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For greater clarity, BMO's CDS exposures in Europe are outlined separately in Table 20. As part of our credit risk management framework, purchased CDS risk is controlled through a regularly reviewed list of approved counterparties. The majority of CDS exposures are offsetting in nature, typically contain matched contractual terms and are attributable to legacy credit trading strategies that have been in run-off mode since 2008.
----------------------------------------------------------------------------European Exposure by Country (Canadian $ in millions) (10) Table 16----------------------------------------------------------------------------
As at January 31, 2013 Repo-Style Lending (1) Securities (2) Trans. (3) ---------------------------------------------------Country Commitments Funded Gross Net Gross Net----------------------------------------------------------------------------GIIPSGreece 2 2 - - - -Ireland (5) - - 25 - 143 3Italy 2 2 214 - 135 -Portugal - - 125 - - -Spain 68 68 127 - - -----------------------------------------------------------------------------Total - GIIPS (8) 72 72 491 - 278 3----------------------------------------------------------------------------Eurozone (excluding GIIPS)France 20 20 621 461 2,563 -Germany 55 18 2,095 1,764 1,087 1Netherlands 238 173 509 439 781 8Other (6) 366 257 623 428 4 -----------------------------------------------------------------------------Total - Eurozone (excluding GIIPS) (9) 679 468 3,848 3,092 4,435 9----------------------------------------------------------------------------Rest of EuropeDenmark 1 1 1,155 1,154 308 -Norway 15 15 1,289 1,289 277 -Sweden 88 25 247 207 571 -Switzerland 397 388 47 1 301 8United Kingdom 411 185 643 324 3,726 5Other (6) 313 313 432 - - -----------------------------------------------------------------------------Total - Rest of Europe (7) 1,225 927 3,813 2,975 5,183 13----------------------------------------------------------------------------Total - All of Europe 1,976 1,467 8,152 6,067 9,896 25----------------------------------------------------------------------------As at January 31, 2013 Derivatives (4) Total -----------------------------------Country Gross Net Gross Net------------------------------------------------------------GIIPSGreece - - 2 2Ireland (5) 41 - 209 3Italy 7 2 358 4Portugal 1 - 126 -Spain 10 4 205 72------------------------------------------------------------Total - GIIPS (8) 59 6 900 81------------------------------------------------------------Eurozone (excluding GIIPS)France 294 53 3,498 534Germany 60 71 3,297 1,854Netherlands 100 8 1,628 628Other (6) 78 14 1,071 699------------------------------------------------------------Total - Eurozone (excluding GIIPS) (9) 532 146 9,494 3,715------------------------------------------------------------Rest of EuropeDenmark 3 3 1,467 1,158Norway 22 22 1,603 1,326Sweden 2 2 908 234Switzerland 31 31 776 428United Kingdom 405 114 5,185 628Other (6) - - 745 313------------------------------------------------------------Total - Rest of Europe (7) 463 172 10,684 4,087------------------------------------------------------------Total - All of Europe 1,054 324 21,078 7,883------------------------------------------------------------
