caisse centrale desjardins financial review

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1 TABLE of contents Caution concerning forward-looking statements 19 Risk factors that may impact future results 20 Financial governance 22 Analysis of consolidated financial statements and critical accounting policies 23 Caisse centrale s strategy 29 Economic review 30 Analysis of consolidated statements of income 3 1 Net income and contribution to network 3 1 Net interest income 3 1 Other income 32 Segment analysis 33 Non-interest expense 35 Other payments to the Desjardins network 35 Income taxes and other taxes 35 Remuneration of capital stock 36 Analysis of consolidated comprehensive income 36 Analysis of consolidated cash flows 36 Analysis of quarterly trends 37 Analysis of fourth quarter results 37 Analysis of consolidated balance sheets 38 Quality of credit 40 Liquidity and source of financing 42 Off-balance sheet arrangements 44 Risk management 47 Credit risk 49 Counterparty and issuer risk 50 Liquidity risk management 53 Market risk management 53 Management of market risk related to trading activities value-at-risk 54 Additional information related to certain risk exposure 58 Capital management 60 Additional information 63 caisse centrale desjardins financial review consolidated financial statements Audit Commission s Annual Report 66 Management s responsibility for financial reporting 67 Independant Auditor s Report 68 Consolidated financial statements 69 Notes to the consolidated financial statements 74 17

2 Management's Discussion and Analysis Caisse centrale Desjardins ( Caisse centrale ) is a wholly-owned subsidiary of the Fédération des caisses Desjardins du Québec (the Fédération ). Caisse centrale s mandate is to provide institutional funding for the Desjardins network and to act as financial agent, notably by supplying interbank exchange services, including clearing house settlements. Caisse centrale s activities on the Canadian and international markets complement those of other Desjardins Group components. Caisse centrale's operations are governed in particular by the Act respecting financial services cooperatives. The Autorité des marchés financiers (the AMF ) is the main government agency that has oversight over and monitors deposit-taking institutions (other than banks) that carry on business in Quebec, including Caisse centrale. This constitutes a significant difference from the Canadian banks, which are governed by a federal charter. Moreover, Caisse centrale complies with the AMF's guideline on standards governing the adequacy of base capital, adapted to reflect the provisions of the Basel II Accord. Caisse centrale manages financial disclosure in compliance with the AMF's Regulation respecting certification of disclosure in issuers' annual and interim filings. Caisse centrale's financial governance is discussed on page 22 of this report. This Management s Discussion and Analysis ( MD&A ) compares the financial condition and results of operations of Caisse centrale for the years ended December 31, 2010 and 2009, prepared in accordance with Canadian generally accepted accounting principles. This MD&A is dated February 24, 2011 and, unless otherwise indicated, all stated figures are in Canadian dollars. It also discusses forecasts and risk management. To assist the reader, a glossary of financial terms has been added at the end of the Annual Report. It should be noted that, following the announcement of Desjardins Group's new organizational structure, Caisse centrale brought the analyses in this MD&A into line with the new business segments set up by Desjardins Group. Financial reporting is now done according to these major business segments, namely Business Services and Desjardins Group Treasury. Moreover, it should be noted that in relation to the new organizational structure, some Caisse centrale operations and employees were transferred to the Fédération at the very end of 2010 in order to increase organizational efficiency. These transfers will not have any significant impact on Caisse centrale's financial results. Additional information on Caisse centrale, including Caisse centrale's Annual Information Form, is available on the SEDAR Web site at Senior management appointments In the interest of fully realizing the potential of the new structure implemented almost two years ago, continuing to pursue Desjardins Group s strategic and cooperative development, and strengthening its market position, Desjardins Group has made some changes and appointments to several senior management positions. Desjardins Group wants to focus more on the promotion of cooperation within the Group and communities, organizational strategy and development, governance and the engagement of the Group s elected officers and employees. To this end, Marc Laplante, the current Senior Executive Vice-President, Strategy, Performance and Development for Desjardins Group, will take on an expanded role and responsibilities, becoming Senior Executive Vice-President for both the Group and the Fédération. He will manage operational files for the Group and the Fédération. He will also coordinate the Group s main strategic and organization-wide projects, as well as Desjardins Group s various senior management support committees. Réal Bellemare, currently Vice-President, Corporate Banking and Capital Market Risk and Special Assignments, has been promoted to the position of Executive Vice-President, Risk Management, and will report to Mr. Laplante. An MBA graduate of HEC Montréal, Mr. Bellemare has many years of risk management experience. He will sit on Desjardins Group s Senior Management Committee. Desjardins Group also announced the appointment of Louis-Daniel Gauvin, currently Senior Vice-President and Chief Risk Officer, to the position of Senior Vice-President and General Manager, Caisse centrale Desjardins and Capital Desjardins Inc. Mr. Gauvin will be responsible for investor relations at a time when the Group plans to grow its presence in national and international financial markets. He will also be responsible for the the Group s compliance activities and regulatory relations. Mr. Gauvin will continue to sit on Desjardins Group s Management Committee. Finally, Desjardins Group announces the retirement of Bruno Morin, General Manager of Caisse centrale Desjardins and Capital Desjardins Inc. and wants to express its appreciation for his contribution to his success and to those of Caisse centrale Desjardins. Mr. Morin will continue as General Manager of Capital régional et coopératif Desjardins and will remain on the boards of some of the Group s components. These appointments will take effect on February 25,

3 Caution concerning forward-looking statements Caisse centrale's public communications often include oral or written forwardlooking statements. Such forward-looking statements concerning Caisse centrale's activities and strategies may be contained in this MD&A, and may be incorporated in other filings with Canadian regulators or in any other communications. Forward-looking statements may include comments with respect to Caisse centrale's priorities and objectives for fiscal 2011, as well as strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for Caisse centrale's operations and the Canadian and Quebec economies. Such statements are typically identified by words or phrases such as believe, expect, anticipate, intend, estimate, plan, and may ; words and expressions of similar import, and future and conditional verbs. By their very nature, such statements involve assumptions, inherent risk and uncertainties, both general and specific. It is therefore possible that the predictions, projections or other forward-looking statements may not materialize or may prove to be inaccurate because of a number of factors and that actual results differ materially. A number of factors beyond our control could influence the accuracy of the forward-looking statements in this MD&A. These factors include those discussed under Risk management, such as credit, liquidity, market, foreign exchange, operational and reputation risk. Additional risk factors include legislative or regulatory developments in Quebec, Canada or globally, such as changes in fiscal and monetary policies; new reporting instructions and liquidity regulatory guidance, or interpretations thereof; and amendments to risk-based capital guidelines. There are also factors linked to changes in economic and financial conditions in Quebec, Canada or globally, including the unemployment rate, changes in interest rates and exchange rates; trade between Quebec and the United States; the ability of third parties to comply with their obligations to Caisse centrale; consumer spending; credit demand; the effects of increased competition in a market open to globalization; competition from new entrants and established competitors; fraud, including the use of new technologies in unprecedented ways to defraud Caisse centrale, its members or its clients; legal or regulatory procedures and lawsuits; consumer saving habits; and the effect of possible international conflicts, including terrorism, or natural disasters; and new developments. It is important to note that the above-mentioned list of factors that could influence future results is not exhaustive. Other factors could have an adverse effect on results. Although Caisse centrale believes that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct. Caisse centrale cautions readers against placing undue reliance on forward-looking statements when making decisions. Any forward-looking statements contained in this report represent the views of management only as at the date hereof, and are presented for the purpose of assisting members and analysts understand Caisse centrale's financial position as at the dates indicated or for the periods ended on such dates, as well as its strategic priorities and objectives, and these statements may not be appropriate for other purposes. Caisse centrale does not undertake to update any oral or written forward-looking statements that may be made from time to time by or on behalf of Caisse centrale, except as required under applicable securities legislation. Lastly, there are certain operational risk factors, such as risk management models with intrinsic limitations; technological changes; the development and timely marketing of new products and services; the ability to collect accurate and complete information on clients and counterparties; the ability to form and integrate strategic alliances and acquisitions; changes in accounting policies and methods that Caisse centrale uses to report its financial position and results of operations, including uncertainties associated with the significant accounting assumptions and estimates, including changes in estimates for provisions; the effect of applying future accounting changes; the ability to attract and retain key officers; and management s ability to foresee and manage the risks associated with the preceding factors. 19

4 Risk factors that may impact future results As indicated in the caution concerning forward-looking statements, general and specific risks and uncertainties may cause the actual results of Caisse centrale to differ from those in the forward-looking statements. Some of these risk factors are presented below. General economic and business conditions in regions where Caisse centrale conducts business General economic and business conditions in the regions in which Caisse centrale operates may significantly affect its revenues. These conditions include short and long-term interest rates, inflation, debt securities market fluctuations, foreign exchange rates, the volatility of capital markets, including tighter liquidity conditions in certain markets, the strength of the economy and the volume of business conducted by Caisse centrale in a given region. Foreign exchange rates Exchange rate fluctuations in the Canadian dollar, the U.S. dollar and other foreign currencies may affect Caisse centrale s financial condition and its future earnings. Fluctuations in the Canadian dollar may also adversely impact the earnings of Caisse centrale s business clients in Canada. Monetary policy The monetary policies of the Bank of Canada and the Federal Reserve Board in the United States, as well as other interventions in capital markets, have an impact on the revenues of Caisse centrale. The general level of interest rates may affect the profitability of Caisse centrale. Fluctuations in interest rates affect the spread between interest paid on deposits and interest earned on loans, which could change Caisse centrale s net interest income. Caisse centrale has no control over changes in monetary policies or capital market conditions, and it therefore cannot forecast or anticipate them systematically. Competition The degree of competition in markets in which Caisse centrale operates affects its performance. Client retention depends on many factors such as product and service pricing, customer service delivery and changes to the products and services offered. Changes in standards, laws and regulations Changes made to standards, laws and regulations, including changes affecting their interpretation or implementation, could have an impact on Caisse centrale by restricting its product or service offer or by enhancing the ability of competitors to compete with its products or services. In addition, Caisse centrale's failure to comply with applicable laws, regulations and other guiding principles, even though it takes care to avoid such a possibility, could result in penalties and fines that may have an unfavourable impact on its reputation and financial results. Completeness and accuracy of information concerning clients and counterparties Caisse centrale relies on the completeness and accuracy of the information concerning its clients and counterparties. When deciding to authorize credit or other transactions with clients or counterparties, Caisse centrale may use information provided by them, including financial statements and other financial information. It may also rely on representations made by clients and counterparties regarding the completeness and accuracy of such information, and on auditors reports regarding the financial statements. The financial condition and revenues of Caisse centrale could be adversely affected if it relied on financial statements that do not comply with generally accepted accounting principles, are misleading or do not present fairly, in all material respects, the financial condition and the results of the operations of clients and counterparties. Accounting policies and methods used by Caisse centrale The accounting policies and methods that Caisse centrale uses determine how it reports its financial position and results of operations, and they may require management to make estimates or rely on assumptions about matters that are inherently uncertain. Any change to these estimates and assumptions may have a significant impact on Caisse centrale's results of operations and financial position. In addition, Caisse centrale will adopt International Financial Reporting Standards ( IFRS ) effective January 1, It will present its Consolidated Financial Statements for the quarter ending March 31, 2011, as well as comparative data for fiscal 2010, including an opening consolidated statement of financial position as at January 1, The adoption of this basis of accounting will result in adjustments to the opening balance sheet and retained earnings at the time of the transition. Caisse centrale has already identified the major differences between Canadian GAAP and IFRS, and these differences may have a marked impact on the Consolidated Financial Statements. See Future changes in accounting policies on page 24 for more information. 20

5 New products and services to retain or increase market share The ability of Caisse centrale to retain or increase its market share depends partly on its skill in adapting its products and services to changing standards in the financial services industry. Financial services companies are subject to increasing pressure regarding the pricing of their products and services. This factor may reduce net interest income or revenues from fee-based products and services. Moreover, the adoption of new technology can result in major expenses for Caisse centrale, as it is required to modify or adapt its products and services. Ability to recruit and retain key officers Caisse centrale s future performance depends partly on its ability to recruit and retain key officers. In addition, intense rivalry to attract the best people pervades the financial services industry. Caisse centrale cannot however be sure that it will be able to continue to recruit and retain key officers, even though this is one of the objectives of its resources management policies and practices. Other factors Other factors that may have a possible impact on Caisse centrale's future results include changes in tax laws, unexpected changes in consumer spending and savings habits, technological changes, the ability to activate its disaster recovery plan within a reasonable time, the possible impact on Caisse centrale's business of international conflicts or acts of God, and Caisse centrale's ability to anticipate and properly manage the risks associated with these factors within a disciplined risk environment. Operational, credit, market and liquidity risks, as well as other risk factors are presented under Risk management review. Caisse centrale cautions the reader that factors other than the foregoing could affect future results. When investors and other stakeholders rely on forwardlooking statements to make decisions with respect to Caisse centrale, they should carefully consider these factors as well as other uncertainties, potential events, and industry factors or items specific to Caisse centrale which could adversely impact its future results. Business infrastructure Third parties provide some of the essential components of Caisse centrale s business infrastructure, such as Internet connections and network access. Interruptions in network access services or other communication services provided by such third parties could adversely affect the ability of Caisse centrale to offer products and services to customers and to otherwise conduct its business. Difficulties in implementing Caisse centrale's new technology platform could adversely affect its operations Caisse centrale recently carried out a major review of its technology needs and selected a new supplier to assist it with its technology operations, including the outsourcing of its centralized information technology infrastructure activities and hosting services. This new platform, which is currently being phased in, should be entirely functional by the end of the second quarter of Any unforeseen delay or difficulty in the transition to this new platform could adversely affect Caisse centrale's ability to operate its business and offer its products and services to clients. 21

6 Financial governance Caisse centrale must comply with certain requirements of the Canadian Securities Administrators ( CSA ) rules regarding continuous disclosure obligations, the oversight of external auditors, certification of financial reporting and audit committees. As a reporting issuer, Caisse centrale was required to certify, as at December 31, 2010, the design and effectiveness of its disclosure controls and procedures and its internal control over financial reporting. DISCLOSURE CONTROLS AND PROCEDURES In compliance with CSA directives in Multilateral Instrument , the Chair of the Board and Chief Executive Officer and the Chief Financial Officer of Caisse centrale designed, or caused to be designed, financial disclosure controls and procedures which are supported in particular by the process for periodic certification of financial disclosures made in annual and interim filings. This Annual Report and all information collected as part of the financial governance process are reviewed on a quarterly or annual basis by the members of the Disclosure Committee of Caisse centrale and of the Audit Commission of Caisse centrale. The Audit Commission plays a lead role in the oversight and assessment of the appropriateness of financial disclosure controls and procedure. As at December 31, 2010, in accordance with the control framework recognized by the Committee of Sponsoring Organizations ( COSO ) of the Treadway Commission, Caisse centrale s management assessed the design and effectiveness of the financial disclosure controls and procedures of Caisse centrale. INTERNAL CONTROL OVER FINANCIAL REPORTING Caisse centrale s management is responsible for designing and maintaining an adequate internal control process for financial reporting. Such internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian GAAP. As in the case of the assessment of disclosure controls and procedures, the design and effectiveness of internal control over financial reporting were assessed on the basis of the COSO control framework. Given the inherent limitations involved, it is possible that internal control over financial reporting may not prevent or detect all misstatements caused by error or fraud. Moreover, management s assessment of the controls provides only reasonable, and not absolute, assurance that all the problems related to control which could give rise to material misstatement have been detected. In view of the work performed, the Chair of the Board and Chief Executive Officer as well as the Chief Financial Officer of Caisse centrale conclude that as at December 31, 2010, internal control over financial reporting is effective and does not contain any material weakness. CHANGE IN INTERNAL CONTROL OVER FINANCING REPORTING Lastly, Caisse centrale confirms that, throughout the year ended December 31, 2010, internal control over financial reporting has not been subject to any change that affected its control, or was reasonably likely to affect it. On the basis of the assessments made, the Chair of the Board and Chief Executive Officer and the Chief Financial Officer of Caisse centrale have certified that the financial disclosure controls and procedures provide assurance that information required to be disclosed in reports filed or submitted under Canadian securities laws is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, thus providing investors with complete and reliable information. 22

7 Analysis of consolidated financial statements and critical accounting policies This section contains the analysis of the financial results of Caisse centrale, which focuses on the Consolidated Statements of Income and the Consolidated Balance Sheets in the Consolidated Financial Statements. Note 2 to the Consolidated Financial Statements presents a summary of the significant accounting policies used in preparing the Consolidated Financial Statements of Caisse centrale. Some of the accounting policies are considered critical because they are key to understanding the financial condition and results of operations of Caisse centrale; they require management to make difficult, subjective and complex estimates and assumptions since they concern essentially uncertain issues. Any change in these estimates and assumptions could have a material impact on the consolidated financial statements of Caisse centrale. Critical accounting policies concern the allowance for credit losses, the fair value of financial instruments, securitization and income taxes. ALLOWANCE FOR CREDIT LOSSES The allowance for credit losses is an estimate of probable credit losses related to financial instruments, whether or not presented on the Consolidated Balance Sheets of Caisse centrale, including loans, off-balance sheet commitments and acceptances. This allowance includes a general provision for credit losses and specific provisions. A number of factors affect the estimates for the allowance for credit losses, including risk assessment, default probability, loss in the event of default, valuation of security, economic conditions and borrowers specific situations. Any change in the estimates can lead to modifications of the allowance for credit losses. Note 6 to the Consolidated Financial Statements provides more details on the allowance for credit losses. FAIR VALUE OF FINANCIAL INSTRUMENTS All financial assets and liabilities, including derivative financial instruments, are initially recognized at fair value in the Consolidated Balance Sheets. In subsequent periods, they are measured at fair value, except for items classified as loans and receivables, and financial liabilities other than for trading. A more complete description of financial instrument recognition is found in Note 2 to the Consolidated Financial Statements. Fair value represents the estimated amounts at which these instruments could actually be exchanged in a current transaction between willing parties. Published price quotations in an active market are the best evidence of fair value and, if they are available, Caisse centrale uses them to measure financial instruments. The fair value of a financial asset traded on an active market generally reflects the bid price, and the fair value of a financial liability traded on an active market, the asking price. If there is no active market for a financial instrument, fair value is estimated by using the prices of similar securities or various valuation techniques such as the discounted cash flow method and option pricing models. If the fair value is determined on the basis of valuation models, Caisse centrale must use assumptions concerning the amount and timing of future estimated cash flows and the discount rates used. These assumptions are based primarily on observable external market factors such as yield curves, volatility factors and credit risk. The methods to determine fair value and the assumptions used in the valuation models can affect fair value and the resulting gains and losses. Other information on the methods used by Caisse centrale to determine fair value is provided in Notes 2 and 4 to the Consolidated Financial Statements. Available-for-sale securities are measured from time to time to determine if there is any objective evidence that they have been impaired. The use of judgment and estimates is required to determine if a decline in value is other than temporary. Management reviews the value of available for sale assets on a regular basis to determine if the fair value of some of them has been impaired. This review includes an analysis of the specific facts of each investment and an assessment of expected future returns. As part of this exercise, management assesses a series of factors that could indicate a loss in value that is other than temporary. Such factors include the financial conditions and near-term prospects of the issuer, and the length of time that the security has been in an unrealized loss position. Any change in the judgments made to identify securities for which there has been a decline in value that is other than a temporary decline and to estimate their realizable value could impact on the amount of losses recorded in the Consolidated Financial Statements. In addition, impairment losses recognized in income with regard to a debt security classified as being available for sale must be reversed in income if, in a subsequent period, the fair value of the security increases and the increase can be objectively related to an event occurring after the impairment was recognized. 23

8 SECURITIZATION Caisse centrale participates in the National Housing Act ( NHA ) Mortgage- Backed Securities Program. Under this program, Caisse centrale converts mortgage loans acquired from Desjardins Group into NHA mortgage-backed securities ( NHA-MBSs ). These securities are then sold to Canada Housing Trust. If securitization operations meet derecognition criteria, these transactions are recorded as sales because Caisse centrale surrenders control over the assets sold and receives consideration other than beneficial interests in these assets. As a result, the NHA-MBSs transferred are derecognized. Determining the initial gain depends on the measurement of certain retained interests. Since market prices are not all available, this measurement is based on estimates and assumptions using the present value of estimated future cash flows. The key assumptions used to estimate this value are the prepayment rate, the discount rate and the weighted average life of the mortgage loans. Since all the mortgage loans are guaranteed, our assumptions do not include any provision for credit losses. Any change in these estimates and assumptions could affect the amount of gains recorded. An analysis of the sensitivity of the fair value of retained interests to immediate 10% to 20% adverse changes in key assumptions is presented in Note 7 to the Consolidated Financial Statements. Furthermore, since the value of retained interests has to be remeasured periodically, the methods of establishing fair value and the assumptions used could have an impact on the amounts recorded. Furthermore, under this same Program, Caisse centrale acquires interests in securitized loans from Desjardins Group member caisses. The receivables and interests acquired through these transactions do not meet the recognition criteria as member caisses retain substantially all the risk and advantages associated with such receivables and interests. Caisse centrale recognizes a liability for the consideration received from the Canada Mortgage Housing Corporation ( CMHC ) with respect to the receivables and interests in securitized loans that do not meet the derecognition criteria. This liability is presented in deposits. Further information on these transactions can be found in Note 7 to the Consolidated Financial Statements as well as in the section of this MD&A on Off-balance sheet arrangements. INCOME TAXES The income tax provision is established on the basis of the expected tax treatment of transactions recorded in the Consolidated Statements of Income or the Consolidated Statements of Members Equity. In order to determine the current and future portions of the income tax provision, analysis and assumptions are established concerning the tax laws and the dates on which future tax assets and liabilities will reverse. If the interpretation concerning tax laws differs from the one established by tax authorities or if the reversal dates of future tax assets and liabilities differ from the ones estimated, the income tax provision could increase or decrease in the next few years. ACCOUNTING CHANGES Effective interest method In June 2009, the Accounting Standards Board (AcSB) issued an amendment to CICA Handbook Section 3855, Financial Instruments Recognition and Measurement, in order to clarify the interest calculation method for a financial asset not classified as loans and receivables after recognition of an impairment loss. Caisse centrale adopted this amendment retrospectively for its fiscal year beginning on January 1, The adoption of this standard did not have any impact on its Consolidated Financial Statements as at December 31, FUTURE CHANGES IN ACCOUNTING POLICIES International Financial Reporting Standards Background In February 2008, the AcSB confirmed that as of 2011, publicly accountable enterprises would be required to apply International Financial Reporting Standards ( IFRS ). In order to meet this schedule, Caisse centrale initiated its IFRS conversion project in 2007 by setting up a team integrated within Desjardins Group's project structure. Desjardins Group's role was to coordinate the conversion for all its components as well as for all the staff affected by this project in order to meet the January 1, 2011 deadline for the changeover. An IFRS conversion program and a detailed conversion plan with three major stages described on page 24 of the 2009 Annual Report were therefore developed: Phase 1 Identification and feasibility Phase 2 Design, realization and deployment Phase 3 Operation: Post-implementation Caisse centrale, which meets the accounting definition of a publicly accountable entity, has adopted IFRS since January 1, 2011 as the basis of accounting for preparing its annual and interim financial statements. Caisse centrale will issue its first IFRS quarterly Consolidated Financial Statements for the first quarter ending March 31, 2011, as well as comparative information, a Consolidated Statement of Financial Position as at January 1, 2010 and related transitional reconciliations. Work completed to date During the year ended December 31, 2010, Caisse centrale continued its conversion to IFRS, upgrading its information systems, processes and internal controls as well as deploying its change management plan. Caisse centrale has therefore practically completed the work related to the deployment and postimplementation phases of its conversion plan, whose activities will allow it to prepare the Consolidated Statement of Financial Position dated January 1, 2010 as well as comparative information for fiscal The main financial implications of the transition to IFRS have also been quantified on the basis of available information and IFRS in effect on December 31, These implications are presented under Financial implications of IFRS regarding the Consolidated Statement of Financial Position of Caisse centrale as at January 31,

9 Information systems The main changes made to information systems mainly resulted from the following: accounting for hedging activities; accounting for loans and mortgage-backed securities not meeting derecognition criteria; and systems adjustments to reflect the new IFRS disclosure requirements, including a model of annual and interim Consolidated Financial Statements and the notes thereto. Internal processes and controls The main changes made to internal processes and controls did not affect key controls. However, some upgrading was necessary following the installation of new business solutions. Therefore, internal processes and controls related to the following operations were updated: Securitization The processes and controls to ensure that securitization transactions that will no longer be derecognized are properly recorded in Caisse centrale's books; Employee benefits The processes and controls to ensure that Caisse centrale's participation in Desjardins Group's group defined benefit plan was adequately accounted for; and Financial disclosure The processes and controls to ensure that disclosures in financial statements prepared in accordance with IFRS are exhaustive and free of material misstatement. In anticipation of its clients' adoption of IFRS or generally accepted accounting principles for private enterprises, Caisse centrale also updated its internal processes and controls covering mainly certain business activities related to granting credit. In the last quarter, Caisse centrale completed updating its performance measures, variable compensation programs and its budget planning process. Change management Under its change management plan, Caisse centrale conducted training sessions, through Desjardins Group's training program, for its Board of Directors, its Audit Commission, management and staff including, among others, finance department personnel and staff of sectors particularly affected by the implementation of IFRS, including credit department employees. Deployment of its change management plan is on schedule, and the progress made is reported to Caisse centrale's management and Audit Commission on a regular basis. Financial disclosure Caisse centrale continued to prepare the model for its first IFRS annual and interim Consolidated Financial Statements and the notes thereto. It also continued to compile the financial data required to produce the financial statements. Caisse centrale continually monitors developments in standards that could affect its Consolidated Financial Statements after the date of adopting IFRS on January 1, The communication plan regarding members and investors was also finalized in fiscal 2010, and will be completely deployed by March 31, Caution The financial implications of IFRS for Caisse centrale's financial statements and key financial measurements were determined on the basis of IFRS in effect as at December 31, The data presented below regarding the key financial measurements have as their sole objective to simulate the impact of the IFRS effective January 1, 2010 on the key financial measurements calculated as at December 31, 2010 in accordance with Canadian GAAP. The financial implications of IFRS for Caisse centrale's financial statements and the key financial measurements could be adjusted on the basis of possible amendments to the IFRS, which will be applied to the financial statements for the year ending December 31, 2011, and which could result in the restatement of the comparative financial statements, including the transitional adjustments recognized at the IFRS changeover date. FINANCIAL IMPLICATIONS OF IFRS Financial implications of IFRS regarding the Consolidated Statement of Financial Position of Caisse centrale as at January 1, 2010 In preparing its first financial statements in accordance with IFRS, Caisse centrale has prepared a Consolidated Statement of Financial Position as at January 1, 2010, the date of its transition to IFRS. IFRS have been applied retrospectively, except for the application of some optional exemptions and mandatory exceptions provided for in IFRS 1 (revised), First-time Adoption of International Financial Reporting Standards ( IFRS 1 ). The effects of this change in the basis of accounting on Caisse centrale's financial position as at January 1, 2010, as well as the terms and conditions selected for the determination thereof are presented below. 25

10 Table I Table of transition to IFRS (unaudited) as at January 1, 2010 (in thousands of dollars) reclassification restatements canadian gaap line items assets canadian gaap amount income taxes employees benefits allowance for credit losses financial instruments Cash and deposits with financial institutions $ 196,321 $ $ $ $ $ 196,321 IFRS amount ifrs line items assets Cash and deposits with financial institutions and the Bank of Canada Securities Securities Held for trading 2,311,342 2,311,342 Securities at fair value through profit or loss Available for sale 2,788,804 2,788,804 Available-for-sale securities 5,100,146 5,100,146 Loans 13,079,747 22,704 2,146 13,104,597 Loans Other Other Customer s liability under acceptances 750, ,500 Customer s liability under acceptance Derivative financial instruments 2,819,219 2,819,219 Derivative financial instruments Future income tax assets 27,745 6,362 (813) (2,881) 30,413 Deferred tax assets Other assets 650,768 (27,745) 623,023 Other assets 4,220,487 6,362 (813) (2,881) 4,223,155 Total assets $ 22,596,701 $ $ 6,362 $ 21,891 $ (735) $ 22,624,219 liabilities and member s equity liabilities and member s equity Deposits Deposits Payable on demand $ 2,714,943 $ $ $ $ (10,268) $ 2,704,675 Payable on demand Payable on a fixed date 12,121,239 12,121,239 Payable on a fixed date 14,836,182 (10,268) 14,825,914 Other Other Acceptance 750, ,500 Acceptances Obligations related to securities sold short 167, ,060 Obligations related to securities sold short Commitments under repurchase agreements 986, ,595 Commitments related to securities sold under repurchase agreements Derivative financial instruments 2,724, ,607 Derivative financial instruments Other liabilities 1,803,484 28,075 19, ,676 Other liabilities 6,432,246 28,075 19, ,438 Member s equity 1,328,273 (21,713) 2,774 9, ,867 Member s equity $ 22,596,701 $ $ 6,362 $ 21,891 $ (735) $ 22,624,219 26

11 NATURE OF MAIN RECLASSIFICATIONS The changes made to the presentation of some line items do not have any effect on the undistributed surplus earnings as at January 1, 2010, but result in the reclassification of items from one line to another. The nature of the main reclassifications in the Consolidated Statement of Financial Position resulting from the transition to IFRS and the related amounts are as follows as at January 1, 2010: Income taxes In accordance with IAS 1, deferred taxes must be presented as a separate line item on the face of the Consolidated Statement of Financial Position. Consequently, these items have been reclassified from Other assets to Deferred tax assets in the amount of $27.7 million. NATURE OF MAIN RESTATEMENTS The nature of the main restatements in the Consolidated Statement of Financial Position resulting from the transition to IFRS and the related amounts are as follows as at January 1, 2010: EMPLOYEE BENEFITS Main changes from GAAP According to the previous basis of accounting, no assets or liabilities were recognized by Caisse centrale for the defined benefit plans offered as an employee benefit to most Desjardins Group employees because these plans were accounted for by participating employers as defined contribution plans. Under IFRS, defined benefit plans in which the majority of Desjardins Group employers participate correspond to defined benefit group plans and must be accounted for according to the recommendations of IAS 19, Employee Benefits. Consequently, Caisse centrale must account for its share of the obligation of defined benefit group plans. This share is calculated in terms of the pensionable earnings as a percentage of the total pensionable earnings for Desjardins Group as a whole, which is consistent with the Desjardins Group practice regarding the funding needs of its defined benefit plans. Furthermore, according to GAAP, the accrued pension obligation was measured as at September 30, or three months before the end of the reporting period of the Consolidated Financial Statements. According to IFRS, the defined benefit obligation is measured at the end of the reporting period of the Consolidated Financial Statements. As a result of this change, retained earnings decreased by $21.1 million, deferred tax assets increased by $6.2 million, and other liabilities were up by $27.3 million as at January 1, Options upon first-time adoption In accordance with the provisions of IFRS 1, First-time Adoption of IFRS, Caisse centrale elected to use the optional exemption allowing an enterprise adopting IFRS for the first time to derogate from the principle of retrospective application in IAS 19. Consequently, Caisse centrale charged its share of all unamortized cumulative net actuarial losses to retained earnings at the transition date to IFRS. Therefore, as at January 1, 2010, other liabilities increased by $0.8 million, deferred tax assets increased by $0.2 million, and retained earnings were reduced by $0.6 million. LOAN LOSS ALLOWANCE a) Collective loan loss allowances Main changes from GAAP According to GAAP, a general allowance is recognized to reflect the best estimate of probable losses related to the portion of the loan portfolio not yet subject to a specific allowance. A general allowance is first determined by using a statistical model based on changes in losses by loan category. An additional amount is also considered to reflect the impact of economic and other factors. Under IFRS, a collective allowance includes the allowance for losses that are deemed to have occurred but that cannot be determined on an individual basis or cannot be detected yet. The collective allowance depends on an assessment of economic conditions, loss statistics and forecasts, the composition of the loan portfolio and other relevant indicators. Collective allowances must be classified into two categories on the balance sheet depending on the accounting consideration for the credit facilities. Thus, the allowance generated by outstanding amount of loans and credit margins must be presented in assets, while the allowance generated by off-balance sheet commitments must be distinguished in liabilities. Because of the adjustments made to the models underlying the measurement of collective allowances, retained earnings increased by $2.8 million, deferred tax assets decreased by $0.8 million, loans rose by $22.7 million, and other liabilities were up by $19.1 million as at January 1, b) Individual loan loss allowances Main changes from GAAP According to its current accounting policy and under IFRS, Caisse centrale establishes specific allowances separately for each of the loans identified as impaired. Individually significant loans are reviewed at the end of each period in order to determine if there is any objective evidence of impairment for which a loss should be recognized in profit or loss. According to GAAP, a general allowance cannot be made for an impaired loan, whether or not provisioned. Under IFRS, however, loans that have been individually assessed and for which no impairment loss has been recognized will be assessed collectively for impairment. These changes did not have any impact on the Consolidated Statement of Financial Position as at January 1, IMPACTS OF TRANSLATIONS OF FOREIGN EXCHANGE RATES Main changes from GAAP No difference has been listed on the subject between IFRS and GAAP. Even though the conceptual framework differs between the two bases of accounting, the treatment for translating foreign currency remains the same. Options upon first-time adoption Caisse centrale elected to use the optional exemption under IFRS 1 which allows cumulative translation differences to be reversed for all foreign operations at the date of transition to IFRS. Therefore, the profit or loss during the subsequent transfer of any foreign operation will need to exclude the translation differences arising before the transition date to IFRS and include the translation differences subsequently recognized. As a result of this exemption, Caisse centrale recorded a cumulative loss of $1.8 million in retained earnings as at January 1,

12 FINANCIAL INSTRUMENTS a) Hedging relationships Main changes from GAAP In accordance with GAAP, Caisse centrale used the change in variable cash flow method and the shortcut method to measure the ineffectiveness of hedging relationships in certain circumstances. IFRS, however, does not allow these two methods to be used. In order to comply with the new requirements, Caisse centrale has developed substitute methods, which may however create some volatility in the Consolidated Income Statement. Nevertheless, certain hedging relationships which were already using acceptable policies in accordance with IFRS did not need to be modified and did not require adjustments at the transition. The cumulative impact of the use of the new policies to assess the effectiveness of Caisse centrale's hedging relationships was recognized as an increase of $8.6 million in retained earnings as at January 1, On the other hand, loans increased by $0.9 million, deferred tax assets decreased by $2.6 million, and deposits shrank by $10.3 million. b) Securitization of mortgage loans Main changes from GAAP Caisse centrale transforms mortgage loans into asset-backed securities and transfers them to Canada Housing Trust. Even though these securitization transactions are accounted for as transfers of receivables in accordance with GAAP, they do not meet derecognition criteria under IFRS. In fact, under GAAP, the derecognition criteria for a financial asset are based on control, or more specifically, the surrender of control. Under IFRS, an assessment must be made instead of a combination of criteria that are mainly based on the transfer of risks and rewards, and on the control of the financial asset. Options upon first-time adoption In accordance with IFRS 1, amended in December 2010, at the time of the transition to IFRS, an enterprise must apply the transitional provisions in IAS 39, which provide for the prospective treatment of the provisions in the standard regarding financial asset transfer transactions performed on or after July 1, 2010, with earlier adoption permitted. Following the AMF's approval, Caisse centrale therefore elected early application of this amendment in order to prepare its Consolidated Statement of Financial Position as at January 1, No restatement was, therefore, recognized in the Consolidated Statement of Financial Position as at January 1, However, all transfers of receivables realized after January 1, 2010, for which the IFRS derecognition criteria will not be met, must be kept in assets with an offsetting debt to the purchaser. Any difference between the amount of the asset and liability recorded will need to be recognized in profit or loss. c) Classification of financial instruments Main changes from GAAP Within the context of securitization, Caisse centrale purchases mortgage loans from the Desjardins caisse network, and these receivables are classified as held for trading until they are sold. Under IFRS, however, securitization transactions will no longer meet derecognition criteria. Accordingly, receivables acquired from the caisse network will be reclassified to loans and receivables under IFRS. The cumulative impact of this change as at January 1, 2010 was an increase of $1.2 million in loans, a decrease of $0.3 million in deferred tax assets, and an increase of $1.0 million in retained earnings. FINANCIAL IMPLICATIONS OF IFRS ON KEY FINANCIAL MEASUREMENTS OF CAISSE CENTRALE The main financial implications resulting from the transition to IFRS described under Financial implications of IFRS regarding the Consolidated Statement of Financial Position of Caisse centrale as at January 1, 2010 also extend to the key financial measurements of Caisse centrale. As explained in the cautions above, these impacts may, however, be adjusted during the year ending December 31, Based on information available to date, had the adjustments resulting from the transition to IFRS been applied to the financial statements of Caisse centrale as at December 31, 2010, they would have had a negative impact of 12 basis points on the Tier I capital ratio, and 37 basis point on the total capital ratio as at that date. Despite these negative impacts, Caisse centrale would still comply with the minimum regulatory capitalization requirements. These unfavourable impacts are primarily caused by the adjustments of $21.7 million for employee benefits, by the adjustment of $22.7 million for the allowance for credit losses, and by the adjustments of $9.5 million for financial instruments. The capital/asset ratio would have been down 13 basis points to 6.17%, which is still higher than the minimum limit of 5%. In addition, Caisse centrale is fully apprised of the notices issued by the AMF. For purposes of calculating the regulatory capital ratios and the capital/asset ratio, the AMF irrevocably allows, on the conversion date to IFRS, that most of the implications of adopting IFRS be mitigated by deferring and amortizing the impacts of the conversion to IFRS quarterly and on a straight-line basis to retained earnings and the reserves on or after the conversion date to IFRS, up to the period ending December 31, Caisse centrale decided to elect this option. 28

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