CFM INDOSUEZ Wealth Management - 2020 Annual Report

122 6.6 SOVEREIGN RISK EXPOSURE The scope of sovereign exposures includes exposures to the State, 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 2020. 6.7 FINANCIAL LIABILITIES AT AMORTISED COST (in thousands of euros) 31/12/2020 31/12/2019 Amounts due to credit institutions 71,705 63,571 Amounts due to clients 5,365,708 5,509,661 Debt securities 0 Balance sheet value 5,437,413 5,573,232 Amounts due to credit institutions (in thousands of euros) 31/12/2020 31/12/2019 Credit institutions Accounts and loans 71,705 63,571 o/w ordinary accounts payable ¹ 17,529 39,579 o/w overnight deposits and loans ¹ 54,176 23,992 Securities sold under repurchase agreements 0 Securities sold under delivery repurchase agreements 0 Balance sheet value 71,705 63,571 Amounts due to clients (in thousands of euros) 31/12/2020 31/12/2019 Ordinary accounts payable 4,895,655 4,330,331 Regulated savings accounts Other amounts due to clients 470,053 1,179,330 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 5,365,708 5,509,661 6.8 CURRENT AND DEFERRED TAX ASSETS AND LIABILITIES (in thousands of euros) 31/12/2020 31/12/2019 Current taxes 4,051 6,110 Deferred taxes 2,727 7,777 Total current and deferred tax assets 6,778 13,887 Current taxes 3,749 5,932 Deferred taxes 11,208 21,571 Total current and deferred tax liabilities 14,957 27,503 At 31 December 2019, the amount of deferred taxes was presented as a net amount on the assets side of the balance sheet. In 2020, this amount was correctly reclassified as a deduction from other deferred tax liabilities; for €1.5 million on the assets side and €6.7 million on the liabilities side. In order to determine the level of deferred tax assets to be recognised, CFM Indosuez Wealth takes into account teh applicable tax system and the income projections established during the budget process for each entity or tax group.