Annual report 2008
Binck Bank
- Consolidated Financial Statements
- Notes to the consolidated financial statements
- Notes to the consolidated balance sheet
- 8. Cash and balances with central banks 9. Banks 10. Financial assets held for trading 11. Financial assets at fair value through profit or loss
- 12. Available-for-sale financial assets 13. Loans and receivables
- 14. Held-to-maturity financial assets 15. Investments in associates
- 16. Intangible assets
- 17. Property, plant and equipment
- 18. Tax
- 19. Deferred tax
- 20. Other assets 21. Prepayments and accrued income 22. Derivative positions held on behalf of clients
- 23. Customer deposits 24. Financial liabilities at amortised cost 25. Provisions
- 26. Other liabilities 27. Accruals and deferred income
- 28. Shareholders' equity
- Notes to the consolidated income statement
- 29. Interest 30. Commission
- 31. Other income 32. Result on investments 33. Impairment losses on financial instruments 34. Employee expenses
- 35. Depreciation and amortisation 36. Other operating expenses 37. Earnings per share (euros)
- 38. Diluted earnings per share (euros) 39. Paid and proposed dividend
- 40. Related party disclosures
- 41. Liabilities not shown on the face of the balance sheet
- 42. Post-balance-sheet events 43. Segment information
- 44. Financial risks
- 45. Fair value financial instruments
- Company Financial Statements
- Notes to the company financial statements
- Notes to the company balance sheet
- C. Cash and balances with central banks d. Due from Banks e. Financial assets held for trading f. Financial assets at fair value through profit and loss
- G. Available-for-sale financial assets h. Loans and receivables i. Held-to-maturity financial assets j. Investments in subsidiaries and associates
- K. Intangible assets
- L. Property, plant and equipment
- M. Current tax assets n. Deferred tax o. Other assets
- P. Prepayments and accrued income q. Customer deposits r. Financial liabilities at amortised cost s. Provisions
- T. Other liabilities u. Accruals and deferred income
- V. Shareholders' equity w. Other information
Notes to the consolidated income statement
40. Related party disclosures
The consolidated financial statements include the following BinckBank related parties:
Country
Interest 2008
Interest 2007
Accion N.V. (formerly: Binck Securities B.V.)
Netherlands
39%
100%
Syntel Beheer B.V.
Netherlands
100%
100%
Syntel B.V.
Netherlands
100%
100%
Fintegration B.V.
Netherlands
100%
100%
Florint B.V.
Netherlands
35%
35%
Bewaarbedrijf BinckBank B.V.
Netherlands
100%
100%
Stichting Effectengiro Binck
Netherlands
100%
100%
Binck België N.V.
Belgium
100%
100%
Hills Independent Traders Ltd.
United Kingdom
100%
100%
The activities of Hills Independent Traders Ltd. were sold off in 2006. The company is in the process of
liquidation. Florint B.V., incorporated on 1 October 2007, is the continuation on an independent footing of the
Binck Securities B.V. bond trading operations (see note 7). In 2008, the share trading operations were demerged
by means of a management buyout and are being continued under the name of Accion N.V.
The group of related parties includes associates where there is significant influence and the members of the
BinckBank Management Board and Supervisory Board.
Terms and conditions of transactions with related parties
Transactions with related parties are conducted on commercial terms and conditions and at market prices. As at
year-end 2008, BinckBank did not recognise any bad debt provisions for receivables from related parties (2007:
nil). The judgement concerning the need for such provisions is made each year on the basis of an assessment of
the financial position of the individual related parties and the markets in which they operate.
No transactions involving the Management Board or the Supervisory Board other than under contracts of
employment took place during the year. For other relations with the Management Board, reference is made to
the remuneration report in the Management Board's report page 79.
The investment portfolio of fixed-income securities is held in a separate entity, Binck VOF, jointly controlled by
BinckBank N.V. and Binck België N.V. The company has a contract with Florint B.V. for the management of part of
the investment portfolio of fixed-income securities. Performance is assessed against an agreed benchmark. The
management fee is made up of a fixed amount and a variable amount calculated at going rates. The execution
of some fixed-income securities orders has also been subcontracted to Florint B.V. Fees totalling € 1,209,000
were paid to Florint B.V. in 2008. The amount still to be settled as at year-end 2008 was € 672,000.
In 2008, the share trading operations of Binck Securities B.V. were demerged by means of a management
buyout. BinckBank N.V. has retained an interest in 39% in the company, which now goes by the name of Accion
B.V. A loan of € 1,200,000 with a maturity of four years and an interest rate of 8% was also granted to Accion B.V.
No collateral has yet been furnished for this loan. Interest totalling € 48,000 was charged in 2008. Accrued
interest as at year-end 2008 amounted to € 48,000.