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Notes
Unrealized Gains and Losses
(Canadian $ in millions) 2014 2013
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Issued or guaranteed by:
Canadian federal government 10,420 82 1 10,501 12,989 129 3 13,115
Canadian provincial and municipal governments 4,063 44 3 4,104 3,707 23 32 3,698
U.S. federal government 1,094 2 3 1,093 4,650 10 – 4,660
U.S. states, municipalities and agencies 5,761 57 3 5,815 5,363 41 12 5,392
Other governments 6,116 17 1 6,132 6,165 7 9 6,163
Mortgage-backed securities and collateralized mortgage obligations – Canada (1) 3,031 24 1 3,054 2,271 6 – 2,277
Mortgage-backed securities and collateralized mortgage obligations – U.S. 6,872 35 12 6,895 6,535 24 31 6,528
Corporate debt 7,577 95 6 7,666 10,210 115 8 10,317
Corporate equity 1,582 129 5 1,706 1,413 148 1 1,560
Total 46,516 485 35 46,966 53,303 503 96 53,710
(1) These amounts are supported by insured mortgages.
Certain comparative figures have been restated as a result of the adoption of new accounting principles – see Note 1.
Unrealized Losses
(Canadian $ in millions)
Available-for-sale
securities in an unrealized
loss position for 2014
Available-for-sale
securities in an unrealized
loss position for 2013
Less than
12 months
12 months
or longer Total
Less than
12 months
12 months
or longer Total
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Issued or guaranteed by:
Canadian federal government 1 666 – – 1 666 3 721 – – 3 721
Canadian provincial and municipal governments – 280 3 487 3 767 30 1,662 2 26 32 1,688
U.S. federal government 3 579 – – 3 579 –– –– ––
U.S. states, municipalities and agencies – 916 3 732 3 1,648 11 1,385 1 317 12 1,702
Other governments – 158 1 1,003 1 1,161 8 1,142 1 1,316 9 2,458
Mortgage-backed securities and collateralized mortgage obligations – Canada (1) 1 657 – – 1 657 –74 – – –74
Mortgage-backed securities and collateralized mortgage obligations – U.S. 5 1,969 7 1,630 12 3,599 30 4,005 1 143 31 4,148
Corporate debt 1 822 5 773 6 1,595 8 2,753 – 37 8 2,790
Corporate equity 4 40 1 27 5 67 196 –2 198
Total 15 6,087 20 4,652 35 10,739 91 11,838 5 1,841 96 13,679
(1) These amounts are supported by insured mortgages.
Income from securities has been included in our consolidated financial statements as follows:
(Canadian $ in millions) 2014 2013 2012
Reported in Consolidated Statement of Income:
Interest, Dividend and Fee Income (1)
Trading securities (2) 1,086 1,409 1,621
Available-for-sale securities 570 610 561
Held-to-maturity securities 152 47 1
Other securities 186 210 213
1,994 2,276 2,396
Non-Interest Revenue
Available-for-sale securities
Gross realized gains 304 90 153
Gross realized losses (167) (3) (24)
Unrealized gain on investment reclassified from equity to available-for-sale –191 –
Available-for-sale and other securities, net realized and unrealized gains (losses) 33 24 28
Impairment write-downs (8) (17) (5)
Securities gains (losses), other than trading (1) 162 285 152
Trading securities, net realized and unrealized gains (losses) (1) (2) 340 (1,273) 374
Total income from securities 2,496 1,288 2,922
(1) The following amounts of income related to our insurance operations were included in non-interest revenue, insurance income in our Consolidated Statement of Income:
Interest, dividend and fee income of $263 million for the year ended October 31, 2014 ($263 million in 2013 and $253 million in 2012). Securities gains (losses), other than trading of $5 million for
the year ended October 31, 2014 ($1 million in 2013 and $nil in 2012).
(2) Excluded from the table above are trading securities, net realized and unrealized gains (losses) related to our insurance operations of $379 million for the year ended October 31, 2014 ($(190) million
in 2013 and $286 million in 2012).
Certain comparative figures have been restated as a result of the adoption of new accounting principles – see Note 1.
BMO Financial Group 197th Annual Report 2014 135