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Notes
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
112 | BMO Financial Group 191st Annual Report 2008
Unrealized Gains and Losses
(Canadian $ in millions) Available-for-sale and other securities 2008 Available-for-sale and other securities 2007
Gross Gross Gross Gross
Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair
cost gains losses value cost gains losses value
Issued or guaranteed by:
Canadian federal government $ 3,233 $ 31 $ – $ 3,264 $ 927 $ – $ – $ 927
Canadian provincial and municipal governments 291 – 1 290 1––1
U.S. federal government 2,256 13 – 2,269 1,518 6 1 1,523
U.S. states, municipalities and agencies 8,075 37 18 8,094 8,681 20 17 8,684
Other governments 109 1 – 110 96 – – 96
Mortgage-backed securities and
collateralized mortgage obligations –Canada (1) 10,956 87 – 11,043 8,882 20 – 8,902
Mortgage-backed securities and
collateralized mortgage obligations –U.S. 872 7 4 875 368 – 6 362
Corporate debt (2) 5,896 41 296 5,641 4,779 18 21 4,776
Corporate equity (2) 2,539 14 33 2,520 2,207 29 3 2,233
Total $ 34,227 $ 231 $ 352 $ 34,106 $ 27,459 $ 93 $ 48 $ 27,504
(1) These amounts are supported by guaranteed mortgages. (2) Included in unrealized losses are losses of $169 million in corporate debt and $14 million in
corporate equity related to securities transferred from trading effective August 1, 2008.
Available-for-sale Available-for-sale
Unrealized Losses securities in an unrealized securities in an unrealized
(Canadian $ in millions) loss position for 2008 loss position for 2007
Less than 12 months Less than 12 months
12 months or longer Total 12 months or longer Total
Gross Gross Gross Gross Gross Gross
unrealized unrealized unrealized Fair unrealized unrealized unrealized Fair
losses losses losses value losses losses losses value
Issued or guaranteed by:
Canadian federal government $– $– $– $ – $ –$ –$ –$ –
Canadian provincial and municipal governments 1 –1–––––
U.S. federal government –––7181 – 1 301
U.S. states, municipalities and agencies 18 – 18 4,963 11 6 17 2,453
Other governments –––28–––56
Mortgage-backed securities and
collateralized mortgage obligations –Canada (1) – –––––––
Mortgage-backed securities and
collateralized mortgage obligations –U.S. 314391– 6 6 253
Corporate debt 290 6 296 2,299 20 1 21 1,411
Corporate equity 33 – 33 109 21386
Total $ 345 $ 7 $ 352 $ 8,508 $ 34 $ 14 $ 48 $ 4,560
(1) These amounts are supported by guaranteed mortgages.
Income from securities has been included in our consolidated financial statements as follows:
(Canadian $ in millions) 2008 2007 2006
Reported in Consolidated Statement of Income:
Interest, Dividend and Fee Income
Trading securities $ 1,459 $ 1,631 $ 1,789
Available-for-sale securities 1,682 1,439 369
Other securities 65 83 –
$ 3,206 $ 3,153 $ 2,158
Non-Interest Revenue
Available-for-sale securities
Gross realized gains $99 $ 148 $ 137
Gross realized losses (106) (16) (12)
Other securities, net realized and unrealized gains 16 132 29
Impairment write-downs (324) (18) (9)
Securities gains (losses), other than trading $ (315) $ 246 $ 145
Trading securities, net realized and unrealized gains (losses) $ (718) $ (38) $ 305
Total income from securities $ 2,173 $ 3,361 $ 2,608
Certain 2007 comparative figures have been reclassified to conform with the current year’s presentation.