Bank of Montreal 2015 Annual Report Download - page 153

Notes
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 12: Other Assets
(Canadian $ in millions) 2015 2014
Accounts receivable, prepaid expenses and other items 6,502 6,104
Accrued interest receivable 882 879
Due from clients, dealers and brokers 309 542
Insurance-related assets (1) 478 445
Pension asset (Note 23) 502 261
Total 8,673 8,231
(1) Includes reinsurance assets related to our life insurance business in the amount of $nil as at October 31, 2015 ($215 million in 2014).
Note 13: Deposits
Payable on demand
(Canadian $ in millions) Interest bearing Non-interest bearing
Payable
after notice
Payable on
a fixed date Total
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Deposits by:
Banks 828 997 1,222 993 4,123 2,412 20,962 13,841 27,135 18,243
Businesses and governments 15,262 14,958 35,212 28,001 57,335 57,165 155,809 139,015 263,618 239,139
Individuals 3,095 2,524 15,095 12,900 83,081 75,529 46,145 44,753 147,416 135,706
Total (1) (2) 19,185 18,479 51,529 41,894 144,539 135,106 222,916 197,609 438,169 393,088
Booked in:
Canada 17,031 16,753 35,300 28,832 75,470 77,232 120,199 111,193 248,000 234,010
United States 1,517 1,191 16,091 12,972 68,396 57,314 76,980 66,664 162,984 138,141
Other countries 637 535 138 90 673 560 25,737 19,752 27,185 20,937
Total 19,185 18,479 51,529 41,894 144,539 135,106 222,916 197,609 438,169 393,088
(1) Includes structured notes designated at fair value through profit or loss.
(2) As at October 31, 2015 and 2014, total deposits payable on a fixed date included $26,960 million and $18,183 million, respectively, of federal funds purchased, commercial paper issued and other
deposit liabilities. Included in deposits as at October 31, 2015 and 2014 are $221,268 million and $191,155 million, respectively, of deposits denominated in U.S. dollars, and $19,898 million and
$8,204 million, respectively, of deposits denominated in other foreign currencies.
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, 2015, we had borrowed $263 million of federal funds ($651 million in 2014).
‰Commercial paper, which totalled $7,134 million as at October 31, 2015 ($4,294 million in 2014).
‰Covered bonds, which totalled $12,611 million as at October 31, 2015 ($7,683 million in 2014).
During the year, we issued €1,500 million of 0.25% Covered Bonds, Series CBL 2 due January 22, 2020, GBP 325 million of 3MoGBPLibor + 0.19%
Covered Bonds, Series CBL 3 due January 29, 2018, €1,500 million of 0.375% Covered Bonds, Series CBL 4 due August 5, 2020, €1,000 million of
0.75% Covered Bonds, Series CBL5 due September 21, 2022 and €135 million of 1.597% Covered Bonds, Series CBL6 due September 28, 2035 under
our Global Registered Covered Bond Program. During 2014, we issued €1.0 billion of 1.0% Covered Bonds, Series CBL1 due May 7, 2019 under our
Global Registered Covered Bond Program. During the years ended October 31, 2015 and 2014, US$2.0 billion of 2.85% Covered Bonds Series CB2 and
US$2.0 billion of 1.3% Covered Bonds, Series 4 matured, respectively.
The following table presents the maturity schedule for our deposits payable on a fixed date:
(Canadian $ in millions) 2015 2014
Within 1 year 144,609 124,782
1 to 2 years 23,385 22,733
2 to 3 years 23,324 23,491
3 to 4 years 7,753 8,379
4 to 5 years 11,170 8,498
Over 5 years 12,675 9,726
Total (1) 222,916 197,609
(1) Includes $200,907 million of deposits, each greater than one hundred thousand dollars, of which $103,101 million were booked in Canada, $72,073 million were booked in the United States and
$25,733 million were booked in other countries ($174,612 million, $92,668 million, $62,193 million and $19,751 million, respectively, in 2014). Of the $103,101 million of deposits booked in Canada,
$36,434 million mature in less than three months, $4,956 million mature in three to six months, $11,916 million mature in six to twelve months and $49,795 million mature after 12 months
($92,668 million, $27,304 million, $7,465 million, $11,565 million and $46,334 million, respectively, in 2014). We have unencumbered liquid assets of $188,463 million to support these and other
deposit liabilities ($170,981 million in 2014).
166 BMO Financial Group 198th Annual Report 2015