Part of the Consolidated Financial Statements as of 31 December 2009; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

Key Assumptions


The value in use of a cash-generating unit is sensitive to the earnings projections, to the discount rate applied and, to a much lesser extent, to the long-term growth rate. The discount rates applied have been determined based on the capital asset pricing model which is comprised of a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using external sources of information. Business-specific beta factors are determined based on a respective group of peer companies. Variations in all of these components might impact the calculation of the discount rates. Pre-tax discount rates applied to determine the value in use of the cash-generating units in 2009 and 2008 are as follows.

Primary cash-generating units

Discount rate (pre-tax)

2009

2008

Corporate and Investment Bank

 

 

Global Markets

14.7 %

13.1 %

Corporate Finance

14.5 %

13.4 %

Global Transaction Banking

12.5 %

12.9 %

Private Clients and Asset Management

 

 

Asset Management

13.5 %

14.1 %

Private Wealth Management

13.2 %

14.1 %

Private & Business Clients

13.1 %

13.2 %

Service Functions

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