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BMO Financial Group Annual Report 200490
Notes to Consolidated Financial Statements
Notes
Unrealized Gains and Losses
(Canadian $ in millions) 2004 2003
Gross Gross Gross Gross
Bookunrealizedunrealized Fair Book unrealized unrealized Fair
value gains losses value value gains losses value
Investment Securities
Issued or guaranteed by:
Canadian federal government $ 211 $
–
$
–
$ 211 $ 1,826 $ 2 $ 1 $ 1,827
U.S. federal government 3,066 2 10 3,058 5,627 83
–
5,710
U.S. states, municipalities and agencies 5,191 21 13 5,199 5,470 52 1 5,521
Other governments 315 2 1 316 352 2
–
354
Mortgage-backed securities and collateralized mortgage obligations 1,365 8 4 1,369 1,568 16 1 1,583
Corporate debt 2,885 32 11 2,906 3,055 101 12 3,144
Corporate equity 1,984 64 4 2,044 1,762 80 9 1,833
Total $ 15,017 $ 129 $ 43 $ 15,103 $ 19,660 $ 336 $ 24 $ 19,972
Unrealized Losses
(Canadian $ in millions) Investments in an unrealized loss position for 2004
Less than 12 months
12 months or longer Total
Gross Gross Gross
unrealized unrealized unrealized Fair
losses losses losses value
Investment Securities
Issued or guaranteed by:
Canadian federal government $
–
$
–
$
–
$25
U.S. federal government 8 2 10 2,527
U.S. states, municipalities and agencies 8 5 13 3,588
Other governments 1
–
1 177
Mortgage-backed securities and collateralized mortgage obligations 4
–
4 685
Corporate debt 9 2 11 1,506
Corporate equity 4
–
461
Total $ 34 $ 9 $ 43 $ 8,569
Income from securities is included in our Consolidated Statement of Income as follows:
(Canadian $ in millions) 2004 2003 2002
Reported in:
Interest, Dividend and Fee Income
Investment securities $ 595 $ 858 $ 1,156
Trading securities 881 743 460
$ 1,476 $ 1,601 $ 1,616
Non-Interest Revenue
Investment securities
Gross realized gains $ 242 $ 142 $ 232
Gross realized losses (4) (30) (56)
Write-downs (1) (63) (153) (322)
Investment securities gains (losses) $ 175 $ (41) $ (146)
Trading securities, net realized and unrealized gains $ 60 $ 65 $ 10
Total income from securities $ 1,711 $ 1,625 $ 1,480
(1) Included in write-downs for the years ended October 31, 2004, 2003 and 2002 were nil, nil and $103 million, respectively, related to our equity investments in collateralized bond obligations.