4. Investments
Investments by type
| 2007 | 2006 | |
|---|---|---|
| Available-for-sale | ||
| – equity securities | 19,947 | 18,225 |
| – debt securities | 255,950 | 275,696 |
| 275,897 | 293,921 | |
| Held-to-maturity | ||
| – debt securities | 16,753 | 17,660 |
| 16,753 | 17,660 | |
| 292,650 | 311,581 |
Changes in investments – available-for-sale and held-to-maturity
| Available-for-sale equity securities | Available-for-sale debt securities | Held-to-maturity | Total | |||||
| 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|
| Opening balance | 18,225 | 16,466 | 275,696 | 289,241 | 17,660 | 18,937 | 311,581 | 324,644 |
| Additions | 7,788 | 6,395 | 275,497 | 281,452 | 283,285 | 287,847 | ||
| Amortisation | –181 | –309 | –59 | –240 | –309 | |||
| Transfers | 512 | –294 | –1,417 | –249 | 110 | –905 | –433 | |
| Changes in the composition of the group | –536 | –26 | –2,903 | –9,653 | –3,439 | –9,679 | ||
| Changes in unrealised revaluations | 3,379 | 1,956 | –6,284 | –5,177 | –2,905 | –3,221 | ||
| Impairments and reversals | –53 | –42 | –133 | 36 | –186 | –6 | ||
| Disposals and redemptions | –9,093 | –5,782 | –272,106 | –266,200 | –822 | –1,342 | –282,021 | –273,324 |
| Exchange rate differences | –275 | –448 | –12,219 | –13,445 | –26 | –45 | –12,520 | –13,938 |
| Closing balance | 19,947 | 18,225 | 255,950 | 275,696 | 16,753 | 17,660 | 292,650 | 311,581 |
Included in transfers of available-for-sale and held-to-maturity investments
| Available-for-sale equity securities | Available-for-sale debt securities | Held-to-maturity | Total | |||||
| 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|
| To/from available-for-sale | 21 | 49 | –21 | –12 | 37 | |||
| To/from loans and advances | –1 | –6 | –122 | –7 | –122 | |||
| To/from fair value through profit and loss | 52 | –118 | –1,386 | –164 | –1,334 | –282 | ||
| To/from Investment in associates | 438 | –197 | 438 | –197 | ||||
| To/from Other assets/Other liabilities | 2 | –28 | –4 | 49 | 110 | –2 | 131 | |
| 512 | –294 | –1,417 | –249 | 110 | –905 | –433 | ||
The reclassification from Available-for-sale debt securities to Financial assets designated as at fair value through profit and loss relates to debt securities backing insurance contracts where current market assumptions were implemented in the measurement of the insurance contracts.
Available-for-sale equity securities by insurance and banking operations
| 2007 | Listed 2006 |
2007 | Unlisted 2006 |
2007 | Total 2006 |
|
|---|---|---|---|---|---|---|
| Insurance operations | 14,082 | 14,376 | 2,240 | 1,951 | 16,322 | 16,327 |
| Banking operations | 3,309 | 1,093 | 316 | 805 | 3,625 | 1,898 |
| 17,391 | 15,469 | 2,556 | 2,756 | 19,947 | 18,225 |
Debt securities by insurance and banking operations
| 2007 | Available-for-sale 2006 |
2007 | Held-to-maturity 2006 |
2007 | Total 2006 |
|
|---|---|---|---|---|---|---|
| Insurance operations | 115,944 | 124,163 | 115,944 | 124,163 | ||
| Banking operations | 140,006 | 151,533 | 16,753 | 17,660 | 156,759 | 169,193 |
| 255,950 | 275,696 | 16,753 | 17,660 | 272,703 | 293,356 |
As at 31 December 2007, the balance sheet value included equity securities which were lent or sold in repurchase transactions amounting to EUR 13 million (2006: EUR 20 million) and nil (2006: nil), respectively, and debt securities which were lent or sold in repurchase transactions amounting to EUR 4,114 million (2006: EUR 2,119 million) and EUR 38,214 million (2006: EUR 37,804 million), respectively.
Borrowed debt securities are not recognised in the balance sheet and amounted to EUR 170 million as at 31 December 2007 (2006: EUR 460 million).
Investments in connection with the insurance operations with a combined carrying value of EUR 69 million (2006: EUR 43 million) were non-income-producing for the year ended 31 December 2007.
