CFM INDOSUEZ Wealth Management - 2019 annual report

6 . 6 s o v e r e i g n r i s k e x p o s u r e The scope of sovereign exposures includes exposures to government entities, excluding local authorities. Tax receivables are not reported. Exposure to sovereign debt corresponds to exposures net of impairment (balance sheet value) presented both gross and net of hedging. CFM Indosuez Wealth Group had no particular exposure to sovereign risk at 31 December 2019. CFM Indosuez Wealth Group’s significant exposures to sovereign risk at 31 December 2018 were as follows: Exposures net of impairment at 31/12/2018 Financial assets at fair value through profit or loss Financial assets at fair value through OCI recyclable to income Financial assets at amortised cost Total banking operations gross of hedging Hedging Total banking operations net of hedging (in thousands of euros) Financial assets held for trading Other financial assets at fair value through profit or loss Slovakia 9,027 9,027 9,027 TOTAL 0 0 9,027 0 9,027 0 9,027 6 . 7 f i n a n c i a l l i a b i l i t i e s at a m o r t i s e d c o s t (in thousands of euros) 31/12/2019 31/12/2018 Amounts due to credit institutions 63,571 313,797 Amounts due to clients 5,509,661 5,161,773 Debt securities 0 Balance sheet value 5,573,232 5,475,570 Amounts due to credit institutions (in thousands of euros) 31/12/2019 31/12/2018 Credit institutions Accounts and loans 63,571 313,797 o/w ordinary accounts payable 1 39,579 213,797 o/w overnight deposits and loans 1 23,992 100,000 Securities sold under repurchase agreements Securities sold under delivery repurchase agreements Balance sheet value 63,571 313,797 Amounts due to clients (in thousands of euros) 31/12/2019 31/12/2018 Ordinary accounts payable 4,330,331 4,082,628 Regulated savings accounts Other amounts due to clients 1,179,330 1,079,145 Securities sold under delivery repurchase agreements Liabilities arising from direct insurance operations Liabilities arising from reinsurance transactions Liabilities for cash deposits received from cedents and retrocessionaires representing technical commitments under insurance policies Balance sheet value 5,509,661 5,161,773 6 . 8 c u r r e n t a n d d e f e r r e d ta x a s s e t s a n d l i a b i l i t i e s (in thousands of euros) 31/12/2019 31/12/2018 Current taxes 6,110 3,421 Deferred taxes 7,777 1,377 Total current and deferred tax assets 13,887 4,798 Current taxes 5,932 3,953 Deferred taxes 21,571 410 Total current and deferred tax liabilities 27,503 4,363 In order to determine the level of deferred tax assets to be recognised, CFM Indosuez Wealth takes into account the applicable tax system and the income projections established during the budget process for each entity or tax group. CFM Indosuez Wealth Management 118