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Annual Report 2007 Notes - Turn Thenoteoversikt Page Annual Report 2007 Notes - turn theNoteoversikt page 2 Overview: Notes to the accounts Notes to the accounts - Group Note 1 Accounting...................................................................................................................................................... principles 68 Note 2 Implementation...................................................................................................................................................... of IFRS in the company accounts 73 Note 3 Segment...................................................................................................................................................... information 74 Note 4 Net...................................................................................................................................................... interest income and credit commissions 76 Note 5 Interest...................................................................................................................................................... on individual balance sheet items 76 Note 6 Net...................................................................................................................................................... other operating income 77 Note 7 Salaries...................................................................................................................................................... and general administration expenses 78 Note 8 Other...................................................................................................................................................... operating expenses 80 Note 9 Taxes...................................................................................................................................................... 80 Note 10 Fair...................................................................................................................................................... value of fi nancial instruments 82 Note 11 Loans...................................................................................................................................................... 84 Note 12 Loans...................................................................................................................................................... to and receivables from credit institutions 89 Note 13 Shares...................................................................................................................................................... 90 Note 14 Shares...................................................................................................................................................... at fair value through profi t or loss 91 Note 15 Commercial...................................................................................................................................................... paper and bonds at fair value through profi t or loss 92 Note 16 Shareholdings...................................................................................................................................................... in subsidiaries and associated companies 92 Note 17 Intangible...................................................................................................................................................... assets 93 Note 18 Fixed...................................................................................................................................................... assets 94 Note 19 Financial...................................................................................................................................................... assets and insurance commitments, risk for customer’s account 95 Note 20 Purchase...................................................................................................................................................... of activities in Sogn & Fjordane 95 Note 21 Debt...................................................................................................................................................... to credit institutions 96 Note 22 Deposits...................................................................................................................................................... 97 Note 23 Securitised...................................................................................................................................................... debt 98 Note 24 Pension...................................................................................................................................................... commitments 99 Note 25 Other...................................................................................................................................................... provisions for commitments 101 Note 26 Subordinated...................................................................................................................................................... loan capital 101 Note 27 Capital...................................................................................................................................................... adequacy 102 Note 28 Primary...................................................................................................................................................... capital certifi cates 104 Note 29 Guarantees...................................................................................................................................................... and mortgages 107 Note 30 Liquidity...................................................................................................................................................... risk / residual maturity of balance sheet items 108 Note 31 Risk/period...................................................................................................................................................... until interest rate regulation 110 Note 32 Sensitivity...................................................................................................................................................... analysis/ Market risk 111 Note 33 Interest...................................................................................................................................................... rate sensitivity 111 Note 34 Foreign...................................................................................................................................................... exchange positions 111 Note 35 Transactions...................................................................................................................................................... with associated companies 112 Note 36 Disputes...................................................................................................................................................... 112 3 CHALLENGE: Bergen Mountain Hiking Assosiation brings lovers of the outdoor life together - people with an appreciation of the splendour of nature and a sense of adventure - In both summer and winter. Sparebanken Vest plays an important supporting role. This photo is from an outing to Skålatårnet in Loen. Published by Sparebanken Vest, E-mail: [email protected] Design / layout: Photo: Oskar Andersen Tommy Næss Information Department www.spv.no Creato Media AS Per Ivar Birkeland Morten Wanvik, BA P.O. Box 7999, NO-5020 Bergen Anne Lise Urdal Jaro Hollan Tel: +47 55 21 74 42 Project management: Sparebanken Vest: Printing: Grafi sk Trykk AS Arne Stubhaug Scanpix Fax: +47 55 21 72 89 Jørn Lekve, Anne Lise Urdal, Liv Næss Marit Hommedal Fredrik Skeie, Bergen Turlag Astrid Merethe Nordhaug Helge Larsen, Bergen Turlag 4 Content Content Main features of 2007 4 Financial highlights 5 Facts about Sparebanken Vest 8 Managing director Stein Klakegg 10 Group Management 14 Corporate Governance 16 Retail Market 22 Corporate Market 24 Capital Market 28 Subsidiaries 30 Risk and capital management 34 Visjon Vest 42 Personnel and competence 44 Primary capital certificates 48 Board of Directors 50 Directors’ Report 52 Profit and loss account 63 Balance sheet 64 Statement of cash flows 66 Equity movements 67 Notes to the accounts 68 Auditor’s report 113 Control committee’s report 114 Key figures 5 years - Group 115 Key quarterly figures - Group 119 Regional map 124 Organisational structure 125 Elected officers, management and branch overview 126 Western Norway is unique and diverse. The long coastline and inlets bustle with The photos of the Board, the Group Management and the Managing commercial activity and industries of all kinds.On a per capital basis, value creation Director were taken at Bergen Science Centre (VILVITE - “Want to Know” in the region is the highest in Norway. In this environment Sparebanken Vest is both In Norwegian) and where Sparebanken Vest plays a supporting role. a participant and a promoter of activity, for both companies and Individuals. Sparebanken Vest has provided NOK 5 million to finance the “Weather Pavilion” exhibition. The funds will also be used to encourage children In this report we present the bank’s seven regions and take their pulse and young people to become aware of climate Issues by visiting the - especially from the perspective of the bank’s activities for the public benefit. Science Centre. Highlights Highlights 2007: • Sound profits of NOK 870m before tax, NOK 77m up on the previous
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