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(42) PROVISIONS.
in EUR m 31.12.2001 31.12.2000
Provisions for current taxes 8 8
Provisions for deferred taxes 2 0
Provisions for personnel expenses 30 30
Other provisions 4 3
Aggregate 45 41
As a consequence of mergers in the years 1998 and 1999, tax provisions of merged enterprises that were formed following inspections
in previous years, amounting on the balance sheet date to EUR 4.3 m, were taken over without any effect on results. A breakdown
and explanation of deferred taxes is contained under point 43.
Provisions for personnel expenses developed as follows:
in EUR m Pension Severance Jubilee bonus Total
Present value of defined benefit
obligations - DBO - as at 1.1.2001 49 5 1 55
- Plan assets -28 0 0 -28
Provisions as of 1.1.2001 21 5 1 27
Service Cost 1 0 0 1
Interest Cost 3 0 0 3
Payments -2 0 0 -2
Change in plan assets 0 0 0 0
Actuarial result 2 0 0 2
Definded benefit obligations
- DBO - as at 31.12.2001 49 6 1 56
- Plan Assets -28 0 0 -28
Actuarial provision requirement as at 31.12.2001 20 6 1 27
Vacation provisions 3
Provisions for personnel expenses as at 31.12.2001 30
The pension provisions are the result of obligations arising from direct promises or individual contracts. In previous years, staff pension
entitlements were transferred to a pension fund and are shown as Plan assets in the Table. The provisions now contain entitlements
of staff who were already on pension at the time of transfer and entitlements of active staff for invalidity and widows’ pensions. The
full actuarially calculated obligation for pensions is EUR 48.6 m (2000: EUR 49.0 m), of which entitlements amounting to EUR 28.2 m
(2000: EUR 28.1 m) have been transferred to the pension fund, resulting in provisions of EUR 20.4 m (2000: EUR 20.8 m).
As at 31 December 2001, other provisions included bonuses for participating in the preparation of the balance sheet of EUR 1.6 m
and auditing and consulting expenses in the amount of EUR 0.8 m.
The provisions developed as follows:
As at Allo- Reclassi- As at
in EUR m 1.1.2001 Use Release cation fication 31.12.2001
Provisions for current taxes 8 -1 -2 3 0 8
Provisions for deferred taxes 0 0 0 2 0 2
Provisions for personnel expenses 30 -2 0 2 0 30
Other provisions 3 0 -3 4 0 4
Aggregate 41 -2 -5 11 0 45
Notes
THE BANK FOR CORPORATES
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