COMMERZBANK AKTIENGESELLSCHAFT

(23) Other liabilities
Financial Statements and Management Report 2011 91
Other liabilities amounting to €19,905m (previous year: €25,977m) contains liabilities attributable to film funds amounting to
€1,952m (previous year: €2,197m) and liabilities under securitisation transactions.
(24) Provisions
a) Provisions for pensions and similar commitments
Pension provisions are calculated on the basis of actuarial
principles using a discount rate set by the Deutsche
Bundesbank of 5.14% (previous year: 5.15%) applying the
projected unit credit method; the provision recognised is on the
basis of the Heubeck 2005 G mortality tables. This assumes an
expected general salary and wage increase of 2.50% p.a.
(previous year: 2.50% p.a.) including assumed career trends;
pension increases are based on an interest rate of 1.80% p.a.
(previous year: 1.80% p.a.). An increase of 2.00% p.a. is
assumed for increases in the income threshold (previous year:
2.00% p.a.). The shortfall due to unrecognised pension
obligations within the meaning of Art. 28 (2) EGHGB amounts
to €27m (previous year: €24m).
In accordance with the option under Art. 67 (1) sentence 1 EGHGB,
Commerzbank Aktiengesellschaft is increasing the provisions for
the difference which has arisen due to the change in pension
valuations following the German Accounting Law Modernisation
Act (BilMoG) of January 1, 2010 on a pro rata basis, so a deficit of
€399m (previous year: €444m) remains at year-end. The transfer
will be recorded in extraordinary loss.
In accordance with Art. 246 (2) sentence 2 HGB, the plan assets
held to cover pension and part-time working obligations for older
employees are netted against the provisions created for this
purpose. As at December 31, 2011, the following values were
recorded for these items before offsetting:
€m 31.12.2011 31.12.2010
Fair value of the plan assets 4,439 4,076
Amount to be paid 4,696 4,671
Prior to offsetting, the imputed interest expense for provisions
for pensions and part-time working for older employees, which
are safeguarded by plan assets, amounted to €232m (previous
year: €181m). Income from plan assets before offsetting
amounted to €304m (previous year: €305m). The historic
acquisition cost of the plan assets amounted to €4,135m
(previous year: €3,894m).
Plan assets are mainly invested in institutional funds focusing
on fixed-income securities and equities. They also contain
private equity investments, capitalisation products, retail investment
funds and credit balances on bank accounts. Recognised
quoted or market prices have been obtained for the institutional
and retail funds. Private equity investments are measured
according to values provided by the relevant fund. The asset
value of the capitalisation product is calculated by the insurance
company according to recognised actuarial principles and
comprises contributions paid, guaranteed interest accrued to
date and surpluses allocated less costs. Credit balances on bank
accounts are recognised at nominal value. For an explanation of
measuring derivatives, please see the note on Forward transactions.
b) Other provisions
Other provisions mainly include provisions for restructuring,
litigation and recourse risks, and issues relating to personnel.
Restructuring expenses total €500m (previous year: €741m).
The expense from imputed interest on other provisions amounts
to €69m for the financial year (previous year: €114m) and is
reported under interest expense in accordance with Art. 277 (5)
HGB.