TD Bank 2014 Annual Report Download - page 55

TD BANK GROUP ANNUAL REPORT 2014 MANAGEMENT’S DISCUSSION AND ANALYSIS 53
(millions of Canadian dollars) As at
Loans and Commitments1
Derivatives, Repos, and Securities Lending2
Trading and Investment Portfolio3,4 Total
Country Corporate Sovereign Financial Total Corporate Sovereign Financial Total Corporate Sovereign Financial Total Exposure
5
October 31, 2014
GIIPS
Greece $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ –
Italy – 232 5 237 – – 3 3 9 12 9 30 270
Ireland – – – – 14 – 417 431 – – – – 431
Portugal – – – – – – – – – – – – –
Spain 35 6 65 106 – – 32 32 11 3 1 15 153
Total GIIPS 35 238 70 343 14 – 452 466 20 15 10 45 854
Rest of Europe
France 481 40 88 609 133 168 974 1,275 93 1,792 118 2,003 3,887
Germany 954 474 159 1,587 320 673 480 1,473 220 6,094 137 6,451 9,511
Netherlands 416 145 427 988 362 227 224 813 36 2,932 606 3,574 5,375
Sweden – 76 101 177 – 30 30 60 4 621 539 1,164 1,401
Switzerland 854 – 198 1,052 19 – 611 630 68 – 74 142 1,824
United Kingdom 1,568 1,772 156 3,496 567 227 3,641 4,435 197 704 4,241 5,142 13,073
Other6 107 137 69 313 162 220 330 712 33 1,734 75 1,842 2,867
Rest of Europe 4,380 2,644 1,198 8,222 1,563 1,545 6,290 9,398 651 13,877 5,790 20,318 37,938
Total Europe $ 4,415 $ 2,882 $ 1,268 $ 8,565 $ 1,577 $ 1,545 $ 6,742 $ 9,864 $ 671 $ 13,892 $ 5,800 $ 20,363 $ 38,792
October 31, 2013
GIIPS
Greece $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ – $ –
Italy – 121 2 123 – – 3 3 11 1 12 24 150
Ireland – – – – – – 12 12 – – 1 1 13
Portugal – – – – – – 3 3 – – – – 3
Spain 116 – 47 163 5 – 13 18 8 – 213 221 402
Total GIIPS 116 121 49 286 5 – 31 36 19 1 226 246 568
Rest of Europe
France 435 – 49 484 60 137 1,141 1,338 82 1,878 152 2,112 3,934
Germany 923 327 50 1,300 250 1,931 722 2,903 188 4,895 65 5,148 9,351
Netherlands 417 158 404 979 291 148 257 696 56 5,041 846 5,943 7,618
Sweden – 44 80 124 – 23 22 45 3 707 474 1,184 1,353
Switzerland 787 – 86 873 – – 707 707 27 – 237 264 1,844
United Kingdom 1,240 7,590 238 9,068 453 107 2,784 3,344 144 490 4,748 5,382 17,794
Other6 110 155 40 305 94 150 322 566 79 1,579 151 1,809 2,680
Rest of Europe 3,912 8,274 947 13,133 1,148 2,496 5,955 9,599 579 14,590 6,673 21,842 44,574
Total Europe $ 4,028 $ 8,395 $ 996 $ 13,419 $ 1,153 $ 2,496 $ 5,986 $ 9,635 $ 598 $ 14,591 $ 6,899 $ 22,088 $ 45,142
EXPOSURE TO EUROPE – Total Net Exposure by Country and Counterparty
TABLE 37
Sovereign Risk
The following table provides a summary of the Bank’s credit exposure
to certain European countries, including Greece, Italy, Ireland, Portugal,
and Spain (GIIPS).
1 Exposures include interest-bearing deposits with banks and are presented net
of impairment charges where applicable. There were no impairment charges for
European exposures as at October 31, 2014, or October 31, 2013.
2 Exposures are calculated on a fair value basis and are net of collateral. Total market
value of pledged collateral is $5.6 billion for GIIPS (October 31, 2013 – $1 billion)
and $34.4 billion for the rest of Europe (October 31, 2013 – $28 billion). Deriva-
tives are presented as net exposures where there is an International Swaps and
Derivatives Association (ISDA) master netting agreement.
3 Trading Portfolio exposures are net of eligible short positions. Deposits of
$1.3 billion (October 31, 2013 – $2 billion) are included in the Trading and
Investment Portfolio.
4 The fair values of the GIIPS exposures in Level 3 in the Trading and Investment
Portfolio were not significant as at October 31, 2014, and October 31, 2013.
5 The reported exposures do not include $0.2 billion of protection the Bank
purchased through credit default swaps (October 31, 2013 – $0.3 billion).
6 Other European exposure is distributed across 12 countries (October 31, 2013 –
13 countries), each of which has a net exposure below $1 billion as at October 31,
2014, and October 31, 2013.