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a fluctuation rate of 0% and assumed pensionable ages of 56.5 years for women and 61.5 years for men. The interest rate was
lowered from 5.75% to 5.5% due to lower interest rates, while the other parameters were not changed.
In earlier years, staff pension entitlements were transferred to a pension fund. The provisions now contain entitlements of staff who
were already on pension at the time of transfer as well as the entitlements of active staff for invalidity and widows’ pensions. The
difference between the amount required for coverage and the proportionate pension provision at the time of transfer is entered in
the balance sheet under deferred assets and is written back evenly over 10 years. Reserves for severance payments are formed to
cover legal and contractual entitlements. A jubilee bonus reserve is formed for the payment of bonuses to long-serving staff. Other
reserves are formed in the amount of projected use in each case.
(17) CURRENT AND DEFERRED TAXES. Taxes on income are accounted for and calculated in accordance with IAS 12. Current
income tax assets and liabilities are stated according to local tax rates. Tax assets are shown under Other assets, and tax liabilities
under Other liabilities or Reserves. The liability concept is used for the calculation of deferred taxes, and all temporary differences in
amount are taken into consideration. Under this concept, the values of assets and liabilities in the IAS balance sheet are compared
with the values that are applicable to taxation of the consolidated company in question. Differences between these values lead to
temporary differences in value, for which deferred taxation items must be formed on the assets or liabilities side – irrespective of the
time of their release. Deferred tax assets and deferred tax liabilities are then offset, if they exist for each company against the same
tax creditor. Deferred tax assets or unused tax losses carried forward are recorded in the balance sheet if they will probably be used
in relation with future profits.
INFORMATION ON THE INCOME STATEMENT.
(18) NET INTEREST INCOME.
in EUR m 1.1. - 31.12.2001 1.1. - 31.12.2000
Interest income 1,001.8 814.8
Lending business and money market 827.8 680.3
Fixed-income securities 161.2 124.4
Shares and other variable-yield securities 3.8 1.7
Interests in unconsolidated related enterprises 0.6 0.3
Investments in associates 7.2 4.0
Investments in other enterprises 1.2 4.1
Interest expenses -929.1 -755.2
Deposits -615.1 -501.5
Debts evidenced by certificates -299.3 -241.8
Subordinated capital -14.7 -11.9
Earnings from rental and leasing business 24.2 16.8
Leasing earnings 1.7 4.8
Earnings from rentals 24.4 15.6
Depreciation of property leased and other leasing expenses -1.7 -3.0
Depreciation of property rented -0.2 -0.6
Aggregate 96.9 76.4
Notes
THE BANK FOR CORPORATES
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