Annual Report 2012 - The Cyprus Development Bank

annual report 2012NOTES TO THE FINANCIAL STATEMENTSYear ended 31 December 20127. STAFF COSTS (continued)The number of persons employed by the Group as at 31 December 2012 was 149 (31 December 2011: 143) and by the Company96 (31 December 2011: 91).Retirement benefitsThe Company operated a defined retirement benefits scheme for its permanent staff until 31 December 2011. Following a newcollective agreement signed on 12 January 2012 between the Cyprus Bankers Employers Association and the Cyprus Union ofBank Employees, a defined contribution plan was introduced on 1 January 2012. Under the new plan, the Company contributesto the Provident Fund 14% and the employees contribute 3%-10% on their basic salary plus COLA respectively. The Company’scontributions are charged to the income statement. In addition, the Company paid to the Provident Fund for each eligible staffmember, the accumulated rights to retirement gratuity as at 31 December 2011.8. LOSS BEFORE TAXThe loss before tax for the year is stated after charging/(crediting) the following:THE GROUPTHE COMPANY2012 2011 2012 2011€’ 000 €’ 000 €’ 000 €’ 000Directors’ emoluments:Fees 200 273 200 273Expenses 66 71 66 71Salaries, employer’s contributionsand other staff benefits of keymanagement personnel 469 445 469 445Auditors’ remunerationAudit services 56 54 28 26Other non-audit services 6 27 6 27Other assurance services 8 6 8 5Loss on disposal of equipment 1 5 1 2Depreciation on:Premises and equipment 534 511 460 448Intangible assetsComputer software 421 387 419 384Provisions for impairment:Loans and advances 4.489 (2.342) 4.481 (2.417)Receivables and other assets 42 31 40 25Held-to-maturity investments (note 31) - 7.745 - 7.74527