HSBC 2001 Annual Report Download - page 173

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as recent experience and general economic conditions, together with the surplus retained in the long-term
assurance funds. These are determined annually in consultation with independent actuaries and are included in
‘Other assets’ .
Changes in the value placed on HSBC’ s interest in long-term assurance business are calculated on a post-tax
basis and reported in the profit and loss account as part of ‘Other operating income’ after adjusting for taxation.
Long-term assurance assets and liabilities attributable to policyholders are recognised in HSBC’ s accounts in
‘Other assets’ and ‘Other liabilities’ .
3 Dividend income
2001 2000 1999
US$m US$m US$m
Income from equity shares........................................................... 184 195 145
Income from participating interests other than joint ventures
and associates........................................................................... 2212
186 197 157
4 Analysis of income from dealing in financial instruments
2001 2000 1999
Dealing
profits
Dividend
and net
interest
income Total
Dealing
profits
Dividend
and net
interest
income Total
Dealing
profits
Dividend
and net
interest
income Total
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Foreign exchange.... 1,120 1 1,121 965 18 983 797 21 818
Interest rate
derivatives........... 159 20 179 57 16 73 67 7 74
Debt securities ........ 311 174 485 281 161 442 197 81 278
Equities and other
trading ................. 95 75 170 323 52 375 238 66 304
1,685 270 1,955 1,626 247 1,873 1,299 175 1,474
5 Administrative expenses
(a) 2001 2000 1999
US$m US$m US$m
Staff costs
– wages and salaries .............................................................. 7,329 7,139 5,845
– social security costs............................................................ 613 454 355
– other pension costs (Note 5(b) below) ............................... 611 464 492
8,553 8,057 6,692
Premises and equipment (excluding depreciation)................. 1,639 1,480 1,329
Other administrative expenses ............................................... 3,279 2,959 2,329
13,471 12,496 10,350