Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Section 11Heading 110: Staff severance indemnity provision11.1 Staff severance indemnity provision30/6/11 30/6/10A. Balance at start of period 9,874 9,836B. Additions 5,137 3,858B.1 Transfers during period 5,137 3,858B.2 Other additions — —C. Reductions 5,796 3,820C.1 Indemnities paid out 603 659C.2 Other reductions ¹ 5,193 3,161D. Balance at end of period 9,215 9,8741 Includes €5,118,000 in transfers to external, defined contribution pension schemes (€3,129,000 at 30 June 2010).11.2 Other informationThe staff severance indemnity provision, calculated according to theprovisions of the Italian Civil Code, amounts to €11,301,000. Following regulatorychanges, new interest accrued during the year has not been included (service cost).In order to determine the actuarial value, the provision has been revaluedassuming a return of 2% for the current year and discounted using thegovernment bonds interest rate curve as at 30 June 2011, which shows an interestcost of €187,000.Section 12Heading 120: Provisions12.1 ProvisionsItem/amounts 30/6/11 30/6/101. Company post-employment benefit provision — —2. Other provisions 150,776 150,7762.1 litigation — —2.2 staff-related — —2.3 other 150,776 150,776Total 150,776 150,776336 –