Rothschild Bank AG Zurich - Rothschild | Private Banking & Trust

C Notes to the Consolidated
Financial Statements
NMR Overseas Pension Plan
The Group’s subsidiaries Rothschild Bank (CI) Ltd., Guernsey, (“RBCI”) and Rothschild Trust Guernsey Ltd., Guernsey (“RTG”)
participate in the NMR Overseas Pension Fund, a defined benefit scheme operated for the benefit of employees of certain
Rothschild Group entities outside the United Kingdom and outside of Switzerland. A funding valuation (which is being prepared
at least every three years) of the scheme as of 31st March 2009 revealed a funding deficit of GBP 15.9m. The Board of Trustees
has agreed that annual contributions of GBP 2.1million should be paid to the scheme from 31st March 2009 to 31st March 2019.
The proportion to be carried by RBCI and RTG amounts to GBP 1 million p.a. or 46% of the total contributions.
As restructuring measures were agreed, the economic liability was determined based on an actuarial valuation according to IAS
19 as at 31st March 2010. A provision of CHF 4.1 million has been booked through personnel expenses in the year. In the
case of a recovery of the Plan, the decision of the Board of Trustees maybe unwound.
11 Valuation adjustments and provisions, reserves for general banking risks
Part 2
Balance
previous
year
Usage in
conformity
with their
purpose
Recoveries,
overdue
interest,
currency
differences
New
creation,
charged to
income
statement
Reversals,
credited to
income
statement
Balance
current
year
1000 CHF 1000 CHF 1000 CHF 1000 CHF 1000 CHF 1000 CHF
Provisions for deferred taxes 3,611 127 3,738
Provisions for pension obligations 0 4,066 4,066
Other provisions 833 – 90 – 243 213 713
Total valuation adjustments
and provisions 4,444 – 90 – 116 4,279 0 8,517
Total valuation adjustments and
provisions as per balance sheet 4,444 8,517
Reserves for
general banking risks 22,769 22,769
R
17
Rothschild Bank AG Zurich