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359
Reconciliation of consolidated balance sheets at 31 December 2004 and 1 January 2005 (continued)
Effect of adopting IAS 32, IAS 39 and IFRS 4
IFRSs at
31 December
2004
Derivatives
and hedge
accounting
Investment
securities
Fair value
option
Fee
income
Non-equity
reclassi-
fication
Loan
impairment Insurance Offsetting
Reclassi-
fications Other Total
IFRSs at
1 January
2005
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
LIABILITIES AND
EQUITY
Liabilities
Hong Kong
currency notes
in circulation ...... 11,878 – – – – – – – – – – – 11,878
Deposits by banks .. 84,055 246 – (101) – – – – – (6,609) (9) (6,473) 77,582
Customer accounts . 693,072 22 – (5,203) 16 – – 6,322 65,010 (25,992) (1,619) 38,556 731,628
Items in the course
of transmission
to other banks ..... 5,301 – – – – – – – – – – – 5,301
Trading liabilities .... 46,460 – – 101 – – – – 1,070 45,375 (117) 46,429 92,889
Financial liabilities
designated at
fair value ............. – 2 – 53,815 – – – 3,662 – – – 57,479 57,479
Derivatives .............. 34,988 3,151 – 90 – – – 23 5,916 9,197 (96) 18,281 53,269
Debt securities in
issue ................... 211,721 (141) (62) (26,503) (1) – – – (339) (12,925) 42 (39,929) 171,792
Retirement benefit
liabilities ............ 6,475 –––––––––776,482
Other liabilities ....... 20,581 693 39 – 88 – 4 (2,813) 16,010 (9,046) (69) 4,906 25,487
Liabilities under
insurance
contracts issued .. – – – – – – – 11,917 – 1,026 – 12,943 12,943
Liabilities to
policyholders1...... 19,190 – – – – – – (19,190) – – – (19,190) –
Accruals and
deferred income .. 16,499 (3,102) 1 (20) (11) – – – 105 – (38) (3,065) 13,434
Provisions
– deferred taxation 1,435 69 364 (111) (40) – (9) (89) – – (325) (141) 1,294
– other provisions 2,636 – – – – – – – – (1,026) (7) (1,033) 1,603
Subordinated
liabilities ............ 26,486 104 – (20,300) – 10,114 – – – – (71) (10,153) 16,333
Total liabilities ....... 1,180,777 1,044 342 1,768 52 10,114 (5) (168) 87,772 – (2,302) 98,617 1,279,394