking account of the allowance for credit losses, is given in the following table: By maturity: Matured Up to 1 month Between 1 and 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years No specified maturity (*) (*) Refers to customer overdrafts (excluding any overdrafts considered past due, non-performing or very non-performing, or any credit facility drawdowns beyond the credit limit).
21 A breakdown of loans and receivables at 31 December 2010 and 2009 by type of security and degree of risk, excluding loans and advances to banks and not taking account of the allowance for credit losses, is given below: By type of collateral: Security interest Mortgage Cash Pledged securities Personal guarantee By degree of risk: Normal Due 31 2 Non-perfoming The movements in the allowance for credit losses in 2010 and 2009 were as follows: Specific General Specific General allowance allowance Total allowance allowance Total Opening balance Additions: Net additions to allowance Aplications: Allowance for credit losses used (41) - (41) (63) - (63) Funds released (recoveries) (777) (368) (1.145) - (614) (614) Closing balance The balance of the Allowance for credit losses, net of recoveries account in the accompanying consolidated income statements relates mainly to movements in the allowance for credit losses shown in the preceding table, plus net additions to the general allowance for impairment of investment securities (see note 3.e). 8. Investment securities Details of Investment securities in the accompanying consolidated balance sheets at 31 December 2010 and 2009, broken down by reference currency and not taking account of the allowance for credit losses or the allowance for impairment of investment securities, are given below: By currency: In euros 127,067 94,523 In foreign currency 14,975 20, , ,004
22 Details of Investment securities in the accompanying consolidated balance sheets at 31 December 2010 and 2009, broken down by type of security and listing status and not taking account of the allowance for credit losses or the allowance for impairment of investment securities, are given below: By type: Available for sale Equity 4 72 Held-to-maturity Government debt (see Note 4.a) 11,570 11,570 Bonds and other fixed-income securities 128, ,442 Held for trading Equity Long-term investments Investments in Group companies Others investments Investment schemes , ,004 By listing status: Listed 129, ,443 Unlisted 12,589 12, , ,004 The criteria for assigning securities to the different portfolios are described in note 3.g. With the aim of concentrating all the risk of the Group s held-to-maturity portfolio in BancSabadell d Andorra (the Group s parent company) and leaving the company Assegurances Segur Vida, SAU with only the insurance activity properly speaking, on 4 June 2010, authorisation from INAF having been received on 3 June 2010, the held-to-maturity portfolio of Assegurances Segur Vida, SAU was transferred to the portfolio of BancSabadell d Andorra at its book value at the date of transfer, in the amount of 42,227 thousand. During 2010, with prior approval from INAF, the Bank proceeded to sell some securities from the held-to-maturity portfolio to increase the Bank s liquidity margin in the medium term. In addition, during 2010 the Bank executed three swap transactions in relation to securities classifi ed in the held-to-maturity portfolio, with the resulting loss, in the total net amount of 330 thousand, being recorded in Gains (losses) on fi nancial assets and liabilities in the accompanying consolidated income statement. The market value of the held-to-maturity portfolio, not including government debt, at the year-end exchange rate was 109,438 thousand. The value of the trading portfolio was 501 thousand. A breakdown of the held-to-maturity portfolio (bonds and other fi xed-income securities and government debt) by residual maturity at 31 December 2010 and 2009 is shown below: 69 Bonds and other Bonds and other fi xed-income Government fi xed-income Government debt securities securities debt Up to 1 month Between 3 months and 1 year Between 1 year and 5 years More than 5 years No specified maturity
23 Investments in Group companies shows the value of the shares of the equity-accounted investee Assegurances Segur Vida, SAU, equal to 812 thousand at 31 December In 2003, the Group acquired a participation of 0,238 % in Semtee, SA, for an amount of 62 thousands. During 2010, the Bank participated in the share capital increase of this company, raising its participations up to 77 thousands. This amount is recorded under Long-term investments - Other investments. Long-term investments - Investment schemes includes 127 thousand relating to the units of the collective investment scheme BSA Inversió, FI Compartiment Prudent, associated with the Bank s employee pension plan (see note 14). The movements in the general allowance for credit losses in 2010 and 2009 were as follows: 70 Opening balance Additions: General additions to the allowance Applications: Recoveries (99) (60) Closing balance In 2010 and 2009 there was no movement on the allowance for impairment of investment securities. 9. Intangible assets and deferred charges The movements in intangible assets during 2010 and 2009 and the related accumulated amortisation were as follows: 2010 Opening balance Additions Closing balance Cost Computer software 9,427 1,153 10,580 Subtotal 9,427 1,153 10,580 Accumulated amortization Computer software (6,195) (1,151) (7.346) Subtotal (6,195) (1,151) (7,346) Total 3, , Opening balance Additions Closing balance Cost Computer software 8,148 1,279 9,427 Subtotal 8,148 1,279 9,427 Accumulated amortization Computer software (5,227) (968) (6,195) Subtotal (5,227) (968) (6,195) Total 2, ,232
24 At 31 December 2010 the fully amortised intangibles included in Computer software amounted to 4,514 thousand. Neither in 2010 nor in 2009 were there any retirements or reclassifi cations. 10. Tangible fixed assets The movements in tangible fi xed assets in 2010 and 2009 and the related accumulated depreciation were as follows: Opening Additions Retirements Closing 2010 balance balance Cost Operating assets Land Buildings Furniture Instal lacions Computer hardware and data processing equipment Vehicles (42) 123 Art collection Non-operating assets Buildings Land Subtotal (42) Accumulated amortization Operating assets Buildings (1.163) (232) - (1.395) Furniture (1.056) (88) - (1.144) Fixtures (3.296) (468) - (3.764) Computer hardware and data processing equipment (2.350) (366) - (2.716) Vehicles (76) - 20 (56) Non-operating assets Buildings (113) (14) - (127) Subtotal (8.054) (1.168) 20 (9.202) Total (839) (22)
25 Opening Closing 2009 balance Additions balance Cost Operating assets Land 4,224-4,224 Buildings 11,598-11,598 Furniture 1, ,342 Fixtures 5, ,569 Computer hardware and data processing equipment 3, ,324 Vehicles Art collection Non-operating assets Buildings Land 1,007-1,007 Subtotal 27, ,975 Accumulated amortization Operating assets Buildings (934) (229) (1,163) Furniture (919) (137) (1,056) Fixtures (2,768) (528) (3,296) Computer hardware and data processing equipment (1,952) (398) (2,350) Vehicles (56) (20) (76) Non-operating assets Buildings (104) (9) (113) Subtotal (6,733) (1,321) (8,054) Total 20,936 (1,015) 19,921 In 2010 and 2009 no interest expense or exchange differences relating to tangible fi xed assets were capitalised. At 31 December 2010 and 2009 the non-operating assets consisted of properties owned by the Bank which are let. At 31 December 2010 fully depreciated tangible fi xed assets totalled 4,403 thousand, consisting of 1,855 thousand in Fixtures, 1,683 thousand in Computer equipment, 842 thousand in Furniture and 23 thousand in Vehicles. During 2010 one vehicle in the amount of 42 thousand was retired. At 31 December 2010 there was no other material circumstance affecting the Group s tangible fi xed assets.
26 11. Banks and credit institutions The details of the amounts owed to banks and credit institutions at 31 December 2010 and 2009, by reference currency and nature, are as follows: By currency: In euros 1,438 2,758 In foreign currency 1,663 4,776 3,101 7,534 By nature: Demand deposits 1, Time deposits 1,660 7,269 3,101 7,534 Demand deposits are any deposits that may be withdrawn at any time without notice or with notice of 24 hours or one business day. A breakdown of the time deposits recorded in this section of the accompanying consolidated balance sheets by maturity, calculated from the balance sheet date at 31 December 2010 and 2009, is given below: Up to 1 moth 350 3,046 Between 1 month and 3 months 1,236 4,223 Between 3 months and 1 year 74-1,660 7, Customer deposits A breakdown of customer deposits at 31 December 2010 and 2009 by currency and type of deposit is given below: By currency: In euros 367, ,694 In foreign currency 49,811 67, , ,873 By nature Demand deposits Checking accounts 126, ,541 Savings accounts Time deposits Certifi cates of deposit 290, , , ,873
27 A breakdown of the customer deposits recorded in this section of the accompanying consolidated balance sheet by maturity, calculated from the balance sheet date at 31 December 2010 and 2009, is given below: By maturity: Up to 1 moth 65,433 61,996 Between 1 month and 3 months 89, ,624 Between 3 months and 1 year 135, ,830 Between 1 year and 5 years - 5,087 No specifi ed maturity (*) 126, ,336 (*) Relates to customer demand deposits 417, , Debt securities 74 A breakdown of debt securities at 31 December 2010 and 2009 by reference currency is given below: By currency: In euros 124, ,548 In foreign currency 2,604 7, , ,319 This item contains issues of structured products which pay a variable coupon based on benchmarked shares, interest rates or indices. The main structured products are classifi ed as follows: Products that pay a variable quarterly coupon. The capital is guaranteed against the Bank s ordinary portfolio. There is no early withdrawal option. Products that pay a fi xed quarterly coupon. The customer receives a fi xed coupon and recovers 100% of the investment on maturity unless there has been a credit incident linked to the benchmark entity (bankruptcy, default or debt restructuring). These products are guaranteed against the Bank s ordinary portfolio or hedged using appropriate fi nancial derivatives. Products whose yield and/or the recovery of the capital depends entirely or in part on the performance of a share or a basket of shares. These products are hedged using appropriate fi nancial derivatives. This type of issue is marketed only to customers of the Bank who assume the counterparty risk of the issue. At 31 December 2010 the cash value of the structured products secured against the ordinary portfolio (bonds and other fi xed-income securities) was 19,864 thousand. In addition, at 31 December 2010, this item also includes repos on securities from the Bank s portfolio that the Bank has sold with a repurchase agreement to the collective investment scheme BSA Monetari Plus, Fons d Inversió in the amount of 19,032 thousand.
28 A breakdown of debt securities at 31 December 2010 and 2009 by residual maturity is given below: By maturity: Up to 1 month - 4,400 Up to 3 months 7,685 21,269 Beetwen 3 months and 1 year 27,704 25,837 Beetwen 1 year and 5 years 80,277 64,088 More than 5 years 11,183 1,725 The movements in debt securities during 2010 and 2009 were as follows: 126, ,319 Opening balance 117,319 17,250 Plus: New issue 108, ,069 Less: Issue matured (98,864) - Closing balance 126, ,319 The average cost of the issues in 2010 and 2009 was 2.94% and 3.86%, respectively. 14. Provisions for liabilities and charges As described in note 3.j), in 2006 a pension fund was set up for the Bank s employees. In 2010 the Bank acquired additional units in the collective investment scheme BSA Inversió, FI Compartiment Prudent, the proceeds of which will be paid to the beneficiaries when needed (see note 8). The movements in the pension fund during 2010 and 2009 were as follows: 75 Opening balance Plus: Additions to the fund Closing balance Allowance for general banking risks The movements in the allowance for general banking risks during 2010 and 2009 were as follows: Opening balance Plus: Additions to the allowance Recoveries from the allowance - - Allowance used - (23) Closing balance The allowance includes the amount allocated by the Bank to cover general risks inherent in the banking business.
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