TD Bank 2003 Annual Report Download - page 69

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results 67
(millions of dollars)
Redeemable at Foreign
Interest Maturity par by issuer currency Outstanding October 31
rate (%) date beginning4amount 2003 2002
Various1Jan. 2004 to Apr. 2006 – $12 $20
Floating rate2Aug. 2003 – US$75 million –116
Floating rate3Oct. 2003 – –100
8.00 Dec. 2003 – 150 150
6.50 Aug. 2008 – US$150 million 198 234
6.15 Oct. 2008 – US$150 million 198 234
6.13 Nov. 2008 – US$100 million 131 155
6.45 Jan. 2009 – US$150 million 198 234
6.60 Apr. 2010 Apr. 2005 750 750
8.40 Dec. 2010 Dec. 2005 150 150
6.00 July 2011 July 2006 800 800
6.55 July 2012 July 2007 500 500
5.20 Sept. 2012 Sept. 2007 550 550
4.54 Sept. 2013 Sept. 2008 1,000 –
10.05 Aug. 2014 – 150 150
5.69 June 2018 June 2013 900 –
9.15 May 2025 – 200 200
$5,887 $4,343
The notes and debentures are direct unsecured obligations of the
Bank or its subsidiaries and are subordinated in right of payment
to the claims of depositors and certain other creditors of the
Bank or its subsidiaries. Where appropriate, the Bank has entered
into interest rate options, interest rate swaps and currency swaps
to modify the related interest rate and foreign currency risks.
1Interest is payable at various rates, from .13% to 2.95%.
2Interest at three-month U.S. dollar LIBOR, subject to a minimum of 4.10%.
3Interest at three-month customers’ liability under acceptance rate less .30%,
subject to minimum and maximum rates of 6.50% and 9% respectively.
4Subject to prior approval of the Superintendent of Financial Institutions Canada.
(millions of dollars) 2003 2002
Amounts payable to brokers, dealers and clients $ 2,883 $ 3,477
Accrued interest 1,642 1,917
Accounts payable, accrued expenses and other items 4,319 2,210
Accrued salaries and employee benefits 752 530
Insurance related liabilities 1,325 1,122
Cheques and other items in transit 1,277 1,240
Accrued benefit liability (Note 14) 370 334
$12,568 $10,830
NOTE 9Other liabilities
NOTE 10 Subordinated notes and debentures
(millions of dollars) 2003 2002
Demand1Notice2Term3Total Total
Personal $15,675 $37,689 $ 52,632 $105,996 $100,942
Banks 688 44 11,226 11,958 16,800
Business and government 13,726 15,273 35,927 64,926 71,448
Total $30,089 $53,006 $ 99,785 $182,880 $189,190
Non-interest-bearing deposits included above
In domestic offices $ 4,948 $ 4,469
In foreign offices 35 58
Interest-bearing deposits included above
In domestic offices 126,993 126,916
In foreign offices 50,541 56,532
U.S. federal funds deposited 363 1,215
Tot al $182,880 $189,190
NOTE 8Deposits
1Demand deposits are those for which the Bank does not have the right to require
notice prior to withdrawal. These deposits are in general, chequing accounts.
2Notice deposits are those for which the Bank can legally require notice prior
to withdrawal. These deposits are in general, savings accounts.
3Term deposits are those payable on a fixed date of maturity. These deposits
are generally term deposits, guaranteed investment certificates and similar
instruments.