Bank of Montreal 2013 Annual Report Download - page 147

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 14: Other Assets
(Canadian $ in millions) 2013 2012
Accounts receivable, prepaid expenses and other
items 6,626 7,813
Accrued interest receivable 753 861
Due from clients, dealers and brokers 503 526
Insurance-related assets (1) 566 630
Pension asset (Note 23) 523 508
Total 8,971 10,338
(1) Includes reinsurance assets related to our life insurance business in the amount of
$383 million as at October 31, 2013 ($472 million in 2012).
Note 15: Deposits
(Canadian $ in millions)
Payable on demand
Interest bearing Non-interest bearing
Payable
after notice
Payable on
a fixed date Total
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Deposits by:
Banks
Businesses and governments
Individuals
679
13,947
2,579
2,116
12,205
2,545
928
23,479
11,448
611
21,431
10,388
4,076
54,178
69,853
2,653
49,208
63,770
14,908
129,194
41,552
12,722
103,726
42,327
20,591
220,798
125,432
18,102
186,570
119,030
Total (1) (2) 17,205 16,866 35,855 32,430 128,107 115,631 185,654 158,775 366,821 323,702
Booked in:
Canada
United States
Other countries
15,440
1,153
612
16,011 25,545
596 10,211
259 99
24,280
8,007
143
76,414
51,262
431
65,810
48,968
853
108,082
59,800
17,772
97,243
49,614
11,918
225,481
122,426
18,914
203,344
107,185
13,173
Total 17,205 16,866 35,855 32,430 128,107 115,631 185,654 158,775 366,821 323,702
(1) Includes structured notes designated at fair value through profit or loss.
(2) As at October 31, 2013 and 2012, total deposits payable on a fixed date included
$19,496 million and $17,613 million, respectively, of federal funds purchased, commercial
paper issued and other deposit liabilities. Included in deposits as at October 31, 2013 and
2012 are
Deposits
Deposits payable on demand are comprised primarily of our customers’
chequing accounts, some of which we pay interest on. Our customers need
not notify us prior to withdrawing money from their chequing accounts.
Deposits payable after notice are comprised primarily of our
customers’ savings accounts, on which we pay interest.
Deposits payable on a fixed date are comprised of:
‰ Various investment instruments purchased by our customers to earn
interest over a fixed period, such as term deposits and guaranteed
investment certificates. The terms of these deposits can vary from one
day to 10 years.
‰ Federal funds purchased, which are overnight borrowings of other
banks’ excess reserve funds at a United States Federal Reserve Bank.
As at October 31, 2013, we had borrowed $181 million of federal
funds ($1,674 million in 2012).
‰ Commercial paper, which totalled $4,753 million as at October 31,
2013 ($4,513 million in 2012).
‰ Covered bonds, which totalled $7,964 million as at October 31, 2013
($9,053 million in 2012).
During the year ended October 31, 2013, the €1,000,000 4.25% Covered
Bond-Series 1 deposit matured.
$176,236 million and $146,003 million, respectively, of deposits denominated in U.S. dollars,
and $4,822 million and $4,777 million, respectively, of deposits denominated in other
foreign currencies.
Certain comparative figures have been reclassified to conform with the current year’s presentation.
During the year ended October 31, 2012, we issued US$2.0 billion
Covered Bond-Series 5. This deposit pays interest of 1.95% and matures
on January 30, 2017.
The following table presents the maturity schedule for our deposits
payable on a fixed date:
Payable on a Fixed Date (2)
(Canadian $ in millions) 2013 2012
Within 1 year 113,924 112,062
1 to 2 years 21,198 12,110
2 to 3 years 20,127 15,113
3 to 4 years 10,989 6,978
4 to 5 years 10,931 8,899
Over 5 years (1) 8,485 3,613
Total 185,654 158,775
(1) The over 5 years category includes deposits with no fixed maturity date.
(2) Includes $161,942 million of deposits, each greater than one hundred thousand dollars,
of which $89,379 million were booked in Canada, $54,791 million were booked in the
United States and $17,772 million were booked in other countries ($134,146 million,
$79,223 million, $43,005 million and $11,918 million, respectively, in 2012). Of the
$89,379 million of deposits booked in Canada, $31,304 million mature in less than three
months, $4,079 million mature in three to six months, $6,861 million mature in six to 12
months and $47,134 million mature after 12 months ($79,223 million, $35,023 million,
$5,250 million, $7,979 million and $30,971 million, respectively, in 2012). We have
unencumbered liquid assets of $152,358 million to support these and other deposit liabilities
($154,606 million in 2012). A portion of these liquid assets have been pledged.
Notes
158 BMO Financial Group 196th Annual Report 2013