FirstCaribbean International Bank (Bahamas) Limited

Notes to Consolidated Financial StatementsFor the year ended October 31, 2009(Expressed in thousands of Bahamian dollars)11. Retirement Benefit Assets and Obligations (Continued)The amounts recognized on the consolidated balance sheet are determined as follows:Defined BenefitPost RetirementPension PlansMedical Benefits2009 2008 2009 2008Fair value of plan assets $ 79,005 $ 76,659 $ – $ –present value of funded obligations (79,417) (73,826) (3,840) (3,785)(412) 2,833 (3,840) (3,785)Unrecognized actuarial gain 13,443 9,705 (352) (222)Net asset/(liability) $ 13,031 $ 12,538 $ (4,192) $ (4,007)The pension plan assets include 987,000 (2008: 100,000) ordinary shares in the Bank, with a fair value of $1,034 (2008:$1,160).The actual return on plan assets for the defined benefit sections of the pension plan was $627 (2008: $14,281).The amounts recognized in the consolidated statement of income are as follows:Defined BenefitPost RetirementPension PlansMedical Benefits2009 2008 2009 2008Current service costs $ 3,061 $ 3,278 $ 76 $ 80Curtailment and settlement costs 124 (150) 226 8Expected return on plan assets (5,430) (6,412) – –Interest cost 4,585 4,248 10 216Total amount included in staffcosts (Note 19) $ 2,340 $ 964 $ 312 $ 304The movements in the net asset/(liability) recognized on the consolidated balance sheet are as follows:Defined BenefitPost RetirementPension PlansMedical Benefits2009 2008 2009 2008Balance, beginning of year $ 12,538 $ 13,502 $ (4,007) $ (3,814)Charge for the year (Note 19) (2,340) (964) (312) (304)Contributions paid 2,833 – 127 112Employer premiums for existing retirees – – – (1)Balance, end of year $ 13,031 $ 12,538 $ (4,192) $ (4,007)42