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(29) Fair values
Fair values
The holders of registered shares in Bank Austria Creditanstalt AG must be present at Annual
General Meetings for the effective adoption of resolutions approving spin-offs and specific
mergers or specific changes in the company’s bye-laws (see article 20 of the bye-laws).
Additional IFRS disclosures
The following table shows the fair values of assets and liabilities and related off-balance sheet
transactions. Loans and advances to, and placements with, banks as well as loans and advances
to customers are stated net of loan loss provisions. The fair values indicated in the table are the
amounts for which the financial instruments could have been exchanged between knowledgeable,
willing parties in an arm’s length transaction at the balance sheet date. To the extent
that market prices were available from exchanges or other efficient markets, these were stated
as fair values. For the other financial instruments, internal valuation models were used, in
particular the present value method (discounting future cash flows on the basis of current yield
curves). For fixed-rate loans and advances to, and amounts owed to, banks and customers with
a remaining maturity of, or regular interest rate adjustment within a period of, less than one
year, amortised cost was stated as fair value. Investments in listed companies are included in
the fair value of investments at their market values as at the balance sheet date. For investments
in unlisted companies, the carrying amount was stated as fair value.
€ m 2005 2004 Difference between Difference between
Carrying Carrying fair value and carry- fair value and carry-
Fair value amount Fair value amount ing amount in 2005 ing amount in 2004
Loans and advances to, and placements
with, banks 26,386 26,358 24,057 23,970 + 27 + 87
Loans and advances to customers 83,486 83,139 78,858 78,070 + 347 + 788
Investments 18,444 18,172 17,640 17,316 + 273 + 324
+ 647 +1,199
Amounts owed to banks 44,310 44,279 39,968 39,927 + 31 + 41
Amounts owed to customers 61,899 61,863 57,898 57,856 + 36 + 42
Liabilities evidenced by certificates 22,924 22,703 19,826 19,617 + 221 + 209
Subordinated capital 5,495 5,400 5,302 5,291 + 96 +11
+384 +303
BALANCE +263 +896
fair value higher than carrying amount (+) / fair value lower than carrying amount (–)
The difference between carrying amounts and fair values of investment property is about € 22 m (2004: € 30 m). Fair values are determined on
the basis of external or internal expert appraisals.
(30) Related party disclosures
a) Information on members
of the Managing Board,
the Supervisory Board and
the Employees’ Council of
Bank Austria Creditanstalt AG
Expenses for severance payments and pensions of Bank Austria Creditanstalt AG
In the reporting year, allocations and payments for members of the Managing Board, senior
executives and their surviving dependants totalled € 21.8 m (2004: € 14.2 m);
allocations and payments for other employees and their surviving dependants amounted
to € 266.4 m (2004: € 286 m). These amounts include contributions to pension funds for
active Managing Board members in the amount of € 0.3 m (2004: € 0.2 m) and for former
Managing Board members in the amount of € 1.7 m (2004: € 2 m).
Notes to the balance sheet / Additional IFRS disclosures 141